Company registration number 04798616 (England and Wales)
CREATIVE DISTRIBUTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
CREATIVE DISTRIBUTION LIMITED
COMPANY INFORMATION
Directors
A Hogarth
G Dain
C Lewis
S Wilson
Secretary
A Hogarth
Company number
04798616
Registered office
Unit 2, Beddington Industrial Estate
119 Beddington Lane
Croydon
Surrey
CR0 4TD
Auditor
UHY Hacker Young (East) Limited
PO Box 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
CREATIVE DISTRIBUTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
CREATIVE DISTRIBUTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 1 -
The directors present the strategic report for the year ended 30 June 2022.
Business review
The principal activity of the company continued to be the wholesale distribution of computer video games and toys. This
activity is principally conducted from its extensive office and warehouse facility in Croydon, UK.
Despite the turnover decreasing by nearly £3M compared to last year, the company’s gross margin has increased by 1.25%, If it wasn’t for losses on stock market investments the net profit would be more this year too. We are all very happy with this result.
202
2
20
21
£'000
£'000
Turnover
35,166 38,137
Gross profit
6,408 6,473
Profit before tax
2,982 3,021
Principal risks and uncertainties
Digitalisation risk
Digitalisation is an ongoing threat to the main 'boxed product' business, and has been for years. We are countering this though with more focus and investment going into Reef Entertainment Limited. Reef is connected to Creative Distribution Limited with common directors and shareholders. Reef publishes and distributes computer games both in boxed products and in the format of digital downloadable games.
Recession risk
The forthcoming recession/cost of living crisis has created a lot of concern over consumer spending which can only be bad for our industry.
Currency risk
The company is exposed to foreign exchange risk. We mitigate this by retaining funds in a variety of currency bank accounts so it can be recirculated in the business
Customer credit risk
The company is exposed to customer credit risk in relation to trade receivables. However, the company has credit insurance policies to cover the risk of default by its customers and if this isn't possible, then payments are sought up front.
Liquidity risk
This is not perceived to be a significant risk for the company, however we are looking to reduce stock levels over the next 12 months.
Key performance indicators
For the core distribution business turnover and gross profit margin are our key performance indicators. Monthly targets are set (for both turnover and margin) which feed into an annual target set at the beginning of the financial year. Daily reports are sent to the management team so we can monitor closely how the business is performing. As well as these main key performance indicators we run weekly stock reports to make sure stock levels are under control.
Management accounts are also produced monthly to make sure overheads are monitored constantly. There haven't been many changes to the core business (in terms of staff levels and functionality) and so overheads are reasonably consistent every month. The key performance indicators were consistent throughout the year.
In terms of market share Creative Distribution Limited is one of the largest privately owned video games and peripherals companies in the UK, with a strong market share in Europe and the UK. When benchmarking our results against competitors we remain happy with our gross and net margins.
CREATIVE DISTRIBUTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
Future plans
A lot of our focus is still going into our related company Reef Entertainment Ltd. The release of terminator went extremely well and so we are now at growing the team and getting several games into development over the next 12 to 24 months.
Financial instruments
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling and foreign currency for which company minimise exposure to exchange rate volatility through its internal management processes. The company does not enter into any formally designated hedging arrangements.
Promoting the success of the company
Section 172 (1) of the Companies Act 2006 requires the board to act in the way we consider, in good faith, would be most likely to promote the success of Creative Distribution Limited for the benefit of its members as a whole. In doing this, each director has regard to the matters listed below:
-
The likely consequences of any decision in the long term
-
The interests of the company's employees
-
The need to foster the company's business relationships with suppliers, customers and others
-
The impact of the company's operations on the community and the environment
-
The desirability of the company maintaining a reputation for high standards of business conduct, and
-
The need to act fairly as between members of the company.
To make sure we all adhere to these points, regular management meetings are held plus an annual directors meeting. As the company only has 55 employees we communicate via email to staff on these matters.
A Hogarth
Director
18 February 2023
CREATIVE DISTRIBUTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
The directors present their annual report and financial statements for the year ended 30 June 2022.
Principal activities
The principal activity of the company continued to be that of
wholesale distribution of computer video games and toys.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £2,317,943. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Hogarth
G Dain
C Lewis
S Wilson
Post reporting date events
Since the year end, the war between Russia and Ukraine (backed by the Western allies) has continued and looks like it could do for some time. This has affected stability across the world and sent the developed world into an economic downturn.
G
oing concern
As per above, the imminent recession is a concern to every business at the moment. We are in a fortunate position though, as we are a very stable company, with good reserves and positive cashflow. In the last recession we prospered as many smaller competitors struggled, we increased our market share.
Auditor
UHY Hacker Young (East) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Energy and carbon report
Under the Companies (Directors' report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, we are required to disclose our UK energy use and associated greenhouse gas (GHG) emissions. Specifically, we are require to report these GHG emissions relating to natural gas, electricity and transport fuel, as well as an intensification ration under the regulations.
The Streamlined Energy and Carbon Reporting included in this report covers the year ended 30 June 2022.
Results
2022
2021
as restated
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
149,656
163,277
CREATIVE DISTRIBUTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
2022
2021
as restated
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
9.10
16.81
- Fuel consumed for owned transport
-
-
9.10
16.81
Scope 2 - indirect emissions
- Electricity purchased
31.78
34.67
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
40.88
51.48
Intensity ratio
Intensity ratio as below
0.0132
0.0177
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
It must be noted that there was an arithmetical error in the calculations for the year ended 30 June 2021. Therefore, the figures have been restated.
Intensity measurement
The chosen intensity measurement ratio is based on the office's and warehouse internal area in square meters. This being
tCO2/m2/year
.
Measures taken to improve energy efficiency
We have installed smart meters across all sites and increased video conferencing technology for staff meetings, to reduce the need for travel between sites.
Transport emissions
The
information
surrounding transport
is incomplete
resulting in us being unable to
report on the transport emissions.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect
of f
uture developments and financial
instruments.
CREATIVE DISTRIBUTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
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
A Hogarth
Director
18 February 2023
CREATIVE DISTRIBUTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CREATIVE DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CREATIVE DISTRIBUTION LIMITED
- 7 -
Opinion
We have audited the financial statements of Creative Distribution Limited (the 'company') for the year ended 30 June 2022 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 Financial Reporting Standard 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 30 June 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 conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The 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.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CREATIVE DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREATIVE DISTRIBUTION LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
. 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
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 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.
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:
Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.
In common with most businesses of a similar size there are inadequate resources to enable a strong control environment to operate, with segregation of duties lacking in many areas, and the risk of management override of the controls that are in place. This practical constraint results in the risk of a higher incidence of irregularities than would be the case were a strong control environment in operation. 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 were related to the appropriate recognition of revenue & profit, the valuation of stock, and the risk of management override
CREATIVE DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CREATIVE DISTRIBUTION LIMITED
- 9 -
Audit procedures performed included, but were not limited to:
- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Reviewing minutes of meetings of those charged with governance.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business
- A walk through test of the key controls that are in operation.
- Performance of analytical review along with substantive procedures.
There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or intentional misrepresentations, or through collusion.
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.
James Price FCA (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young (East) Limited
24 February 2023
Chartered Accountants
Statutory Auditor
PO Box 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
CREATIVE DISTRIBUTION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2022
- 10 -
2022
2021
Notes
£
£
Turnover
3
35,166,444
38,136,774
Cost of sales
(28,757,795)
(31,663,282)
Gross profit
6,408,649
6,473,492
Administrative expenses
(3,403,010)
(3,538,751)
Other operating income
12,000
12,000
Operating profit
4
3,017,639
2,946,741
Interest receivable and similar income
5,236
8,200
Gain on investments
(39,992)
65,730
Profit before taxation
2,982,883
3,020,671
Tax on profit
8
(578,634)
(590,897)
Profit for the financial year
2,404,249
2,429,774
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CREATIVE DISTRIBUTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
- 11 -
2022
2021
£
£
Profit for the year
2,404,249
2,429,774
Other comprehensive income
-
-
Total comprehensive income for the year
2,404,249
2,429,774
CREATIVE DISTRIBUTION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 12 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,408
Investments
12
32,156
877
32,156
6,285
Current assets
Stocks
14
10,628,709
10,145,590
Debtors
15
6,083,772
4,356,520
Investments
16
177,654
266,781
Cash at bank and in hand
2,940,284
4,595,781
19,830,419
19,364,672
Creditors: amounts falling due within one year
17
(3,936,495)
(3,529,999)
Net current assets
15,893,924
15,834,673
Total assets less current liabilities
15,926,080
15,840,958
Provisions for liabilities
Deferred tax liability
18
(2,142)
(958)
2,142
958
Net assets
15,928,222
15,841,916
Capital and reserves
Called up share capital
19
969
969
Share premium account
374,977
374,977
Capital redemption reserve
586
586
Profit and loss reserves
15,551,690
15,465,384
Total equity
15,928,222
15,841,916
The financial statements were approved by the board of directors and authorised for issue on 18 February 2023 and are signed on its behalf by:
A Hogarth
Director
Company Registration No. 04798616
CREATIVE DISTRIBUTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2020
969
374,977
586
14,902,466
15,278,998
Year ended 30 June 2021:
Profit and total comprehensive income for the year
-
-
-
2,429,774
2,429,774
Dividends
9
-
-
-
(1,866,856)
(1,866,856)
Balance at 30 June 2021
969
374,977
586
15,465,384
15,841,916
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
-
2,404,249
2,404,249
Dividends
9
-
-
-
(2,317,943)
(2,317,943)
Balance at 30 June 2022
969
374,977
586
15,551,690
15,928,222
CREATIVE DISTRIBUTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
- 14 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,171,219
293,076
Income taxes paid
(554,227)
(610,077)
Net cash inflow/(outflow) from operating activities
616,992
(317,001)
Investing activities
Proceeds on disposal of subsidiaries
(31,279)
Proceeds on disposal of investments
49,135
(24,801)
Receipts arising from loans made
22,362
19,346
Interest received
1,164
653
Dividends received
4,072
7,547
Net cash generated from investing activities
45,454
2,745
Financing activities
Dividends paid
(2,317,943)
(1,866,856)
Net cash used in financing activities
(2,317,943)
(1,866,856)
Net decrease in cash and cash equivalents
(1,655,497)
(2,181,112)
Cash and cash equivalents at beginning of year
4,595,781
6,776,893
Cash and cash equivalents at end of year
2,940,284
4,595,781
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 15 -
1
Accounting policies
Company information
Creative Distribution Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 2, Beddington Industrial Estate, 119 Beddington Lane, Croydon, Surrey, CR0 4TD.
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
.
Creative Distribution Limited is a wholly owned subsidiary of Creative Distribution Holdings Limited and the results of Creative Distribution Limited are included in the consolidated financial statements of Creative Distribution Holdings Limited which are available from Unit 2 Beddington Lane Industrial Estate, 119 Beddington Lane, Croydon, United Kingdom, CR0 4TD
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
Revenue is the amount derived from ordinary activities and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.
Revenue from the sale of gaming products as specified in the strategic report is recognised when all the following conditions are satisfied:
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transactions will flow to the company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. A provision is made for any impairment.
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 16 -
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:
Plant and equipment
4 years straight line
Fixtures and fittings
4 years straight line
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
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 17 -
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 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.
1.9
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.
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.
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 18 -
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.
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.
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the 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.
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
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.
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 20 -
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.
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 21 -
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Sale of goods
34,845,399
37,614,371
Management fees
321,045
522,403
35,166,444
38,136,774
2022
2021
£
£
Other significant revenue
Interest income
1,164
653
Dividends received
4,072
7,547
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
14,606,962
14,475,765
Europe
12,227,110
16,574,981
Rest of World
8,332,372
7,086,028
35,166,444
38,136,774
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(6,491)
36,844
Depreciation of owned tangible fixed assets
5,408
1,803
Operating lease charges
556,592
537,973
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
32,429
33,798
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 22 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Sales and distribution
39
44
Administration
16
17
Total
55
61
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
1,507,871
1,363,926
Social security costs
154,709
141,002
Pension costs
107,904
93,339
1,770,484
1,598,267
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
50,000
77,142
Company pension contributions to defined contribution schemes
2,003
2,436
52,003
79,578
The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 4 (2021 - 4).
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
579,818
590,804
Deferred tax
Origination and reversal of timing differences
(1,184)
93
Total tax charge
578,634
590,897
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
8
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:
2022
2021
£
£
Profit before taxation
2,982,883
3,020,671
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
566,748
573,927
Tax effect of expenses that are not deductible in determining taxable profit
5,568
13,027
Tax effect of income not taxable in determining taxable profit
(1,527)
(1,433)
Timing differences
7,845
5,376
Taxation charge for the year
578,634
590,897
9
Dividends
2022
2021
£
£
Final paid
2,317,943
1,866,856
10
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021 and 30 June 2022
63,947
Amortisation and impairment
At 1 July 2021 and 30 June 2022
63,947
Carrying amount
At 30 June 2022
At 30 June 2021
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 24 -
11
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2021 and 30 June 2022
12,820
110,958
123,778
Depreciation and impairment
At 1 July 2021
7,412
110,958
118,370
Depreciation charged in the year
5,408
5,408
At 30 June 2022
12,820
110,958
123,778
Carrying amount
At 30 June 2022
At 30 June 2021
5,408
5,408
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 25 -
12
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
13
32,156
877
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2021
877
Additions
31,279
At 30 June 2022
32,156
Carrying amount
At 30 June 2022
32,156
At 30 June 2021
877
13
Subsidiaries
Details of the company's subsidiaries at 30 June 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Creative Distribution HK Limited
Hong Kong
Distribution
Ordinary
100.00
-
Creative Distribution Ktf
Hungary
Distribution
Ordinary
100.00
-
Creative World Wide Distribution Private Ltd
India
Dormant
Ordinary
100.00
-
DirectHub Limited
United Kingdom
Sportswear personalisation
Ordinary
70.00
30.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Creative Distribution Ktf
(172,964)
(122,688)
Creative World Wide Distribution Private Ltd
100
DirectHub Limited
21,377
111,977
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 26 -
14
Stocks
2022
2021
£
£
Raw materials and consumables
10,628,709
10,145,590
15
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,854,121
3,013,255
Corporation tax recoverable
7,267
Amounts owed by group undertakings
1,305,897
Other debtors
407,601
613,086
Prepayments and accrued income
516,153
722,912
6,083,772
4,356,520
The company has entered a cross company guarantee with Reef Entertainment Limited and their banking providers. Their bankers hold a fixed charge over freehold and leasehold property, As well as a first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future. They also hold a first floating charge over all assets and undertaking both present and future.
16
Current asset investments
2022
2021
£
£
Listed investments
177,654
266,781
Market value of listed investments at 30 June 2022 - £177,654 (2021: £266,781)
17
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,464,402
2,116,076
Amounts owed to group undertakings
871
871
Corporation tax
363,550
345,226
Other taxation and social security
40,745
85,869
Other creditors
1,813,525
848,333
Accruals and deferred income
253,402
133,624
3,936,495
3,529,999
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 27 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
(2,142)
(958)
2022
Movements in the year:
£
Asset at 1 July 2021
(958)
Credit to profit or loss
(1,184)
Asset at 30 June 2022
(2,142)
19
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
580
580
580
580
Ordinary B Shares of £1 each
10
10
10
10
Ordinary C Shares of £1 each
10
10
10
10
Ordinary E Shares of £1 each
25
25
25
25
Ordinary G Shares of £1 each
168
168
168
168
Ordinary H Shares of £1 each
10
10
10
10
Ordinary I Shares of £1 each
166
166
166
166
969
969
969
969
The Ordinary B shares, Ordinary C shares, Ordinary E shares, Ordinary G shares, Ordinary H shares and Ordinary I shares of £1 each do not rank pari passu in all respects with the Ordinary A shares of the company as they have no voting or participation rights but are entitled to dividends at the discretion of the directors.
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 28 -
20
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:
2022
2021
as restated
£
£
Within one year
411,411
411,411
Between two and five years
341,004
752,415
752,415
1,163,826
CREATIVE DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 29 -
21
Related party transactions
The company has taken advantage of the exemptions available under Section 33.1A of FRS 102 not to disclose intra-group transactions with wholly owned subsidiaries.
Also at the balance sheet date, included in other creditors were amounts due to company incorporated in the UK where G L Dain, A Hogarth, C F Lewis and S J Wilson are directors £1,813,144 (2021: £871,997). During the year there were purchases of £2,120,421 (2021: £2,368,327) and sales of £97,867 (2021:£335,488).
Also at the balance sheet date, the director S J Wilson owed the company £ nil (2021: £22,361). Interest accrued in the year was £ nil (2021: £653).
Also at the balance sheet date, the company were owed by a subsidiary company incorporated in the UK where G L Dain, A Hogarth, C F Lewis and S J Wilson are directors £244,130 (2021: £ nil).
Dividends totalling £2,317,943 (2021: £1,522,821) were paid in the year in respect of shares held by the company's directors.
22
Ultimate controlling party
The ultimate controlling party is Creative Distribution Holdings Limited by virtue of its majority shareholding.
23
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
2,404,249
2,429,774
Adjustments for:
Taxation charged
578,634
590,897
Investment income
(5,236)
(8,200)
Depreciation and impairment of tangible fixed assets
5,408
1,803
Loss/(gain) on sale of investments
43,955
(94,026)
Other gains and losses
(3,963)
28,296
Movements in working capital:
Increase in stocks
(483,119)
(2,796,953)
Increase in debtors
(1,756,881)
(94,364)
Increase in creditors
388,172
235,849
Cash generated from operations
1,171,219
293,076
24
Analysis of changes in net funds
1 July 2021
Cash flows
30 June 2022
£
£
£
Cash at bank and in hand
4,595,781
(1,655,497)
2,940,284
2022-06-30
2021-07-01
false
CCH Software
CCH Accounts Production 2022.300
G Dain
C Lewis
S Wilson
S Wilson
A Hogarth
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xbrli:pure
xbrli:shares
iso4217:GBP