Company registration number 10537775 (England and Wales)
50 HSS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
50 HSS LIMITED
COMPANY INFORMATION
Directors
J Burchell
B Hamburger
Company number
10537775
Registered office
First Floor
5 Fleet Place
London
EC4M 7RD
Auditor
BDO LLP
55 Baker Street
London
W1U 7EU
United Kingdom
50 HSS LIMITED
CONTENTS
Page
Directors' report
1
Independent auditor's report
2 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 15
50 HSS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company is that of property investment.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J Burchell
B Hamburger
Going concern
Please refer to the going concern note 1.2 shown in the accounting policies in the note to the financial statements.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
BDO LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Small company exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
B Hamburger
Director
6 December 2022
50 HSS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF 50 HSS LIMITED
- 2 -
Opinion on the financial statements
In our opinion the financial statements:
We have audited the financial statements of 50HSS Limited (“the Company”) for the year ended 31 December 2021 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity, the Notes to the financial statements 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 Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
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.
Material uncertainty related to going concern
We draw attention to note 1.2 to the financial statements, which indicates that the current bank loan is due to mature imminently and an extension or alternate financing is yet to be secured. As stated in note 1.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the ability of the company to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
50 HSS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF 50 HSS LIMITED
- 3 -
The Directors are responsible for the other information. The other information comprises the information included in the Directors report and financial statements, 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.
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
:
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the 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:
Responsibilities of directors
As explained more fully in the Statement of Directors Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
50 HSS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF 50 HSS LIMITED
- 4 -
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.
Extent to which the audit was capable of detecting irregularities, including fraud
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:
-
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the directors and other management (as required by auditing standards).
-
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related company legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
-
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the directors.
-
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
-
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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.
50 HSS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF 50 HSS LIMITED
- 5 -
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Richard Levy (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London, UK
6 December 2022
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127)
50 HSS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2021
2020
Notes
£
£
Revenue
3
480,000
513,553
Administrative expenses
(156,900)
(228,571)
Operating profit
4
323,100
284,982
Interest receivable and similar income
53
72
Interest payable and similar charges
6
(128,797)
(139,416)
Other gains and losses
7
550,000
6,715
Profit before taxation
744,356
152,353
Tax on profit
8
(90,342)
(27,684)
Profit for the financial year
654,014
124,669
50 HSS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021
- 7 -
2021
2020
Notes
£
£
£
£
Non-current assets
Investment properties
9
8,000,000
7,450,000
Current assets
Trade and other receivables
11
257,002
143,666
Cash and cash equivalents
132,227
45,137
389,229
188,803
Current liabilities
12
(7,373,811)
(3,554,469)
Net current liabilities
(6,984,582)
(3,365,666)
Total assets less current liabilities
1,015,418
4,084,334
Non-current liabilities
13
(3,771,790)
Provisions for liabilities
14
(48,860)
Net assets
966,558
312,544
Equity
Called up share capital
15
100
100
Retained earnings
966,458
312,444
Total equity
966,558
312,544
These financial statements have been prepared 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 6 December 2022 and are signed on its behalf by:
B Hamburger
Director
Company Registration No. 10537775
50 HSS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2020
100
187,775
187,875
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
124,669
124,669
Balance at 31 December 2020
100
312,444
312,544
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
654,014
654,014
Balance at 31 December 2021
100
966,458
966,558
50 HSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
1
Accounting policies
Company information
50 HSS Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
First Floor, 5 Fleet Place, London, EC4M 7RD.
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption in Financial Reporting Standard No.102 "Cash Flow Statements" Section 1.12B not to produce a cash flow statement on the grounds that it is a small company.
1.2
Going concern
The Company operates as a property holding company owning a retail block. The company is funded by a £3,650,000 bank loan which is secured against the assets of the company and is due for repayment on 3 December 2022 and also shareholder loans from the parent company which are unsecured and repayable only on the sale of the property. The bank loan facility agreement includes a number of covenants, including loan to value.
The Company has obtained planning consent to redevelop the upper parts to 330 student beds but does not intend to commence this redevelopment but rather to sell the asset and so that another party can develop it. The property is currently under offer to a developer purchaser for a sum in excess of the property carrying value at 31 December 2021. In the case that the sale does complete, the directors will then consider the further options available to the company, including investing in a new property. If the sale to this buyer does not progress the directors intend to remarket the property again for sale as the value enhancing strategy for this asset has been implemented. If a sale of the property is not ultimately successful, then the directors intend for the company to secure a refinance of the bank debt and hold the asset for the medium to longer term.
The Company is currently negotiating extending the bank loan to allow the sale to complete, most likely during Q1 2023. Based on discussion with the funder the directors believe that the existing lender will not call the loan before the sale completes or if not before a refinance is in place. Therefore, the directors have prepared the financial statements on a going concern basis.
However, given that the current bank loan is due to mature imminently and an extension or alternate financing is yet to be secured, a material uncertainty exists which may cast significant doubt on the company’s ability to continue as a going concern and therefore its ability to realise its assets and settle its liabilities within the ordinary course of business. The financial statements do not include adjustments that would result if the company was unable to continue as a going concern.
1.3
Revenue
Revenue
represents rental income,
is recognised at the fair value of the consideration received
and
is shown net of VAT and other sales related taxes
.
50 HSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 10 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
1.5
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.
1.6
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.
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
and
loans from
related
companies, 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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
50 HSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
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.
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.
1.9
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.
1.10
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:
They have determined whether leases entered into by the company either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty
Investment properties are valued annually using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
3
Revenue
An analysis of the company's revenue is as follows:
2021
2020
£
£
Turnover
Rental income
480,000
513,553
480,000
513,553
All the turnover arose within the United Kingdom.
50 HSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
4
Operating profit
2021
2020
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,000
11,300
Bad and doubtful debts
28,333
91,667
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
6
Interest payable and similar charges
2021
2020
£
£
Interest on bank overdrafts and loans
119,868
130,576
Amortisation of loan arrangement fees
8,840
8,840
Other interest
89
128,797
139,416
7
Other gains and losses
2021
2020
£
£
Fair value gains/(losses)
Gain on investment properties
550,000
6,715
8
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
41,600
27,700
Adjustments in respect of prior periods
(118)
(16)
Total current tax
41,482
27,684
Deferred tax
Origination and reversal of timing differences
48,860
Total tax charge
90,342
27,684
50 HSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
9
Investment property
2021
£
Fair value
At 1 January 2021
7,450,000
Revaluations
550,000
At 31 December 2021
8,000,000
The investment property was valued on an open market basis by the directors at 31 December 2021 (based on a valuation by the asset manager).
The historical cost of the investment property was £7,804,560 (2020 - £7,804,560).
10
Financial instruments
2021
2020
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
382,327
176,570
Financial assets comprise of cash, trade debtors and other receivables
Carrying amount of financial liabilities
Measured at amortised cost
7,226,906
7,229,900
Financial liabilities comprise of bank borrowings, trade payables, amounts due to group undertaking, and other payables
11
Trade and other receivables
2021
2020
£
£
Amounts falling due within one year:
Trade receivables
250,001
131,332
Other receivables
7,001
12,334
257,002
143,666
50 HSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
12
Current liabilities
2021
2020
£
£
Bank loan (secured)
3,771,830
127,160
Trade payables
73,578
38,924
Amounts due to group undertaking
3,278,212
3,227,337
Corporation tax
41,600
27,700
Other taxation and social security
85,725
58,015
Other payables
122,866
75,333
7,373,811
3,554,469
The amount owed to the
group
undertaking is unsecured and interest free and is expected to be repaid following a disposal of the company's investment property.
13
Non-current liabilities
2021
2020
£
£
Bank loan (secured)
-
3,774,000
Loan arrangement fees
-
(2,210)
3,771,790
The bank loan is secured by fixed and floating charges over the property owned by the company and was repayable on 3 September 2022. The interest rate is 3.00% plus base rate per annum.
14
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
48,860
15
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
50 HSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
16
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2021
2020
£
£
Due within one year
480,000
480,000
Due after one year but not later than five years
491,616
971,616
In over five years
971,616
1,451,616
17
Related party transactions
At the balance sheet date the company owed £3,280,537 (2020 - £3,230,537 ) to Tellon Capital Two LP in respect of amounts outstanding on an unsecured and interest free loan.
During the year Tellon Capital LLP charged management fees of £20,892 (2020 - £18,831) out of which £5,760 (2020 - £11,520) was outstanding at the year end. At the balance sheet date the company was owed £3,199 from (2020 - £3,199 owed to) Tellon Capital LLP in respect of amounts outstanding on an unsecured and interest free loan.
At the balance sheet date the company owed £875 (2020: £nil) to 19-21 East Street Southampton Limited, a company controlled under common control.
18
Parent company
Tellon GP Limited, registered in Jersey, is the company's immediate parent entity.
Ultimate parent and controlling party
In the opinion of the directors there is no ultimate controlling party.
2021-12-31
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