Company Registration No. 01225320 (England and Wales)
HAVWOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
HAVWOODS LIMITED
COMPANY INFORMATION
Directors
Mr O M Whiley
Mr N Whiley
Mr S Whiley
Mrs E Whiley
Secretary
Mrs E Whiley
Company number
01225320
Registered office
Unit 12 -14
Carnforth Business Park
Oakwood Way
Carnforth
LA5 9FD
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
Business address
Unit 12 -14
Carnforth Business Park
Oakwood Way
Carnforth
LA5 9FD
HAVWOODS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
HAVWOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Section 172 Statement
Long-Term Decisions
The directors promote the success of the company through its implementation of the Havwoods Group Strategy. This strategic vision is currently set to 31 December 2026. Strategic initiatives consider all stakeholders, and the directors ensure that the initiatives feed directly into the day to day operations of the business. The strategy and decision making process is designed to continually advance Havwoods position in the countries and sectors it operates whilst being flexible to deal with rapidly changing market conditions.
Employees
Havwoods was set up in 1975 and is now being run by the 3
rd
Generation of the family. Whilst the company has developed in line with its scale the family culture remains instilled throughout the organisation. Our people will always be our most valued asset. The company ethos is to create a caring environment where our people flourish. The health safety and wellbeing of our employees will always be a primary consideration. We ensure we take a responsible approach to pay and benefits regularly benchmarking in all locations we operate.
Business Relationships
The company has been built on long standing relationships of trust, respect and partnership. We regularly engage with our customers to ensure we are providing best in class service and updating our product range in line with changes in the market. Our level of repeat business demonstrates the strength of our customer relationship. Our supplier relationships are equally as important. We regularly meet with our suppliers and ensure we treat all suppliers in a fair manner.
The company is conscious our brand represents integrity and trust, and ensures all engagements maintain these standards.
Community and Environment
The group is embracing sustainability and embedding it into our culture. We are at the forefront of bringing sustainable (FSC) products to market. We have started the journey to gain our ISO 14001 accreditation to help illustrate our commitment to environment and social responsibilities. We have extended our fleet of electric cars, ensuring all new cars are either fully electric or a minimum of a Hybrid vehicle, alongside, trailing electric vehicles as part of our delivery fleet. Installation of new LED lighting in our warehousing, is helping reduce our carbon footprint.
The main resource in our products is wood. On average a single tree will sequester around 400kg of CO2 over its lifetime. Trees are typically harvested at the final stage prior to the tree starting to decay or die, which would ultimately start to release CO2 back into the atmosphere. Rather than the CO2 being released timber wood products lock in the C02. We estimate that our annual purchase and storage of timber wooden product stores 64,000 tonnes of CO2. Further the majority of the mills use waste material as the main source of energy.
Our energy consumption has been a focus of the business and is actively monitors as part of the ISO 14001 accreditation. We had estimated our annual consumption was 1,050,000 kWh. For the year to 31 December 2021, our total energy usage was 827,131 kWh. Our aim for 2022 is to reduce this figure.
The group regularly makes charitable donations to a wide variety of charities and encourages employees to volunteer in enhancing the welfare of local communities as well as supporting in disaster and crisis situations.
HAVWOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Fair review of the business
In the year to 31 December 2021 turnover increased by £4,746,613 to £43,074,833. Gross margin also improved to 35.7% from 32.9%. As a result of the increased turnover at a increased margin gross profit for the year is £2,799,362 up on 2020.
Administrative expenses have increased by £596,891 to £9,468,476 in the year. This increase is the result of an increase in head count and general costs in line with the increased activity levels.
As a result of these factors, the company has reported increased profits before tax of £2,617,106
to £6,655,815.
At the year end, the company has shareholders’ funds of £24,363,350 (2020: £22,970,659), including distributable profits of £24,362,330
(2020: £22,969,639). The directors therefore believe the company’s position to be strong with current assets exceeding its current liabilities by £21,500,234 (2020: £17,808,091) and consider that the business has created a great platform to achieve its strategic aims in the coming year.
The fixed assets net book values have decreased in the year as a result of property transferred to the parent company. There have been no large capital investments in the year.
Debtors has increased by £2,344,424 (2020: decrease £374,169). Amounts owed by group entities has increased by £2,105,720.
Creditors falling due within one year have decreased by £636,546 (2020: increased by £482,877) primarily due to an decrease in hire purchase obligations.
HAVWOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Principal risks and uncertainties
The directors have assessed the main risk facing the company as increased competition. The directors believe that the quality of their products and customer service will help to overcome such risks and see a return to growth and satisfactory trading results in the coming year.
During the Pandemic, the business moved to being more nimble. During the last 12 months and into 2022, we continue to take advantage of the technology we implemented, to enable our colleagues to work remotely, but also maximising the use of our brilliant tools we offer to our customers, such as the floor visualisation tools.
The outbreak of war in Ukraine has had a significant effect on our marketplace. Russia accounts for 80% of the European supply of birch plywood, which is used as the base for engineered wood flooring products. Since the crisis in Ukraine, this supply has been severely impacted, including the loss of its FSC certification. Due to the limited availability of non-Russian birch plywood, suppliers of engineered wood flooring products have reacted by limiting supply and increasing prices. Most suppliers are also investing in developing alternative constructions of plywood, such as poplar, beech and eucalyptus.
The current situation only impacts a proportion of the products that we offer. For those products that are impacted, Havwoods is in a very strong position in the market, as we have extremely strong and long-lasting relationships with leading suppliers. Additionally, due to Havwoods reputation as an attractive partner, we regularly receive requests from new suppliers hoping to work with us, and we have brought some on board recently. As a business, we feel are a strongly placed in the market to maintain and build our business.
The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company. The company finances its operations through retained profits.
Due to the current economic uncertainty and the unpredictability of exchange rates management are looking into developing an exchange rate strategy to minimise exchange rate exposure. Currently the businesses minimise the risk on longer term projects by using forward exchange contracts.
The management's objectives are to:
-
retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due whilst maximising returns on surplus funds; and
-
minimise the company's exposure to fluctuating interest rates when seeking new borrowings.
Where appropriate, funds are invested in sterling treasury deposit accounts. There is therefore no price risk exposure.
Development and performance
The directors believe the company will continue to trade successfully in the foreseeable future.
Key performance indicators
The directors regularly monitor performance through key performance indicators which are discussed at board meetings. Significant key performance indicators are as follows:
HAVWOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
Mr O M Whiley
Director
25 July 2022
HAVWOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company during the year continued to be that of importers and merchants of hardwood flooring.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr O M Whiley
Mr N Whiley
Mr S Whiley
Mr J W Whiley
(Resigned 1 June 2021)
Mrs E Whiley
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £4,230,532. The directors do not recommend payment of a further dividend.
Auditor
In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the company will be put at a General Meeting.
Strategic review
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has chosen to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Report) Regulations 2008.
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.
On behalf of the board
Mr O M Whiley
Director
25 July 2022
HAVWOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
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;
-
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 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.
HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAVWOODS LIMITED
- 7 -
Opinion
We have audited the financial statements of Havwoods Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 company's affairs as at 31 December 2021 and of its 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The 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.
HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAVWOODS LIMITED
- 8 -
Matters on which we are required to report by exception
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 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, or returns adequate for our audit have not been received from branches not visited by us; or
-
the 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 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.
HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAVWOODS LIMITED
- 9 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Extent to which the audit is considered capable of detecting irregularities, including fraud
The responsibility for the prevention and detection of irregularities, including fraud, lies with the directors and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.
Audit procedures
We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.
We consider the applicable laws and regulations to be the financial reporting framework (FRS 102 and the Companies Act 2006), the relevant tax regulations in the UK, employment law and the Health and Safety at Work Act 1974.
We consider the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.
We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations.
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.
HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAVWOODS LIMITED
- 10 -
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.
Susan Harris MA ACA (Senior Statutory Auditor)
for and on behalf of Champion Accountants LLP , Statutory Auditor
Chartered Accountants
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
5 August 2022
HAVWOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
Notes
£
£
Turnover
3
43,074,833
38,328,220
Cost of sales
(27,676,303)
(25,729,052)
Gross profit
15,398,530
12,599,168
Administrative expenses
(9,468,476)
(8,871,585)
Other operating income
420,224
400,461
Operating profit
4
6,350,278
4,128,044
Interest receivable and similar income
7
402,068
-
Interest payable and similar expenses
8
(96,531)
(89,335)
Profit before taxation
6,655,815
4,038,709
Tax on profit
9
(1,032,592)
(541,965)
Profit for the financial year
5,623,223
3,496,744
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
HAVWOODS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 12 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
11
117,887
123,991
Tangible assets
12
2,798,367
5,323,981
2,916,254
5,447,972
Current assets
Stocks
13
5,514,165
4,822,627
Debtors
14
19,496,317
17,151,893
Cash at bank and in hand
313,439
293,804
25,323,921
22,268,324
Creditors: amounts falling due within one year
15
(3,823,687)
(4,460,233)
Net current assets
21,500,234
17,808,091
Total assets less current liabilities
24,416,488
23,256,063
Creditors: amounts falling due after more than one year
16
-
(285,404)
Provisions for liabilities
18
(53,138)
-
Net assets
24,363,350
22,970,659
Capital and reserves
Called up share capital
21
650
650
Capital redemption reserve
22
370
370
Profit and loss reserves
24,362,330
22,969,639
Total equity
24,363,350
22,970,659
The financial statements were approved by the board of directors and authorised for issue on 25 July 2022 and are signed on its behalf by:
Mr O M Whiley
Director
Company Registration No. 01225320
HAVWOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
630
370
21,565,228
21,566,228
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
3,496,744
3,496,744
Issue of share capital
21
20
-
-
20
Dividends
10
-
-
(2,092,333)
(2,092,333)
Balance at 31 December 2020
650
370
22,969,639
22,970,659
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
5,623,223
5,623,223
Dividends
10
-
-
(4,230,532)
(4,230,532)
Balance at 31 December 2021
650
370
24,362,330
24,363,350
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
1
Accounting policies
Company information
Havwoods Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 12 -14, Carnforth Business Park, Oakwood Way, Carnforth, LA5 9FD.
The company's principal activities and nature of its operations are disclosed in the Directors' Report.
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 including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This 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
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
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
.
The financial statements of the company are consolidated in the financial statements
of Havwoods Global Holdings Limited
. These consolidated financial statements are available from its registered office,
Unit 12 & 14, Carnforth Business Park, Oakwood Way, Carnforth, LA5 9FD.
1.2
Going concern
The directors have concluded that it is appropriate to prepare the accounts on a going concern basis as the company has adequate cash resources. Financial projections that consider the current and future impact of COVID-19 indicate that the company will continue to trade within its existing bank facilities.
true
1.3
Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
Other operating income includes management charges receivable, government grants and rental income. Management charges receivable are recognised in the period that the charges relate to. Rental income is recognised on a straight line basis across the term of the agreement. Please see separate policy for government grants.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses.
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Software
25% reducing balance
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2 - 20% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance
Freehold land is not depreciated.
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
Impairment of fixed 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.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Cost if calculated as the costs incurred in bringing the stock to it's present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
.
1.10
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings, amounts owed by undertakings in which the company has a participating interest 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
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 creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Other financial liabilities
Derivatives, including
f
orward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate
.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax
assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items harged or
credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to
and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if
and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle
on the net basis or to realise the asset and settle the liability
s
imultaneously.
Current tax
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax
rates that have been enacted or substantively enacted by the reporting date.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay
less tax in the future have occurred by the balance sheet date with certain limited exceptions.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than
not that there will be suitable taxable profits from which the future reversal of the underlying timing
differences can be deducted.
Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the
periods in which the timing differences are expected to reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain
with the lessor are charged against profits on a straight line basis over the period of the lease.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
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.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -
1.17
Foreign exchange
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the
exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
The directors do not consider there to be any key sources of estimation uncertainty.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Stock provision
Stocks are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
Debt recoverability
Provisions are made at the year end for bad debts. Calculation of these provisions require judgements to be made by the directors, which includes historic trends and other elements of judgement.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Sale of goods
43,074,833
38,328,220
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Turnover and other revenue
(Continued)
- 20 -
2021
2020
£
£
Other significant revenue
Interest income
402,068
-
Grants received
-
291,587
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
35,339,353
32,385,406
Overseas
7,735,480
5,942,814
43,074,833
38,328,220
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(278,374)
(121,666)
Government grants
-
(291,587)
Fees payable to the company's auditor for the audit of the company's financial statements
10,300
10,000
Depreciation of owned tangible fixed assets
771,310
625,021
Depreciation of tangible fixed assets held under finance leases
18,840
221,771
Profit on disposal of tangible fixed assets
(80,138)
(47,475)
Amortisation of intangible assets
34,524
-
Operating lease charges
1,302
5,118
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Number of production staff
17
16
Number of administratitive staff
62
53
Number of management staff
10
10
Total
89
79
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
4,721,786
3,759,462
Social security costs
563,606
472,314
Pension costs
54,902
33,601
5,340,294
4,265,377
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
145,350
382,687
Company pension contributions to defined contribution schemes
1,923
2,087
147,273
384,774
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2020 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
n/a
157,894
Company pension contributions to defined contribution schemes
n/a
1,204
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest receivable from group companies
402,068
-
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
8
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
7,681
9,987
Other interest on financial liabilities
67,460
60,445
Interest on finance leases and hire purchase contracts
21,390
18,903
96,531
89,335
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
972,790
672,826
Adjustments in respect of prior periods
-
(137,753)
Total current tax
972,790
535,073
Deferred tax
Origination and reversal of timing differences
59,802
6,892
Total tax charge
1,032,592
541,965
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:
2021
2020
£
£
Profit before taxation
6,655,815
4,038,709
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
1,264,605
767,355
Tax effect of expenses that are not deductible in determining taxable profit
1,562
3,384
Adjustments in respect of prior years
-
(137,500)
Group relief
(304,075)
(115,820)
Deferred tax adjustments in respect of prior years
-
78
Fixed asset differences
68,395
26,054
Remeasurement of deferred tax for changes in tax rates
2,105
(1,586)
Taxation charge for the year
1,032,592
541,965
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
10
Dividends
2021
2020
£
£
Final paid
4,230,532
2,092,333
11
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2021
240,000
123,991
363,991
Additions
-
28,420
28,420
At 31 December 2021
240,000
152,411
392,411
Amortisation and impairment
At 1 January 2021
240,000
-
240,000
Amortisation charged for the year
-
34,524
34,524
At 31 December 2021
240,000
34,524
274,524
Carrying amount
At 31 December 2021
-
117,887
117,887
At 31 December 2020
-
123,991
123,991
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
12
Tangible fixed assets
Freehold buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
5,178,523
569,001
1,039,188
2,297,524
9,084,236
Additions
184,594
25,321
48,621
344,931
603,467
Disposals
(2,486,039)
-
-
(455,600)
(2,941,639)
At 31 December 2021
2,877,078
594,322
1,087,809
2,186,855
6,746,064
Depreciation and impairment
At 1 January 2021
1,694,620
408,363
810,440
846,832
3,760,255
Depreciation charged in the year
331,295
44,123
62,097
352,635
790,150
Eliminated in respect of disposals
(353,007)
-
-
(249,701)
(602,708)
At 31 December 2021
1,672,908
452,486
872,537
949,766
3,947,697
Carrying amount
At 31 December 2021
1,204,170
141,836
215,272
1,237,089
2,798,367
At 31 December 2020
3,483,903
160,638
228,748
1,450,692
5,323,981
2021
2020
£
£
Freehold
1,204,170
3,483,903
Contained within Freehold land and buildings is £nil (2021: £368,000) which relates to land which has not been depreciated.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and machinery
11,608
69,552
Motor vehicles
44,892
854,092
56,500
923,644
13
Stocks
2021
2020
£
£
Finished goods and goods for resale
5,514,165
4,822,627
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
14
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
4,081,196
4,520,961
Corporation tax recoverable
296,315
-
Amounts owed by group undertakings
13,672,013
11,566,293
Other debtors
961,495
631,365
Prepayments and accrued income
485,298
426,610
19,496,317
17,145,229
Deferred tax asset (note 19)
-
6,664
19,496,317
17,151,893
15
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Obligations under finance leases
17
27,858
372,887
Trade creditors
1,213,715
1,338,413
Corporation tax
-
79,927
Other taxation and social security
702,089
960,796
Other creditors
1,435,239
1,055,278
Accruals and deferred income
444,786
652,932
3,823,687
4,460,233
16
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Obligations under finance leases
17
-
285,404
17
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
27,858
372,887
In two to five years
-
285,404
27,858
658,291
Obligations under hire purchase agreements are secured on the assets concerned.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
18
Provisions for liabilities
2021
2020
Notes
£
£
Deferred tax liabilities
19
53,138
-
19
Deferred taxation
Deferred tax assets and liabilities are offset where the 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
Assets
Assets
2021
2020
2021
2020
Balances:
£
£
£
£
Fixed asset timing differences
60,638
-
-
(4,863)
Short term timing differences
(7,500)
-
-
11,527
53,138
-
-
6,664
2021
Movements in the year:
£
Asset at 1 January 2021
(6,664)
Charge to profit or loss
61,907
Effect of change in tax rate - profit or loss
(2,105)
Liability at 31 December 2021
53,138
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
20
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,902
33,601
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
Included within creditors at the year end are outstanding pension contributions of £nil (2019: £9,424).
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
21
Share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
630 Ordinary Shares of £1 each
630
630
5 B Ordinary Shares of £1 each
5
5
5 C Ordinary Shares of £1 each
5
5
5 D Ordinary Shares of £1 each
5
5
5 E Ordinary Shares of £1 each
5
5
650
650
In the previous year the company issued 5 B Ordinary Shares at a par value of £1 and 5 C Ordinary Shares at a par value of £1 and the Ordinary A, Ordinary B, Ordinary C, Ordinary D, Ordinary E, Ordinary F, Ordinary G, Ordinary H, Ordinary I, Ordinary J, Ordinary K and Ordinary L where re-designated to Ordinary Shares.
The company also issued 5 D Ordinary Shares at par value of £1 and 5 E Ordinary Shares at par value of £1.
Ordinary Shares have full voting, capital and dividend rights. The B Ordinary, C Ordinary, D Ordinary and E Ordinary shares are entitled to dividends, but have no voting or capital rights.
22
Capital redemption reserve
This reserve represents the par value of share capital redeemed by the company.
23
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for the hire of equipment.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
291,526
1,395
Between two and five years
424,965
-
716,491
1,395
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
24
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£
£
Acquisition of tangible fixed assets
250,000
-
25
Related party transactions
During the year rental expenses totalling £150,000 (2020: £150,000) were paid to OEW Properties LLP. The companies are related by virtue of common officers.
During the year purchases totalling £nil (2020: £8,983) were made from Strong Developments Limited, a company related by virtue of common officers. At the year end £16,995 (2020: £10,780) was owed to Strong Developments Limited.
During the year, sales totalling £66,080 (2020: £444,463), rental income of £50,182 and purchases of £nil (2020: £78,050) were made from the HFSco Limited, a company related by common control. At the year end £13,136 (2020: £72,500) was owed by HFSco Limited.
During the year, sales totalling £27,710 (2020: £113,946) and purchases of £7,834 (2020: £531,827) were made from 2San Global Limited, a company related by common control. Included in trade debtors at the year end was £nil (2020: £8,311) owed by 2San Global Limited.
During the year, sales of services totalling £5,829 (2020: £40,707) and purchases of £492 (2020: £730) were made from Strongdor Limited, a company related by common control. Included in trade debtors at the year end was £nil (2020: £11,522) owed by Strongdor Limited.
26
Ultimate controlling party
The immediate parent company is Havwoods Global Holdings Limited, by virtue of its majority shareholding.
The ultimate controlling party is the Board of directors of Havwoods Global Holdings Limited. The registered office of this company is Carnforth Business Park, Oakwood Way, Carnforth, LA5 9FD.
Havwoods Global Holdings Limited is the smallest and largest group that prepare consolidated group accounts that include this company. These accounts are available at Companies House, Crown Way, Cardiff, CF14 3UZ
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2020.200
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Mrs E Whiley
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core:MotorVehicles
2020-12-31
01225320
core:Non-currentFinancialInstruments
2020-12-31
01225320
core:WithinOneYear
2021-12-31
01225320
core:WithinOneYear
2020-12-31
01225320
core:BetweenTwoFiveYears
2020-12-31
01225320
core:BetweenTwoFiveYears
2021-12-31
01225320
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
01225320
bus:FRS102
2021-01-01
2021-12-31
01225320
bus:Audited
2021-01-01
2021-12-31
01225320
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP