Company Registration No. 09323854 (England and Wales)
PENFOLD VERRALL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PENFOLD VERRALL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D J Lynch
Mrs C Bowden
Mr A Bish
Secretary
Mrs C Bowden
Company number
09323854
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Auditor
MHA Carpenter Box
2 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
Business address
The Haulage Yard
Dial Post
Horsham
West Sussex
RH13 8NY
PENFOLD VERRALL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 5
Group statement of comprehensive income
6
Group statement of financial position
7
Company statement of financial position
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 27
PENFOLD VERRALL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2019
- 1 -
The directors present the strategic report for the year ended
30 June 2019.
Fair review of the business
The board of directors report that although the turnover for 2018/19 was down by £2.0m both gross profit and net profit increased. 2017/18 was boosted heavily by an Environment agency contract which yielded high turnover but low margins and helps to explain the disparages between the current and comparative year.
The board feel that overall the performance in 2019 has been good and has been aided due to us embarking on a large bulk muck shift operation at Sussex University which provided around 6 months of continued work from September 2018.
Key performance indicators
In addition to revenue discussed above, the Board uses other key financial performance indicators ("KPIs") to track and review performance. These are as follows:
2019 2018
£ £
Revenue 8,910,118 10,949,902
Gross Profit 1,511,859 1,417,191
Profit before tax 934,536 893,302
The decrease in revenue despite gross profit and profit before tax increasing has been explained above and is due to more profitable contracts being undertaken in the current year, The Board believes that the group is well placed to maintain financial performance in the next 12 months.
Risks and uncertainties
The directors consider the principal risks of the group to be those outlined in the directors' report and from those generated from within the construction industry. Management monitor conditions within the industry and assess risk levels on an ongoing basis.
Healthy and safety is one of the key risks facing the group and this risk is mitigated through ongoing training for employees and through regular maintenance checks on plant and machinery. The group utilises hire purchase contracts and therefore interest rate risk is also key to the group. The board implement strategies to mitigate and manage risks that the group faces.
Mrs C Bowden
Director
7 November 2019
PENFOLD VERRALL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2019
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2019.
Principal activities
The principal activity of the company and group continued to be that of haulage, plant hire and construction.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D J Lynch
Mrs C Bowden
Mr A Bish
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £75,490. The directors do not recommend payment of a further dividend.
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the businesses.
Credit risk
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.
Post reporting date events
Dividends totalling £21,317 have been declared and paid since the balance sheet date.
Auditor
In accordance with the company's articles, a resolution proposing that MHA Carpenter Box be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the 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
Mrs C Bowden
Director
7 November 2019
PENFOLD VERRALL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2019
- 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 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.
PENFOLD VERRALL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PENFOLD VERRALL HOLDINGS LIMITED
- 4 -
Opinion
We have audited the
financial statements of Penfold Verrall Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2019 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 30 June 2019 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PENFOLD VERRALL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PENFOLD VERRALL HOLDINGS LIMITED
- 5 -
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
group's and 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
group or the parent
company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
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.
Robert Dowling FCA (Senior Statutory Auditor)
for and on behalf of MHA Carpenter Box
7 November 2019
Chartered Accountants
Statutory Auditor
Crawley
MHA Carpenter Box is a trading name of Carpenter Box Limited
PENFOLD VERRALL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2019
- 6 -
2019
2018
Notes
£
£
Revenue
3
8,910,118
10,949,902
Cost of sales
(7,398,259)
(9,532,711)
Gross profit
1,511,859
1,417,191
Administrative expenses
(533,184)
(479,949)
Other operating income
5,313
535
Operating profit
4
983,988
937,777
Investment income
97
180
Finance costs
8
(49,549)
(44,655)
Profit before taxation
934,536
893,302
Taxation
9
(163,891)
(198,908)
Profit for the financial year
770,645
694,394
Total comprehensive income for the year
770,645
694,394
Total comprehensive income for the year is all attributable to the owners of the parent company.
The group statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
PENFOLD VERRALL HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2019
30 June 2019
- 7 -
2019
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
5,593,808
4,184,470
Current assets
Inventories
15
76,397
99,528
Trade and other receivables
16
2,035,247
2,100,777
Cash and cash equivalents
294,964
1,388,401
2,406,608
3,588,706
Current liabilities
17
(1,972,872)
(2,821,972)
Net current assets
433,736
766,734
Total assets less current liabilities
6,027,544
4,951,204
Non-current liabilities
18
(1,264,948)
(962,818)
Provisions for liabilities
20
(285,780)
(206,725)
Net assets
4,476,816
3,781,661
Equity
Called up share capital
22
115
115
Revaluation reserve
23
19,232
12,952
Other reserves
23
325,593
325,593
Retained earnings
23
4,131,876
3,443,001
Total equity
4,476,816
3,781,661
The financial statements were approved by the board of directors and authorised for issue on 7 November 2019 and are signed on its behalf by:
07 November 2019
Mr D J Lynch
Director
PENFOLD VERRALL HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2019
30 June 2019
- 8 -
2019
2018
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
5,409,250
3,971,013
Investments
12
99
99
5,409,349
3,971,112
Current assets
Trade and other receivables
16
202,309
201,309
Cash and cash equivalents
64,118
1,021,223
266,427
1,222,532
Current liabilities
17
(984,415)
(1,930,593)
Net current liabilities
(717,988)
(708,061)
Total assets less current liabilities
4,691,361
3,263,051
Non-current liabilities
18
(1,264,948)
(962,818)
Provisions for liabilities
20
(277,000)
(204,000)
Net assets
3,149,413
2,096,233
Equity
Called up share capital
22
115
115
Revaluation reserve
23
32,015
44,449
Retained earnings
23
3,117,283
2,051,669
Total equity
3,149,413
2,096,233
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own income statement and related notes. The
c
ompany’s profit for the year was
£1,128,670 (2018 : £337,404).
The financial statements were approved by the board of directors and authorised for issue on 7 November 2019 and are signed on its behalf by:
07 November 2019
Mr D J Lynch
Director
Company Registration No. 09323854
PENFOLD VERRALL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2019
- 9 -
Share capital
Revaluation reserve
Other reserves
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 July 2017
115
55,954
325,593
2,777,680
3,159,342
Year ended 30 June 2018:
Profit and total comprehensive income for the year
-
-
-
694,394
694,394
Dividends
10
-
-
-
(72,075)
(72,075)
Deferred tax released from retained earnings
-
(43,002)
-
43,002
-
Balance at 30 June 2018
115
12,952
325,593
3,443,001
3,781,661
Year ended 30 June 2019:
Profit and total comprehensive income for the year
-
-
-
770,645
770,645
Dividends
10
-
-
-
(75,490)
(75,490)
Deferred tax released from retained earnings
-
6,280
-
(6,280)
-
Balance at 30 June 2019
115
19,232
325,593
4,131,876
4,476,816
PENFOLD VERRALL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2019
- 10 -
Share capital
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 July 2017
115
118,517
1,712,272
1,830,904
Year ended 30 June 2018:
Profit and total comprehensive income for the year
-
-
337,404
337,404
Dividends
10
-
-
(72,075)
(72,075)
Deferred tax released to retained earnings
-
(74,068)
74,068
-
Balance at 30 June 2018
115
44,449
2,051,669
2,096,233
Year ended 30 June 2019:
Profit and total comprehensive income for the year
-
-
1,128,670
1,128,670
Dividends
10
-
-
(75,490)
(75,490)
Deferred tax released to retained earnings
-
(12,434)
12,434
-
Balance at 30 June 2019
115
32,015
3,117,283
3,149,413
PENFOLD VERRALL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2019
- 11 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,057,083
2,695,014
Interest paid
(49,549)
(44,655)
Income taxes paid
(215,078)
(60,423)
Net cash inflow from operating activities
792,456
2,589,936
Investing activities
Purchase of property, plant and equipment
(1,632,492)
(430,819)
Proceeds on disposal of property, plant and equipment
240,563
217,500
Interest received
97
180
Net cash used in investing activities
(1,391,832)
(213,139)
Financing activities
Repayment of bank loans
432,300
(97,457)
Payment of finance leases obligations
(850,871)
(952,418)
Dividends paid to equity shareholders
(75,490)
(72,075)
Net cash used in financing activities
(494,061)
(1,121,950)
Net (decrease)/increase in cash and cash equivalents
(1,093,437)
1,254,847
Cash and cash equivalents at beginning of year
1,388,401
133,554
Cash and cash equivalents at end of year
294,964
1,388,401
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 12 -
1
Accounting policies
Company information
Penfold Verrall Holdings Limited
(“the company”)
is a limited company domiciled and incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
The group consists of Penfold Verrall Holdings Limited and its subsidiary.
1.1
Accounting convention
The
se
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
£1
.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
1.2
Basis of consolidation
The
g
roup consolidated financial statements include the financial statements of the
c
ompany and its subsidiary
made up to
30 June 2019.
A subsidiary is an entity controlled by the
g
roup.
c
ontrol is the power to govern the
financial and operating policies of
a
n entity so as to obtain benefits from its activities.
Subsidiaries have been accounted for using the merger accounting method.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation. Adjustments are made to eliminate the profit or loss arising on
transactions with associates to the extent of the
g
roup’s interest in the entity.
1.3
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding the net current liabilities position at the balance sheet date
for the individual parent company
. The directors consider that the going concern basis is appropriate on the basis of up to date information and forecasts that provide comfort that the
group
can make repayment of all debts as they fall due for a period of at least one year following approval of the financial statements
.
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 13 -
1.4
Revenue
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.
The following criteria must also be met before revenue is recognised:
Construction contract income
As detailed in note 1.9, revenue on construction contracts is recognised when the final outcome of the contract can be estimated reliably. Reliable estimates are considered to be achievable when the construction contract has reached 50% of completion.
Contract retentions are recognised on completion of the respective contracts when there is reasonable certainty that they are recoverable.
Haulage income
Revenue from contracts for the provision of services is recognised at the time the service is delivered, when 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.
1.5
Property, plant and equipment
Property, plant and equipment
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 remaining useful lives on the following bases:
Land freehold
Not depreciated
Leasehold property
10% to 20% Straight line per annum
Plant, machinery, fixtures and fittings
12.5% to 100% Straight line per annum
Heavy plant and vehicles
12.5% to 100% Straight line per annum
Motor vehicles
25% Diminishing balance per annum
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
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 income statement.
1.6
Non-current 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
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 14 -
1.7
Impairment of non-current assets
At each reporting
period
end date, the
group
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Inventories
Inventories
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 inventories to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
1.9
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 15 -
1.10
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks
.
1.11
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 statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets
Basic financial assets, which include trade and other receivables 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 liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.12
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.
1.13
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 income statement 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 taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 16 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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
initially
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Assets held under finance leases are depreciated over the shorter of the assets leased term and its useful life. If there is a reasonable certainty that ownership of the asset will be obtained by the end of the lease term, the asset is depreciated over its useful life.
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.
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.
Property, plant and equipment
Property, plant and equipment is depreciated over its useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values and the remaining life of the asset, its projected disposal value and future market conditions are taken into consideration.
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 17 -
3
Revenue
An analysis of the group's revenue is as follows:
2019
2018
£
£
Revenue analysed by class of business
Sale of services
8,910,118
10,159,902
Sale of property
-
790,000
8,910,118
10,949,902
2019
2018
£
£
Revenue analysed by geographical market
United Kingdom
8,910,118
10,949,902
4
Operating profit
2019
2018
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
105,340
326,018
Depreciation of property, plant and equipment held under finance leases
644,125
847,796
Profit on disposal of property, plant and equipment
(68,110)
(78,178)
Cost of inventories recognised as an expense
1,572,423
2,242,837
Operating lease charges
24,427
41,370
5
Auditor's remuneration
2019
2018
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,700
2,600
Audit of the financial statements of the company's subsidiaries
12,950
12,300
15,650
14,900
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 18 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2019
2018
2019
2018
Number
Number
Number
Number
Operatives
45
44
-
-
Administration
14
10
3
3
59
54
3
3
Their aggregate remuneration comprised:
Group
Company
2019
2018
2019
2018
£
£
£
£
Wages and salaries
1,992,251
1,818,276
-
-
Social security costs
211,804
194,697
-
-
Pension costs
42,090
25,722
-
-
2,246,145
2,038,695
-
-
Employees in Penfold Verrall Holdings Limited were remunerated by way of salary from the subsidiary company.
7
Directors' remuneration
2019
2018
£
£
Remuneration for qualifying services
114,413
89,381
Company pension contributions to defined contribution schemes
8,596
8,157
123,009
97,538
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2018 - 1).
The directors are considered to be the only key management personnel.
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 19 -
8
Finance costs
2019
2018
£
£
Interest on bank overdrafts and loans
7,920
-
Other interest on financial liabilities
367
5,925
Interest on finance leases and hire purchase contracts
41,262
38,690
Other interest
-
40
Total finance costs
49,549
44,655
9
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
85,000
215,242
Adjustments in respect of prior periods
(164)
-
Total current tax
84,836
215,242
Deferred tax
Origination and reversal of timing differences
79,055
5,995
Changes in tax rates
-
(22,329)
Total deferred tax
79,055
(16,334)
Total tax charge
163,891
198,908
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit before taxation
934,536
893,302
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
177,562
169,727
Tax effect of expenses that are not deductible in determining taxable profit
2,183
111
Adjustments in respect of prior years
164
-
Effect of change in corporation tax rate
(17,845)
22,329
Depreciation on assets not qualifying for tax allowances
1,545
2,810
Other permanent differences
-
7,766
Other tax adjustments
282
(3,835)
Taxation charge
163,891
198,908
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 20 -
10
Dividends
2019
2018
£
£
Final paid
75,490
72,075
11
Property, plant and equipment
Group
Land freehold
Leasehold property
Plant, machinery, fixtures and fittings
Heavy plant and vehicles
Motor vehicles
Total
£
£
£
£
£
£
Cost
At July 2018 (as restated)
15,000
218,272
402,683
6,732,230
373,486
7,741,671
Additions
1,304,795
-
42,539
931,437
52,485
2,331,256
Disposals
-
-
(27,050)
(441,500)
(87,431)
(555,981)
At 30 June 2019
1,319,795
218,272
418,172
7,222,167
338,540
9,516,946
Depreciation and impairment
At 1 July 2018 (as restated)
-
136,916
198,895
2,924,796
296,594
3,557,201
Depreciation charged in the year
-
8,129
31,564
682,764
27,008
749,465
Eliminated in respect of disposals
-
-
(2,850)
(297,750)
(82,928)
(383,528)
At 30 June 2019
-
145,045
227,609
3,309,810
240,674
3,923,138
Carrying amount
At 30 June 2019
1,319,795
73,227
190,563
3,912,357
97,866
5,593,808
At 30 June 2018
15,000
81,356
203,788
3,807,434
76,892
4,184,470
A prior year adjustment has been recognised to correct the cost and depreciation of property, plant and equipment brought forward. The net affect on the carrying amount of property, plant and equipment at 30 June 2018 is nil.
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
2019
2018
2019
2018
£
£
£
£
Heavy plant and vehicles
2,681,891
3,212,052
2,681,891
3,212,052
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
11
Property, plant and equipment
(Continued)
- 21 -
Company
Land freehold
Plant, machinery, fixtures and fittings
Heavy plant and vehicles
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2018
-
195,746
6,180,855
81,307
6,457,908
Additions
1,304,795
42,539
923,911
52,485
2,323,730
Disposals
-
(24,000)
(401,000)
-
(425,000)
At 30 June 2019
1,304,795
214,285
6,703,766
133,792
8,356,638
Depreciation and impairment
At 1 July 2018
-
48,533
2,404,843
33,519
2,486,895
Depreciation charged in the year
-
20,337
680,939
16,467
717,743
Eliminated in respect of disposals
-
-
(257,250)
-
(257,250)
At 30 June 2019
-
68,870
2,828,532
49,986
2,947,388
Carrying amount
At 30 June 2019
1,304,795
145,415
3,875,234
83,806
5,409,250
At 30 June 2018
-
147,213
3,776,012
47,788
3,971,013
12
Fixed asset investments
Group
Company
2019
2018
2019
2018
Notes
£
£
£
£
Investments in subsidiaries
13
-
-
99
99
Movements in non-current investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 July 2018 and 30 June 2019
99
Carrying amount
At 30 June 2019
99
At 30 June 2018
99
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 22 -
13
Subsidiaries
Details of the company's subsidiaries at 30 June 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Penfold Verrall Limited
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR
Haulage, plant hire and construction
Ordinary
100
14
Financial instruments
Group
Company
2019
2018
2019
2018
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,981,264
2,017,321
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
2,794,319
3,252,625
n/a
n/a
As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments
,
denoted by
'
n/a
'
above
.
15
Inventories
Group
Company
2019
2018
2019
2018
£
£
£
£
Work in progress
41,089
51,628
-
-
Finished goods and goods for resale
35,308
47,900
-
-
76,397
99,528
-
-
16
Trade and other receivables
Group
Company
2019
2018
2019
2018
Amounts falling due within one year:
£
£
£
£
Trade receivables
1,584,712
1,612,718
-
-
Other receivables
396,552
404,603
202,309
201,309
Prepayments and accrued income
53,983
83,456
-
-
2,035,247
2,100,777
202,309
201,309
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 23 -
17
Current liabilities
Group
Company
2019
2018
2019
2018
Notes
£
£
£
£
Bank loans
44,701
42,237
44,701
-
Obligations under finance leases
19
709,711
734,112
709,711
734,112
Trade payables
376,304
608,349
-
-
Amounts owed to group undertakings
-
-
228,488
1,085,481
Corporation tax payable
85,000
215,242
-
111,000
Other taxation and social security
196,983
118,462
-
-
Other payables
443,356
947,346
-
-
Accruals and deferred income
116,817
156,224
1,515
-
1,972,872
2,821,972
984,415
1,930,593
Included within other payables is £428,472 (2018 - £890,656) paid in advance in respect of items included in trade receivables as part of an invoice finance facility at the balance sheet date. This facility is secured against the assets of the group.
Obligations under finance leases contracts are secured against the assets to which they relate.
Bank loans are secured over the assets of the company.
18
Non-current liabilities
Group
Company
2019
2018
2019
2018
Notes
£
£
£
£
Bank loans
429,836
-
429,836
-
Obligations under finance leases
19
835,112
962,818
835,112
962,818
1,264,948
962,818
1,264,948
962,818
Obligations under hire purchase contracts are secured against the assets to which they relate.
The bank loans are repayable over a period of 10 years from the date of acceptance with 9 years remaining, the rate of interest payable is at the Bank of England's Base rate plus 2.1%. The loans are secured over the land to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
186,480
-
-
-
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 24 -
19
Finance lease obligations
Group
Company
2019
2018
2019
2018
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
709,712
734,112
709,712
734,112
In two to five years
835,111
962,818
835,111
962,818
1,544,823
1,696,930
1,544,823
1,696,930
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
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
2019
2018
Group
£
£
Accelerated capital allowances
280,972
203,487
Revaluations
4,808
3,238
285,780
206,725
Liabilities
Liabilities
2019
2018
Company
£
£
Accelerated capital allowances
268,996
192,887
Revaluations
8,004
11,113
277,000
204,000
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
20
Deferred taxation
(Continued)
- 25 -
Group
Company
2019
2019
Movements in the year:
£
£
Liability at 1 July 2018
206,725
204,000
Charge to profit or loss
79,055
73,000
Liability at 30 June 2019
285,780
277,000
The directors have considered the deferred tax liabilities notes above and concluded that it is not possible to state the estimated liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.
21
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,090
25,722
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.
22
Share capital
Group and company
2019
2018
Ordinary share capital
£
£
Issued and fully paid
100 ordinary shares of £1 each
100
100
15 ordinary A shares of £1 each
15
15
115
115
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.
Ordinary A shares have attached to them full dividend and capital distribution (including on winding up) rights but have no voting rights.
23
Reserves
Revaluation reserve
The non-distributable retained earnings represents fair value gains on property, plant and equipment net of deferred tax.
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
23
Reserves
(Continued)
- 26 -
Other reserves
The other reserve relates to a merger reserve recognised when Penfold Verrall Limited was acquired under the merger accounting method. This reserve reflects other reserves included on the balance sheet of Penfold Verrall Limited at the point of acquisition.
24
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
2019
2018
2019
2018
£
£
£
£
Within one year
29,580
29,580
-
-
Between two and five years
118,320
118,320
-
-
In over five years
34,510
64,090
-
-
182,410
211,990
-
-
25
Events after the reporting date
Since the reporting date the group have declared and paid dividends totalling £21,317 (2018: £24,025).
26
Related party transactions
Group and company
At the year end the group and company was owed £201,294 (2018: £201,294) from a connected company.
The group and company purchased land for £1,000,000 from a connected entity during the year.
Group
During the year the
group leased commercial premises for an amount of £9,860 (2018: £29,580) from a connected entity. At the year end the company owed this entity £299 (2018: £3,049).
At the year end the group was owed £191,301 (2018: £191,301) from a connected company.
PENFOLD VERRALL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 27 -
27
Directors' transactions
Group and company
During the year dividends of £75,490 (2018: £72,075) were paid to the directors.
Group
At the end of the period Mr D Lynch was owed £nil (2018: £43,224) by the group.
28
Controlling party
The ultimate controlling party is Mr D Lynch by way of his majority shareholding in the company.
29
Cash generated from group operations
2019
2018
£
£
Profit for the year after tax
770,645
694,394
Adjustments for:
Taxation charged
163,891
198,908
Finance costs
49,549
44,655
Investment income
(97)
(180)
Gain on disposal of property, plant and equipment
(68,110)
(78,178)
Depreciation and impairment of property, plant and equipment
749,465
1,173,814
Movements in working capital:
Decrease in inventories
23,131
589,274
Decrease/(increase) in trade and other receivables
65,530
(448,730)
(Decrease)/increase in trade and other payables
(696,921)
521,057
Cash generated from operations
1,057,083
2,695,014
2019-06-30
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Mrs C Bowden
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