Company Registration No. 08850452 (England and Wales)
MORALIS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022
LB GROUP
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
MORALIS GROUP LIMITED
COMPANY INFORMATION
Directors
Mr G M Hobson
Mr G D Thompson
Mr D W Thompson
Mr S Motala
Company number
08850452
Registered office
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
Auditor
LB Group Limited (Chelmsford)
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
MORALIS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' responsibilities statement
3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10 - 11
Group statement of comprehensive income
12
Company balance sheet
13
Group balance sheet
14
Company statement of changes in equity
15
Group statement of changes in equity
16
Company statement of cash flows
17
Group statement of cash flows
18
Notes to the financial statements
19 - 42
MORALIS GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 1 -
The directors present the strategic report for the period ended 28 February 2022.
S172 Statement
During the
period
, the Directors have acted to promote the success of the Company for the benefit of its members.
Throughout the
period
, while discharging their duties section 172(1) requires a Director to have regard to, among other matters, the;
■ Likely long-term consequences
■ Interests of the Company’s employees
■ Business relationships with suppliers and customers
■ Impact on the community and environment
■ Reputation for high standards of business conduct
■ Acting fairly between members of the company
The nature of our Group encompasses various industries and entails constant communication with industry leaders, government, suppliers, customers, employees and communities.
To enable the continued success of the Moralis Group the Directors value the points shown above as imperative for future growth of our businesses and as such will continue to strive to reach the highest standards in each sector.
This can only be achieved by constantly evolving and adapting to the requirements of all stakeholders focusing on the environment and the ways in which we as a company can contribute to making the world a better place.
Fair review of the business
The directors aim to provide a balanced and comprehensive review of the development and performance of the business during the period and its position at the period end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.
Business Review
The directors consider that the key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, operating profit and profit on ordinary activities before taxation. The figures are disclosed below:
Turnover £58,779,918 (2021: £38,806,849)
Operating profit £4,719,219 (2021: £1,977,698)
Profit on ordinary activities before taxation £19,291,460 (2021: £1,048,173)
The directors are satisfied with the group’s financial position at the period end and are pleased that the group achieved a profit for the period on its trading activities.
The group’s capital and reserves have increased by £15,798,642 to £66,933,790.
MORALIS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 2 -
Risk and Uncertainties
As for many businesses of this size, the business environment in which the group operates continues to be challenging. The group faces competition in its markets, and is of course subject to consumer and commercial spending patterns and the overall level of disposable income within the economy.
In addition to the above the impact of Covid-19 and Brexit are a risk to the group. The directors are continuously monitoring the situation and positioning the business so that it can continue to thrive in the future.
Mr D W Thompson
Director
1 November 2022
MORALIS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 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 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
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
group and
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.
MORALIS GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 4 -
The directors present their annual report and financial statements for the period ended 28 February 2022.
Principal activities
The principal activity of the company continued to be that of a holding company, whilst those of the group continued to comprise the following: real estate, storage facilities, waste management, forwarding agents, haulage logistics and investment activities
Results and dividends
The results for the period are set out on pages 11 - 12
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr G M Hobson
Mr G D Thompson
Mr D W Thompson
Mr S Motala
Financial instruments
The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the group’s activities.
The group’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the group’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the group’s operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the group enters into principally comprise forward exchange contracts. In accordance with group’s treasury policy, derivative instruments are not entered into for speculative purposes.
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
MORALIS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 5 -
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
Auditor
In accordance with the company's articles, a resolution proposing that LB Group Limited (Chelmsford) be reappointed as auditor of the group will be put at a General Meeting.
Energy and carbon report
The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting
2022
2021
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
40,084,252
28,089,290
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Metric tonnes
Metric tonnes
Gas combustion
44
79
Fuel consumed for owned transport
9,471
6,345
9,515
6,424
Electricity purchased
198
250
Total gross emissions
9,713
6,674
Intensity ratio
Tonnes of CO2 per £m of revenue
289
207
Measures taken to improve energy efficiency
The company has implemented the policies below for the purpose of increasing the businesses energy efficiency in the current reported financial period:
• Improved video conferencing availability and encouragement of its use;
• Reduced emissions & travel costs by reducing non-essential face to face meetings with customers & suppliers;
• Continuous renewal of its motor vehicle fleet to ensure they are using the most efficient combustion engines.
MORALIS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 6 -
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.
On behalf of the board
Mr D W Thompson
Director
1 November 2022
MORALIS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MORALIS GROUP LIMITED
- 7 -
Opinion
We have audited the
financial statements of
Moralis Group Limited
(the 'parent company') and its subsidiaries (the 'group') for the period ended 28 February 2022 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
significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 28 February 2022 and of the group's profit for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
group and
parent company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the
group's and
parent
company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MORALIS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MORALIS GROUP LIMITED
- 8 -
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
their
environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept 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
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, incorporated the following:
-
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of
a management company
;
-
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
money laundering, employment, and health and safety legislation;
-
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;
-
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
MORALIS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MORALIS GROUP LIMITED
- 9 -
To address the risk of fraud through management bias and override of controls, our work included:
-
Performance of analytical procedures to identify any unusual or unexpected relationships;
-
Testing journal entries to identify unusual transactions. Investigated the rationale behind significant or unusual transactions;
and
-
Observation and identification of internal controls in place, specifically around payroll and bank transactions
.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
Agreeing financial statement disclosures to underlying supporting evidence;
-
Enquiring of management as to actual and potential litigation and claims; and
-
Reviewing correspondence with HMRC and reviewing for evidence of correspondence with legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Stuart Sheldrick (Senior Statutory Auditor)
For and on behalf of LB Group Limited (Chelmsford)
18 November 2022
Chartered Accountants
Statutory Auditor
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
MORALIS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 10 -
Period
Year
ended
ended
Continuing
Discontinued
28 February
Continuing
Discontinued
31 March
operations
operations
2022
operations
operations
2021
Notes
£
£
£
£
£
£
Turnover
4
52,188,594
6,591,324
58,779,918
37,828,840
978,009
38,806,849
Cost of sales
(42,930,886)
(4,557,820)
(47,488,706)
(30,630,904)
-
(30,630,904)
Gross profit
9,257,708
2,033,504
11,291,212
7,197,936
978,009
8,175,945
Administrative expenses
(5,713,858)
(914,109)
(6,627,967)
(6,388,274)
(899,669)
(7,287,943)
Other operating income
55,974
-
55,974
1,093,273
3,070
1,096,343
Exceptional item
3
-
-
(6,647)
-
(6,647)
Operating profit
5
3,599,824
1,119,395
4,719,219
1,896,288
81,410
1,977,698
Interest receivable and similar income
9
6,296
-
6,296
999
-
999
Interest payable and similar expenses
10
(806,048)
(80)
(806,128)
(918,454)
(4,838)
(923,292)
Net gains/(loss) through fair value adjustments
11
15,372,073
-
15,372,073
(7,232)
-
(7,232)
Profit before taxation
18,172,145
1,119,315
19,291,460
971,601
76,572
1,048,173
Tax on profit
12
(3,281,344)
(211,474)
(3,492,818)
(3,107)
(42,646)
(45,753)
Profit for the financial period
14,890,801
907,841
15,798,642
968,494
33,926
1,002,420
MORALIS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
Period
Year
ended
ended
Continuing
Discontinued
28 February
Continuing
Discontinued
31 March
operations
operations
2022
operations
operations
2021
Notes
£
£
£
£
£
£
- 11 -
Profit for the financial period is attributable to:
- Owners of the parent company
15,674,551
1,002,527
- Non-controlling interests
124,091
(107)
15,798,642
1,002,420
MORALIS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 12 -
Period
Year
ended
ended
28 February
31 March
2022
2021
£
£
Profit for the period
15,798,642
1,002,420
Other comprehensive income
-
-
Total comprehensive income for the period
15,798,642
1,002,420
Total comprehensive income for the period is attributable to:
- Owners of the parent company
15,674,551
1,002,527
- Non-controlling interests
124,091
(107)
15,798,642
1,002,420
MORALIS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 28 FEBRUARY 2022
28 February 2022
- 13 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
16
29,347
19,188
Investments
18
18,885,294
18,885,394
18,914,641
18,904,582
Current assets
Debtors
20
1,476,206
1,486,766
Cash at bank and in hand
2,089
1,476,206
1,488,855
Creditors: amounts falling due within one year
21
(2,602,366)
(2,618,755)
Net current liabilities
(1,126,160)
(1,129,900)
Total assets less current liabilities
17,788,481
17,774,682
Creditors: amounts falling due after more than one year
22
(1,040,000)
Provisions for liabilities
25
(7,300)
Net assets
17,781,181
16,734,682
Capital and reserves
Called up share capital
29
77,361
77,361
Share premium account
27
15,510,857
15,510,857
Capital redemption reserve
28
9,075
9,075
Shares held in treasury
31
(650,000)
(650,000)
Profit and loss reserves
2,833,888
1,787,389
Total equity
17,781,181
16,734,682
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 £1,046,499 (2021 - £33,227 profit).
The financial statements were approved by the board of directors and authorised for issue on 1 November 2022 and are signed on its behalf by:
01 November 2022
Mr D W Thompson
Director
Company Registration No. 08850452
MORALIS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 14 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
15
159,237
283,155
Tangible assets
16
40,594,080
41,492,883
Investment properties
17
44,157,887
28,734,147
Investments
18
356,444
193,589
85,267,648
70,703,774
Current assets
Stocks
19
2,344,702
3,726,376
Debtors
20
11,884,119
11,749,820
Cash at bank and in hand
7,634,317
4,571,264
21,863,138
20,047,460
Creditors: amounts falling due within one year
21
(19,705,154)
(14,370,685)
Net current assets
2,157,984
5,676,775
Total assets less current liabilities
87,425,632
76,380,549
Creditors: amounts falling due after more than one year
22
(15,001,315)
(22,776,001)
Provisions for liabilities
25
(5,490,527)
(2,469,400)
Net assets
66,933,790
51,135,148
Capital and reserves
Called up share capital
29
77,361
77,361
Share premium account
27
60,940
60,940
Capital redemption reserve
28
9,075
9,075
Other reserves
31
(3,633,361)
(3,633,361)
Profit and loss reserves
70,295,791
54,621,240
Equity attributable to owners of the parent company
66,809,806
51,135,255
Non-controlling interests
123,984
(107)
66,933,790
51,135,148
The financial statements were approved by the board of directors and authorised for issue on 1 November 2022 and are signed on its behalf by:
01 November 2022
Mr D W Thompson
Director
MORALIS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 15 -
Share capital
Share premium account
Capital redemption reserve
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2020
86,436
15,510,857
(650,000)
1,784,352
16,731,645
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
-
33,228
33,228
Dividends
14
-
-
-
-
(30,191)
(30,191)
Redemption of shares
29
-
-
9,075
-
-
9,075
Reduction of shares
29
(9,075)
-
-
-
-
(9,075)
Balance at 31 March 2021
77,361
15,510,857
9,075
(650,000)
1,787,389
16,734,682
Period ended 28 February 2022:
Profit and total comprehensive income for the period
-
-
-
-
1,046,499
1,046,499
Balance at 28 February 2022
77,361
15,510,857
9,075
(650,000)
2,833,888
17,781,181
MORALIS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 16 -
Share capital
Share premium account
Capital redemption reserve
Own shares
Other Reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
£
£
Balance at 1 April 2020
86,436
60,940
(650,000)
(2,983,361)
53,648,904
50,162,919
-
50,162,919
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
-
-
-
1,002,527
1,002,527
(107)
1,002,420
Dividends
14
-
-
-
-
-
(30,191)
(30,191)
-
(30,191)
Redemption of shares
29
-
-
9,075
-
-
-
9,075
-
9,075
Reduction of shares
29
(9,075)
-
-
-
-
-
(9,075)
-
(9,075)
Balance at 31 March 2021
77,361
60,940
9,075
(650,000)
(2,983,361)
54,621,240
51,135,255
(107)
51,135,148
Period ended 28 February 2022:
Profit and total comprehensive income for the period
-
-
-
-
-
15,674,551
15,674,551
124,091
15,798,642
Balance at 28 February 2022
77,361
60,940
9,075
(650,000)
(2,983,361)
70,295,791
66,809,806
123,984
66,933,790
MORALIS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 17 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
35
(609,704)
(125,360)
Interest paid
(22,938)
(34,979)
Net cash outflow from operating activities
(632,642)
(160,339)
Investing activities
Purchase of tangible fixed assets
(21,173)
Proceeds on disposal of tangible fixed assets
(7,936)
Purchase of subsidiaries
100
Proceeds on disposal of investments
(100)
Dividends received
165,000
211,100
Net cash generated from investing activities
157,064
189,927
Financing activities
Proceeds of new bank loans
(60,000)
(60,000)
Payment of finance leases obligations
-
(3,821)
Dividends paid to equity shareholders
-
(30,191)
Net cash used in financing activities
(60,000)
(94,012)
Net decrease in cash and cash equivalents
(535,578)
(64,424)
Cash and cash equivalents at beginning of period
(76,880)
(12,456)
Cash and cash equivalents at end of period
(612,458)
(76,880)
Relating to:
Cash at bank and in hand
2,089
Bank overdrafts included in creditors payable within one year
(612,458)
(78,969)
MORALIS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 18 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
7,837,333
6,119,934
Interest paid
(806,128)
(923,292)
Income taxes paid
(295,076)
(357,898)
Net cash inflow from operating activities
6,736,129
4,838,744
Investing activities
Purchase of tangible fixed assets
(2,957,566)
(4,054,357)
Proceeds from disposal of tangible fixed assets
226,276
763,674
Purchase of investment property
(1,798,792)
(1,602,589)
Proceeds from disposal of investment property
3,022,082
1,082,974
Proceeds from disposal of investments
(292,745)
(193,358)
Repayment of loans
(9,690)
58,116
Interest received
6,296
999
Net cash used in investing activities
(1,804,139)
(3,944,541)
Financing activities
Repayment of bank loans
(515,378)
(1,280,788)
Payment of finance leases obligations
(1,134,215)
639,820
Dividends paid to equity shareholders
(30,191)
Net cash used in financing activities
(1,649,593)
(671,159)
Net increase in cash and cash equivalents
3,282,397
223,044
Cash and cash equivalents at beginning of period
3,731,995
3,507,908
Cash and cash equivalents at end of period
7,014,392
3,730,952
Relating to:
Cash at bank and in hand
7,634,317
4,571,264
Bank overdrafts included in creditors payable within one year
(619,925)
(840,312)
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 19 -
1
Accounting policies
Company information
Moralis Group Limited
(“the company”)
is a limited company domiciled and incorporated in
England and Wales
.
The registered office is
Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, UK, CM1 1GU.
The group consists of Moralis Group Limited and all of its direct and indirect 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. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company
financial statements, t
he 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
financial statements
incorporate those of Moralis Group Limited and all of its subsidiaries (ie entities that the
g
roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All
financial statements
are made up to 28 February 2022
.
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.
The reporting currency in William Thompson Homes (PTY) ltd is South African Rand. For the purposes of the consolidation the profit and loss items have been translated using a historic average exchange rate. The balance sheet items have been translated using the historical exchange rate as at the year end.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 20 -
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
The reporting period of the financial statements is shorter than one year, due to the company shortening the accounting reference date, thus the figures in these financial statements are not entirely comparable with the prior period.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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% straight line
Leasehold land and buildings
over the length of the lease
Freehold improvements
20% straight line
Plant and equipment
10% / 15% straight line
Fixtures and fittings
20% straight line
Computers
20% / 33.33% straight line
Motor vehicles
20% / 25% / 33.33% 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
.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 21 -
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historic cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
1.8
Investment properties
Investment property, which is property held to earn rentals and
/
or for capital appreciation, is measured using the fair value model and stated at its fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Gains or losses arising from changes in the fair value of investment property are included in profit and loss account for the period in which they arise
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.
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.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 22 -
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
cost and replacement cost
, adjusted where applicable for any loss of service potential.
1.12
Cash at bank and in hand
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.
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.
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.
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, 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.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 23 -
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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.16
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 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
if, and only if, there is
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.
1.17
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.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 24 -
1.19
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.
1.20
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.21
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.
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
Exceptional item
2022
2021
£
£
Expenditure
Loan write off
-
6,647
-
6,647
During the prior year the group wrote off a loan to a third party as this amount was no longer recoverable.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 25 -
4
Turnover and other revenue
An analysis of the group's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Real Estate
20,049,920
3,485,722
Storage Facilities
923,251
978,009
Waste Management
33,663,700
31,659,701
Haulage Logistics
4,137,547
2,677,417
Management Agents
5,500
6,000
58,779,918
38,806,849
2022
2021
£
£
Other significant revenue
Interest income
6,296
999
Grants received
55,974
1,097,633
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
56,543,164
36,884,001
Overseas
2,236,754
1,922,848
58,779,918
38,806,849
5
Operating profit
2022
2021
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange (gains)/losses
(24,548)
542
Government grants
(55,974)
(1,097,633)
Depreciation of owned tangible fixed assets
1,294,254
1,444,400
Depreciation of tangible fixed assets held under finance leases
2,399,182
2,530,059
Profit on disposal of tangible fixed assets
(63,343)
(351,903)
Profit on disposal of investment property
(1,146,196)
(82,974)
Amortisation of intangible assets
123,918
451,444
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 26 -
6
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,500
9,000
Audit of the financial statements of the company's subsidiaries
52,500
43,000
65,000
52,000
For other services
Taxation compliance services
16,925
18,248
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
401,933
449,483
Company pension contributions to defined contribution schemes
-
4,200
401,933
453,683
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
86,289
103,440
8
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Distribution
232
222
-
-
Production
1
2
-
-
Admin
40
39
4
4
Management
6
3
3
3
Drivers
28
27
-
-
Total
307
293
7
7
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
8
Employees
(Continued)
- 27 -
Their aggregate remuneration comprised:
Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
10,352,116
10,792,695
366,232
421,571
Social security costs
1,101,725
1,111,908
42,751
47,108
Pension costs
271,338
285,314
16,125
25,757
11,725,179
12,189,917
425,108
494,436
9
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
6,296
999
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
6,296
999
10
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
224,333
306,735
Other interest on financial liabilities
307,308
394,230
531,641
700,965
Other finance costs:
Interest on finance leases and hire purchase contracts
250,886
180,036
Other interest
23,601
42,291
Total finance costs
806,128
923,292
11
Amounts written off investments
2022
2021
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(129,660)
(7,232)
Other gains/(losses)
Changes in the fair value of investment properties
15,501,733
-
15,372,073
(7,232)
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 28 -
12
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
538,189
332,327
Adjustments in respect of prior periods
(66,498)
(304,674)
Total current tax
471,691
27,653
Deferred tax
Origination and reversal of timing differences
3,021,127
18,100
Total tax charge
3,492,818
45,753
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
19,291,460
1,048,173
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
3,665,377
199,153
Tax effect of expenses that are not deductible in determining taxable profit
92,134
43,073
Tax effect of income not taxable in determining taxable profit
(18,924)
(99,197)
Tax effect of utilisation of tax losses not previously recognised
(9)
Unutilised tax losses carried forward
135
128,092
Losses on discontinued operations not recognised
4,002
Permanent capital allowances in excess of depreciation
(212,235)
(161,016)
Depreciation on assets not qualifying for tax allowances
(294,184)
99,270
Amortisation on assets not qualifying for tax allowances
23,544
85,774
Effect of revaluations of investments
(2,945,349)
(3,734)
Under/(over) provided in prior years
(66,498)
(304,674)
Deferred tax adjustments in respect of prior years
3,021,126
18,100
Capital gains
227,701
36,910
Taxation charge
3,492,818
45,753
13
Discontinued operations
RVL Holdings Limited, William Thompson Homes (Theydon Meadows) Ltd and G.B.N Self Store Limited have all ceased to trade within 12 months of the date of these financial statements.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 29 -
14
Dividends
2022
2021
Recognised as distributions to equity holders:
£
£
Final paid
-
30,191
15
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2021 and 28 February 2022
4,320,987
Amortisation and impairment
At 1 April 2021
4,037,832
Amortisation charged for the period
123,918
At 28 February 2022
4,161,750
Carrying amount
At 28 February 2022
159,237
At 31 March 2021
283,155
The company had no intangible fixed assets at 28 February 2022 or 31 March 2021.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 30 -
16
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Freehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2021
26,635,866
5,781,160
221,982
11,208,204
193,424
195,411
16,035,532
60,271,579
Additions
346,751
81,606
929,780
6,213
1,398
1,591,818
2,957,566
Disposals
(86,625)
(301,527)
(23,256)
(13,729)
(632,205)
(1,057,342)
Transfers
7,815
18,567
26,382
At 28 February 2022
26,635,866
6,127,911
216,963
11,836,457
184,196
183,080
17,013,712
62,198,185
Depreciation and impairment
At 1 April 2021
433,583
937,036
39,398
7,178,611
122,286
110,309
9,957,473
18,778,696
Depreciation charged in the period
113,124
221,443
41,034
1,227,185
22,510
35,479
2,032,661
3,693,436
Eliminated in respect of disposals
(12,994)
(267,070)
(13,661)
(13,729)
(560,573)
(868,027)
At 28 February 2022
546,707
1,158,479
67,438
8,138,726
131,135
132,059
11,429,561
21,604,105
Carrying amount
At 28 February 2022
26,089,159
4,969,432
149,525
3,697,731
53,061
51,021
5,584,151
40,594,080
At 31 March 2021
26,202,283
4,844,124
182,584
4,029,593
71,138
85,102
6,078,059
41,492,883
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 31 -
Company
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2021
21,173
21,173
Disposals
(12,530)
(12,530)
Transfers
7,815
18,567
26,382
At 28 February 2022
7,815
27,210
35,025
Depreciation and impairment
At 1 April 2021
1,985
1,985
Depreciation charged in the period
2,497
10,423
12,920
Eliminated in respect of disposals
(9,227)
(9,227)
At 28 February 2022
2,497
3,181
5,678
Carrying amount
At 28 February 2022
5,318
24,029
29,347
At 31 March 2021
19,188
19,188
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2022
2021
2022
2021
£
£
£
£
Plant and equipment
1,935,785
2,346,430
Motor vehicles
4,675,955
5,014,400
6,611,740
7,360,830
-
-
17
Investment property
Group
Company
2022
2022
£
£
Fair value
At 1 April 2021 and 28 February 2022
10,770,696
-
Additions through external acquisition
1,796,862
-
Additions through business combinations
393,678
-
Disposals
(1,875,886)
-
Net gains or losses through fair value adjustments
33,072,537
-
At 28 February 2022
44,157,887
-
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
17
Investment property
(Continued)
- 32 -
Investment property comprises £44,157,887. The fair value of the investment property has been arrived at on the basis of a number of valuations carried out both by Chartered Surveyors, who are not connected with the company, and the company's directors. The valuations have made on an open market value basis by reference to market evidence of transaction prices for similar properties.
18
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
230
18,885,294
18,885,394
Investments in joint ventures
1
1
Listed investments
356,443
193,358
356,444
193,589
18,885,294
18,885,394
Listed investments included above
Listed investments carrying amount
356,443
193,358
-
-
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
18
Fixed asset investments
(Continued)
- 33 -
The company owns 100% of the ordinary issued share capital of the companies listed below, either directly or indirectly via immediate companies. All companies below are incorporated in England and Wales unless otherwise stated:
Development and investment in real estate:
RVL Properties Limited
William Thompson Homes Limited
William Thompson Homes (PTY) Ltd - a company incorporated in South Africa
RVL Properties Limited - a company incorporated in Dubai
William Thompson Homes (Horns) Ltd
William Thompson Homes (Theydon Meadows) Ltd
Landvest Crews Hill Ltd
William Thompson Homes (Meadow Views) Ltd
William Thompson Homes (Meadow Views) Management Company Ltd
William Thompson Homes (Theydon Meadows) Management Company Ltd
RVL Industrial Ltd
Provision of storage facilities:
GBN Self Store Limited
Waste management and waste disposal:
GBN Services Limited
Haulage logistics:
GBN Logistics Limited
Investment activities:
GT 2 Invest Ltd
Dormant and Holding Companies:
RVL Holdings Plc - a holding company
Uxbridge Skip Hire Limited
Uxbridge Skip Hire Holdings Limited
Uxbridge Skip Hire Properties Limited
All subsidiaries are included in the consolidation.
The £1 joint venture relates to Ashridge Grange Ltd. This is 50% of the ordinary share capital.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
18
Fixed asset investments
(Continued)
- 34 -
Movements in fixed asset investments
Group
Shares in subsidiaries and joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2021
231
193,358
193,589
Additions
1
278,777
278,778
Valuation changes
-
(105,111)
(105,111)
-
85,993
85,993
Disposals
(231)
(96,574)
(96,805)
At 28 February 2022
1
356,443
356,444
Carrying amount
At 28 February 2022
1
356,443
356,444
At 31 March 2021
231
193,358
193,589
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2021
18,885,394
Disposals
(100)
At 28 February 2022
18,885,294
Carrying amount
At 28 February 2022
18,885,294
At 31 March 2021
18,885,394
19
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
58,950
37,105
Work in progress
2,285,752
3,689,271
-
-
2,344,702
3,726,376
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 35 -
20
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,439,276
7,204,542
Corporation tax recoverable
2,709
4,684
Amounts owed by group undertakings
-
-
1,447,113
1,446,819
Other debtors
4,291,514
3,459,199
25,000
31,274
Prepayments and accrued income
1,150,620
1,081,395
4,093
8,673
11,884,119
11,749,820
1,476,206
1,486,766
21
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
24
12,731,325
6,428,660
1,592,458
78,969
Obligations under finance leases
23
2,043,354
2,441,313
Trade creditors
2,044,869
2,403,327
1,660
21,109
Amounts owed to group undertakings
891,468
2,294,095
Corporation tax payable
411,506
236,866
Other taxation and social security
1,048,600
1,139,067
61,227
33,920
Other creditors
391,523
333,551
36,173
52,941
Accruals and deferred income
1,033,977
1,387,901
19,380
137,721
19,705,154
14,370,685
2,602,366
2,618,755
The hire purchase and finance leases are secured on the individual assets to which they relate.
Included within bank loans and overdrafts is £3,769,614 (2021: £3,748,900) invoice discounting secured on the trade debtors to which they relate.
Bank loans under one year are secured against the properties and trades to which they relate. As at the year end, within the group, debentures and fixed and floating charges were held by National Westminster Bank Plc and Barclays Bank Plc.
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 36 -
22
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
24
13,102,743
20,141,173
1,040,000
Obligations under finance leases
23
1,898,572
2,634,828
15,001,315
22,776,001
1,040,000
The hire purchase and finance leases are secured on the individual assets to which they relate.
Bank loans over one year are secured against the properties and trades to which they relate. At the year end, within the group, debentures and fixed and floating charges were held by National Westminster Bank Plc and Barclays Bank Plc.
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,287,101
2,431,397
-
-
23
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,043,354
2,441,313
In two to five years
1,898,572
2,634,828
3,941,926
5,076,141
-
-
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 37 -
24
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
25,214,143
25,729,521
980,000
1,040,000
Bank overdrafts
619,925
840,312
612,458
78,969
25,834,068
26,569,833
1,592,458
1,118,969
Payable within one year
12,731,325
6,428,660
1,592,458
78,969
Payable after one year
13,102,743
20,141,173
1,040,000
Amounts included above which fall due after five years:
Payable by instalments
2,287,101
2,431,397
-
-
25
Deferred taxation
Deferred tax assets and liabilities are offset where the group or 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
2022
2021
Group
£
£
Accelerated capital allowances
131,006
270,741
Investment property
5,359,521
2,198,659
5,490,527
2,469,400
Liabilities
Liabilities
2022
2021
Company
£
£
Accelerated capital allowances
7,300
-
Group
Company
2022
2022
Movements in the period:
£
£
Liability at 1 April 2021
2,469,400
-
Charge to profit or loss
3,021,127
7,300
Liability at 28 February 2022
5,490,527
7,300
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
25
Deferred taxation
(Continued)
- 38 -
26
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
271,338
285,314
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.
The number of directors who accrued benefits under company pension schemes was 2 (2021: 2).
27
Share premium account
Group
Company
2022
2021
2022
2021
£
£
£
£
At the beginning and end of the period
60,940
60,940
15,510,857
15,510,857
28
Capital redemption reserve
Group
Company
2022
2021
2022
2021
£
£
£
£
At the beginning of the period
9,075
9,075
Transfers
-
9,075
-
9,075
At the end of the period
9,075
9,075
9,075
9,075
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 39 -
29
Share capital
Group and company
2022
2021
Ordinary share capital
£
£
Issued and fully paid
65,830 Ordinary A of £1 each
65,830
65,830
1 Ordinary B of £1 each
1
1
11,530 Preference of £1 each
11,530
11,530
77,361
77,361
The Ordinary A shares carry one vote per share, rights to dividends and rights to share in residual assets on sale of company or winding up after deduction of liabilities.
The Ordinary B share carries one vote and no rights to dividends. Payment of nominal amount paid up on share or amount credited as paid up on share only on the sale of company or winding up of company.
The Preference shares are non voting cumulative preference shares which entitle the holder to payments of sums due in accordance with a twenty five year sliding scale, from 01/02/2016. These payments are to be taken ahead of dividends paid on the other share classes.
30
Other Reserves
2022
2021
Group
£
£
At the beginning and end of the period
(2,983,361)
(2,983,361)
2022
2021
Company
£
£
At the beginning and end of the period
-
-
31
Other reserves
Own shares
Merger reserve
Total
Group
£
£
£
At the beginning of the prior period
(650,000)
(2,983,361)
(3,633,361)
As restated
(650,000)
(2,983,361)
(3,633,361)
At the end of the prior period
(650,000)
(2,983,361)
(3,633,361)
At the end of the current period
(650,000)
(2,983,361)
(3,633,361)
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
31
Other reserves
(Continued)
- 40 -
Own shares
Other Reserves
Total
Company
£
£
£
At the beginning of the prior period
(650,000)
-
(650,000)
As restated
(650,000)
-
(650,000)
At the end of the prior period
(650,000)
-
(650,000)
At the end of the current period
(650,000)
-
(650,000)
32
Operating lease commitments
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
2022
2021
2022
2021
£
£
£
£
Within one year
295,801
295,801
-
-
Between two and five years
1,040,535
1,128,352
-
-
In over five years
433,333
616,667
-
-
1,769,669
2,040,820
-
-
Lessor
The operating leases represent leases
of £7,269,377 (2021: £8,157,954)
to third parties
. Lease terms vary depending on the property use and lease length.
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
915,453
939,951
-
-
Between two and five years
2,585,174
2,958,787
-
-
In over five years
3,768,750
4,259,216
-
-
7,269,377
8,157,954
-
-
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 41 -
33
Related party transactions
The group has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transaction with group entities that are wholly owned.
Group
At the balance sheet date:
Included within debtors is £3,038,445 (2021: £3,271,658) owed by company's under common control.
The following balances were (owed to) / owed by the directors:
Mr D W Thompson - (£25,126) (2021: (£52,575))
Mr G Hobson - (£486) (2021: £3,775)
Mr G D Thompson - £3,783 (2021: £1,227)
These amounts represent non interest bearing loans and are repayable on demand.
34
Cash generated from group operations
2022
2021
£
£
Profit for the period after tax
15,798,642
1,002,420
Adjustments for:
Taxation charged
3,492,818
45,753
Finance costs
806,128
923,292
Investment income
(6,296)
(999)
Gain on disposal of tangible fixed assets
(63,343)
(351,903)
Gain on disposal of investment property
(1,146,196)
(82,974)
Fair value gain on investment properties
(15,501,733)
Amortisation and impairment of intangible assets
123,918
451,444
Depreciation and impairment of tangible fixed assets
3,693,436
3,974,459
Other gains and losses
129,660
7,232
Movements in working capital:
Decrease/(increase) in stocks
1,381,674
(1,437,464)
(Increase)/decrease in debtors
(126,498)
877,312
(Decrease)/increase in creditors
(744,877)
711,362
Cash generated from operations
7,837,333
6,119,934
MORALIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2022
- 42 -
35
Cash absorbed by operations - company
2022
2021
£
£
Profit for the period after tax
1,046,499
33,228
Adjustments for:
Taxation charged
7,300
Finance costs
22,938
34,979
Investment income
(165,000)
(211,100)
Gain on disposal of tangible fixed assets
(15,143)
-
Depreciation and impairment of tangible fixed assets
12,920
1,985
Other gains and losses
100
-
Movements in working capital:
Decrease/(increase) in debtors
10,560
(1,426,413)
(Decrease)/increase in creditors
(1,529,878)
1,441,961
Cash absorbed by operations
(609,704)
(125,360)
36
Analysis of changes in net debt - group
1 April 2021
Cash flows
28 February 2022
£
£
£
Cash at bank and in hand
4,571,264
3,063,053
7,634,317
Bank overdrafts
(840,312)
220,387
(619,925)
3,730,952
3,283,440
7,014,392
Borrowings excluding overdrafts
(25,729,521)
515,378
(25,214,143)
Obligations under finance leases
(5,076,141)
1,134,215
(3,941,926)
(27,074,710)
4,933,033
(22,141,677)
37
Analysis of changes in net debt - company
1 April 2021
Cash flows
28 February 2022
£
£
£
Cash at bank and in hand
2,089
(2,089)
-
Bank overdrafts
(78,969)
(533,489)
(612,458)
(76,880)
(535,578)
(612,458)
Borrowings excluding overdrafts
(1,040,000)
60,000
(980,000)
(1,116,880)
(475,578)
(1,592,458)
2022-02-28
2021-04-01
false
CCH Software
CCH Accounts Production 2022.300
Mr G M Hobson
Mr G D Thompson
Mr D W Thompson
Mr D W Thompson
08850452
2021-04-01
2022-02-28
08850452
bus:Director1
2021-04-01
2022-02-28
08850452
bus:Director2
2021-04-01
2022-02-28
08850452
bus:Director4
2021-04-01
2022-02-28
08850452
bus:Director5
2021-04-01
2022-02-28
08850452
bus:Director3
2021-04-01
2022-02-28
08850452
bus:RegisteredOffice
2021-04-01
2022-02-28
08850452
bus:Consolidated
2022-02-28
08850452
2022-02-28
08850452
core:Exceptional
bus:Consolidated
1
2021-04-01
2022-02-28
08850452
core:Exceptional
bus:Consolidated
1
2020-04-01
2021-03-31
08850452
bus:Consolidated
2021-04-01
2022-02-28
08850452
bus:Consolidated
2020-04-01
2021-03-31
08850452
2020-04-01
2021-03-31
08850452
2021-03-31
08850452
bus:Consolidated
2021-03-31
08850452
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2022-02-28
08850452
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2022-02-28
08850452
core:LeaseholdImprovements
bus:Consolidated
2022-02-28
08850452
core:PlantMachinery
bus:Consolidated
2022-02-28
08850452
core:FurnitureFittings
bus:Consolidated
2022-02-28
08850452
core:ComputerEquipment
bus:Consolidated
2022-02-28
08850452
core:MotorVehicles
bus:Consolidated
2022-02-28
08850452
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-03-31
08850452
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2021-03-31
08850452
core:LeaseholdImprovements
bus:Consolidated
2021-03-31
08850452
core:PlantMachinery
bus:Consolidated
2021-03-31
08850452
core:FurnitureFittings
bus:Consolidated
2021-03-31
08850452
core:ComputerEquipment
bus:Consolidated
2021-03-31
08850452
core:MotorVehicles
bus:Consolidated
2021-03-31
08850452
core:FurnitureFittings
2022-02-28
08850452
core:MotorVehicles
2022-02-28
08850452
core:FurnitureFittings
2021-03-31
08850452
core:MotorVehicles
2021-03-31
08850452
core:CurrentFinancialInstruments
2022-02-28
08850452
core:CurrentFinancialInstruments
2021-03-31
08850452
core:Non-currentFinancialInstruments
2022-02-28
08850452
core:Non-currentFinancialInstruments
2021-03-31
08850452
core:ShareCapital
2022-02-28
08850452
core:ShareCapital
2021-03-31
08850452
core:SharePremium
2022-02-28
08850452
core:SharePremium
2021-03-31
08850452
core:CapitalRedemptionReserve
2022-02-28
08850452
core:CapitalRedemptionReserve
2021-03-31
08850452
core:OtherMiscellaneousReserve
2022-02-28
08850452
core:OtherMiscellaneousReserve
2021-03-31
08850452
core:RetainedEarningsAccumulatedLosses
2022-02-28
08850452
core:RetainedEarningsAccumulatedLosses
2021-03-31
08850452
core:ShareCapital
bus:Consolidated
2022-02-28
08850452
core:ShareCapital
bus:Consolidated
2021-03-31
08850452
core:SharePremium
bus:Consolidated
2022-02-28
08850452
core:SharePremium
bus:Consolidated
2021-03-31
08850452
core:CapitalRedemptionReserve
bus:Consolidated
2022-02-28
08850452
core:CapitalRedemptionReserve
bus:Consolidated
2021-03-31
08850452
core:OtherMiscellaneousReserve
bus:Consolidated
2022-02-28
08850452
core:OtherMiscellaneousReserve
bus:Consolidated
2021-03-31
08850452
core:ShareCapital
2020-03-31
08850452
core:SharePremium
2020-03-31
08850452
core:CapitalRedemptionReserve
2020-03-31
08850452
core:TreasurySharesOwnSharesReserve
2020-03-31
08850452
core:RetainedEarningsAccumulatedLosses
2020-03-31
08850452
core:TreasurySharesOwnSharesReserve
2021-03-31
08850452
core:TreasurySharesOwnSharesReserve
2022-02-28
08850452
core:ShareCapital
bus:Consolidated
2020-03-31
08850452
core:SharePremium
bus:Consolidated
2020-03-31
08850452
core:CapitalRedemptionReserve
bus:Consolidated
2020-03-31
08850452
core:TreasurySharesOwnSharesReserve
bus:Consolidated
2020-03-31
08850452
core:RetainedEarningsAccumulatedLosses
bus:Consolidated
2020-03-31
08850452
core:RetainedEarningsAccumulatedLosses
bus:Consolidated
2021-03-31
08850452
core:Non-controllingInterests
bus:Consolidated
2021-03-31
08850452
core:TreasurySharesOwnSharesReserve
bus:Consolidated
2022-02-28
08850452
core:RetainedEarningsAccumulatedLosses
bus:Consolidated
2022-02-28
08850452
core:Non-controllingInterests
bus:Consolidated
2022-02-28
08850452
core:Goodwill
bus:Consolidated
2022-02-28
08850452
core:Goodwill
bus:Consolidated
2021-03-31
08850452
1
2021-04-01
2022-02-28
08850452
1
2020-04-01
2021-03-31
08850452
2020-03-31
08850452
bus:Consolidated
2020-03-31
08850452
core:Goodwill
2021-04-01
2022-02-28
08850452
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-04-01
2022-02-28
08850452
core:LandBuildings
core:LongLeaseholdAssets
2021-04-01
2022-02-28
08850452
core:LeaseholdImprovements
core:LeasedAssetsHeldAsLessee
2021-04-01
2022-02-28
08850452
core:PlantMachinery
2021-04-01
2022-02-28
08850452
core:FurnitureFittings
2021-04-01
2022-02-28
08850452
core:ComputerEquipment
2021-04-01
2022-02-28
08850452
core:MotorVehicles
2021-04-01
2022-02-28
08850452
core:UKTax
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:UKTax
bus:Consolidated
2020-04-01
2021-03-31
08850452
bus:Consolidated
1
2021-04-01
2022-02-28
08850452
bus:Consolidated
1
2020-04-01
2021-03-31
08850452
bus:Consolidated
2
2021-04-01
2022-02-28
08850452
bus:Consolidated
2
2020-04-01
2021-03-31
08850452
bus:Consolidated
3
2021-04-01
2022-02-28
08850452
bus:Consolidated
3
2020-04-01
2021-03-31
08850452
bus:Consolidated
4
2021-04-01
2022-02-28
08850452
bus:Consolidated
4
2020-04-01
2021-03-31
08850452
core:Goodwill
bus:Consolidated
2021-03-31
08850452
core:Goodwill
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-03-31
08850452
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2021-03-31
08850452
core:LeaseholdImprovements
bus:Consolidated
2021-03-31
08850452
core:PlantMachinery
bus:Consolidated
2021-03-31
08850452
core:FurnitureFittings
bus:Consolidated
2021-03-31
08850452
core:ComputerEquipment
bus:Consolidated
2021-03-31
08850452
core:MotorVehicles
bus:Consolidated
2021-03-31
08850452
bus:Consolidated
2021-03-31
08850452
core:FurnitureFittings
2021-03-31
08850452
core:MotorVehicles
2021-03-31
08850452
2021-03-31
08850452
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:LeaseholdImprovements
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:PlantMachinery
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:FurnitureFittings
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:ComputerEquipment
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:MotorVehicles
bus:Consolidated
2021-04-01
2022-02-28
08850452
core:PlantMachinery
2022-02-28
08850452
core:PlantMachinery
2021-03-31
08850452
core:ListedExchangeTraded
bus:Consolidated
2022-02-28
08850452
core:ListedExchangeTraded
bus:Consolidated
2021-03-31
08850452
core:ListedExchangeTraded
2022-02-28
08850452
core:ListedExchangeTraded
2021-03-31
08850452
core:CurrentFinancialInstruments
bus:Consolidated
2022-02-28
08850452
core:CurrentFinancialInstruments
bus:Consolidated
2021-03-31
08850452
core:WithinOneYear
bus:Consolidated
2022-02-28
08850452
core:WithinOneYear
bus:Consolidated
2021-03-31
08850452
core:CurrentFinancialInstruments
core:WithinOneYear
2022-02-28
08850452
core:CurrentFinancialInstruments
core:WithinOneYear
2021-03-31
08850452
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2022-02-28
08850452
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2021-03-31
08850452
core:Non-currentFinancialInstruments
core:AfterOneYear
2022-02-28
08850452
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-03-31
08850452
core:Non-currentFinancialInstruments
bus:Consolidated
2022-02-28
08850452
core:Non-currentFinancialInstruments
bus:Consolidated
2021-03-31
08850452
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2022-02-28
08850452
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2021-03-31
08850452
core:WithinOneYear
2022-02-28
08850452
core:WithinOneYear
2021-03-31
08850452
core:BetweenTwoFiveYears
bus:Consolidated
2022-02-28
08850452
core:BetweenTwoFiveYears
bus:Consolidated
2021-03-31
08850452
core:BetweenTwoFiveYears
2022-02-28
08850452
core:BetweenTwoFiveYears
2021-03-31
08850452
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-02-28
08850452
bus:FRS102
2021-04-01
2022-02-28
08850452
bus:Audited
2021-04-01
2022-02-28
08850452
bus:ConsolidatedGroupCompanyAccounts
2021-04-01
2022-02-28
08850452
bus:FullAccounts
2021-04-01
2022-02-28
xbrli:pure
xbrli:shares
iso4217:GBP