Company registration number 02543272 (England and Wales)
KRUUSE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
KRUUSE UK LIMITED
COMPANY INFORMATION
Directors
T Bendix
G M Rhodes
R D Gupta
Company number
02543272
Registered office
Ground Floor Distington House
26 Atlas Way
Sheffield
United Kingdom
S4 7QQ
Auditor
BDO LLP
29 Wellington Street
Leeds
LS1 4DL
KRUUSE UK LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 16
KRUUSE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company is the supply of veterinary products sourced from group companies, sold onward to UK distributors.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
T Bendix
G M Rhodes
R D Gupta
Going concern
The company continues to operate as UK distributor of products supplied by group. The directors continue to have regard to the demand for the company's products, the operations of the business and the availability of appropriate funding for the company's day to day requirements.
At the 31 December 2022 the company had cash of £525,554 (2021: £17,569) and net current assets of £1,250,755 (2021 as restated: £2,866,790) including inter company debtors due from other group companies of £671,638 (2021 as restated: £2,309,696).
The company is reliant upon group companies for the supply of goods for sale into the UK market and is party to a group cash pooling arrangement. The parent company, Jorgen Kruuse A/S, has confirmed that it will continue its supply arrangement with the company, that the company will have continued access to the group cash pooling arrangement, as needed, and that the company will be supported to meet its liabilities as they fall due by settlement of the intercompany amounts due to the company, as needed.
Whilst recognising the uncertainty across the wider economy, the directors have concluded that the company has adequate resources to continue in operational existence and it is appropriate to prepare the financial statements on a going concern basis.
Auditor
The auditors, BDO LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
KRUUSE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
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.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
G M Rhodes
Director
29 August 2023
KRUUSE UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
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; and
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.
KRUUSE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF KRUUSE UK LIMITED
- 4 -
Opinion on the financial statements
In our opinion the financial statements:
give a true and fair view of the state of the Company’s affairs as at 31 December 2022 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 have audited the financial statements of Kruuse UK Limited (“the Company”) for the year ended 31 December 2022 which comprise the profit and loss account, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
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 and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
KRUUSE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF KRUUSE UK LIMITED
- 5 -
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
the information given in the the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a Strategic report.
Responsibilties of Directors
As explained more fully in the Directors' responsibilities statement, 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.
KRUUSE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF KRUUSE UK LIMITED
- 6 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of the audit we gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the Company’s compliance with laws and regulations that have a direct impact on the financial statements including, but not limited to, company law and tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also made enquiries regarding the Company's IT environment to identify whether appropriate controls were in place for the size and complexity of the business. Where deficiencies in internal controls and IT general controls were noted, we designed our audit procedures to consider whether the control weakness resulted, or could result, in material misstatement due to fraud.
Based on our understanding we designed our audit procedures to identify instances of non-compliance with such laws and regulations. Our procedures included reviewing the financial statement disclosures and agreeing to underlying supporting documentation where necessary. We made enquiries of management and of the Directors as to the risk of non-compliance and any instances thereof. We also addressed the risk of management override of internal controls, including testing journal entries processed during and after the year end, evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud. Furthermore, we considered cash journals during the year for evidence of any suspicious or unusual payments, as well as revenue journals which might indicate evidence of manual override of invoiced amounts recognised in the year.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks, in addition to posting inappropriate journal entries to improve performance, arose from the potential for management bias in accounting estimates. In particular the key estimate during the course of the audit, relating to revenue cut-off, was subject to additional procedures to ensure that there was no bias or override in this area.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
KRUUSE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF KRUUSE UK LIMITED
- 7 -
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.
Graham Driver (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
31 August 2023
Leeds, UK
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
KRUUSE UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
2022
2021
as restated
£
£
Turnover
3,827,928
4,886,299
Cost of sales
(3,336,067)
(4,201,586)
Gross profit
491,861
684,713
Distribution costs
(83,452)
(103,757)
Administrative expenses
(320,459)
(362,123)
Profit before taxation
87,950
218,833
Tax on profit
(3,985)
(2,653)
Profit for the financial year
83,965
216,180
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the profit and loss account.
The notes on pages 11 to 15 form part of these financial statements
KRUUSE UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 9 -
2022
2021
as restated
Notes
£
£
£
£
Current assets
Debtors
5
1,155,199
3,340,358
Cash at bank and in hand
525,554
17,569
1,680,753
3,357,927
Creditors: amounts falling due within one year
6
(429,998)
(491,137)
Net current assets
1,250,755
2,866,790
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
1,200,755
2,816,790
Total equity
1,250,755
2,866,790
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The notes on pages 11 to 15 form part of these financial statements
The financial statements were approved by the board of directors and authorised for issue on 29 August 2023 and are signed on its behalf by:
G M Rhodes
Director
Company Registration No. 02543272
KRUUSE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2021:
Balance at 1 January 2021
50,000
2,607,748
2,657,748
Prior period restatement - see note 9
-
(7,138)
(7,138)
As restated
50,000
2,600,610
2,650,610
Year ended 31 December 2021:
Profit and total comprehensive income for the year as restated
-
216,180
216,180
Balance at 31 December 2021
50,000
2,816,790
2,866,790
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
83,965
83,965
Dividends
-
(1,700,000)
(1,700,000)
Balance at 31 December 2022
50,000
1,200,755
1,250,755
KRUUSE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
1
Accounting policies
Company information
Kruuse UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Distington House, 26 Atlas Way, Sheffield, United Kingdom, S4 7QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company continues to operate as UK distributor of products supplied by group. The directors continue to have regard to the demand for the company's products, the operations of the business and the availability of appropriate funding for the company's day to day requirements.
At the 31 December 2022 the company had cash of £525,554 (2021: £17,569) and net current assets of £1,250,755 (2021 as restated: £2,866,790) including inter company debtors due from other group companies of £671,638 (2021 as restated: £2,309,696).
The company is reliant upon group companies for the supply of goods for sale into the UK market and is party to a group cash pooling arrangement. The parent company, Jorgen Kruuse A/S, has confirmed that it will continue its supply arrangement with the company, that the company will have continued access to the group cash pooling arrangement, as needed, and that the company will be supported to meet its liabilities as they fall due by settlement of the intercompany amounts due to the company, as needed.
Whilst recognising the uncertainty across the wider economy, the directors have concluded that the company has adequate resources to continue in operational existence and it is appropriate to prepare the financial statements on a going concern basis.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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. This is typically at the point of delivery of the goods to the customer.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
KRUUSE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
1.5
Financial instruments
The company is required 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 measured at transaction price including transaction costs.
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, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 at transaction price.
1.6
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
KRUUSE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
1.9
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
Judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition - agency v principal
The Company has circumstances in its dealing with customers whereby it needs to determine if it acts as a principal or agent in the supply of product to its customers. If the Company decides it is acting as a principal it would record the selling value as revenue, whereas if it decided it was acting as an agent it would record the commission received as revenue. The directors determined that the Company acts as a principal based on the relevant criteria as included in FRS 102. The key factors included in making this judgement were that the Company still having the ability to set the price of goods and services provided, as well as taking the credit risk of such sales.
Turnover cut-off
Deliveries that are dispatched before the end of the year that have not passed the significant risks and rewards of ownership of the goods to the buyer before the end of the year are recognized as deferred income. The cut-off date is determined by examining the dispatch date vs. the transfer-of-risk date in which the significant risks and rewards of ownership of goods are unlikely to be passed to the buyer before the end of the year.
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.
3
Operating profit
2022
2021
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
26,500
22,550
KRUUSE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
4
Employees
The average monthly number of persons employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
5
Debtors
2022
2021 as restated
Amounts falling due within one year:
£
£
Trade debtors
467,200
865,655
Corporation tax recoverable
152,922
Amounts owed by group undertakings
671,638
2,309,696
Other debtors
16,361
8,588
1,155,199
3,336,861
Deferred tax asset
3,497
1,155,199
3,340,358
Amounts owed by group undertakings are interest free and are repayable on demand.
6
Creditors: amounts falling due within one year
2022
2021 as restated
£
£
Trade creditors
56,520
40,853
Taxation and social security
145,141
177,947
Other creditors
77,225
120,239
Deferred income
151,112
152,098
429,998
491,137
KRUUSE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
7
Related party transactions
Transactions with related parties
Jorgen Kruuse A/S
During the year the company purchased goods and services from Jorgen Kruuse A/S of £2,896,973 (2021 as restated - £3,682,021).
At the balance sheet date the amount due from Jorgen Kruuse was £80,729 (2021 as restated - £1,824,150).
AH UK Animal Health (PVT) LTD t/a Covetrus
A company under the common control of Covetrus Inc.
During the year the company has made sales to AH UK Animal Health (PVT) LTD t/a Covetrus amounting to £829,201 (2021 - £1,240,202).
At the balance sheet date the amount due from AH UK Animal Health (PVT) LTD t/a Covetrus was £590,909 (2021 - £485,546).
8
Parent company
The company's immediate parent is Jorgen Kruuse A/S, incorporated in Denmark.
The ultimate parent is Covetrus Inc, incorporated in USA.
The parent of the largest group in which these financial statements are consolidated is Covetrus Inc, incorporated in the United States of America.
The address of Covetrus Inc is:
400 Metro Place North
Dublin
Ohio 43017-3378
United States of America
9
Prior period adjustment
Due to the application of a new accounting policy regarding deferred income, turnover, cost of sales, deferred income and intercompany payables have been adjusted retrospectively in the prior period. The impact of this on the prior period’s financial statements is set out below.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2021
£
£
£
Current assets
Debtors due within one year
3,209,554
130,804
3,340,358
Creditors due within one year
Deferred income
-
(152,098)
(152,098)
Net assets
2,888,084
(21,294)
2,866,790
KRUUSE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Prior period adjustment
As previously reported
Adjustment
As restated at 31 Dec 2021
£
£
£
(Continued)
- 16 -
Capital and reserves
Profit and loss reserves
2,838,084
(21,294)
2,816,790
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2021
£
£
£
Turnover
4,987,411
(101,112)
4,886,299
Cost of sales
(4,288,542)
86,956
(4,201,586)
Profit for the financial period
230,336
(14,156)
216,180
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