Company Registration No. 01225320 (England and Wales)
HAVWOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
HAVWOODS LIMITED
COMPANY INFORMATION
Directors
Mr O M Whiley
Mr N Whiley
Mr S Whiley
Mr J W 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
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
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
Mrs E Whiley
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £2,092,333. 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
21 June 2021
HAVWOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
The directors present the strategic report for the year ended 31 December 2020.
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. The business reaction and resilience to the Covid 19 pandemic as described in the business review demonstrates this.
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 company is embracing sustainability and embedding it into our culture. We are at the forefront of bringing sustainable (FSC) products to market. Recycling has now been adopted in all locations and we are in the process of replacing all our fleet with electric vehicles. Our head office location has been fitted with electric charging points.
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.
We have started to record and monitor our energy consumption with a view to making annual improvements. Due to the Covid Pandemic and several of our locations being closed or operating at reduced capacity, the starting point to record our UK energy consumption is not on an expected recurring basis. For the year to 31 December 2020, our UK warehouse operated as normal during the year and the connected office operated at reduced capacity. The combined usage across these two locations was 725,000 kWh. Using this as a basis plus prior years for other locations we estimate our current energy usage at 1,050,000 kWh.
The company 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 2020
- 3 -
Fair review of the business
As a result of the COVID-19 Pandemic turnover decreased by £6,531,729 to £38,328,220. Gross margin was also challenged reducing to 32.8% from 33.8%. As a result of the reduced turnover at a reduced margin gross profit for the year is £2,593,120 down on 2019.
Administrative expenses have reduced by £1,595,793 to £8,871,585 in the year. This reduction is the result of reduced head count and reducing costs in line with the reduced activity levels. The company also received Government support of £291,857 between April 2020 and July 2020 when the company suffered the worst impact of Covid 19 with showrooms and construction sites closed.
As a result of these factors, the company has reported reduced profits before tax of £689,685
to £4,038,709.
At the year end, the company has shareholders’ funds of £22,970,659 (2019: £21,566,228), including distributable profits of £22,969,639
(2019: £21,565,228). The directors therefore believe the company’s position to be strong with current assets exceeding its current liabilities by £17,808,091 (2019: £16,366,462) and consider that the business has created a great platform to achieve its strategic aims in the coming year.
Fixed assets net book values remain similar to 2019. There have been no large capital investments. The majority of the additions have been replacement of Fleet.
Debtors has increased by £2,115,807. (2019: decrease £374,169). Amount owed by group entities has increased by £2,057,528.
Creditors falling due within one year have increased by £482,877 (2019: decreased by £2,148,033) primarily due to an increase in other creditors of £580,062 due to an increase in customer deposit held.
HAVWOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
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.
The ongoing COVID-19 pandemic is having a significant social and economic impact on the world’s economies. As reported in the business review we have reacted positively to this challenge. A number of areas in the business have seen a temporary reduction in turnover, which we forecast will take 12 to 18 months to restore to pre COVID 19 levels. We have repositioned the company and taken the opportunity to complete a focused and detailed review of our cost basis and reposition it based on our expected activity levels These events do not change our long-term vision and plans for the business.
From the onset of the Pandemic, we have been able to react quickly with most of our colleagues being able to work from home. We have been able to utilise existing technology to enhance our customer interaction, such as offering remote video showroom appointments and use of our fantastic floor visualisation tools. We are confident that we can continue flexing the way we operate as a business to the changing stages and evolution of the Pandemic.
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 2020
- 5 -
Mr O M Whiley
Director
21 June 2021
HAVWOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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 2020 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 2020 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
21 June 2021
HAVWOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
- 11 -
2020
2019
Notes
£
£
Turnover
3
38,328,220
44,859,949
Cost of sales
(25,729,052)
(29,667,661)
Gross profit
12,599,168
15,192,288
Administrative expenses
(8,871,585)
(10,467,378)
Other operating income
400,461
90,783
Operating profit
4
4,128,044
4,815,693
Interest payable and similar expenses
7
(89,335)
(87,299)
Profit before taxation
4,038,709
4,728,394
Tax on profit
8
(541,965)
(610,428)
Profit for the financial year
3,496,744
4,117,966
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 2020
31 December 2020
- 12 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
10
123,991
-
Tangible assets
11
5,323,981
5,496,399
5,447,972
5,496,399
Current assets
Stocks
12
4,822,627
5,044,001
Debtors
13
17,151,893
15,035,786
Cash at bank and in hand
293,804
264,031
22,268,324
20,343,818
Creditors: amounts falling due within one year
14
(4,460,233)
(3,977,356)
Net current assets
17,808,091
16,366,462
Total assets less current liabilities
23,256,063
21,862,861
Creditors: amounts falling due after more than one year
15
(285,404)
(296,633)
Net assets
22,970,659
21,566,228
Capital and reserves
Called up share capital
19
650
630
Capital redemption reserve
20
370
370
Profit and loss reserves
22,969,639
21,565,228
Total equity
22,970,659
21,566,228
The financial statements were approved by the board of directors and authorised for issue on 21 June 2021 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 2020
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2019
630
370
20,447,262
20,448,262
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
4,117,966
4,117,966
Dividends
9
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2019
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
19
20
-
-
20
Dividends
9
-
-
(2,092,333)
(2,092,333)
Balance at 31 December 2020
650
370
22,969,639
22,970,659
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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 had 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 recogished 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 2020
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 2020
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 2020
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 2020
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 2020
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
2020
2019
£
£
Turnover analysed by class of business
Sale of goods
38,328,220
44,859,949
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
3
Turnover and other revenue
(Continued)
- 20 -
2020
2019
£
£
Other significant revenue
Grants received
291,587
-
2020
2019
£
£
Turnover analysed by geographical market
United Kingdom
32,385,406
39,612,436
Overseas
5,942,814
5,247,513
38,328,220
44,859,949
4
Operating profit
2020
2019
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
(121,666)
(306,492)
Government grants
(291,587)
-
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
9,500
Depreciation of owned tangible fixed assets
625,021
641,705
Depreciation of tangible fixed assets held under finance leases
221,771
199,054
(Profit)/loss on disposal of tangible fixed assets
(47,475)
8,718
Operating lease charges
5,118
11,324
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Number of production staff
16
19
Number of administratitive staff
53
59
Number of management staff
10
11
Total
79
89
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
5
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
3,759,462
4,440,694
Social security costs
472,314
565,175
Pension costs
33,601
40,080
4,265,377
5,045,949
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
382,687
321,555
Company pension contributions to defined contribution schemes
2,087
2,502
384,774
324,057
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2019 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
157,894
161,064
Company pension contributions to defined contribution schemes
1,204
-
7
Interest payable and similar expenses
2020
2019
£
£
Interest on bank overdrafts and loans
9,987
9,214
Other interest on financial liabilities
60,445
60,937
Interest on finance leases and hire purchase contracts
18,903
17,148
89,335
87,299
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 22 -
8
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
672,826
725,433
Adjustments in respect of prior periods
(137,753)
(123,841)
Total current tax
535,073
601,592
Deferred tax
Origination and reversal of timing differences
6,892
8,836
Total tax charge
541,965
610,428
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:
2020
2019
£
£
Profit before taxation
4,038,709
4,728,394
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
767,355
898,395
Tax effect of expenses that are not deductible in determining taxable profit
3,384
20,070
Adjustments in respect of prior years
(137,500)
(123,841)
Effect of change in corporation tax rate
-
(1,040)
Group relief
(115,820)
(95,405)
Research and development tax credit
-
(117,000)
Deferred tax adjustments in respect of prior years
78
-
Fixed asset differences
26,054
29,249
Remeasurement of deferred tax for changes in tax rates
(1,586)
-
Taxation charge for the year
541,965
610,428
9
Dividends
2020
2019
£
£
Final paid
2,092,333
3,000,000
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 23 -
10
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2020
240,000
-
240,000
Additions
-
123,991
123,991
At 31 December 2020
240,000
123,991
363,991
Amortisation and impairment
At 1 January 2020 and 31 December 2020
240,000
-
240,000
Carrying amount
At 31 December 2020
-
123,991
123,991
At 31 December 2019
-
-
-
11
Tangible fixed assets
Freehold buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
5,128,206
527,803
1,009,910
2,203,118
8,869,037
Additions
50,317
41,198
33,159
798,659
923,333
Disposals
-
-
(3,881)
(704,253)
(708,134)
At 31 December 2020
5,178,523
569,001
1,039,188
2,297,524
9,084,236
Depreciation and impairment
At 1 January 2020
1,320,874
359,881
724,205
967,678
3,372,638
Depreciation charged in the year
373,746
48,482
87,142
337,422
846,792
Eliminated in respect of disposals
-
-
(907)
(458,268)
(459,175)
At 31 December 2020
1,694,620
408,363
810,440
846,832
3,760,255
Carrying amount
At 31 December 2020
3,483,903
160,638
228,748
1,450,692
5,323,981
At 31 December 2019
3,807,332
167,922
285,705
1,235,440
5,496,399
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11
Tangible fixed assets
(Continued)
- 24 -
Contained within Freehold land and buildings is £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.
2020
2019
£
£
Plant and machinery
69,552
55,612
Motor vehicles
854,092
752,076
923,644
807,688
12
Stocks
2020
2019
£
£
Finished goods and goods for resale
4,822,627
5,044,001
13
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
4,520,961
4,588,727
Amounts owed by group undertakings
11,566,293
9,508,765
Other debtors
631,365
642,076
Prepayments and accrued income
426,610
282,662
17,145,229
15,022,230
Deferred tax asset (note 17)
6,664
13,556
17,151,893
15,035,786
14
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Obligations under finance leases
16
372,887
270,288
Trade creditors
1,338,413
1,270,659
Corporation tax
79,927
201,540
Other taxation and social security
960,796
1,113,301
Other creditors
1,055,278
475,216
Accruals and deferred income
652,932
646,352
4,460,233
3,977,356
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 25 -
15
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Obligations under finance leases
16
285,404
296,633
16
Finance lease obligations
2020
2019
Future minimum lease payments due under finance leases:
£
£
Within one year
372,887
270,288
In two to five years
285,404
296,633
658,291
566,921
Obligations under hire purchase agreements are secured on the assets concerned.
17
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:
Assets
Assets
2020
2019
Balances:
£
£
Fixed asset timing differences
(4,863)
2,315
Short term timing differences
11,527
11,241
6,664
13,556
2020
Movements in the year:
£
Asset at 1 January 2020
(13,556)
Charge to profit or loss
8,477
Effect of change in tax rate - profit or loss
(1,585)
Asset at 31 December 2020
(6,664)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 26 -
18
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,601
40,080
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).
19
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
268 Ordinary A of £1 each
-
268
63 Ordinary B of £1 each
-
63
12 Ordinary C of £1 each
-
12
12 Ordinary D of £1 each
-
12
12 Ordinary E of £1 each
-
12
12 Ordinary F of £1 each
-
12
12 Ordinary G of £1 each
-
12
63 Ordinary H of £1 each
-
63
63 Ordinary I of £1 each
-
63
18 Ordinary J of £1 each
-
18
63 Ordinary K of £1 each
-
63
32 Ordinary L of £1 each
-
32
630 Ordinary Shares of £1 each
630
-
5 B Ordinary Shares of £1 each
5
-
5 C Ordinary Shares of £1 each
5
-
5 D Ordinary Shares of £1 each
5
-
5 E Ordinary Shares of £1 each
5
-
650
630
On 2 April 2020, the company issued 5 B Ordinary Shares at a par value of £1 and 5 C Ordinary Shares at a par value of £1.
Also on this day, 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.
On 31 July 2020, the company 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.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 27 -
20
Capital redemption reserve
This reserve represents the par value of share capital redeemed by the company.
21
Financial commitments, guarantees and contingent liabilities
The company has issued a cross guarantee to Handelsbanken in favour of Strong Developments Limited, Strongdor Limited, Havwoods Australia (UK) Limited and Havwoods Global Holdings Limited. At the year end the potential liability amounted to £nil (2019: £58,500). During 2020, the cross guarantee with Strongdor Limited has been removed.
The company has entered into a cross guarantee, alongside Havwoods Australia (UK) Limited and Havwoods Global Holdings Limited with Handelsbanken regarding a loan facility taken out by Havwoods Global Holdings Limited. At the year end the potential liability amounted to £1,000,000 (2019: £3,313,066).
The company has entered into a guarantee regarding a loan facility taken out by HFSco Limited. At the year end the potential liability amounted to £143,322 (2019: £nil).
22
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:
2020
2019
£
£
Within one year
1,395
5,719
Between two and five years
-
1,395
1,395
7,114
23
Related party transactions
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
23
Related party transactions
(Continued)
- 28 -
During the year rental expenses totalling £150,000 (2019: £150,000) were paid to OEW Properties LLP. The companies are related by virtue of common officers.
During the year purchases totalling £8,983 (2019: £1,853) were made from Strong Developments Limited, a company related by virtue of common officers. At the year end £10,780 (2019: £nil) was owed to Strong Developments Limited.
During the year, sales totalling £444,463 (2019: £574,062 ) and purchases of £78,050 (2019: £14,442) were made from the HFSco Limited (Previously known as Hardwood Floor Store Limited), a company related by common control. At the year end £72,500 (2019: £95,811) was owed by HFSco Limited.
During the year, sales totalling £35,353 (2019: £81,059 ) and purchases of £84 (2019: £5,702) were made from Vetro Global Limited, a company related by common control. Included in trade debtors at the year end was £nil (2019: £12,008) owed by Vetro Global Limited.
During the year, sales totalling £113,946 (2019: £nil) and purchases of £531,827 (2019: £nil) were made from 2San Global Limited, a company related by common control. Included in trade debtors at the year end was £8,311 (2019: £nil) owed by 2San Global Limited.
During the year, sales of services totalling £40,707 (2019: £33,900) and purchases of £730 (2019: £1,243) were made from Strongdor Limited, a company related by common control. Included in trade debtors at the year end was £11,522 (2019: £nil) owed by Strongdor Limited.
24
Directors' transactions
Dividends totalling £0 (2019 - £0) were paid in the year in respect of shares held by the company's directors.
25
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
2020-12-31
2020-01-01
false
CCH Software
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core:BetweenTwoFiveYears
2020-12-31
01225320
core:BetweenTwoFiveYears
2019-12-31
01225320
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
01225320
bus:FRS102
2020-01-01
2020-12-31
01225320
bus:Audited
2020-01-01
2020-12-31
01225320
bus:FullAccounts
2020-01-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP