Company Registration No. 01267599 (England and Wales)
C S LABELS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
C S LABELS LIMITED
COMPANY INFORMATION
Directors
Mr S J Smith
Mr A James
Mr Paul Humpage
(Appointed 30 September 2021)
Mr Martin Denduyver
(Appointed 30 September 2021)
Mr Ives Declerck
(Appointed 30 September 2021)
Mr Christophe Beke
(Appointed 30 September 2021)
Company number
01267599
Registered office
Unit 1 Steel Park Trading Estate
Steelpark Way
Wolverhampton
West Midlands
United Kingdom
WV11 3BF
Auditor
Azets Audit Services
Harance House
Rumer Hill Business Estate
Rumer Hill Road
Cannock
Staffordshire
United Kingdom
WS11 0ET
C S LABELS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 30
C S LABELS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
In September 2021, CS Labels announced the sale of the company to the Asteria Group a leading European Label and Packaging House which consists of 18 companies in countries such as Netherlands, France, Germany, Denmark, Spain, Finland and Estonia. CS Labels Ltd represented their first acquisition in the UK market.
The directors believe the group provide the opportunity to benefit from the strong market position of the group, and the acquisition will help drive economies of scale. The Group will support its growth into the digital flexible packaging market principally for short run Stand UP Pouches. This is an emerging market which offers the opportunity for growth over the coming years.
The directors are confident that Asteria will continue to support the company’s philosophy of investing the in the latest digital technology to enable the company to offer leading edge label solutions to the market. With exposure to markets such as Beveridge, Sports Nutritional, Food and Chemicals, its key markets delivered strong growth throughout the period of the pandemic.
Principal risks and uncertainties
We expect to see continued pressure on costs be it raw materials or staff costs to enable CS Labels to retain and recruit staff. So far, we have been able to pass on costs increases to clients without erosion of margin. The impact of the UK crisis is less clear it may well be several months before the impact on comer confidence and cost increases become clearer. We are fortunate that the majority of our energy costs were fixed in 2020 for a 5-year period so we do not anticipate this issue have a significant bearing on profitability.
Throughout 2020 and 2021, the directors recognised that “the just in time business model” for key raw materials was under severe stress and in May 2020 took steps to significantly increase its holding of key raw materials. Firstly, with the onset of Brexit, and secondly increase in demand for paper and polypropylene throughout 2021, the company was still able to ensure continuity of supply to customers in the market. It has also enabled the company to protect margin and defer the impact of inflation during the last twelve months.
With the supply situation becoming increasingly fraught with the strike of employees at a number of key UPM material plan in Finland, the financial strength and liquidity of the company has meant that up to now we have been able to avoid many of the issues caused by a shortage of supply in the industry. Despite the recent extension of the UPM strike to the end of April, the directors remain confident that it will be able to offer security of supply for the months ahead in the expectation we would have expected to see an easing of the supply issues by Quarter 3.
However, a spike in inflation following the invasion of Ukraine and the possibility of further disruption to the supply chain over coming months the directors believe the economic output will remain challenging possible for the whole of 2022.
As part of the Asteria Group, we remain confident that we will be able to manage these challenges as they occur and maintain profitability in line with last year’s performance.
Key performance indicators
Against the backdrop of a challenging economic climate, the continued impact of the Covid Pandemic, the spectre of rising inflation and shortages of some key materials, the company nevertheless delivered a strong financial performance for the full year. Turnover increased with 9% and operating profit was maintained at the 2020 level when correcting for the exceptional accrued cost for dilapidation's at the Midacre facilities.
C S LABELS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Mr A James
Director
14 April 2022
C S LABELS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of the manufacture of labels.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S J Smith
Mrs L C Smith
(Resigned 30 September 2021)
Mr G Hughes
(Resigned 30 September 2021)
Mr A James
Mr Paul Humpage
(Appointed 30 September 2021)
Mr Martin Denduyver
(Appointed 30 September 2021)
Mr Ives Declerck
(Appointed 30 September 2021)
Mr Christophe Beke
(Appointed 30 September 2021)
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
C S LABELS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
On behalf of the board
Mr A James
Director
14 April 2022
C S LABELS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF C S LABELS LIMITED
- 5 -
We have audited the financial statements of C S Labels Limited (the 'company') for the year ended 31 December 2021 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial st
a
tements:
-
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.
Basis for qualified opinion
We were not appointed as auditor of the company until after 31 December 20
20
and thus did
not observe the counting of physical s
tock
at the end of th
at financial
year. We were unable to
satisfy ourselves by alternative means concerning the inventory quantities held at 31 December
20
20
,
which are included in the balance sheet at £
549,181
, by using other audit procedures.
Consequently we were unable to determine whether any adjustment to this amount was
necessary.
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 qualified 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.
C S LABELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C S LABELS LIMITED
- 6 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £442,302 held at 31 December 2020. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section
of our report
,
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.
Matters on which we are required to report by exception
In respect solely of the limitation on our work relating to stock, described above:
-
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
-
we were unable to determine whether adequate accounting records had been maintained.
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:
-
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
remuneration specified by law are not made.
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.
C S LABELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C S LABELS LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
C S LABELS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF C S LABELS LIMITED
- 8 -
Other matters which we are required to address
The comparative figures for the year ended 31 December 2020 were unaudited.
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.
Lee Meredith ACA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
20 April 2022
Chartered Accountants
Statutory Auditor
Harance House
Rumer Hill Business Estate
Rumer Hill Road
Cannock
Staffordshire
United Kingdom
WS11 0ET
C S LABELS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
2021
2020
as restated
Notes
£
£
Turnover
3
7,412,303
6,795,041
Cost of sales
(3,519,918)
(2,996,087)
Gross profit
3,892,385
3,798,954
Distribution costs
(78,023)
(99,639)
Administrative expenses including exceptional dilapidation provision of £151,542 (2020:(£109,640))
4
(2,924,225)
(2,514,326)
Other operating income
20,565
49,387
Operating profit
5
910,702
1,234,376
Interest receivable and similar income
8
85
2,392
Interest payable and similar expenses
9
(35,685)
(32,868)
Profit before taxation
875,102
1,203,900
Tax on profit
10
(257,505)
(233,519)
Profit for the financial year
617,597
970,381
The profit and loss account has been prepared on the basis that all operations are continuing operations.
C S LABELS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
2021
2020
as restated
£
£
Profit for the year
617,597
970,381
Other comprehensive income
-
-
Total comprehensive income for the year
617,597
970,381
C S LABELS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 11 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,932,920
3,568,335
Current assets
Stocks
15
707,420
549,181
Debtors
17
1,182,396
1,204,262
Cash at bank and in hand
1,866,025
961,988
3,755,841
2,715,431
Creditors: amounts falling due within one year
18
(1,934,778)
(2,259,752)
Net current assets
1,821,063
455,679
Total assets less current liabilities
4,753,983
4,024,014
Creditors: amounts falling due after more than one year
19
(558,540)
(609,751)
Provisions for liabilities
Provisions
21
151,542
Deferred tax liability
22
448,551
436,510
(600,093)
(436,510)
Net assets
3,595,350
2,977,753
Capital and reserves
Called up share capital
24
545
545
Share premium account
25
19,978
19,978
Capital redemption reserve
26
570
570
Profit and loss reserves
3,574,257
2,956,660
Total equity
3,595,350
2,977,753
The financial statements were approved by the board of directors and authorised for issue on 14 April 2022 and are signed on its behalf by:
Mr A James
Director
Company Registration No. 01267599
C S LABELS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2020:
Balance at 1 January 2020
545
19,978
570
2,089,279
2,110,372
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
970,381
970,381
Dividends
11
-
-
-
(103,000)
(103,000)
Balance at 31 December 2020
545
19,978
570
2,956,660
2,977,753
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
-
617,597
617,597
Balance at 31 December 2021
545
19,978
570
3,574,257
3,595,350
C S LABELS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
2021
2020
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,262,107
2,560,683
Interest paid
(35,685)
(32,868)
Income taxes paid
(81,661)
(3,486)
Net cash inflow from operating activities
1,144,761
2,524,329
Investing activities
Purchase of tangible fixed assets
(173,113)
(1,789,951)
Proceeds on disposal of tangible fixed assets
15,000
(1)
Interest received
85
2,392
Net cash used in investing activities
(158,028)
(1,787,560)
Financing activities
Payment of finance leases obligations
(82,696)
105,966
Dividends paid
(103,000)
Net cash (used in)/generated from financing activities
(82,696)
2,966
Net increase in cash and cash equivalents
904,037
739,735
Cash and cash equivalents at beginning of year
961,988
222,253
Cash and cash equivalents at end of year
1,866,025
961,988
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
1
Accounting policies
Company information
C S Labels Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 1 Steel Park Trading Estate, Steelpark Way, Wolverhampton, West Midlands, United Kingdom, WV11 3BF.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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.
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
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:
Land and buildings Leasehold
Over life of lease
Plant and machinery
15% - 25% per annum reducing balance
Fixtures, fittings & equipment
15% straight line and 33.33% per annum reducing balance
Motor vehicles
25% per annum reducing balance
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of 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.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
1.8
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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.
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.
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward 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, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.12
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Dilapidation provision
The value of the dilapidation provision has been identified as a key estimate. This relates to an obligation to carry out repairs to premises leased at Midacre. The value of the obligation is based on a schedule of dilapidations provided by the landlord in 2016 and has been adjusted to reflect inflation.
Work in progress
Work in progress reflects goods which have been removed from stock and allocated to a job. Work in progress is estimated based on 55% of the sales value of unfinished jobs at the year end. This percentage reflects the typical gross profit margin achieved.
Obsolete stock provision
The obsolete stock provision has been identified as a key estimate. This has been calculated based on the value of stock held at the year end which has passed its use by date as specified by the supplier or by manufacturing standards.
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 20 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Manufacture and supply of labels and printed products
7,412,303
6,795,041
2021
2020
£
£
Other revenue
Interest income
85
2,392
Grants received
6,665
4
Exceptional item
2021
2020
£
£
Exceptional item - dilapidation provision
151,542
(109,640)
Included within administrative expenses is an exceptional item totalling £151,542 (2020: (£109,640)). This relates to a dilapidation provision for expected dilapidation repair expenditure on an existing lease. The 2020 amount relates to a release of a previously recognised dilapidation provision and this was therefore released to profit and loss in that period, as expenditure at this date was not expected.
5
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
(1,461)
Government grants
(6,665)
Fees payable to the company's auditor for the audit of the company's financial statements
16,750
Depreciation of owned tangible fixed assets
795,012
577,788
(Profit)/loss on disposal of tangible fixed assets
(1,484)
788
Impairment of stocks recognised or reversed
7,923
Operating lease charges
18,296
27,328
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
62
59
The analysis of auditor's remuneration is as follows:
2021
2020
£
£
Wages and salaries
2,172,267
2,033,160
Social security costs
204,610
194,040
Pension costs
105,947
89,582
2,482,824
2,316,782
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
497,684
417,971
Company pension contributions to defined contribution schemes
73,313
89,582
570,997
507,553
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2020 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
175,439
155,469
Company pension contributions to defined contribution schemes
29,997
32,496
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
85
223
Other interest income
2,169
Total income
85
2,392
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
85
223
9
Interest payable and similar expenses
2021
2020
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
35,685
32,868
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
245,464
81,661
Deferred tax
Origination and reversal of timing differences
12,041
151,858
Total tax charge
257,505
233,519
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Taxation
(Continued)
- 23 -
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
875,102
1,203,900
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
166,269
228,741
Effect of change in corporation tax rate
103,687
Permanent capital allowances in excess of depreciation
(813)
Depreciation on assets not qualifying for tax allowances
4,319
813
Deferred tax adjustments in respect of prior years
(15,957)
3,965
Taxation charge for the year
257,505
233,519
11
Dividends
2021
2020
2021
2020
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares "A"
Final paid
217.00
40,000
Ordinary shares "B"
Final paid
225.00
40,000
Ordinary shares "C"
Final paid
90.00
16,000
Ordinary shares "D"
Final paid
1,400.00
7,000
Total dividends
Final paid
103,000
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2021
2020
Notes
£
£
In respect of:
Stocks
15
7,923
Recognised in:
Cost of sales
7,923
-
13
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
489,178
5,489,591
221,754
99,880
6,300,403
Additions
155,318
17,795
173,113
Disposals
(186,277)
(12,197)
(198,474)
At 31 December 2021
489,178
5,458,632
227,352
99,880
6,275,042
Depreciation and impairment
At 1 January 2021
183,324
2,364,629
175,355
8,760
2,732,068
Depreciation charged in the year
27,858
723,067
20,954
23,133
795,012
Eliminated in respect of disposals
(172,848)
(12,110)
(184,958)
At 31 December 2021
211,182
2,914,848
184,199
31,893
3,342,122
Carrying amount
At 31 December 2021
277,996
2,543,784
43,153
67,987
2,932,920
At 31 December 2020
305,854
3,124,962
46,399
91,120
3,568,335
14
Financial instruments
2021
2020
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,097,391
1,133,132
Carrying amount of financial liabilities
Measured at amortised cost
2,041,810
2,651,764
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
15
Stocks
2021
2020
£
£
Work in progress
32,077
37,675
Finished goods and goods for resale
675,343
511,506
707,420
549,181
In addition at 31 December 2021 the company held £46,333 (2020 - £65,529) of consignment stock which is not recorded on the balance sheet.
17
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,001,969
942,911
Other debtors
95,422
190,221
Prepayments and accrued income
85,005
71,130
1,182,396
1,204,262
18
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Obligations under finance leases
20
398,970
430,455
Trade creditors
937,447
1,543,454
Corporation tax
245,464
81,661
Other taxation and social security
206,044
136,078
Other creditors
7,231
28,248
Accruals and deferred income
139,622
39,856
1,934,778
2,259,752
19
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Obligations under finance leases
20
558,540
609,751
Obligations under finance leases are secured against the asset to which they relate.
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
20
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
398,970
430,455
In two to five years
558,540
609,751
957,510
1,040,206
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Provisions for liabilities
2021
2020
£
£
Dilapidation provision
151,542
-
Movements on provisions:
Dilapidation provision
£
Additional provisions in the year
151,542
The dilapidation provision relates to an obligation to carry out repairs to premises leased at Midacre. The value of the obligation is based on a schedule of dilapidations provided by the landlord in 2016 and has been adjusted to reflect inflation.
22
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
2021
2020
Balances:
£
£
Accelerated capital allowances
448,551
436,510
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
22
Deferred taxation
(Continued)
- 27 -
2021
Movements in the year:
£
Liability at 1 January 2021
436,510
Credit to profit or loss
(91,646)
Effect of change in tax rate - profit or loss
103,687
Liability at 31 December 2021
448,551
23
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,313
89,582
24
Share capital
2021
2020
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares "A" of £1 each
184
184
Ordinary shares "B" of £1 each
243
178
Ordinary shares "C" of £1 each
113
178
Ordinary shares "D" of £1 each
5
5
545
545
25
Share premium account
2021
2020
£
£
At the beginning and end of the year
19,978
19,978
26
Capital redemption reserve
2021
2020
£
£
At the beginning and end of the year
570
570
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
27
Operating lease commitments
Lessee
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
138,728
143,200
Between two and five years
502,932
516,659
In over five years
802,083
927,083
1,443,743
1,586,942
28
Events after the reporting date
A loan of £1m was made to parent company Packaging PrintCo Nv on 27th January 2022.
29
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Aggregate compensation
519,068
379,514
SL UK Investment Company Limited is owned and controlled by directors of CS Labels Limited, Simon Smith, Lee Smith, and their family.
During the year management charges totalling £8,000 (2020: £64,000) were paid to SL UK Investment Company Limited.
Rent totalling £129,199 (2020: £125,000) was paid to SL UK Investment Company Limited.
Services charges totalling £7,308 (2020: £7,623) were paid to SL UK Investment Company Limited.
As at 31 December 2021, the net amount owed to CS Labels Limited from SL UK Investment Company Limited was £769 (2020: £49,897).
30
Ultimate controlling party
It is considered that Packaging PrintCo Nv is the ultimate parent company.
It is considered that there is no ultimate controlling party.
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 29 -
31
Cash generated from operations
2021
2020
£
£
Profit for the year after tax
617,597
970,381
Adjustments for:
Taxation charged
257,505
233,519
Finance costs
35,685
32,868
Investment income
(85)
(2,392)
(Gain)/loss on disposal of tangible fixed assets
(1,484)
788
Depreciation and impairment of tangible fixed assets
795,012
577,788
Increase in provisions
151,542
-
Movements in working capital:
Increase in stocks
(158,239)
(299,957)
Decrease in debtors
21,866
192,636
(Decrease)/increase in creditors
(457,292)
861,716
Decrease in deferred income
-
(6,664)
Cash generated from operations
1,262,107
2,560,683
32
Analysis of changes in net funds/(debt)
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
961,988
904,037
1,866,025
Obligations under finance leases
(1,040,206)
82,696
(957,510)
(78,218)
986,733
908,515
C S LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 30 -
33
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2020
2020
£
£
Adjustments to prior year
Overstatement of depreciation
-
66,089
Understatement of deferred tax
-
(16,522)
Total adjustments
-
49,567
Equity as previously reported
2,110,372
2,928,186
Equity as adjusted
2,110,372
2,977,753
Analysis of the effect upon equity
Profit and loss reserves
-
49,567
Reconciliation of changes in profit for the previous financial period
2020
£
Adjustments to prior year
Overstatement of depreciation
66,089
Understatement of deferred tax
(16,522)
Total adjustments
49,567
Profit as previously reported
920,814
Profit as adjusted
970,381
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.100
Mr S J Smith
Mrs L C Smith
Mr G Hughes
Mr A James
Mr Paul Humpage
Mr Martin Denduyver
Mr Ives Declerck
Mr Christophe Beke
01267599
2021-01-01
2021-12-31
01267599
bus:Director1
2021-01-01
2021-12-31
01267599
bus:Director4
2021-01-01
2021-12-31
01267599
bus:Director5
2021-01-01
2021-12-31
01267599
bus:Director6
2021-01-01
2021-12-31
01267599
bus:Director7
2021-01-01
2021-12-31
01267599
bus:Director8
2021-01-01
2021-12-31
01267599
bus:Director2
2021-01-01
2021-12-31
01267599
bus:Director3
2021-01-01
2021-12-31
01267599
bus:RegisteredOffice
2021-01-01
2021-12-31
01267599
2021-12-31
01267599
2020-01-01
2020-12-31
01267599
core:RetainedEarningsAccumulatedLosses
2020-01-01
2020-12-31
01267599
core:RetainedEarningsAccumulatedLosses
2021-01-01
2021-12-31
01267599
2020-12-31
01267599
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2021-12-31
01267599
core:PlantMachinery
2021-12-31
01267599
core:FurnitureFittings
2021-12-31
01267599
core:MotorVehicles
2021-12-31
01267599
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-12-31
01267599
core:PlantMachinery
2020-12-31
01267599
core:FurnitureFittings
2020-12-31
01267599
core:MotorVehicles
2020-12-31
01267599
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
01267599
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
01267599
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-12-31
01267599
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-12-31
01267599
core:CurrentFinancialInstruments
2021-12-31
01267599
core:CurrentFinancialInstruments
2020-12-31
01267599
core:ShareCapital
2021-12-31
01267599
core:ShareCapital
2020-12-31
01267599
core:SharePremium
2021-12-31
01267599
core:SharePremium
2020-12-31
01267599
core:CapitalRedemptionReserve
2021-12-31
01267599
core:CapitalRedemptionReserve
2020-12-31
01267599
core:RetainedEarningsAccumulatedLosses
2021-12-31
01267599
core:RetainedEarningsAccumulatedLosses
2020-12-31
01267599
core:ShareCapital
2019-12-31
01267599
core:SharePremium
2019-12-31
01267599
core:CapitalRedemptionReserve
core:RestatedAmount
2019-12-31
01267599
core:RetainedEarningsAccumulatedLosses
2019-12-31
01267599
2019-12-31
01267599
core:ShareCapitalOrdinaryShares
2021-12-31
01267599
core:ShareCapitalOrdinaryShares
2020-12-31
01267599
2020-12-31
01267599
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2021-01-01
2021-12-31
01267599
core:PlantMachinery
2021-01-01
2021-12-31
01267599
core:FurnitureFittings
2021-01-01
2021-12-31
01267599
core:MotorVehicles
2021-01-01
2021-12-31
01267599
core:UKTax
2021-01-01
2021-12-31
01267599
core:UKTax
2020-01-01
2020-12-31
01267599
1
2021-01-01
2021-12-31
01267599
1
2020-01-01
2020-12-31
01267599
bus:OrdinaryShareClass2
2021-01-01
2021-12-31
01267599
bus:OrdinaryShareClass2
2020-01-01
2020-12-31
01267599
bus:OrdinaryShareClass3
2021-01-01
2021-12-31
01267599
bus:OrdinaryShareClass3
2020-01-01
2020-12-31
01267599
bus:OrdinaryShareClass4
2021-01-01
2021-12-31
01267599
bus:OrdinaryShareClass4
2020-01-01
2020-12-31
01267599
bus:OrdinaryShareClass5
2021-01-01
2021-12-31
01267599
bus:OrdinaryShareClass5
2020-01-01
2020-12-31
01267599
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-12-31
01267599
core:PlantMachinery
2020-12-31
01267599
core:FurnitureFittings
2020-12-31
01267599
core:MotorVehicles
2020-12-31
01267599
core:Non-currentFinancialInstruments
2021-12-31
01267599
core:Non-currentFinancialInstruments
2020-12-31
01267599
core:WithinOneYear
2021-12-31
01267599
core:WithinOneYear
2020-12-31
01267599
core:BetweenTwoFiveYears
2021-12-31
01267599
core:BetweenTwoFiveYears
2020-12-31
01267599
core:MoreThanFiveYears
2021-12-31
01267599
core:MoreThanFiveYears
2020-12-31
01267599
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
01267599
bus:FRS102
2021-01-01
2021-12-31
01267599
bus:Audited
2021-01-01
2021-12-31
01267599
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP