Company Registration No. 03943726 (England and Wales)
IDEAWORKS (LONDON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
IDEAWORKS (LONDON) LIMITED
COMPANY INFORMATION
Directors
K D Andrews
D W Wood
S J Daines
C Jones
R Barrett
S Keir
O Andrews
P Cotton
Secretary
Mrs K P Andrews
Company number
03943726
Registered office
206 Great Portland Street
London
W1W 5QJ
Auditor
Azets Audit Services
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
TN23 1FB
Business address
The Oast
Perry Court
FAVERSHAM
Kent
ME13 8RY
Bankers
Barclays Bank PLC
66 High Street
Ashford
Kent
TN24 8TL
Solicitors
Fenwick Elliot
Aldwych House
71-91 Aldwych
London
WC2B 4HN
IDEAWORKS (LONDON) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 25
IDEAWORKS (LONDON) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The directors present the strategic report for the year ended 31 March 2020.
Group Structure
Ideaworks (London) Group Limited was formed in November 2013 to be the holding company in the group. In December 2013, there was a management buyout where Ideaworks (London) Group Limited acquired all of the share capital of Ideaworks (London) Limited. Ideaworks (London) Limited is the main trading subsidiary.
The nature of our clients and our business is becoming increasing international particularly as our presence in the marine market increases. In September 2017, we opened our Monaco office which will be used to build upon our existing relationships but also to have people present and closer to projects in both the residential and marine markets.
In December 2018 we incorporated “Ideaworks Global Limited” in the UK. This is a new subsidiary of the Ideaworks (London) Group parent company. This is part of our strategy to formalise our international structure.
In March 2019, we incorporated “Ideaworks Netherlands BV” in the Netherlands as a subsidiary of Ideaworks Global Limited, to strengthen our presence in the country and re-confirm our commitment to the luxury super yacht building market.
The group is now controlled by the senior management team who are all shareholders and have been with the business for many years.
Fair review of the business
The group has evolved over the past 30 years into one of the leading Integration companies in Europe. It provides a full range of design, implementation and aftercare services to the Super Prime Home and Super Yacht markets. The service brings together the technical and aesthetic aspects of lighting, temperature, security, entertainment systems and unified control via a simple user interface.
The group started to move into the Super Yacht market over 10 years ago. As part of the group’s evolution, it has been investing and developing its position in the Super Yacht market. It is now developing a strong, long term marine order book with the delivery of these projects contributing significantly to the group’s growth, and underpins activity through to 2023. The marine projects now contribute 50% of turnover.
The core residential business was more competitive during the financial year, as the award of contracts by clients was slower than in previous years. However, the strength of our brand, reputation of high quality delivery and 30 years history enabled us to maintain a market leading position.
The Experience Centre in central London is a unique interactive learning space: A space where design professionals and clients can come and see all competing technologies side by side. Rather than a showroom, this engaging space is already repaying its investment with increased interaction with the professional design community who lead clients and projects to the Experience Centre.
The directors are satisfied that they are investing sufficiently in the business to ensure that the group maintains its technological lead over our competitors, delivers amazing projects to our clients and provides our staff the opportunity to work on stimulating projects together with a motivating culture for them to work and develop.
Principal risks and uncertainties
Liquidity Risk
The company typically has a large number of ongoing live projects each with their own cash cycles. The business’s cashflow can be variable as a result of the mix of the projects and their individual profiles, with this being more pronounced on the large, long term projects.
The group manages its cash and borrowing requirements in order to ensure it has sufficient liquid resources to meet the operating needs of the business.
IDEAWORKS (LONDON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
As the group is expanding its activities in Europe, the volume of transactions in foreign currencies has increased. The group seeks to use a portfolio of natural trading hedges and foreign currency forward contracts to hedge against future foreign currency transactions.
People
Our people are our most valuable asset. As we are continuing to grow it is critical that we attract, motivate and retain our people by providing the required culture, leadership, behaviours and reward to meet our purposes. We seek to actively engage with our staff, listen and respond and encourage their personal and professional development. We are pleased that the levels of staff turnover are very low and well below market averages.
Technology
The group has always worked at the sharp end of evolving technology trends and the pace of this change is accelerating. It has always been in the company's culture to be ahead of the curve and the management team has invested significantly to maintain this lead.
Brexit
The UK left the EU on 31
st
January 2020. The long term trading relationship between the UK and EU is still unclear and as such creates uncertainty that is influencing business confidence. For our business, where we import and export to the EU, this could potentially impact our speed of delivery, movement of goods and our people delivering projects. We are currently looking at numerous contingency plans to mitigate against these risks.
Covid 19
The outbreak of the recent worldwide pandemic has impacted every country and every company. We have taken actions to mitigate its impact on Ideaworks. When the pandemic hit, we immediately reduced the size of our workforce, and then put a number of the remaining staff onto the UK government furlough scheme.
The majority of our business comes from long term contracts over multiple years, so while working environment restrictions have slowed progress on construction sites and in shipyards, none of our contracts have been cancelled They have simply been delayed and had their project completion dates extended. As our workload is rebuilding (since the UK lockdown), we are bringing team members out of furlough and back to work.
We continually monitor the financial impact these delays and actively manage our cashflow carefully to ensure we are as prepared as we can be for future changes to project timescales.
We have taken time to consider how the company will operate in the medium and longer term and are putting plans in place to adjust for the ‘new normal’. We remain flexible to change these plans as the working practices and the economic outlook changes.
Financial Position
The company’s financial position continues to strengthen in line with the directors expectations.
Key performance indicators
The directors consider the confirmed order book, profit before tax and cash balances to be the key measure of performance of the business.
The results for the period ended 31 March 20
20
show a profit before taxation of £
393,907
.
C Jones
Director
2 October 2020
IDEAWORKS (LONDON) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company during the year was the provision of a full range of design, implementation and aftercare services to the Super Prime Home and Super Yacht markets as explained more fully in the strategic report on page 1.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
K D Andrews
D W Wood
S J Daines
C Jones
R Barrett
S Keir
O Andrews
P Cotton
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £350,000. The directors do not recommend payment of a further dividend.
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
C Jones
Director
2 October 2020
IDEAWORKS (LONDON) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
The directors are responsible for preparing the Directors' 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.
IDEAWORKS (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IDEAWORKS (LONDON) LIMITED
- 5 -
Opinion
We have audited the financial statements of Ideaworks (London) Limited (the 'company') for the year ended 31 March 2020 which comprise 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 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 March 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
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
:
IDEAWORKS (LONDON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IDEAWORKS (LONDON) LIMITED
- 6 -
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.
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 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.
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.
Michael Swan (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
2 October 2020
Statutory Auditor
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
TN23 1FB
IDEAWORKS (LONDON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
2020
2019
Notes
£
£
Turnover
3
24,123,801
18,827,492
Cost of sales
(18,310,583)
(13,229,789)
Gross profit
5,813,218
5,597,703
Administrative expenses
(5,758,795)
(5,355,979)
Other operating income
356,904
99,303
Operating profit
4
411,327
341,027
Interest payable and similar expenses
7
(17,420)
(47,519)
Profit before taxation
393,907
293,508
Tax on profit
8
927
18,152
Profit for the financial year
394,834
311,660
The profit and loss account has been prepared on the basis that all operations are continuing operations.
IDEAWORKS (LONDON) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 8 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
10
702,449
1,827,577
Investments
11
10,288
10,288
712,737
1,837,865
Current assets
Stocks
13
614,459
804,831
Debtors
14
9,345,269
9,009,737
Cash at bank and in hand
5,403,853
440,235
15,363,581
10,254,803
Creditors: amounts falling due within one year
15
(10,005,345)
(6,032,882)
Net current assets
5,358,236
4,221,921
Total assets less current liabilities
6,070,973
6,059,786
Creditors: amounts falling due after more than one year
16
(450,522)
(484,169)
Net assets
5,620,451
5,575,617
Capital and reserves
Called up share capital
21
1,003
1,003
Revaluation reserve
-
361,279
Profit and loss reserves
5,619,448
5,213,335
Total equity
5,620,451
5,575,617
The financial statements were approved by the board of directors and authorised for issue on 2 October 2020 and are signed on its behalf by:
C Jones
Director
Company Registration No. 03943726
IDEAWORKS (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2018
1,003
367,040
4,895,914
5,263,957
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
-
311,660
311,660
Transfers
-
-
5,761
5,761
Other movements
-
(5,761)
-
(5,761)
Balance at 31 March 2019
1,003
361,279
5,213,335
5,575,617
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
-
394,834
394,834
Dividends
9
-
-
(350,000)
(350,000)
Transfers
-
(361,279)
361,279
-
Balance at 31 March 2020
1,003
-
5,619,448
5,620,451
IDEAWORKS (LONDON) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
- 10 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
4,609,881
1,587,003
Interest paid
(17,420)
(47,519)
Net cash inflow from operating activities
4,592,461
1,539,484
Investing activities
Purchase of tangible fixed assets
(238,080)
(359,560)
Proceeds on disposal of tangible fixed assets
799,999
8,556
Net cash generated from/(used in) investing activities
561,919
(351,004)
Financing activities
Repayment of bank loans
(45,582)
(1,043,691)
Payment of finance leases obligations
530,307
(64,648)
Dividends paid
(350,000)
-
Net cash generated from/(used in) financing activities
134,725
(1,108,339)
Net increase in cash and cash equivalents
5,289,105
80,141
Cash and cash equivalents at beginning of year
64,088
(16,053)
Cash and cash equivalents at end of year
5,353,193
64,088
Relating to:
Cash at bank and in hand
5,403,853
440,235
Bank overdrafts included in creditors payable within one year
(50,660)
(376,147)
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 11 -
1
Accounting policies
Company information
Ideaworks (London) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
206 Great Portland Street, London, W1W 5QJ.
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.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Ideaworks (London) Limited is a wholly owned subsidiary of Ideaworks (London) Group Limited and the results of Ideaworks (London) Limited are included in the consolidated financial statements of Ideaworks (London) Group Limited which are available from 206 Great Portland Street, London.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
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 are recoverable.
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 12 -
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
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:
Land and buildings freehold
1% Straight line basis on buildings, 50% Straight line on refurbishment costs
Leasehold improvements
20% or 33 1/3% Straight line basis or over the lease term
Computer equipment
33 1/3 % Straight line basis
Fixtures and fittings
15% Reducing balance basis
Motor vehicles
15/25% Reducing balance basis
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
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
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.
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 13 -
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.
1.8
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 replacement cost and 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.
At the year end the directors reviewed the stock for any signs of impairment. Due to the ever changing technology, it was decided that a policy of stock purchased in 2018 or prior would be impaired by two thirds. This policy will be reviewed annually to ensure it remains appropriate.
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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
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.
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.
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 14 -
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.
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 15 -
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.
1.11
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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 16 -
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.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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 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.
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.
1.17
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.
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 17 -
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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Turnover analysed by class of business
Sales
24,123,801
18,827,492
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
(187,180)
(37,441)
Research and development costs
581,548
472,915
Fees payable to the company's auditor for the audit of the company's financial statements
23,000
21,500
Depreciation of owned tangible fixed assets
612,963
607,011
(Profit)/loss on disposal of tangible fixed assets
(49,754)
2,239
Operating lease charges
598,157
515,230
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Customer facing
125
118
Business support
38
38
Total
163
156
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
5
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
6,041,461
5,725,161
Social security costs
651,831
623,647
Pension costs
121,061
104,602
6,814,353
6,453,410
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
86,342
92,396
Company pension contributions to defined contribution schemes
-
672
86,342
93,068
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2019 - 1).
7
Interest payable and similar expenses
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
662
15,925
Other interest on financial liabilities
16,758
31,460
17,420
47,385
Other finance costs:
Other interest
-
134
17,420
47,519
8
Taxation
2020
2019
£
£
Deferred tax
Origination and reversal of timing differences
(927)
(18,152)
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
8
Taxation
(Continued)
- 19 -
The actual credit 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
393,907
293,508
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
74,842
55,767
Tax effect of expenses that are not deductible in determining taxable profit
9,091
7,835
Group relief
17,869
57,110
Depreciation on assets not qualifying for tax allowances
63,470
60,438
Research and development tax credit
(166,479)
(197,420)
Other permanent differences
(960)
(960)
Other tax adjustments
1,240
(922)
Taxation credit for the year
(927)
(18,152)
The tax losses arise as a result of the significant investment in Research and Development as mentioned in the strategic report.
9
Dividends
2020
2019
£
£
Final paid
350,000
-
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 20 -
10
Tangible fixed assets
Land and buildings freehold
Leasehold improvements
Computer equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2019
984,596
1,969,710
1,464,371
181,749
73,090
4,673,516
Additions
15
94,421
106,799
23,351
13,494
238,080
Disposals
(984,611)
-
-
-
-
(984,611)
At 31 March 2020
-
2,064,131
1,571,170
205,100
86,584
3,926,985
Depreciation and impairment
At 1 April 2019
225,420
1,717,643
733,035
117,169
52,672
2,845,939
Depreciation charged in the year
8,946
213,514
372,201
11,511
6,791
612,963
Eliminated in respect of disposals
(234,366)
-
-
-
-
(234,366)
At 31 March 2020
-
1,931,157
1,105,236
128,680
59,463
3,224,536
Carrying amount
At 31 March 2020
-
132,974
465,934
76,420
27,121
702,449
At 31 March 2019
759,176
252,067
731,336
64,580
20,418
1,827,577
The freehold
property
w
as
value
d on an open market basis on 9 June 2017 by an approved FRICS valuer.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2020
2019
£
£
Cost
-
315,942
Accumulated depreciation
-
(59,716)
Carrying value
-
256,226
11
Fixed asset investments
2020
2019
Notes
£
£
Investments in subsidiaries
12
10,288
10,288
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
11
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019 & 31 March 2020
10,288
Carrying amount
At 31 March 2020
10,288
At 31 March 2019
10,288
12
Subsidiaries
These financial statements are separate company financial statements for Ideaworks (London) Limited.
Details of the company's subsidiaries at 31 March 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ideaworks (Germany) Limited
Germany
Ordinary
100.00
The investments in subsidiaries are stated at cost.
13
Stocks
2020
2019
£
£
Finished goods and goods for resale
614,459
804,831
14
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
2,730,848
2,249,008
Gross amounts owed by contract customers
659,828
1,691,136
Amounts owed by group undertakings
4,537,602
4,423,858
Other debtors
246,636
95,323
Prepayments and accrued income
1,098,088
479,072
9,273,002
8,938,397
Deferred tax asset (note 19)
72,267
71,340
9,345,269
9,009,737
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 22 -
15
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Bank loans and overdrafts
17
96,024
433,446
Obligations under finance leases
18
599,884
69,577
Payments received on account
5,007,768
2,595,162
Trade creditors
2,180,357
1,469,010
Taxation and social security
343,679
191,776
Other creditors
8,000
76,944
Accruals and deferred income
1,769,633
1,196,967
10,005,345
6,032,882
16
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
17
450,522
484,169
The bank loans are secured by a fixed and floating charge over the assets of the company.
17
Loans and overdrafts
2020
2019
£
£
Bank loans
495,886
541,468
Bank overdrafts
50,660
376,147
546,546
917,615
Payable within one year
96,024
433,446
Payable after one year
450,522
484,169
The long-term loans are secured by a fixed
and floating charge over the assets of the company.
18
Finance lease obligations
2020
2019
Future minimum lease payments due under finance leases:
£
£
Within one year
599,884
69,577
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
18
Finance lease obligations
(Continued)
- 23 -
Finance lease payments represent rentals payable by the company for certain items of finished goods purchases. 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 1 to 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2020
2019
Balances:
£
£
ACAs
(24,726)
(25,653)
Tax losses
96,993
96,993
72,267
71,340
2020
Movements in the year:
£
Asset at 1 April 2019
(71,340)
Credit to profit or loss
(927)
Asset at 31 March 2020
(72,267)
20
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
121,061
104,602
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.
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 24 -
21
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary A shares of £1 each
1,000
1,000
1 Ordinary B shares of £1 each
1
1
1 Ordinary C shares of £1 each
1
1
1 Ordinary D shares of £1 each
1
1
1,003
1,003
22
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties, equipment and vehicles. Leases are negotiated for an average term of between 3 to 10 years and rentals are fixed for an average of 3 to 5 years.
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
408,279
471,899
Between two and five years
1,155,530
1,576,079
In over five years
441,333
440,836
2,005,142
2,488,814
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2020
2019
£
£
Aggregate compensation
825,881
786,217
Other information
The company has taken the exemption available under section 33.1A of FRS102 whereby it has not disclosed transactions entered into between two or more members of a group, where the subsidiary which is party to the transaction is a wholly owned member.
IDEAWORKS (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 25 -
24
Ultimate controlling party
The ultimate parent company is Ideaworks (London) Group Limited, a company incorporated in England and Wales under company number 08779665.
The consolidated financial statements of the ultimate parent company include the results of the company. A copy of these financial statements can be obtained from the registered office, 206 Great Portland Street, London.
The ultimate controlling party is Mr K D Andrews, a director in both this and the parent companies
.
25
Cash generated from operations
2020
2019
£
£
Profit for the year after tax
394,834
311,660
Adjustments for:
Taxation credited
(927)
(18,152)
Finance costs
17,420
47,519
(Gain)/loss on disposal of tangible fixed assets
(49,754)
2,239
Depreciation and impairment of tangible fixed assets
612,963
607,011
Movements in working capital:
Decrease in stocks
190,372
247,169
(Increase) in debtors
(334,605)
(1,131,860)
Increase in creditors
3,779,578
1,521,417
Cash generated from operations
4,609,881
1,587,003
26
Analysis of changes in net funds/(debt)
1 April 2019
Cash flows
31 March 2020
£
£
£
Cash at bank and in hand
440,235
4,963,618
5,403,853
Bank overdrafts
(376,147)
325,487
(50,660)
64,088
5,289,105
5,353,193
Borrowings excluding overdrafts
(541,468)
45,582
(495,886)
Obligations under finance leases
(69,577)
(530,307)
(599,884)
(546,957)
4,804,380
4,257,423
2020-03-31
2019-04-01
false
CCH Software
CCH Accounts Production 2020.200
K D Andrews
D W Wood
S J Daines
C Jones
R Barrett
S Keir
O Andrews
O Andrews
Mrs K P Andrews
true
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