Company Registration No. 05869828 (England and Wales)
Rainford EMC Systems Limited
Annual report and financial statements
for the year ended 31 December 2020
Rainford EMC Systems Limited
Company information
Directors
John Noonan
William McFadden
Per Iverson
Philippe Garreau
Company number
05869828
Registered office
Unit 400 Haydock Lane
Haydock Industrial Estate
St Helens
Merseyside
WA11 9TH
Independent auditor
Saffery Champness LLP
City Tower
Piccadilly Plaza
Manchester
M1 4BT
Rainford EMC Systems Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12 - 13
Statement of changes in equity
14
Notes to the financial statements
15 - 34
Rainford EMC Systems Limited
Strategic report
For the year ended 31 December 2020
Page 1
The directors present the strategic report for the year ended 31 December 2020.
Overview
The Directors of Rainford EMC Systems Ltd (REMC) have pleasure in presenting the strategic report for year ending 2020 results.
REMC business is the design, manufacture installation & testing of shielded facilities and shielded anechoic facility. REMC is part of the Microwave Vision Group (MVG) of companies. Being part of MVG continues to provide benefits for REMC proving access to global markets and customers with marketing support which otherwise would be either very difficult or impossible for REMC to access alone. MVG expertise in electromagnetic wave measurement tools and constant R+D to keep ahead of customers’ needs has been a driving force in the company’s continued growth. The wireless market is constantly evolving and growing with increasingly sophisticated and diversified products. The rollout of 5G and IOT technology is aiding MVG global expansion with continued growth of new space satellites, planes & drones, mobile phones, computers, tablets, GPS navigators, medical instruments or wireless home technology, autonomous and technically advanced vehicles, etc. All of these depend heavily on the capabilities of wireless technology as they require antennas that are designed to convert electrical signals into radio signals. This is the heart of the market that REMC & MVG address, providing the tools and environment for these devices to be developed and tested.
Reciprocally REMC provide MVG with inhouse support for our products and service helping MVG to offer a comprehensive service to their customers.
Despite the challenges and restrictions provided by the Covid-19 global pandemic and the uncertainties and late agreement of the terms for Brexit, REMC continue trading effectively minimising disruptions to help achieve our best year to date with over 8 years of year-on-year growth. Furthermore, we were able to improve on the expect budget for 2020 in all key areas of revenue, margin and profit.
In July 2020, HLD Europe (HLD) agreeing the acquisition of MVG during a global pandemic is a clear sign of confidence in both MVG and the markets we address. The involvement by HLD in MVG should help support continued expansion of MVG.
The acquisition is due to conclude in 2021.
Rainford EMC Systems Limited
Strategic report (continued)
For the year ended 31 December 2020
Page 2
Fair review of the Business
REMC Revenue for 2020 was up £2.42M on 2019 at £14.56M with PBT up £1.43M on 2019 at £1.9M. The order book was up £1.2M to £7.9M at the end of 2020.
REMC specifically addresses and manufactures the shielding aspect as part of proving the required environment, plus has the responsibility for the project management and delivery of the complete shielded anechoic chamber packages. In addition, REMC also addresses shielding only applications such as:
-
Electro Magnetic Pulse Protection (EMPP) & Nuclear Electro Magnetic Pulse Protection (NEMP)
-
Security, comms and data protection
-
Health & safety protection
The market is broadly evenly split between Civil Telecommunications with consumer products and Aerospace/Defence. Both sectors have and continue to be buoyant and expanding.
Our continued growth reflects that MVG & REMC strategic aligning with the demands of the marketplace and flexibility to act quickly when required. For example, providing test systems and allied chamber products for new space exploration with Amazon, Facebook and Space X. Also for supporting existing and reoccurring customers such as TUV, Nokia, Ericsson, Samsung, Apple, Lockheed Martin, Raytheon, etc.
UK defense spending. Investment in obtaining List X status in 2019 helping to secure orders with defense security related customers.
To help sustain and grow revenue we invested in the lease of a 5,214 sq ft industrial unit, Unit 1 Bahama Road which is on the same industrial estate as Unit 400 Haydock Lane. The lease term is 5 years with a 2 ½ years break.
REMC head count remains steady with a low turnover of people proving stability, continuity whist retaining expertise, skills and experience.
Investment in SAP in previous years is now paying off, both for local financial management and for group integration & reporting.
Covid-19 restriction did have a negative albeit limited impact on REMC business in 2020 as we reacted quickly and well to the restrictions and challenges imposed. To help ensure completion of the installation of projects in Israel it was necessary to hand back that part of the orders to MVG in Israel, circa £450k. Some costs related to travel, transport and some goods & services were inflated due to Covid-19. However, we also had significant savings on travel costs as staff movement were significantly curtained and restricted.
Both Covid-19 and Brexit did delay some customers placing orders and progressing live orders in addition to imposing site access restrictions. However, we were able to compete by bringing forward future orders and winning new work.
Rainford EMC Systems Limited
Strategic report (continued)
For the year ended 31 December 2020
Page 3
Description of the principal risks and uncertainties
The directors confirm that we have carried out a robust assessment of the principal risks facing the company, including those that would threaten its business model, future performance, solvency or liquidity. The principal risks and uncertainties facing the business are as follows:
Covid-19 and Brexit risks:
The main risk for the business in 2021 and possibly beyond is likely to be related to Covid-19 and Brexit. Both continue to have a negative impact in 2021, reducing the availability of raw materials and disrupted shipping increasing costs. Plus, for Brexit restructuring orders from some European customers might reduce revenue for REMC as it might be practical and necessary to maintain competitiveness to rout orders via more local MVG companies.
Liquidity risk:
Liquidity risk is the risk that an entity will encounter difficulties in meeting obligations associated with financial liabilities. The company aims to mitigate liquidity risk by managing the cash generation of its operations with strong focus on cash collection and regular and detailed forecasting. The business has no material exposure to non-basic financial instruments.
Foreign currency risk:
The results of operations and financial position are measured using the functional currency of the primary economic environment in which the entity operates. Transactions are conducted in British Pounds, Euros and US Dollars. The company is exposed to exchange rate fluctuations and hence, currency rates changes are monitored to minimize the effect on results of operations.
Credit risk:
Credit risk is the risk that customers or counterparties will not be able to meet their obligations to the company. The company has policies aimed at minimising such losses and require that deferred payment terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures.
Opportunities
The line of sight of the marketplace and potential orders for the next few years looks is good. The global demand for development & testing of wireless products intensified. Movement & continued development with 5G will continue this trend. US defense spending (orders typically via MVG US company OATI) is expected to continue with OAT in negotiation for 3 further large Hercules projects.
When HLD complete the acquisition of 100% of MVG shares they will be looking for acquisitions to compliment MVG business to help increase the MVG revenue and worth plus to support further R+D into new products. Both areas should benefit REMC with new customers and potentially new products.
The management of different currencies across MVG by MVG is an area where some future saving could be made.
Rainford EMC Systems Limited
Strategic report (continued)
For the year ended 31 December 2020
Page 4
Analysis based on Key Performance Indicators
Financial results are the main KPI for the business as embodies buoyancy of the marketplace, REMC performance with orders, customer satisfaction via repast business & minimal warranty claims and continued expansion in developing territories and securing new customers.
Enquiries received during the year increased from £50m in 2019 to £55m in 2020
. With similar numbers of enquiries reflecting the growth in the marketplace and REMC access to it.
John Noonan
Director
19 March 2021
Rainford EMC Systems Limited
Directors' report
For the year ended 31 December 2020
Page 5
The directors present their annual report and financial statements for the year ended 31 December 2020.
Principal activities
The principal activity of the company continued to be that of manufacturing metal structures and parts.
Results and dividends
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
John Noonan
William McFadden
Per Iverson
Philippe Garreau
Financial instruments
The directors have assessed the risk of financial instruments in the strategic report contained on pages 1 - 4 in the financial statements.
Auditor
Saffery Champness LLP 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.
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
John Noonan
Director
19 March 2021
Rainford EMC Systems Limited
Directors' responsibilities statement
For the year ended 31 December 2020
Page 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;
-
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.
Rainford EMC Systems Limited
Independent auditor's report
To the members of Rainford EMC Systems Limited
Page 7
Opinion
We have audited the financial statements of Rainford EMC Systems Limited (the 'company') for the year ended 31 December 2020 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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
S
tandard 102
,
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Rainford EMC Systems Limited
Independent auditor's report (continued)
To the members of Rainford EMC Systems Limited
Page 8
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.
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
the
audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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
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.
Rainford EMC Systems Limited
Independent auditor's report (continued)
To the members of Rainford EMC Systems Limited
Page 9
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
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.
Rainford EMC Systems Limited
Independent auditor's report (continued)
To the members of Rainford EMC Systems Limited
Page 10
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Kite BSc FCA (Senior Statutory Auditor)
For and on behalf of Saffery Champness LLP
19 March 2021
Chartered Accountants
Statutory Auditors
City Tower
Piccadilly Plaza
Manchester
M1 4BT
Rainford EMC Systems Limited
Statement of comprehensive income
For the year ended 31 December 2020
Page 11
2020
2019
Notes
£
£
Turnover
3
14,563,029
12,141,473
Cost of sales
(9,656,859)
(8,402,776)
Gross profit
4,906,170
3,738,697
Administrative expenses
(3,081,537)
(3,285,102)
Other operating income
84,702
19,316
Operating profit
4
1,909,335
472,911
Interest receivable and similar income
7
-
2,588
Interest payable and similar expenses
8
(8,321)
(4,746)
Profit before taxation
1,901,014
470,753
Tax on profit
9
(386,986)
(108,061)
Profit for the financial year
1,514,028
362,692
The income statement has been prepared on the basis that all operations are continuing operations.
Rainford EMC Systems Limited
Statement of financial position
As at 31 December 2020
31 December 2020
Page 12
2020
2019
Notes
£
£
£
£
Fixed assets
Goodwill
10
568,833
655,604
Tangible assets
11
170,375
194,402
739,208
850,006
Current assets
Stocks
12
422,977
345,155
Debtors
13
5,608,472
9,617,747
Cash at bank and in hand
2,798,931
351,541
8,830,380
10,314,443
Creditors: amounts falling due within one year
14
(4,623,392)
(7,738,424)
Net current assets
4,206,988
2,576,019
Total assets less current liabilities
4,946,196
3,426,025
Creditors: amounts falling due after more than one year
15
(8,269)
(13,098)
Provisions for liabilities
Provisions
18
62,797
52,238
Deferred tax liability
19
30,071
29,658
(92,868)
(81,896)
Net assets
4,845,059
3,331,031
Capital and reserves
Called up share capital
22
151,001
151,001
Share premium account
23
154,010
154,010
Profit and loss reserves
24
4,540,048
3,026,020
Total equity
4,845,059
3,331,031
Rainford EMC Systems Limited
Statement of financial position (continued)
As at 31 December 2020
31 December 2020
Page 13
The financial statements were approved by the board of directors and authorised for issue on 19 March 2021 and are signed on its behalf by:
John Noonan
Director
Company Registration No. 05869828
Rainford EMC Systems Limited
Statement of changes in equity
For the year ended 31 December 2020
Page 14
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2019
151,001
154,010
2,663,328
2,968,339
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
362,692
362,692
Balance at 31 December 2019
151,001
154,010
3,026,020
3,331,031
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
1,514,028
1,514,028
Balance at 31 December 2020
151,001
154,010
4,540,048
4,845,059
Rainford EMC Systems Limited
Notes to the financial statements
For the year ended 31 December 2020
Page 15
1
Accounting policies
Company information
Rainford EMC Systems Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 400 Haydock Lane, Haydock Industrial Estate, St Helens, Merseyside, WA11 9TH.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest
income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Microwave Vision Group SA.
These consolidated financial statements are available from
the group website https://investor.mvg-world.com/fr. The registered office is Microwave Vision SA,13 rue du Zéphyr, Parc d'Activités de l'Océane, 91140 VILLEJUST, FRANCE.
1.2
Going concern
The directors have carried out an extensive forecasting exercise to assess the
true
viability
of the
C
ompany over the next years in light of the coronavirus pandemic. At the time of signing the financial statements
the
directors have a reasonable expectation that the
C
ompany 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 the preparation of the financial statements.
Further detail of the impact of the coronavirus pandemic on the Company can be found in the strategic report.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 16
1.3
Turnover
Turnover is taken into account progressively and in accordance with UK applicable accounting standards relating to long term contracts.
Revenue is based on the estimated total turnover (contract value) and the degree of estimated progress (total costs realised at the year end date compared to the total cost forecast at the end of the contract) for each individual contract. Accrued revenue (unbilled work) or deferred revenue is the difference between the revenue as calculated above and the value which has been invoiced.
The amount of revenue recognised on contracts completed or in progression is shown on the turnover line. In cases where a contract loss is foreseen, this loss is recognised through a provision for estimated total contract loss net of loss on the progress already recorded.
