Company Registration No. 00148350 (England and Wales)
J.H.& F.W.GREEN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
J.H.& F.W.GREEN LIMITED
COMPANY INFORMATION
Directors
R J H Green
P W Green
G R Green
H C E Green
J Green
R H Green
S D Green
F J Green
(Appointed 9 December 2020)
S P Green
(Appointed 9 December 2020)
J M Bowry
(Appointed 7 May 2021)
Secretary
R J H Green
Company number
00148350
Registered office
Sussex House
Quarry Lane
Chichester
PO19 8PE
Auditor
BHP LLP
57-59 Saltergate
Chesterfield
Derbyshire
S40 1UL
J.H.& F.W.GREEN LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 44
J.H.& F.W.GREEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present the strategic report for the year ended 31 December 2020.
Fair review of the business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and complex nature of our business and is written in the context of the risks and uncertainties we face.
The Group's principal activity, through David Cover and Son Ltd ("Covers") is the supply of timber and building materials to trade and private customers from depots across Sussex, Hampshire, Surrey and Kent.
The Group's other major activities are farming, and the development and rental of property.
There were no major acquisitions or capital investments in 2020, mainly due to the business navigating through the unprecedented economic environment brought on by the global Covid-19 pandemic. Covers closed entirely for 4 weeks from late March 2020 to support the national effort to combat the pandemic and took a cautious approach in reopening depots thereafter. The priority was, and still is, the safety and welfare of the staff and customers and the wider public interest.
The majority of the staff were furloughed and brought back on a staggered basis as the business reacted to increasing demand from the construction industry that bounced back strongly in the latter part of 2020.
The Group’s prudent approach to finance meant we were in a strong position to still meet our financial obligations and continued to pay our suppliers to terms. Although considerable flexible borrowing facilities were in place, they were not utilised after May 2020.
We have clearly demonstrated the resilience that a long-term oriented family owned business has. We have also continued to be guided by our values (available on the website www.coversmerchants.co.uk) and aimed to protect and enhance our long term reputation with all stakeholders.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Group as a whole, these being turnover, operating profit and profit before taxation.
A prior year adjustment has been made after it was identified that the fair value of the assets of the defined benefit pension scheme was understated as at 31 December 2019. This was as a result of a property purchase being omitted from the valuation as it fell in the period between the pension scheme year end (31 July) and the company year end (31 December). The restatement had no impact on previously reported 2019 cash or profit but increased net assets by £2.5m (see Note 37).
The turnover of the Group decreased by 20.7% mainly due to Covers closure and gradual return to reopening depots. Whilst we offered support to tenants adversely affected by Covid-19, income generated from property rental held up well.
Overall gross margin increased slightly to 35.7% (2019: 35.4%) and £ gross profit reduced by 20.1%, in line with the reduced turnover.
In 2020 the Group benefited from a £1.3m fair value gain from the Chichester Business Park property joint venture relating to one of the buildings moving from work in progress to investment property and subsequently being fully let.
On the back of the fair value gain Group operating profit increased slightly to £5.4m (2019 £5.3m). Adjusted Group operating profit (pre fair value gain) was £4.1m, down 25.7% to prior year. This would have been significantly worse were it not for the Government support measures the group benefitted from including through the furlough scheme.
Net interest payable reduced by £0.1m with strong cash generation due to no major acquisitions and lower interest rates. There were fair value gains on investment property of £0.7m this year (2019: nil).
J.H.& F.W.GREEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Fair review of the business (continued)
Profit before taxation was £6.1m (2019: £5.2m). The tax charge was £1.1m (2019: £0.8m). Reported profit after taxation was £5.0m (2019: £4.3m).
During the year, the Group continued its contribution to the local community, particularly to hospices across the region, by making charitable donations of £68,000 (2019: £52,000).
The Group's Defined Benefit Pension Plan deficit increased to £8.0m (2019: £nil). This was due to the present value of the defined benefit obligations increasing by £8.8m because of a reduction in the discount rate from 2.6% to 1.2%. This was partly from a reduction in market rates and partly due to a more conservative basis being adopted. Accounting rules require the expected return on assets to be reduced by the same amount although historic performance has been much better. Based on more realistic technical provisions, the Plan is approximately in balance.
Plan Investments improved by £0.8m due to a good performance by the global equity part of the portfolio. The fund also invested £3m into a sustainable equity fund and reduced its holding of bonds. The major investment continues to be high yield bonds. There is also a substantial investment in directly held property invested in industrial and trade counter units.
The spread of assets held by the Plan is targeted at producing returns above the actuarial technical provisions with diversity to avoid excessive volatility.
A reduced dividend was paid to shareholders in 2020 which was funded through existing reserves.
After movements relating to the defined benefit pension scheme, revaluations and dividends, reserves have decreased by £2.2m. Overall the Group's balance sheet is in robust shape.
Cash generated from operations was £9.8m (2019: £5.9m) principally due to the robust profit, higher trade creditors (£1.6m) after strong final quarter trading and deferral of tax payments (£1.7m). With no major acquisitions taking place in the year, this allowed us to reduce bank borrowings (including overdraft) to £6.9m (2019: £11.1m). Overall cash inflow was £4.8m. The Group works well within its credit facilities
At the time of writing, Covers’ trading has been extremely strong in 2021 due to unprecedented demand from both trade and account customers, with higher than normal disposable income being spent on home improvements.
This demand has put severe pressure on the building materials supply chain who also had to contend with logistical challenges, factory closures and post-Brexit procedures and laws. Using the strong supplier relationships we have built up, Covers is fulfilling the needs of its loyal customers as much as possible. The tight building materials market is also causing unprecedented price increases on many products. We foresee challenging times ahead until supply and demand for many of our products returns to balance.
The Group is positive about the short and medium-term and continues to invest in its staff, depots, vehicles and website. Stock and debtor control remain key business priorities as well as ensuring continuity of supplies to our customers.
With the current global risks and uncertainties in mind, we are aware that the development of the business may be subject to other unforeseen future events outside of our control, but we remain confident that the continued investment in the business and its underlying financial strength will enable it to continue to succeed in these challenging times and be well placed to take advantage of opportunities for growth.
The directors recognise the important contribution made by all the staff in the business's success, none more so than in a very challenging 2020.
Research and development
Covers continued to invest in developing its on-line ordering and sales capability throughout 2020 and have since launched a new and improved website in 2021.
J.H.& F.W.GREEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
J.H. and F.W. Green Group (“Greens”): Stakeholder Engagement– Section 172(1) Statement
As the Board of Greens, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider to be most likely to promote the Group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the Group and its stakeholders. This statement addresses the ways in which we as a Board carry out this responsibility.
Promoting the company’s success for its members
Greens’ history dates back to its incorporation in 1917 although the family had been involved in timber for at least a century before that. The main trading business was founded by the Cover family in 1846
and
in 1946 control passed to Greens which continues to run it today. We’re proud of the ways in which, over nearly 175 years, the Group has provided employment, training and financial reward for its owners and employees. We regard it as important that the family ownership has been maintained through the generations and the Group has re-invested most of its profits.
Covers aims to be the first choice for SME builders in the South East while
also
providing excellent service to its larger corporate and retail customers. In a crowded market, dominated by large corporate entities including UK and European plcs, Covers has retained its distinctive independent position by investing in its staff, branches and timber production facilities.
Greens
'
other businesses of farming and property investment are also focused on the long term
,
both in the way we farm, and we improve commercial and residential property for letting. This includes investing in solar PV and heat pumps where appropriate.
The Group makes strategic decisions based on long-term objectives. This has meant significant investment in capital, including acquiring other builders merchants, acquiring and improving premises, and continuing investment in vehicles, timber processing plant and lower carbon equipment, to ensure that we can serve more customers more effectively.
Engaging with stakeholders
Our key stakeholders, and the ways in which we engage with them, are as follows:
Our employees
The Group rely on a skilled team including sales people, mill operatives, forklift, estate workers and lorry drivers all supported by head office purchasing, finance, HR, property and other specialists.
Recruitment and retention of staff is therefore a critical business activity. We engage with team members by:
Our customers and suppliers
We aim to offer a market leading service to our customers of all sizes and types. We aim for long term relationships with our suppliers both directly and as part of our membership of the Fortis buying group of likeminded companies. We have built, and will maintain, a reputation for transparency and fair dealing in our interaction with customers and suppliers.
J.H.& F.W.GREEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
Our community
We are a family-run company with roots in Chichester and support the communities across the region we serve through charity donations. This particularly includes regular donations and fundraising for Hospices across the region we serve. We also provide support to many other local charities, clubs and schools with funds, materials and favourable rents. Our staff are encouraged to engage in the community through paid days off and matching of donations they raise.
J Green
S D Green
Director
Director
4 August 2021
J.H.& F.W.GREEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £938,459.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R J H Green
P W Green
G R Green
H C E Green
J Green
R H Green
S D Green
E R Green
(Resigned 27 September 2020)
F J Green
(Appointed 9 December 2020)
S P Green
(Appointed 9 December 2020)
J M Bowry
(Appointed 7 May 2021)
Disabled persons
The Group’s policy is that disabled people are given full consideration for employment and subsequent training (including, if needed, retraining for alternative work where employees have become disabled), career development and promotion on the basis of their aptitudes and abilities.
Employee involvement
The group continues to involve staff in the decision-making process and communicates regularly with them during the period. Their involvement in the group's performance is further encouraged with employee bonus schemes. The group's aim for all members of staff and applicants for employment is to fit the qualifications, aptitude and ability of each individual to the appropriate job, and to provide equal opportunity, regardless of age, gender, sexual orientation, religion or ethnic origin.
Auditor
BHP, Chartered Accountants
have expressed their willingness to continue in office, subject to the approval of members in general meeting.
J.H.& F.W.GREEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
Energy and carbon report
For some years, one of the Group’s key strategic priorities has been environmental sustainability. We procure our timber from sustainable sources and have invested in Solar PV on most of our depot roofs. We aim to eliminate or recycle waste materials and continue to invest in lower energy consumption lighting. We have maintained an eco-specialist department since 2007 to help our customers build more sustainably. Covers is procuring electric (rather than diesel) powered forklift trucks and electric/hybrid cars and has also continued to invest in lower emission Euro 6 lorries.
In the year 989,867 kwh renewable energy was generated through Solar PV, of which 888,961 kwh was used and 100,906 kwh exported.
Energy Use (All UK) 2020
Kwh CO2e (tonnes)
Electricity (Gross) 2,126,781 496
Less: Exported (100,906) (24)
Less: Renewable energy used
(888,961)
(207)
Used electricity (Net) 1,136,913 265
Gas 17,429 3
Transport 8,866,649 2,382
Total (net) 10,020,991 2,650
Intensity ratio
Emissions per £1m turnover 41.38
In preparing these statistics, we have followed the 2019 HM Government Environment Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2019 & 2020 UK Government Conversion Factors for Company Reporting. Copies of the conversion factors used are provided in the “UK Gov Carbon Conversion Factors”. UK Government carbon conversion factors for reporting spreadsheets available at https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2020.
J.H.& F.W.GREEN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 auditor
of the
company 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 auditor
of the
company
is
aware of that information.
On behalf of the board
J Green
S D Green
Director
Director
4 August 2021
J.H.& F.W.GREEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.H.& F.W.GREEN LIMITED
- 8 -
Opinion
We have audited the
financial statements of J.H.& F.W.Green Limited (the 'parent company') and its subsidiaries (the 'G
roup') for the year ended 31 December 2020 which comprise the Group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the Group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the Group's and the parent 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
group's and
parent
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.
J.H.& F.W.GREEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.H.& F.W.GREEN LIMITED
- 9 -
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
Group and the parent
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the
Group's and the parent
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
Group or the parent
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.
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
.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of such regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.
J.H.& F.W.GREEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.H.& F.W.GREEN LIMITED
- 10 -
We focused on laws and regulations relevant to the company which could give rise to a material misstatement in the financial statements. Our testing included discussions with management, directors and those staff with direct responsibility for the compliance of laws and regulations, agreeing financial statement disclosures to underlying supporting documentation, and reviewing legal expenses. There are inherent limitations in the audit procedures described 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.
As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
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.
Philip Allsop (Senior Statutory Auditor)
For and on behalf of BHP LLP
5 August 2021
Chartered Accountants
Statutory Auditor
57-59 Saltergate
Chesterfield
Derbyshire
S40 1UL
J.H.& F.W.GREEN LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 11 -
2020
2019
as restated
Notes
£
£
Turnover
3
64,051,520
80,744,682
Cost of sales
(41,187,933)
(52,143,357)
Gross profit
22,863,587
28,601,325
Distribution costs
(11,760,233)
(13,068,273)
Administrative expenses
(11,906,579)
(13,636,974)
Other operating income
4,799,226
3,399,289
Share of operating profit in Joint Venture
1,407,570
39,080
Operating profit
4
5,403,571
5,334,447
Interest receivable and similar income
8
232,042
383,905
Interest payable and similar expenses
9
(226,027)
(551,917)
Fair value gains and losses
10
740,350
(834)
Profit before taxation
6,149,936
5,165,601
Taxation
11
(1,147,622)
(823,698)
Profit for the financial year
5,002,314
4,341,903
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Refer to note 37 for 2019 restatement.
J.H.& F.W.GREEN LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
- 12 -
2020
2019
as restated
£
£
Profit for the year
5,002,314
4,341,903
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
(7,830,000)
637,000
Tax relating to other comprehensive income
1,522,660
(175,440)
Other comprehensive income for the year
(6,307,340)
461,560
Total comprehensive income for the year
(1,305,026)
4,803,463
Total comprehensive income for the year is all attributable to the owners of the parent company.
J.H.& F.W.GREEN LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
31 December 2020
- 13 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
13
751,056
844,938
Other intangible assets
13
19,716
39,431
Total intangible assets
770,772
884,369
Tangible assets
14
34,540,451
34,471,892
Investment properties
15
7,535,054
6,815,913
Investments
16
3,817,037
2,385,977
46,663,314
44,558,151
Current assets
Stocks
19
12,722,783
12,527,676
Debtors
20
23,979,017
22,892,032
Cash at bank and in hand
4,355,141
589,773
41,056,941
36,009,481
Creditors: amounts falling due within one year
21
(16,231,689)
(14,070,041)
Net current assets
24,825,252
21,939,440
Total assets less current liabilities
71,488,566
66,497,591
Creditors: amounts falling due after more than one year
22
(7,093,649)
(8,101,225)
Provisions for liabilities
26
(1,518,147)
(1,290,111)
Net assets excluding pension (liability)/surplus
62,876,770
57,106,255
Defined benefit pension (liability)/surplus
27
(7,978,000)
36,000
Net assets
54,898,770
57,142,255
Capital and reserves
Called up share capital
28
610,976
610,976
Fair value reserve
29
6,455,855
4,485,338
Profit and loss reserves
47,831,939
52,045,941
Equity attributable to owners of the parent company
54,898,770
57,142,255
Refer to note 37 for 2019 restatement.
J.H.& F.W.GREEN LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020
31 December 2020
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 4 August 2021 and are signed on its behalf by:
04 August 2021
J Green
S D Green
Director
Director
J.H.& F.W.GREEN LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
31 December 2020
- 15 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,953,148
2,986,620
Investment properties
15
1,420,000
1,420,000
Investments
16
4,007,279
3,998,600
8,380,427
8,405,220
Current assets
Stocks
19
1,328,001
983,760
Debtors
20
17,531,726
15,389,696
Cash at bank and in hand
4,334,803
559,070
23,194,530
16,932,526
Creditors: amounts falling due within one year
21
(6,447,193)
(6,251,359)
Net current assets
16,747,337
10,681,167
Total assets less current liabilities
25,127,764
19,086,387
Creditors: amounts falling due after more than one year
22
(6,287,500)
(6,787,500)
Provisions for liabilities
26
(35,000)
(38,320)
Net assets excluding pension (liability)/surplus
18,805,264
12,260,567
Defined benefit pension (liability)/surplus
27
(7,978,000)
36,000
Net assets
10,827,264
12,296,567
Capital and reserves
Called up share capital
28
610,976
610,976
Fair value reserve
29
40,579
40,579
Profit and loss reserves
10,175,709
11,645,012
Total equity
10,827,264
12,296,567
Refer to note 37 for 2019 restatement.
The financial statements were approved by the board of directors and authorised for issue on 4 August 2021 and are signed on its behalf by:
04 August 2021
J Green
S D Green
Director
Director
Company Registration No. 00148350
J.H.& F.W.GREEN LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 16 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2019:
Balance at 1 January 2019
610,976
5,708,770
47,192,120
53,511,866
Year ended 31 December 2019:
Profit for the year
-
-
4,341,903
4,341,903
Other comprehensive income:
Actuarial gains/(losses) on defined benefit plans
-
-
637,000
637,000
Tax relating to other comprehensive income
-
-
(175,440)
(175,440)
Total comprehensive income for the year
-
-
4,803,463
4,803,463
Dividends
12
-
-
(1,173,074)
(1,173,074)
Other movements
-
(1,223,432)
1,223,432
-
Balance at 31 December 2019
610,976
4,485,338
52,045,941
57,142,255
Year ended 31 December 2020:
Profit for the year
-
-
5,002,314
5,002,314
Other comprehensive income:
Actuarial gains/(losses) on defined benefit plans
-
-
(7,830,000)
(7,830,000)
Tax relating to other comprehensive income
-
-
1,522,660
1,522,660
Total comprehensive income for the year
-
-
(1,305,026)
(1,305,026)
Dividends
12
-
-
(938,459)
(938,459)
Other movements
-
1,970,517
(1,970,517)
-
Balance at 31 December 2020
610,976
6,455,855
47,831,939
54,898,770
J.H.& F.W.GREEN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 17 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2019:
Balance at 1 January 2019
610,976
198,979
4,059,218
9,547,403
Period ended 31 December 2019:
Profit for the year
-
-
3,460,678
3,460,678
Other comprehensive income:
Actuarial gains and (losses) on defined benefit plans
-
-
637,000
637,000
Tax relating to other comprehensive income
-
(175,440)
(175,440)
Total comprehensive income for the year
-
-
3,922,238
3,922,238
Dividends
12
-
-
(1,173,074)
(1,173,074)
Transfers
-
(158,400)
158,400
-
Balance at 31 December 2019
610,976
40,579
11,645,012
12,296,567
Period ended 31 December 2020:
Profit for the year
-
-
5,776,496
5,776,496
Other comprehensive income:
Actuarial gains and (losses) on defined benefit plans
-
-
(7,830,000)
(7,830,000)
Tax relating to other comprehensive income
-
1,522,660
1,522,660
Total comprehensive income for the year
-
-
(530,844)
(530,844)
Dividends
12
-
-
(938,459)
(938,459)
Balance at 31 December 2020
610,976
40,579
10,175,709
10,827,264
J.H.& F.W.GREEN LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 18 -
2020
2019
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
9,766,050
5,922,296
Interest paid
(226,027)
(524,917)
Income taxes paid
(342,205)
(1,210,082)
Net cash inflow from operating activities
9,197,818
4,187,297
Investing activities
Purchase of intangible assets
-
(59,146)
Proceeds on disposal of intangibles
-
18,227
Purchase of tangible fixed assets
(1,371,849)
(4,665,838)
Proceeds on disposal of tangible fixed assets
53,492
40,470
Purchase of investment property
(60,000)
(1,777)
Proceeds on disposal of investment property
-
727,344
Joint venture drawings/(investment)
(25,000)
3,900,000
Movement in other investments and loans
87,976
(44,882)
Interest received
231,464
382,765
Other income received from investments
578
1,140
Net cash (used in)/generated from investing activities
(1,083,339)
298,303
Financing activities
Receipt from/(repayment of) borrowings
72,718
(20,341)
Receipt from/(repayment of) bank loans
(3,173,788)
1,123,030
Loans to associated companies
(120,661)
(4,547,700)
Movement in finance leases obligations
825,104
(95,211)
Dividends paid to equity shareholders
(938,459)
(1,173,074)
Net cash used in financing activities
(3,335,086)
(4,713,296)
Net increase/(decrease) in cash and cash equivalents
4,779,393
(227,696)
Cash and cash equivalents at beginning of year
(676,554)
(448,858)
Cash and cash equivalents at end of year
4,102,839
(676,554)
Relating to:
Cash at bank and in hand
4,355,141
589,773
Bank overdrafts included in creditors payable within one year
(252,302)
(1,266,327)
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 19 -
1
Accounting policies
Company information
J.H.& F.W.Green Limited
(“the company”)
is a
private
limited company domiciled and incorporated in England and Wales.
The registered office is
Sussex House, Quarry Lane, Chichester, PO19 8PE.
The Group consists of J.H.& F.W.Green Limited and all of its subsidiaries.
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. A property used in the trade of another Group company has been reclassified from investment properties to tangible fixed assets in the accounts in the light of the triennial review of FRS 102. The principal accounting policies adopted are set out below.
The 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. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
-
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
:
The
disclosure
requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
-
Section 26 ‘Share based Payment’
:
Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s profit for the year was £5,776,497 (2019 - £3,460,678 profit).
1.2
Basis of consolidation
The consolidated financial statements incorporate those of J.H.& F.W.Green Limited and all of its subsidiaries (ie entities that the
g
roup controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 31 December 2020
.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the
group
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 20 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Intangible fixed assets - goodwill
Goodwill arising on consolidation, representing the excess of the purchase price over the fair value of net assets of subsidiaries at the date of acquisition is capitalised and written off over its useful economic life. Acquired goodwill is written off in equal annual instalments over it's estimated useful economic life of 10 years.
1.6
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 or valuation of assets less their residual values over their useful lives on the following bases:
Website development
3 years straight line
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
1.25% straight line in appropriate cases.
Land and buildings Leasehold
1.25% straight line in appropriate cases.
Plant and machinery
4.1%, 8% & 10% straight line
Fixtures, fittings & equipment
8% straight line
Motor vehicles
8% & 20% straight line
1.8
Investment properties
Investment propert
ies are not depreciated as they are
measured using the fair value model and stated at its fair value as the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.9
Fixed asset investments
Equity
investments
are measured at fair value through profit or loss except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company financial statements investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 21 -
1.10
Financial instruments
The
G
roup 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
G
roup's balance sheet when the
G
roup becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures,
are covered in note 1.9.
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.
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 group 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 Group after deducting all of its liabilities.
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 subsequently 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
.
Hedge accounting has not been applied
.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
Group's contractual obligations expire or are discharged or cancelled.
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. The
Group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 22 -
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.
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
if, and only if, there is
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
Group
has a legal or constructive present obligation as a result of a past event, it is probable that the
Group
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.
1.13
Retirement benefits
The contributions payable in respect of defined contribution schemes are charged to the profit and loss account for the relevant year.
The cost to the Group of pensions in respect of the defined benefit pension scheme are reflected in the accounts in accordance with Financial Reporting Standard
102.
1.14
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Grants received in relation to the government’s Coronavirus Job Retention Scheme have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.
2
Judgements and key sources of estimation uncertainty
In the application of the Group’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.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 23 -
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2020
2019
£
£
Turnover
Group turnover
64,051,520
80,744,682
Other significant revenue
Government grants received
1,752,088
-
Turnover analysed by geographical market
2020
2019
£
£
United Kingdom
64,051,520
80,744,682
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
7,041
125
Government grants
(1,752,088)
-
Depreciation of owned tangible fixed assets
1,157,306
1,143,193
Depreciation of tangible fixed assets held under finance leases
113,505
65,724
(Profit)/loss on disposal of tangible fixed assets
(21,013)
40,157
Profit on disposal of investment property
-
(109,344)
Amortisation of intangible assets
113,597
113,597
Profit on disposal of intangible assets
-
(18,227)
Operating lease charges
683,822
735,228
5
Auditors' remuneration
2020
2019
Fees payable to the group's auditor and its associates:
£
£
For audit services
Audit of the financial statements of the group and company
42,117
43,240
Audit of the company's subsidiaries
41,153
45,049
83,270
88,289
For other services
Taxation services
2,960
2,955
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 24 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
2020
2019
Number
Number
Office and management
107
114
Sales and operations
336
362
443
476
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
11,762,894
12,489,101
Social security costs
1,096,273
1,189,698
Pension costs
1,145,394
959,292
14,004,561
14,638,091
7
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
519,393
548,321
Company pension contributions to defined contribution schemes
20,628
20,614
540,021
568,935
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
140,581
257,750
Company pension contributions to defined contribution schemes
10,000
10,000
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 25 -
8
Interest receivable and similar income
2020
2019
£
£
Interest income
Other interest income
231,464
382,765
Income from fixed asset investments
Income from other fixed asset investments
578
1,140
Total income
232,042
383,905
9
Interest payable and similar expenses
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
179,414
449,293
Other finance costs:
Interest on finance leases and hire purchase contracts
21,591
14,060
Net interest on the defined benefit liability
-
27,000
Other interest
25,022
61,564
Total finance costs
226,027
551,917
10
Fair value gains/losses
2020
2019
£
£
Fair value gains/(losses) on financial instruments
Change in the value of financial liabilities held at fair value
72,718
(20,341)
Other gains/(losses)
Changes in the fair value of investment properties
659,141
-
Changes in fair value of investments
8,679
19,507
740,350
(834)
11
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
933,864
800,084
Adjustments in respect of prior periods
(88,336)
(1,692)
Total current tax
845,528
798,392
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11
Taxation
2020
2019
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
302,094
25,306
Total tax charge
1,147,622
823,698
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
6,149,936
5,165,601
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
1,168,488
981,464
Tax effect of expenses that are not deductible in determining taxable profit
(118,639)
(6,756)
Tax effect of income not taxable in determining taxable profit
(269,167)
(7,169)
Change in unrecognised deferred tax assets
(168)
(53,126)
Adjustments in respect of prior years
(88,336)
(1,692)
Effect of change in corporation tax rate
-
(220)
Permanent capital allowances in excess of depreciation
102,237
65,558
Other permanent differences
86,794
(182,893)
Additional deduction for LRR
(508)
5
Deferred tax re investment properties
-
40
Changes in deferred tax rates
105,607
32,140
Joint venture profit/(loss) taxable in the group
161,314
(3,653)
Taxation charge
1,147,622
823,698
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2020
2019
as restated
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(1,522,660)
175,440
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 27 -
12
Dividends
2020
2019
£
£
Dividends paid
938,459
1,173,074
13
Intangible fixed assets
Group
Goodwill
Website development
Total
£
£
£
Cost
At 1 January 2020 and 31 December 2020
1,120,375
190,824
1,311,199
Amortisation and impairment
At 1 January 2020
275,437
151,393
426,830
Amortisation charged for the year
93,882
19,715
113,597
At 31 December 2020
369,319
171,108
540,427
Carrying amount
At 31 December 2020
751,056
19,716
770,772
At 31 December 2019
844,938
39,431
884,369
The Company had no intangible fixed assets at 31 December 2020 or 31 December 2019.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 28 -
14
Tangible fixed assets
Group
Land and buildings
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2020
21,614,946
9,856,844
5,618,600
2,568,110
5,335,382
44,993,882
Additions
84,367
-
482,018
47,613
757,851
1,371,849
Disposals
-
-
(150,084)
(13,576)
(414,091)
(577,751)
At 31 December 2020
21,699,313
9,856,844
5,950,534
2,602,147
5,679,142
45,787,980
Depreciation and impairment
At 1 January 2020
2,607,680
560,066
2,810,638
1,890,255
2,653,351
10,521,990
Depreciation charged in the year
133,903
99,881
361,310
119,536
556,181
1,270,811
Eliminated in respect of disposals
(423)
-
(128,368)
(13,411)
(403,070)
(545,272)
At 31 December 2020
2,741,160
659,947
3,043,580
1,996,380
2,806,462
11,247,529
Carrying amount
At 31 December 2020
18,958,153
9,196,897
2,906,954
605,767
2,872,680
34,540,451
At 31 December 2019
19,007,266
9,296,778
2,807,962
677,855
2,682,031
34,471,892
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
14
Tangible fixed assets
(Continued)
- 29 -
Company
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2020
2,566,154
525,710
143,850
3,235,714
Additions
33,100
8,750
41,850
Disposals
(17,000)
(23,616)
(40,616)
At 31 December 2020
2,566,154
541,810
128,984
3,236,948
Depreciation and impairment
At 1 January 2020
169,253
79,841
249,094
Depreciation charged in the year
43,032
20,158
63,190
Eliminated in respect of disposals
(12,039)
(16,445)
(28,484)
At 31 December 2020
200,246
83,554
283,800
Carrying amount
At 31 December 2020
2,566,154
341,564
45,430
2,953,148
At 31 December 2019
2,566,154
356,457
64,009
2,986,620
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2020
2019
2020
2019
£
£
£
£
Plant and machinery
251,707
-
Motor vehicles
629,523
411,011
881,230
411,011
-
-
Group f
reehold land and buildings with a carrying amount of £
4,895,650
(201
9
- £
4,895,650
) have been pledged to secure
liabilities
of the
group
. The
Group
is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 30 -
15
Investment properties
Group
Company
2020
2020
£
£
Fair value
At 1 January 2019
6,815,913
1,420,000
Additions through external acquisition
60,000
-
Net gains or losses through fair value adjustments
659,141
-
At 31 December 2020
7,535,054
1,420,000
The directors consider that the value of the investment properties at 31 December 2020 fairly reflects their current market value. All investment properties are available for let under operating leases.
16
Fixed asset investments
Group
Company
2020
2019
2020
2019
Notes
£
£
£
£
Investments in subsidiaries
17
-
-
3,896,590
3,896,590
Investments in joint ventures
3,705,919
2,273,350
Quoted investments
110,673
102,182
110,672
101,993
Unlisted investments
445
10,445
17
17
3,817,037
2,385,977
4,007,279
3,998,600
Quoted investments included in above;
Quoted investments carrying amount
110,673
102,182
110,672
101,993
The Group has a half share in Chichester Business Park - Joint Venture, which is an unincorporated property development business. Separate financial statements are prepared for the Joint Venture.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
16
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Group
Shares in joint ventures
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2020
2,273,350
112,627
2,385,977
Valuation changes
-
8,491
8,491
Joint venture profit/(loss) share
1,407,569
-
1,407,569
Distributions
25,000
-
25,000
Disposals
-
(10,000)
(10,000)
At 31 December 2020
3,705,919
111,118
3,817,037
Carrying amount
At 31 December 2020
3,705,919
111,118
3,817,037
At 31 December 2019
2,273,350
112,627
2,385,977
Movements in fixed asset investments
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2020
3,896,590
102,010
3,998,600
Valuation changes
-
8,679
8,679
At 31 December 2020
3,896,590
110,689
4,007,279
Carrying amount
At 31 December 2020
3,896,590
110,689
4,007,279
At 31 December 2019
3,896,590
102,010
3,998,600
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 32 -
17
Subsidiaries
Details of the company's subsidiaries at 31 December 2020 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Bury Estates Limited
England and Wales
Property investment
Ordinary
100.00
0
David Cover & Son Limited
England and Wales
Timber and builders merchants
Ordinary
100.00
0
Seabeach Investments Limited
Guernsey
Property investment
Ordinary
100.00
0
Sengate Limited
England and Wales
Property development
Ordinary
100.00
0
Spur Properties Limited
England and Wales
Dormant
Ordinary
100.00
0
Orpington Timber & Building Supplies Limited
England and Wales
Dormant
Ordinary
100.00
0
18
Financial instruments
Group
Company
2020
2019
2020
2019
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
21,870,208
22,174,935
15,890,052
15,288,469
Equity instruments measured at cost less impairment
445
10,445
17
17
Equity instruments measured at fair value through profit or loss
110,673
102,182
110,672
101,993
Carrying amount of financial liabilities
Measured at amortised cost
20,319,731
20,903,822
12,424,889
12,693,938
Debt instruments measured at amortised cost include; trade debtors and other debtors. Financial liabilities measured at amortised cost consists of total creditors excluding corporation tax, other tax and social security and accruals and deferred income.
19
Stocks
Group
Company
2020
2019
2020
2019
£
£
£
£
Raw materials and consumables
100,945
126,523
96,889
121,777
Finished goods and goods for resale
12,621,838
12,401,153
1,231,112
861,983
12,722,783
12,527,676
1,328,001
983,760
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 33 -
20
Debtors
Group
Company
2020
2019
2020
2019
as restated
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,179,217
7,409,633
126,140
222,125
Amounts due from subsidiary undertakings
-
-
3,182,783
7,042,352
Other debtors
14,230,373
14,312,243
12,421,754
7,888,992
Prepayments and accrued income
530,082
661,506
115,004
101,227
21,939,672
22,383,382
15,845,681
15,254,696
Amounts falling due after one year:
Other debtors
463,125
453,750
159,375
135,000
Deferred tax asset (note 25)
1,576,220
54,900
1,526,670
2,039,345
508,650
1,686,045
135,000
Total debtors
23,979,017
22,892,032
17,531,726
15,389,696
21
Creditors: amounts falling due within one year
Group
Company
2020
2019
2020
2019
Notes
£
£
£
£
Bank loans and overdrafts
23
652,302
3,243,297
400,000
1,900,000
Obligations under finance leases
24
331,074
95,212
Payments received on account
(96)
(48)
(96)
(48)
Trade creditors
6,096,637
4,477,085
123,170
75,386
Amounts owed to group undertakings
-
-
1,008,098
1,149
Corporation tax payable
927,985
424,662
128,342
149,642
Other taxation and social security
2,077,622
842,782
181,462
195,279
Other creditors
3,917,631
3,707,759
3,864,720
3,449,647
Accruals and deferred income
2,228,534
1,279,292
741,497
480,304
16,231,689
14,070,041
6,447,193
6,251,359
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 34 -
22
Creditors: amounts falling due after more than one year
Group
Company
2020
2019
2020
2019
Notes
£
£
£
£
Bank loans and overdrafts
23
6,287,500
7,884,318
6,287,500
6,787,500
Obligations under finance leases
24
806,149
216,907
7,093,649
8,101,225
6,287,500
6,787,500
23
Loans and overdrafts
Group
Company
2020
2019
2020
2019
£
£
£
£
Bank loans
6,687,500
9,861,288
6,687,500
8,687,500
Bank overdrafts
252,302
1,266,327
6,939,802
11,127,615
6,687,500
8,687,500
Payable within one year
652,302
3,243,297
400,000
1,900,000
Payable after one year
6,287,500
7,884,318
6,287,500
6,787,500
The bank loans and overdrafts are secured on specific group freehold properties.
24
Finance lease obligations
Group
Company
2020
2019
2020
2019
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
331,074
95,212
In two to five years
806,149
216,907
1,137,223
312,119
-
-
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 35 -
25
Deferred taxation
Deferred tax assets and liabilities are offset where the Group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2020
2019
2020
2019
as restated
as restated
Group
£
£
£
£
Accelerated capital allowances
784,600
622,226
4,400
4,400
Retirement benefit obligations
-
6,120
1,515,820
-
Investment properties
471,200
326,700
-
-
Other timing differences
-
-
10,850
-
Swap provisions
-
-
45,150
50,500
1,255,800
955,046
1,576,220
54,900
Liabilities
Liabilities
Assets
Assets
2020
2019
2020
2019
as restated
as restated
Company
£
£
£
£
Accelerated capital allowances
26,100
25,700
-
-
Retirement benefit obligations
-
6,120
1,515,820
-
Investment properties
8,900
6,500
-
-
Other timing differences
-
-
10,850
-
35,000
38,320
1,526,670
-
Group
Company
2020
2020
Movements in the year:
£
£
Liability at 1 January 2020
900,146
38,320
Charge/(credit) to profit or loss
302,094
(7,330)
Credit to other comprehensive income
(1,522,660)
(1,522,660)
Asset at 31 December 2020
(320,420)
(1,491,670)
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 36 -
26
Provisions for liabilities
Group
Company
2020
2019
2020
2019
as restated
as restated
Notes
£
£
£
£
Swap arrangements
262,347
335,065
-
-
Deferred tax liabilities
25
1,255,800
955,046
35,000
38,320
1,518,147
1,290,111
35,000
38,320
Movement on provisions other than deferred tax liabilities:
Group
£
At 1 January 2020
335,065
Reversal of provision
(72,718)
At 31 December 2020
262,347
Swap Arrangements
The interest on part of the Groups debts is hedged under a swap arrangement until 2022. The financial liability arising from the remaining arrangement at the year end is reflected within provisions at fair value. Movements in the fair value during the year are included in the Profit and Loss Account (see note 10). Hedge accounting rules have not been applied.
27
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
342,652
352,918
D
efined contribution pension scheme
s are operated
for all qualifying employees.
The assets of the schemes are held separately from those of the Group in independently administered funds.
Defined benefit scheme
The Group operates a pension scheme providing benefits based on final salary pensionable pay, known as the Green Group Retirement Benefit Plan. The scheme has been closed to new entrants since 31 July 2001. Since then the Group has offered a stakeholder scheme which operates on a defined contribution basis as does the ongoing scheme for the Group's directors. All of the schemes are funded by payments and contributions to separately administered trust funds.
The Green Group Retirement Benefits Plan is a UK defined benefit scheme. A trustee funding valuation was carried out at 1 August 2019 and updated to 31 December 2020 by a qualified independent actuary.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
27
Retirement benefit schemes
(Continued)
- 37 -
Key assumptions
2020
2019
%
%
Discount rate
1.20
2.60
Expected rate of increase of pensions in payment
2.95
3.40
Expected rate of salary increases
2.30
2.30
Deferred revaluation (CPI)
2.25
2.50
Retail price inflation (RPI)
2.95
3.40
Expected return on assets
1.20
2.60
Mortality assumptions
Assumed life expectations on retirement at age 65:
2020
2019
Years
Years
Retiring today
- Males
21.9
21.8
- Females
24.3
24.1
Retiring in 20 years
- Males
23.3
23.2
- Females
25.7
25.5
Amounts recognised in the profit and loss account
2020
2019
£
£
Current service cost
434,000
356,000
Net interest on defined benefit liability/(asset)
-
27,000
Past service cost
92,000
-
Total costs
526,000
383,000
Amounts taken to other comprehensive income
2020
2019
as restated
£
£
Actual return on scheme assets
1,401,000
4,469,000
Less: calculated interest element
(952,000)
(1,157,000)
Return on scheme assets excluding interest income
449,000
3,312,000
Actuarial changes related to obligations
(8,279,000)
(2,675,000)
Total income/(costs)
(7,830,000)
637,000
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
27
Retirement benefit schemes
(Continued)
- 38 -
The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:
Group & Company
2020
2019
as restated
£
£
Present value of defined benefit obligations
45,667,000
36,866,000
Fair value of plan assets
(37,689,000)
(36,902,000)
Deficit in scheme
7,978,000
(36,000)
Total liability/(asset) recognised
7,978,000
(36,000)
Movements in the present value of defined benefit obligations
Group & Company
Group & Company
2020
2019
as restated
£
£
Liabilities at 1 January
36,866,000
33,718,000
Current service cost
434,000
356,000
Past service cost
92,000
-
Benefits paid
(960,000)
(1,071,000)
Contributions from scheme members
4,000
4,000
Actuarial gains and losses
8,279,000
2,675,000
Interest cost
952,000
1,184,000
At 31 December
45,667,000
36,866,000
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
27
Retirement benefit schemes
(Continued)
- 39 -
Movements in the fair value of plan assets
Group & Company
Group & Company
2020
2019
as restated
£
£
Fair value of assets at 1 January
36,902,000
32,722,000
Interest income
952,000
1,157,000
Return on plan assets (excluding amounts included in net interest)
449,000
3,312,000
Benefits paid
(960,000)
(1,071,000)
Contributions by the employer
342,000
778,000
Contributions by scheme members
4,000
4,000
At 31 December
37,689,000
36,902,000
Fair value of plan assets at the reporting period end
Group & Company
2020
2019
£
£
Equity instruments
9,601,000
7,279,000
Property
7,630,000
7,630,000
Bonds
13,860,000
16,752,000
Annuities
4,370,000
4,885,000
Cash
2,228,000
356,000
37,689,000
36,902,000
28
Share capital
Group and company
2020
2019
Ordinary share capital
£
£
Issued and fully paid
557,893 Ordinary A shares of £1 each
557,893
557,893
1,061,664 Ordinary B shares of 5p each
53,083
53,083
610,976
610,976
Each share is entitled to one vote and a dividend proportional to its nominal value.
29
Reserves
Fair value reserve
The fair value reserve has arisen on the revaluation of investment properties.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 40 -
30
Financial commitments, guarantees and contingent liabilities
In respect of the unincorporated joint venture, Sengate Limited is jointly and severally liable for the other party's share of the joint venture liabilities as at 31 December 20
20
of £
330,922
(201
9
: £
327,466
).
A charge over one of the Group's properties has been granted to the Green Group Retirement Benefit Plan to help secure
any deficit which was £7,978,000 at 31 December 2020 (2019: £36,000 surplus (as restated)).
31
Operating lease commitments
At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2020
2019
2020
2019
£
£
£
£
Within one year
717,572
688,833
13,125
14,404
Between two and five years
1,643,583
2,206,732
39,375
39,375
In over five years
844,375
892,500
354,375
367,500
3,205,530
3,788,065
406,875
421,279
32
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2020
2019
2020
2019
£
£
£
£
Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
303,552
1,216,660
-
-
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 41 -
33
Related party transactions
Transactions with related parties
Astrea Limited, Pinhill Limited and Ednam Estates Limited are subsidiary undertakings of Vertex Holdings Limited, a company under the control of the directors of the Group. Transactions and balances with these companies are:
Leasing charges payable by the Group £459,436 (2019: £601,799)
Management and other services payable by the Group £136,674 (2018 paid to the Group: £81,000)
Balance due to the Group £12,382,977 (2019: £13,047,155)
R J H Green, P W Green, and H C E Green are also directors of Skeller Limited. Transactions and balances with Skeller Limited are:
Balance due by the Group £148,108 (2019: £128,705)
Mr P.W. Green, Mr G.R. Green, Mr H.C.E Green and Mr R.J.H. Green are designated members of Cooksbridge LLP. Transactions and balances with Cooksbridge LLP are:
Rent payable by the Group £135,883 (2019: £137,200)
Administrative and other services £888 (2019: £682)
Balance due by the Group £425,650 (2019: 71,593)
There was an amount of £183,875 (2019: £155,000) owed by Green Forest Renewables Ltd at the reporting end date. W R Green, a son of one of the directors is a majority owner of Green Forest Renewables Ltd.
Dividends totalling £168,811 (2019: £272,880) were paid to directors during the year.
The directors do not consider there to be any key management personnel other than themselves. Directors remuneration is disclosed in note 7.
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 42 -
34
Cash generated from group operations
2020
2019
£
£
Profit for the year after tax
5,002,314
4,341,903
Adjustments for:
Taxation charged
1,147,622
823,698
Finance costs
226,027
551,917
Investment income
(232,042)
(383,905)
(Gain)/loss on disposal of tangible fixed assets
(21,013)
40,157
Gain on disposal of investment property
-
(109,344)
Gain on disposal of intangible assets
-
(18,227)
Share of joint venture operating profit/loss
(1,407,570)
23,083
Amortisation and impairment of intangible assets
113,597
113,597
Depreciation and impairment of tangible fixed assets
1,270,811
1,208,917
Other gains and losses
(740,350)
834
Pension scheme non-cash movement
184,000
(422,000)
Decrease in provisions
(72,718)
(41,822)
Movements in working capital:
(Increase)/decrease in stocks
(195,107)
952,382
Decrease in debtors
477,209
600,992
Increase/(decrease) in creditors
4,013,270
(1,759,886)
Cash generated from operations
9,766,050
5,922,296
35
Analysis of changes in net debt - group
1 January 2020
Cash flows
Market value movements
31 December 2020
£
£
£
£
Cash at bank and in hand
589,773
3,765,368
-
4,355,141
Bank overdrafts
(1,266,327)
1,014,025
-
(252,302)
(676,554)
4,779,393
-
4,102,839
Borrowings excluding overdrafts
(9,861,288)
3,101,070
72,718
(6,687,500)
Obligations under finance leases
(312,119)
(825,104)
-
(1,137,223)
(10,849,961)
7,055,359
72,718
(3,721,884)
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 43 -
36
Analysis of changes in net debt - company
1 January 2020
Cash flows
31 December 2020
£
£
£
Cash at bank and in hand
559,070
3,775,733
4,334,803
Borrowings excluding overdrafts
(8,687,500)
2,000,000
(6,687,500)
(8,128,430)
5,775,733
(2,352,697)
37
Prior period adjustment
Reconciliation of changes in equity - group
1 January
31 December
2019
2019
£
£
Adjustments to prior year
Defined benefit pension scheme adjustment
-
2,492,380
Equity as previously reported
53,511,866
54,649,875
Equity as adjusted
53,511,866
57,142,255
Analysis of the effect upon equity
Profit and loss reserves
-
2,492,380
Reconciliation of changes in profit for the previous financial period
2019
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
4,341,903
Profit as adjusted
4,341,903
J.H.& F.W.GREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
37
Prior period adjustment
(Continued)
- 44 -
Reconciliation of changes in equity - company
1 January
31 December
2019
2019
£
£
Adjustments to prior year
Defined benefit pension scheme adjustment
-
2,492,380
Equity as previously reported
9,547,403
9,804,187
Equity as adjusted
9,547,403
12,296,567
Analysis of the effect upon equity
Profit and loss reserves
-
2,492,380
Reconciliation of changes in profit for the previous financial period
2019
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
3,460,678
Profit as adjusted
3,460,678
Notes to reconciliation
Defined benefit pension scheme adjustment
A prior year adjustment has been made after it was identified that the fair value of plan assets relating to the defined benefit pension scheme was understated by £3,015,000 as at 31 December 2019, with the actuarial loss on the defined benefit pension scheme being overstated by the same amount in the Statement of Comprehensive Income for 2019. This was as a result of a property purchase being omitted from the valuation as it fell in the period between the pension scheme year end (31 July 2019) and the company year end (31 December 2019).
The result has been to change the previously reported pension deficit of £2,979,000 into a pension surplus of £36,000 as disclosed in note 27.
The 2019 balance sheet also included a deferred tax asset of £516,500 relating to the pension scheme deficit but this has been restated to become a deferred tax liability of £6,120.
The adjustments can be summarised as follows:
Increase in plan assets/reduction in plan liabilities £3,015,000
Increase in deferred tax liability/reduction in deferred tax asset
(£522,620)
Increase in net assets/equity £2,492,380
2020-12-31
2020-01-01
false
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
P W Green
G R Green
H C E Green
J Green
R H Green
S D Green
S D Green
E R Green
F J Green
S P Green
J M Bowry
Green
R J H Green
00148350
2020-01-01
2020-12-31
00148350
bus:CompanySecretaryDirector1
2020-01-01
2020-12-31
00148350
bus:Director1
2020-01-01
2020-12-31
00148350
bus:Director2
2020-01-01
2020-12-31
00148350
bus:Director3
2020-01-01
2020-12-31
00148350
bus:Director4
2020-01-01
2020-12-31
00148350
bus:Director5
2020-01-01
2020-12-31
00148350
bus:Director6
2020-01-01
2020-12-31
00148350
bus:Director9
2020-01-01
2020-12-31
00148350
bus:Director10
2020-01-01
2020-12-31
00148350
bus:Director11
2020-01-01
2020-12-31
00148350
bus:CompanySecretary1
2020-01-01
2020-12-31
00148350
bus:Director8
2020-01-01
2020-12-31
00148350
bus:Director7
2020-01-01
2020-12-31
00148350
bus:Director12
2020-01-01
2020-12-31
00148350
bus:RegisteredOffice
2020-01-01
2020-12-31
00148350
bus:Consolidated
2020-12-31
00148350
2019-01-01
2019-12-31
00148350
core:DiscontinuedOperations
2020-01-01
2020-12-31
00148350
core:ContinuingOperations
2019-01-01
2019-12-31
00148350
core:DiscontinuedOperations
2019-01-01
2019-12-31
00148350
2020-12-31
00148350
2019-12-31
00148350
core:NetGoodwill
2019-12-31
00148350
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
00148350
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
00148350
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-12-31
00148350
core:Non-currentFinancialInstruments
core:AfterOneYear
2019-12-31
00148350
core:CurrentFinancialInstruments
2020-12-31
00148350
core:CurrentFinancialInstruments
2019-12-31
00148350
core:ShareCapital
2020-12-31
00148350
core:ShareCapital
2019-12-31
00148350
core:RevaluationReserve
2020-12-31
00148350
core:RevaluationReserve
2019-12-31
00148350
core:RetainedEarningsAccumulatedLosses
2020-12-31
00148350
core:RetainedEarningsAccumulatedLosses
2019-12-31
00148350
core:ShareCapital
core:RestatedAmount
2018-12-31
00148350
core:RevaluationReserve
core:RestatedAmount
2018-12-31
00148350
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2018-12-31
00148350
core:RestatedAmount
2018-12-31
00148350
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-31
00148350
core:PlantMachinery
2020-12-31
00148350
core:MotorVehicles
2020-12-31
00148350
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-12-31
00148350
core:RevaluationReserve
2019-01-01
2019-12-31
00148350
core:RevenueReservesInvestmentFundsOnly
2019-01-01
2019-12-31
00148350
core:RevaluationReserve
2020-01-01
2020-12-31
00148350
core:RetainedEarningsAccumulatedLosses
2020-01-01
2020-12-31
00148350
1
2020-01-01
2020-12-31
00148350
core:Goodwill
2020-01-01
2020-12-31
00148350
core:IntangibleAssetsOtherThanGoodwill
2020-01-01
2020-12-31
00148350
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-01-01
2020-12-31
00148350
core:LandBuildings
core:LongLeaseholdAssets
2020-01-01
2020-12-31
00148350
core:PlantMachinery
2020-01-01
2020-12-31
00148350
core:FurnitureFittings
2020-01-01
2020-12-31
00148350
core:MotorVehicles
2020-01-01
2020-12-31
00148350
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-12-31
00148350
core:PlantMachinery
2019-12-31
00148350
core:MotorVehicles
2019-12-31
00148350
2019-12-31
00148350
core:PlantMachinery
2019-12-31
00148350
core:MotorVehicles
2019-12-31
00148350
core:ListedExchangeTraded
2020-12-31
00148350
core:ListedExchangeTraded
2019-12-31
00148350
core:UnlistedNon-exchangeTraded
2020-12-31
00148350
core:UnlistedNon-exchangeTraded
2019-12-31
00148350
core:Subsidiary1
2020-01-01
2020-12-31
00148350
core:Subsidiary2
2020-01-01
2020-12-31
00148350
core:Subsidiary3
2020-01-01
2020-12-31
00148350
core:Subsidiary4
2020-01-01
2020-12-31
00148350
core:Subsidiary5
2020-01-01
2020-12-31
00148350
core:Subsidiary6
2020-01-01
2020-12-31
00148350
core:Subsidiary1
1
2020-01-01
2020-12-31
00148350
core:Subsidiary2
2
2020-01-01
2020-12-31
00148350
core:Subsidiary3
3
2020-01-01
2020-12-31
00148350
core:Subsidiary4
4
2020-01-01
2020-12-31
00148350
core:Subsidiary5
5
2020-01-01
2020-12-31
00148350
core:Subsidiary6
6
2020-01-01
2020-12-31
00148350
core:Non-currentFinancialInstruments
2020-12-31
00148350
core:Non-currentFinancialInstruments
2019-12-31
00148350
core:WithinOneYear
2020-12-31
00148350
core:WithinOneYear
2019-12-31
00148350
core:BetweenTwoFiveYears
2020-12-31
00148350
core:BetweenTwoFiveYears
2019-12-31
00148350
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
00148350
bus:FRS102
2020-01-01
2020-12-31
00148350
bus:Audited
2020-01-01
2020-12-31
00148350
bus:ConsolidatedGroupCompanyAccounts
2020-01-01
2020-12-31
00148350
bus:FullAccounts
2020-01-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP