Company Registration No. SC622646 (Scotland)
BROADEX TECHNOLOGIES UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BROADEX TECHNOLOGIES UK LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Balance sheet
4
Notes to the financial statements
5 - 11
BROADEX TECHNOLOGIES UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
Principal activities
The principal activity of the company was the manufacture of optical precision instruments.
Business Review
Broadex Technologies UK Limited is a designer and manufacturer of Opto-Electronic devices for the global telecoms market. The company was established in February 2019 and acquired in March 2019 a 1000m2 class-100 cleanroom Wafer Fabrication facility with associated land, buildings, equipment and intellectual property for the purpose of design and manufacture of Planar Light Circuit (PLC) devices using silica-on-silicon technology. In 2020, the company’s first full year of trading, revenues increased 118% compared to the initial 9 months trading and net loses reduced by 41%, further helped from operational and performance efficiency activities in the year. Broadex Technologies UK Limited is wholly owned by Broadex Technologies Co. Ltd., China.
New for 2020, the company designed and launched a website to present Broadex Corporation to the global audience, promoting the whole company’s product lines of Active and Passive optical components and devices (
www.broadex-tech.com
). Sales and Marketing, located on-site in Livingston, grew sales of products to external customers over the course of the year from continued business development, which in 2020 also added a sales representative in Japan.
Significant capital expenditure was made into the company in 2020 by the parent company for the continued renewal of existing plant and equipment (£0.4m) and for strategic improvements by investing in new technology equipment (£1.1m) to advance product performance and operation efficiency.
The influence of the Covid-19 pandemic upon the business was felt in many ways. Broadex reacted swiftly to the challenges presented by the COVID-19 pandemic which took effect in March 2020. The operation at the UK site in Livingston remained open throughout the pandemic with zero manufacturing days lost through the rapid implementation of Covid-safe working practices and following governmental advice. The company adapted quickly to this new way of working with functions remaining efficient and productive by balancing remote support with hands-on availability. As the world moved online, so did Broadex and supplier and customer relations were maintained despite the restrictions on travel and ability to meet face to face.
Preparation for Britain leaving the European Union (Brexit) was undertaken through 2020 and Broadex held some increased stock on certain long lead-time items sourced from within the EU to mitigate the risk of extended delays in the supply chain. No major impact to the business has resulted from the Brexit process.
Future Outlook
Business Development of Broadex Technologies UK Limited’s customer base is key for the coming year, to capitalise on the work already put into this area and increase revenue. To compliment this, Broadex will continue to develop the products offered and develop the technology we use to provide better product capabilities and operational efficiencies. Successful deployment of the capital invested technology is a key goal in 2021. Specific work to target further sectors within the telecoms industry is ongoing to provide solutions for internal parent company demand and external customers alike. The company will also look to expand its sales reach by using representatives and specialist consultants and we look forward to being able to meet face to face with our customers in due course as restrictions hopefully ease. The directors believe the risks to the business of market competition, product performance, product development, sales penetration and cost control are understood and that the correct measures are being taken to mitigate those risk conditions.
BROADEX TECHNOLOGIES UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Other risks and uncertainties
Regarding the Covid pandemic, the directors believe that Broadex Technologies UK Ltd has proven to be able to adapt to and perform under the constraints that the protocol to reduce viral transmission risk places on the company. The company has put in place robust plans which have been constantly under review and will be as we progress through 2021. The company applies best practise utilising the latest government advice.
Regarding Brexit the company continues to make itself aware of potential issues that may come as legislation continues to evolve, and the impact that this, and Covid, may have on suppliers and customers who could default as a result.
The financial statements have been prepared on a going concern basis as the directors are confident that they can manage the operational challenges outlined above, combined with the continued support of the parent company.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr Y Ding
Dr W Zhu
Auditor
The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Dr W Zhu
Director
15 March 2021
BROADEX TECHNOLOGIES UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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.
BROADEX TECHNOLOGIES UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 4 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
64,629
98,877
Tangible assets
4
4,827,290
3,903,774
4,891,919
4,002,651
Current assets
Stocks
632,509
433,664
Debtors
5
1,127,736
776,797
Cash at bank and in hand
299,629
138,515
2,059,874
1,348,976
Creditors: amounts falling due within one year
6
(785,951)
(343,770)
Net current assets
1,273,923
1,005,206
Total assets less current liabilities
6,165,842
5,007,857
Creditors: amounts falling due after more than one year
7
(3,978,541)
(3,923,400)
Net assets
2,187,301
1,084,457
Capital and reserves
Called up share capital
8
5,396,837
2,920,001
Share premium account
1,395
1,395
Capital contribution reserve
141,977
338,402
Profit and loss reserves
(3,352,908)
(2,175,341)
Total equity
2,187,301
1,084,457
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 March 2021 and are signed on its behalf by:
Dr W Zhu
Director
Company Registration No. SC622646
BROADEX TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
1
Accounting policies
Company information
Broadex Technologies UK Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Starlaw Business Park, Starlaw Road, Livingston, United Kingdom, EH54 8SF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has
access to
adequate resources to continue in operational existence for the foreseeable future
notwithstanding the loss of approximately £1.4m generated in the financial year
.
In forming this assessment, the directors have considered forecast trading performance as well as confirmations received from its parent company that it will continue to provide the support necessary to allow the company to meet its obligations as they fall due for at least twelve months from the date of approval of the financial statements. This support extends to ensuring that the company is able to meet any amounts owed to fellow group undertakings, with £4m owed to fellow subsidiaries included within creditors falling due after more than one year but due for repayment within twelve months from the date of approval of the financial statements.
The directors have also considered the impact of the Global COVID-19 pandemic. A key consideration has been over the robustness of the supply chain and the risk of payment default by customers. The directors are confident that they can continue to manage any short term operational challenges presented by the pandemic and combined with the continued support of its parent company have prepared the financial statements on a going concern basis.
1.3
Reporting period
The financial statements for the current period cover the year ended 31 December 2020. The comparative period covers reported results from the date of incorporation on 27 February 2019 to 31 December 2019.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
BROADEX TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 6 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Patents
20 years straight line
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
30 years straight line
Plant and equipment
2.5 to 5 years straight line
Fixtures and fittings
7 years stright line
Office and computer equipment
3 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 the profit and loss account.
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 the profit and loss account.
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
the profit and loss account.
BROADEX TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 7 -
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 are calculated on a standard cost basis.
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
the profit and loss account
. Reversals of impairment losses are also recognised in
the profit and loss account.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
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
certain
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.
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
certain
creditors and
loans from
fellow group companies, 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.
BROADEX TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 8 -
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
the profit and loss account
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
R&D tax credits are also recognised
at the fair value of the asset receive
d
or receivable when there is reasonable assurance that
claims will be successful. R&D tax credits are recognised in other operating income.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons employed by the company during the year was 59 (2019 - 54
).
BROADEX TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
3
Intangible fixed assets
Patents
£
Cost
At 1 January 2020 and 31 December 2020
133,589
Amortisation and impairment
At 1 January 2020
34,712
Amortisation charged for the year
34,248
At 31 December 2020
68,960
Carrying amount
At 31 December 2020
64,629
At 31 December 2019
98,877
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020
2,277,232
1,993,030
4,270,262
Additions
1,507,282
1,507,282
Disposals
(51,760)
(51,760)
At 31 December 2020
2,277,232
3,448,552
5,725,784
Depreciation and impairment
At 1 January 2020
51,979
314,509
366,488
Depreciation charged in the year
62,374
521,392
583,766
Eliminated in respect of disposals
(51,760)
(51,760)
At 31 December 2020
114,353
784,141
898,494
Carrying amount
At 31 December 2020
2,162,879
2,664,411
4,827,290
At 31 December 2019
2,225,253
1,678,521
3,903,774
BROADEX TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 10 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
747,544
408,578
Other debtors
380,192
368,219
1,127,736
776,797
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
482,304
161,147
Taxation and social security
51,101
49,640
Other creditors
252,546
132,983
785,951
343,770
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Amounts owed to group undertakings
3,978,541
3,923,400
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
5,396,837 (2019: 2,920,001) Ordinary shares of £1 each
5,396,837
2,920,001
On 21 December 2020, the company issued 2,476,836 Ordinary shares of £1 each for a total consideration of £2,476,836.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was James Hamilton.
The auditor was Johnston Carmichael LLP.
BROADEX TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 11 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
4,734
7,890
11
Events after the reporting date
On the 3
rd
March 2021 a burst pipe in the production facility resulted in significant water damage to the company’s wafer processing equipment. Initial assessments on the damage indicate the equipment is not repairable. The management team in accordance with the directors’ backing have acted quickly to source replacement wafer processing equipment and are in the process of bringing the replacement asset into operational use. There is expected to be a short term disruption to the manufacturing process and a lag in the timing of fulfilling sales orders. The net book value of the wafer processing equipment asset was £147,537. The company considers it has the appropriate level of insurance to enable it to recover fully from the impact of the incident, but at the time of authorising the financial statements it is not possible to reliably estimate the magnitude of any successful claim.
12
Related party transactions
The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with the immediate parent or any wholly owned subsidiary undertaking of the group.
13
Parent company
The parent company of Broadex Technologies UK Limited is
Broadex Technologies Co., Ltd
, a company registered in China, whos
e
registered address is 306 Yatai Road, Nanhu District, Jiaxing, Zhejiang Province, China, 314006.
Broadex Technologies Co., Ltd
is the largest and smallest company which prepares consolidated financial statements.
2020-12-31
2020-01-01
false
15 March 2021
CCH Software
CCH Accounts Production 2021.100
This audit opinion is unqualified
Dr Y Ding
Dr W Zhu
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