1.4
Intangible fixed assets - goodwill
Goodwill arising on the acquisition
and then subsequent hive up
of subsidiary trade and assets represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities 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 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Leasehold improvements
Period of lease
Plant and equipment
15-33% straight line
Fixtures and fittings
10-33% straight line
Motor vehicles
15-33% 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
.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 17
1.6
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
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.
1.8
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.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 18
1.9
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 statement of financial position 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, 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.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 19
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 20
1.10
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.
1.11
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
income statement
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.
1.12
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 21
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
Share-based payments
For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the
year
.
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the
Black-Scholes option pricing
model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
1
Accounting policies (continued)
Page 22
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 statement of financial position 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.
1.17
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
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.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 23
2
Critical accounting 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Long term contract accounting
Revenue recognition on the long term contracts requires an estimate of the stage of completion of a contract, this is inherently judgemental. Stage of completion is measured by comparison of costs incurred against total anticipated costs on a contract. The senior management team regularly review the progress of all its major projects considering technical and operational issues, progress against plan and external factors such as foreign exchange movements. The senior management team use their significant experience to assess the financial implications of these factors on the projects in determining the percentage completion at the year end.
3
Turnover and other revenue
2020
2019
£
£
Turnover analysed by class of business
Rendering of services
14,563,029
12,141,473
2020
2019
£
£
Other significant revenue
Interest income
-
2,588
Grants received
84,702
-
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
3
Turnover and other revenue (continued)
Page 24
2020
2019
£
£
Turnover analysed by geographical market
United Kingdom
7,899,055
6,328,665
Europe
1,531,549
2,766,861
Rest of world
5,132,425
3,045,947
14,563,029
12,141,473
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
203,663
(128,149)
Government grants
(84,702)
-
Fees payable to the company's auditor for the audit of the company's financial statements
16,500
14,250
Depreciation of owned tangible fixed assets
70,827
68,562
Amortisation of intangible assets
86,771
86,771
Operating lease charges
152,996
96,017
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Directors
2
3
Administration
24
22
Production
26
27
Total
52
52
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
5
Employees (continued)
Page 25
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
2,058,081
2,010,502
Social security costs
208,086
206,218
Pension costs
45,541
43,781
2,311,708
2,260,501
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
302,944
285,651
Company pension contributions to defined contribution schemes
3,853
3,602
306,797
289,253
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2019 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
178,384
169,802
Company pension contributions to defined contribution schemes
1,313
1,188
7
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
-
2,588
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 26
8
Interest payable and similar expenses
2020
2019
£
£
Interest on bank overdrafts and loans
8,321
4,746
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
386,573
112,671
Deferred tax
Origination and reversal of timing differences
413
(4,610)
Total tax charge
386,986
108,061
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
1,901,014
470,753
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
361,193
89,443
Tax effect of expenses that are not deductible in determining taxable profit
6,961
2,323
Amortisation on assets not qualifying for tax allowances
16,486
16,486
Other non-reversing timing differences
(255)
(191)
Fixed asset timing differences
2,188
-
Deferred tax impact on current year
413
-
Taxation charge for the year
386,986
108,061
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 27
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2020 and 31 December 2020
1,735,420
Amortisation and impairment
At 1 January 2020
1,079,816
Amortisation charged for the year
86,771
At 31 December 2020
1,166,587
Carrying amount
At 31 December 2020
568,833
At 31 December 2019
655,604
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
29,904
324,655
138,818
77,095
570,472
Additions
10,637
20,200
7,268
8,695
46,800
At 31 December 2020
40,541
344,855
146,086
85,790
617,272
Depreciation and impairment
At 1 January 2020
22,947
210,822
92,779
49,522
376,070
Depreciation charged in the year
864
33,384
19,804
16,775
70,827
At 31 December 2020
23,811
244,206
112,583
66,297
446,897
Carrying amount
At 31 December 2020
16,730
100,649
33,503
19,493
170,375
At 31 December 2019
6,957
113,833
46,039
27,573
194,402
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 28
12
Stocks
2020
2019
£
£
Finished goods and goods for resale
422,977
345,155
An impairment loss release of £16,582 (2019: gain of £10,537) was recognised in cost of sales during the year due to slow-moving and obsolete stock.
13
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,762,038
1,336,360
Amounts owed by group undertakings
3,402,818
5,512,386
Other debtors
18,015
4,042
Prepayments and accrued income
425,601
2,764,959
5,608,472
9,617,747
14
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Bank loans and overdrafts
16
158,469
-
Obligations under finance leases
17
2,947
7,439
Trade creditors
1,074,487
1,710,548
Amounts owed to group undertakings
1,602,412
3,654,774
Corporation tax
378,264
110,364
Other taxation and social security
260,990
85,538
Other creditors
14,094
11,058
Accruals and deferred income
1,131,729
2,158,703
4,623,392
7,738,424
15
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Obligations under finance leases
17
8,269
13,098
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 29
16
Loans and overdrafts
2020
2019
£
£
Bank overdrafts
158,469
-
Payable within one year
158,469
-
The bank facilities are secured by way of:
Debenture including a fixed charge over all present freehold and leasehold property; a fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and a first floating charge over all assets and undertaking both present and future dated 23 January 2015; and
An unlimited guarantee dated 14 January 2015 given by Rainford EMC Systems Limited and the parent company, Microwave Vision Group SA.
Amounts owed to group undertakings are unsecured, interest free and payable on demand.
17
Finance lease obligations
2020
2019
Future minimum lease payments due under finance leases:
£
£
Within one year
2,947
7,439
In two to five years
8,269
13,098
11,216
20,537
18
Provisions for liabilities
2020
2019
£
£
Warranty provision
62,797
52,238
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
18
Provisions for liabilities (continued)
Page 30
Movements on provisions:
Warranty provision
£
At 1 January 2020 and 31 December 2020
62,797
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
30,555
30,320
Other short term timing differences
(484)
(662)
30,071
29,658
2020
Movements in the year:
£
Liability at 1 January 2020
29,658
Charge to profit or loss
413
Liability at 31 December 2020
30,071
Of the deferred tax liability set out above £10,461 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 31
20
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,541
43,781
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.
Contributions totalling £10,277 (2019: £7,010) were payable to the fund as at 31 December 2020 and are included within creditors due less than one year,
21
Share-based payment transactions
Number of share options
Weighted average exercise price
2020
2019
2020
2019
Number
Number
£
£
Outstanding at 1 January 2020
5,000
20,000
-
13.50
Granted
-
5,000
-
-
Forfeited
-
(20,000)
-
13.50
Outstanding at 31 December 2020
5,000
5,000
-
-
Exercisable at 31 December 2020
5,000
-
-
-
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
21
Share-based payment transactions (continued)
Page 32
In the year to 31 December 2019 there were two separate share based payments schemes active in the financial statements. Both schemes were in respect of shares in the ultimate parent company Microwave Visions Group SA. For the first scheme, the options were valued using the Black-Scholes option pricing model with the following inputs:
Date of grant 18 July 2014
Number of options granted 20,000
Exercise price €13.50
Risk free investment rate 5%
Dividend yield 0%
Volatility 30%
Expected life 5 years
There were no vesting conditions associated with the first scheme. The vesting period of the first scheme ended in the year to 31 December 2019 and ultimately no options were exercised. Hence, no charge has been recognised in the financial statements in respect of this.
For the second scheme, the options were valued using the Black-Scholes option pricing model with the following inputs:
Date of grant 18 November 2019
Number of options granted 5,000
Exercise price €0.00
Risk free investment rate 5%
Dividend yield 0%
Volatility 30%
Expected life 1 year
There were vesting conditions associated with the second scheme however all were deemed to have been met at the end of the vesting period. The vesting period of the first scheme was ended in the year to 31 December 2020 and all options were exercised. Hence a charge of £32,931 (2019: £30,677) has been recognised within administrative expenses in the statement of comprehensive income.
Liabilities and expenses
In the year to 31 December 2020, the cost of the benefit of the second share option scheme was invoiced from the ultimate parent company to the Company. Since the Company was required to repay the cost of the scheme to the ultimate parent it was deemed to have substantially taken on a liability at the commencement of the second scheme. Therefore, the second scheme has been accounted for as a cash settled scheme recognising a cost and a liability over the vesting period. The cost of the scheme was measured using the Black-Scholes option pricing model as noted above and this was the amount that was ultimately invoiced by the parent company. As noted above the expense has been recognised over the vesting period within administrative expenses and the corresponding liability of £63,598 sits within amounts due to group undertakings within current liabilities as at 31 December 2020.
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 33
22
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
151,001
151,001
151,001
151,001
All shares have equal voting rights and equal rights to participate in dividends and other distributions.
23
Share premium account
2020
2019
£
£
At the beginning and end of the year
154,010
154,010
Share premium represents the amounts received above the nominal value for shares issued less transactions costs.
24
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
3,026,020
2,663,328
Profit for the year
1,514,028
362,692
At the end of the year
4,540,048
3,026,020
25
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:
2020
2019
£
£
Within one year
166,174
138,800
Between two and five years
416,400
555,200
582,574
694,000
Rainford EMC Systems Limited
Notes to the financial statements (continued)
For the year ended 31 December 2020
Page 34
27
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's Loan Account
-
-
1,034
1,034
-
1,034
1,034
28
Ultimate controlling party
The ultimate parent company and the ultimate controlling party is considered to be Microwave Vision Group SA a company incorporated in France by virtue of its 100% shareholding. This is the smallest and largest group in which the Company financial statements are consolidated. A copy of the consolidated financial are available from the MVG website at https://investor.mvg-world.com/fr. The registered office is Microwave Vision SA,13 rue du Zéphyr, Parc d'Activités de l'Océane, 91140 VILLEJUST, FRANCE.
2020-12-31
2020-01-01
false
CCH Software
CCH Accounts Production 2020.310
John Noonan
William McFadden
Per Iverson
Philippe Garreau
05869828
2020-01-01
2020-12-31
05869828
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2020-01-01
2020-12-31
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2020-01-01
2020-12-31
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2020-01-01
2020-12-31
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2020-01-01
2020-12-31
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2020-01-01
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2019-01-01
2019-12-31
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2019-01-01
2019-12-31
05869828
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2020-01-01
2020-12-31
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core:Goodwill
2020-12-31
05869828
core:Goodwill
2019-12-31
05869828
2019-12-31
05869828
core:LeaseholdImprovements
2020-12-31
05869828
core:PlantMachinery
2020-12-31
05869828
core:FurnitureFittings
2020-12-31
05869828
core:MotorVehicles
2020-12-31
05869828
core:LeaseholdImprovements
2019-12-31
05869828
core:PlantMachinery
2019-12-31
05869828
core:FurnitureFittings
2019-12-31
05869828
core:MotorVehicles
2019-12-31
05869828
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
05869828
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
05869828
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-12-31
05869828
core:Non-currentFinancialInstruments
core:AfterOneYear
2019-12-31
05869828
core:CurrentFinancialInstruments
2020-12-31
05869828
core:CurrentFinancialInstruments
2019-12-31
05869828
core:ShareCapital
2020-12-31
05869828
core:ShareCapital
2019-12-31
05869828
core:SharePremium
2020-12-31
05869828
core:SharePremium
2019-12-31
05869828
core:RetainedEarningsAccumulatedLosses
2020-12-31
05869828
core:RetainedEarningsAccumulatedLosses
2019-12-31
05869828
core:ShareCapital
2018-12-31
05869828
core:SharePremium
2018-12-31
05869828
core:RetainedEarningsAccumulatedLosses
2018-12-31
05869828
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05869828
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2019-12-31
05869828
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2020-01-01
2020-12-31
05869828
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2020-01-01
2020-12-31
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core:PlantMachinery
2020-01-01
2020-12-31
05869828
core:FurnitureFittings
2020-01-01
2020-12-31
05869828
core:MotorVehicles
2020-01-01
2020-12-31
05869828
core:UKTax
2020-01-01
2020-12-31
05869828
core:UKTax
2019-01-01
2019-12-31
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2019-01-01
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2020-01-01
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2020-01-01
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2019-12-31
05869828
core:LeaseholdImprovements
2019-12-31
05869828
core:PlantMachinery
2019-12-31
05869828
core:FurnitureFittings
2019-12-31
05869828
core:MotorVehicles
2019-12-31
05869828
2019-12-31
05869828
core:Non-currentFinancialInstruments
2020-12-31
05869828
core:Non-currentFinancialInstruments
2019-12-31
05869828
core:WithinOneYear
2020-12-31
05869828
core:WithinOneYear
2019-12-31
05869828
core:BetweenTwoFiveYears
2020-12-31
05869828
core:BetweenTwoFiveYears
2019-12-31
05869828
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
05869828
bus:FRS102
2020-01-01
2020-12-31
05869828
bus:Audited
2020-01-01
2020-12-31
05869828
bus:FullAccounts
2020-01-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP