Company Registration No. 10305828 (England and Wales)
BIG DROP BREWING COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BIG DROP BREWING COMPANY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 12
BIG DROP BREWING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Unaudited and as restated
Notes
£
£
£
£
Non-current assets
Intangible assets
4
16,949
19,370
Property, plant and equipment
5
16,145
21,024
Investments
6
73
73
33,167
40,467
Current assets
Inventories
221,212
185,442
Trade and other receivables
7
717,950
388,737
Cash and cash equivalents
307,319
28,627
1,246,481
602,806
Current liabilities
8
(1,051,708)
(617,180)
Net current assets/(liabilities)
194,773
(14,374)
Total assets less current liabilities
227,940
26,093
Non-current liabilities
9
(60,489)
Net assets
167,451
26,093
Equity
Called up share capital
10
18,800
16,077
Share premium account
2,667,509
1,310,649
Other reserves
61,486
25,024
Retained earnings
(2,580,344)
(1,325,657)
Total equity
167,451
26,093
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 September 2021 and are signed on its behalf by:
Mr R Fink
Director
Company Registration No. 10305828
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Big Drop Brewing Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cardinal House, 46 St. Nicholas Street, Ipswich, Suffolk, IP1 1TT. The principle place of business is Unit 05.G01, The Leather Market, Weston Street, Bermondsey, London, SE1 3ER.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2020
are the
first
financial statements of Big Drop Brewing Company Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2018.
An explanation of how
the
transition to FRS 102 has affected the reported
comparative
financial position and financial performance is given in note
15 to the financial statements.
1.2
Going concern
The Directors have assessed the likely continuing impact of the global pandemic as part of their detailed forecasting, budgeting and rolling cash flow analyses, including in respect of the Company’s subsidiaries.
true
In the current period, the Company and wider Group have continued to make significant losses, as expected as a result of the Company’s business model and from expectations formed from previous trading periods. The Company’s subsidiaries are in an early stage of their development, meaning that they are reliant on Big Drop Brewing Company Ltd for financial support.
The Directors consider that they have raised sufficient funding to ensure that the Company and wider Group will be able to meet all financial liabilities, and trade within their cash limitations for a period of at least 12 months from the date of sign off. Further detail of fundraising in the post balance sheet period can be seen in note 12 to the financial statements. In addition to this, the Directors consider that should the Company or wider Group be in a position within 12 months where they required additional funding, that the Company would be likely to be able to obtain said additional funding.
Further to this, the Directors also consider that they have sufficient control over certain variable costs to ensure that adequate savings could be made if absolutely necessary in order to meet all financial liabilities, and trade within their cash limitations.
Therefore, at the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of sign off. As a result, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods 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 delivery 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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Trademarks
10 Year Straight Line
1.6
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 useful lives on the following bases:
Plant and equipment
5 Year Straight Line
Fixtures and fittings
5 Year Straight Line
Computers
5 Year Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.8
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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.
Inventories 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.
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.
1.10
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
Basic 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
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including 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
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 payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
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
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 6 -
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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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 non-current 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the
Black-Scholes
model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.17
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 7 -
1.18
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.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
12
8
3
Directors' remuneration
2020
2019
£
£
Remuneration paid to directors
97,565
75,000
4
Intangible fixed assets
Trademarks
£
Cost
At 1 January 2020 and 31 December 2020
19,370
Amortisation and impairment
At 1 January 2020
Amortisation charged for the year
2,421
At 31 December 2020
2,421
Carrying amount
At 31 December 2020
16,949
At 31 December 2019
19,370
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
5
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2020
23,954
Additions
4,843
Disposals
(6,575)
At 31 December 2020
22,222
Depreciation and impairment
At 1 January 2020
2,930
Depreciation charged in the year
4,830
Eliminated in respect of disposals
(1,683)
At 31 December 2020
6,077
Carrying amount
At 31 December 2020
16,145
At 31 December 2019
21,024
6
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
73
73
Fixed asset investments not carried at market value
Investments in associates are measured at cost less provision for impairment in accordance with accounting policies.
Unlisted investments are shareholdings of overseas companies for which there is no active market. It is of the director's opinion that the fair value cannot be measured reliably, therefore these are held at cost less provision for impairment.
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
6
Fixed asset investments
(Continued)
- 9 -
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020 & 31 December 2020
73
Carrying amount
At 31 December 2020
73
At 31 December 2019
73
7
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Trade receivables
301,474
216,531
Corporation tax recoverable
48,962
Amounts owed by group undertakings
339,558
39,668
Other receivables
34,899
63,069
Prepayments and accrued income
42,019
20,507
717,950
388,737
8
Current liabilities
2020
2019
£
£
Other borrowings
54,860
Trade payables
385,155
405,848
Taxation and social security
23,956
14,987
Other payables
455,784
191,625
Accruals and deferred income
131,953
4,720
1,051,708
617,180
Other
payables
include an invoice financing facility
with balance of
£87,381 (2019: £132,109) which is secured by a charge created by Bibby Financial Services Limited
. This contains a fixed charge over certain assets and a floating charge over all property, assets and undertakings of the company, present and future.
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 10 -
9
Non-current liabilities
2020
2019
£
£
Other borrowings
43,333
Accruals and deferred income
17,156
60,489
10
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of 1p each
1,879,952
16,077
18,800
16,077
During the year, on 1 May 2020, the share structure of ordinary share capital was amended. The nominal value of ordinary share capital was amended from £1.00 per share to £0.01 per share. The number of issued shares was amended from 16,407 to 1,640,700.
Equity Settled Share Option scheme
During the year ended 31 December 2020, the company operated an Equity Settled Share Option plan. The majority of the arrangements in place vest on an exit event and have a maximum term of 10 years. Share options granted in 2019 were originally £1 options but following the reorganisation of share capital became 1p options.
At the year end, there were 11 (2019: 7) employees and 3 non-employees (2019: 2) holding a total of 170,416 (2019: 133,100) options over ordinary shares with a range of exercise prices.
During the year, a total of 60,716 (2019: 144,800) options were granted with a range of exercise prices.
During the year, a total of 0 (2019: 0) options were forfeited.
During the year, a total of 23,400 (2019: 11,700) options lapsed / expired.
During the year, a total of 0 (2019: 0) options were exercised.
At the year end, a total of 23,400 (2019: 23,400) options were exercisable.
An expense of £
36,462
(201
9
: £
25,024
) was
recognised
within the profit and loss account in respect of the equity settled share based payments granted during the year
.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was qualified and the auditor reported as follows:
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11
Audit report information
(Continued)
- 11 -
Qualified opinion on financial statements
We have audited the financial statements of Big Drop Brewing Company Limited (the 'company') for the year ended 31 December 2020 which comprise , the statement of financial position 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its loss 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.
Basis for qualified opinion
The comparative financial statements were unaudited and it has not been possible to obtain sufficient and appropriate audit evidence to confirm the accuracy of opening balances as at 1 January 2020 and comparative figures in the Profit and Loss Account
.
Any adjustment to the opening balances at 1 January 2020 would have a consequential effect on the profit for the year ended 31 December 2020. The figures for the year ended 31 December 2020 and 31 December 2019 are therefore not comparable and our audit report is qualified in respect of comparative financial information and opening balances as at 1 January 2020.
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.
The comparatives for the year ended 31 December 201
9
are unaudited. Had we performed an audit we may have identified adjustments that would materially affect the comparative financial information.
The senior statutory auditor was Barry Gostling.
The auditor was Ensors Accountants LLP.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
7,410
28,660
BIG DROP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 12 -
13
Events after the reporting date
Since the year end, the Company has raised £4,231,181 in respect of the allotment of 913,887 ordinary shares.
14
Directors' transactions
During the year, a Director loaned £323,837 (2019: £161,590) to the Company. The loan was interest free and £71,012 (2019: £254,046) was repaid during the year. A balance of £310,828 (2019: £58,003) was outstanding at the year end.
15
Reconciliations on adoption of FRS 102
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Dec 2019
£
£
£
Net assets
26,093
-
26,093
Capital and reserves
Other reserves
-
25,024
25,024
Profit and loss
(1,300,633)
(25,024)
(1,325,657)
Total equity
26,093
-
26,093
The company transitioned to FRS 102 on 1 August 2018, being the start of the comparative period. The company is therefore required to apply Section 26 of the FRS, Share-based Payment, to equity instruments that were granted from the date of transition to FRS 102.
The application of the Section 26 of the FRS resulted in a £25,024 charge to the profit and loss in the period ended 31 December 2019.
2020-12-31
2020-01-01
false
23 September 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
This audit opinion is unqualified
Mr R Fink
Mr J Kindred
Mr D Atkinson
T Daleymount
Miss T Daleymount
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2020-12-31
10305828
bus:Director3
2020-01-01
2020-12-31
10305828
bus:Director4
2020-01-01
2020-12-31
10305828
bus:CompanySecretary1
2020-01-01
2020-12-31
10305828
bus:FullAccounts
2020-01-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP