Company registration number 00256314 (England and Wales)
MULTITONE ELECTRONICS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
MULTITONE ELECTRONICS PLC
COMPANY INFORMATION
Directors
Ka Lim Liu (Chairperson)
Edward Paterson (Chief Executive Officer)
Ronald Wray
So Ying Lam
Yin Fong Cecilica To
Wai Chan
Peter Lomax
Company number
00256314
Registered office
Multitone House
Shortwood Copse Lane
Kempshott
Basingstoke
RG23 7NL
Auditor
Moore
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
Solicitors
Greenwoods GRM LLP
Monkstone House
City Road
Peterborough
PE1 1JY
MULTITONE ELECTRONICS PLC
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 8
Independent auditor's report
8 - 10
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15 - 16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 41
MULTITONE ELECTRONICS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 1 -
This strategic report has been prepared for the Group as a whole and therefore gives greater emphasis to those matters which are significant to Multitone Electronics PLC and its subsidiary undertakings when viewed as a whole. The directors in preparing the strategic report have complied with section 414c of the Companies Act 2006.
Review of the Business
The principal activity of the group is the design, manufacture and supply of integrated wireless communication systems and solutions for sale and lease. The 2021/22 trading year continued to benefit from the stability provided by sales to UK Healthcare and Emergency Services.
As we entered the 2021/22 trading period it was with optimism that the world economy would recover from the effects of the COVID pandemic. The impact of COVID lessened, but it was soon to be replaced by the impact of the War in the Ukraine.
Despite the operational challenges we continued to invest in operations, particularly within R&D, Sales and Marketing to support the development of products that will give us a competitive advantage. Whilst some areas of the worldwide economy have suppressed business opportunities, our foothold in Public and Private Healthcare, and our development of smart products continues to provide opportunities.
The performance of the group is a considerable achievement set against the backdrop of post COVID recovery, and the outbreak of War in the Ukraine.
Software solutions are beginning to become more important as the supporting technology improves in performance and the group is seeing a very gradual change from hardware to software. It is the view of the Board that this will remain as a gradual change as smart phones and the infrastructure that supports them is still not reliable enough or fast enough, to use in critical communications situations.
The full board meets half yearly and the executive board monthly in the interim, to discuss the performance of the business. Comparisons are made to the one year operational budget with any variances discussed and actions decided upon to ensure that the business continues to achieve or exceed its objectives.
The Group's strategy and future developments
Multitone’s objectives are ones of sustainable growth within its current and new markets. Multitone will continue to invest in new product and market development, capitalising on its current position as a market leader in critical messaging. Multitone will continue to adapt and adopt emerging technologies as well as developing its own innovative products, aiming to be the first to market with reliable and robust solutions. The group is examining new geographical regions for it’s products in the coming months.
Cloud i-Message – Amazon Web Services
A significant proportion of our investment in R&D has contributed to the migration of our Multitone i-Message solution from on-premise to the cloud. Our partnership with Amazon Web Services (AWS) on which our cloud platform is deployed has enabled us to offer a trusted cloud platform to our existing healthcare customers who are adopting a cloud first strategy.
Multitone is a member of the AWS Partner Network as a Technology Partner and we will continue to work with AWS to deliver ultra-fast, highly reliable Multitone i-Message services in the cloud. AWS is highly secure and offers excellent resilience with over 99.9% availability. AWS is also global, delivering cloud services across every continent which will help Multitone to market our cloud solutions worldwide. (As referenced at https://www.multitone.com/ partnerships/)
We now have a number of NHS customers in the UK utilising our AWS instance for the provision of Smartphone Messaging applications, to supplement their existing on-premise radio paging solutions.
This combination of being able to support Smartphone applications from our AWS cloud instance, and also support the radio based on-premise paging infrastructure from the cloud is a key differentiator between Multitone and its competitors.
MULTITONE ELECTRONICS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
The Award winning EkoTek Personal Security solution
Through continued innovation of our EkoTek and EkoCare family of products we have been successful in winning a number of high-profile contracts within the Mental Healthcare market.
Our next generation EkoTek Hub (aka Controller) was released to sales which allows the ability to deploy larger EkoTek solutions supporting a greater number of devices.
This resulted in Multitone deploying the largest ever EkoTek solution in the UK, which in turn led to EkoTek becoming an award-winning solution at the Health Tech Digital Awards 2022 for Best Mental Health Solution.
EkoTek with BLE (Bluetooth Low Energy) dementia care solution
A new innovative addition to the EkoTek product range will be made available to sales in the forthcoming financial year, providing elopement detection for vulnerable people. The new EkoTek addition will utilise wristbands to enable carers to perform duties other than monitoring doorways or forbidden zones. The system uses the latest Bluetooth technology and seamlessly integrates into the employee alerting EkoTek network. It also provides data to the live alarm, dash and mapping boards displayed on EkoMS (EkoTek Management Software).
This will also provide new opportunities for Multitone to address the growing aged care and dementia market in the UK and its International markets.
Paging and the future
The demand for paging remained strong during the period under review. The period showed a modest growth in the volume of paging receivers sold, which supports our continued investment in paging as a reliable technology for critical messaging.
Building on the knowledge gained from the addition of Wi-Fi technology within our existing paging receiver, we have also commenced the development of our next generation of paging devices.
The “Digital Alerter” will combine synthesised frequency support, Wi-Fi and BLE technology, e-ink displays and advanced battery technology allowing fast charging, which will modernise our radio paging device portfolio.
The development and performance of the Group's business during the year
Even though the trading profit for the year saw a healthy positive number, the company's defined benefit pension scheme still presents a challenge and therefore the directors cannot recommend the payment of a dividend (2021:£nil). As a result, the profit for the year is transferred to reserves.
a) Main trends and factors likely to affect the future development, performance and position of the company's business
The detailed results for the year ended 30 June 2022 are set out in the consolidated profit and loss account on page 14. Turnover for the year was £12,334,000 (2021: £13,387,000) a decrease of £1,053,000 or 8%, and the profit on ordinary activities before taxation was £1,089,000 (2021: restated profit of £639,000) a 41% decrease. The profit for the financial year to 30 June 2022 after taxation was £1,044,000 (2021: restated profit of £34,000), a decrease of 96%.
There were a number of extraordinary costs impacting on the profitability in the year, and the restated profit for the prior year that are explained later in this report in note 27, page 54.
One of the group's key measures of effectiveness of its operations is calculating gross margin after direct cost of sales and distribution. The group achieved a margin after direct and distribution costs of 38.8% (2021: 37.3%).
MULTITONE ELECTRONICS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
The group's cash levels have decreased by £617,000 from £9,783,000 at the 2021 year-end, to £9,166,000 at the end of the current financial year. Income is generated from the turnover of the business less expenditures made on its' operations, capital expenditure plus research and development costs.
Contributions to the company pension scheme were in the form of an asset backed contribution (ABC) using a Scottish Limited Partnership and the repayment plan agreed by The Pension Regulator.
b) Environmental matters (including the impact of the company's business on the environment), and carbon footprint
The company and its products comply with The Producer Responsibility Obligations (Packaging Waste) Regulations, The Waste Batteries and Accumulators Regulations, Restriction of Hazardous Substances (RoHS) requirements, Waste Electrical and Electronic Equipment (WEEE), and Control of Substances Hazardous to Health (CoSHH).
Additionally, Multitone operates a certified ISO14001 Environmental Management System in the UK.
As an SME, Multitone is not required to report on its CO2 emissions however, as a subsidiary of a holding company that is quoted on the Hong Kong Stock exchange, we do supply our ESG (Environmental, social and governance) data to them and as a result still monitor how well the business performs in this regard.
The Board is pleased to report that it complies with the relevant legislation and regulations in respect to ESG matters and operates well within local and international guidelines.
c) Staff, including the number of persons of each sex who were employees of the company
(i) the number of persons of each sex who were directors of the company; Male 6, Female 5
(ii) the number of persons of each sex who were senior managers of the company (other than persons falling within sub-paragraph (i)); Male 8 Female 1
In the employment, training and advancement of disabled persons, Multitone is an equal opportunities employer that complies with the requirements of the Equality Act 2010. Disabled individuals are treated to the same rights and opportunities as able-bodied ones in every aspect of the company, recognising that it also has to comply with the Health and Safety at Work Act and not put any of its employees at risk.
Involvement of employees in the affairs, policy and performance of the company: Employees, supervisors, managers, senior managers and directors all work towards the sustainable growth of the business. Participation in the setting of annual budgets and making sure that they are achieved or exceeded is expected from all of Multitone's staff.
d) Social, community and human rights issues, including information about any policies of the company in relation to those matters and the effectiveness of those policies
(i) The Group upholds the highest standards of human rights.
(ii) The Group always obeys the laws and requirements of the countries in which it operates and follows the UK Foreign Office advice on permitted nations in which we can trade.
(iii) The Group also follows their advice on protecting our staff by not putting them at risk in countries that the Foreign Office has classified as unsafe for travel.
(iv) The Group complies with all of the current statutory and regulatory requirements in relation to the environment.
(v) The Group does not enter into any agreement with customers, suppliers, partners, dealerships or any other organisation that requires bribes, solicitation or extortion.
(vi) The Group will always comply with the taxation law of the country it is operating in.
(vii) The Group complies with the Modern Slavery Act 2015 and has included terms into its supply chain agreement.
MULTITONE ELECTRONICS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
The position of the Group at the year end
The group has net assets of £14,374,000 (2021 £14,903,000), however excluding the company defined benefit pension scheme the group has a net worth of £11,926,000 (2021 £10,685,000).
The directors have carried out an impairment review of its assets at the end of the financial year. It has examined the carrying value of the major tangible and intangible assets and made references to open market valuations, market prices, economic indexes, professional opinion and ongoing profit generation. It is the Directors' view that there is no evidence that a permanent diminution in asset value has taken place and as such no adjustment has been made at this time. Formal valuation of the property owned by Multitone is scheduled to be completed every five years in line with FRS102. No formal valuation of the properties was carried out, but a market survey indicated that the market values had increased significantly. Properties were therefore revalued to their market value at the year end.
The group's own pension scheme continues to influence the balance sheet as the world's markets fluctuate. This saw the investment portfolios grow during the year and liabilities decrease because of the various strategies employed. Under FRS102, the gap between assets and liabilities of the scheme was eliminated to produce a small surplus which can be recognized to the extent that it is deemed to be recoverable by the company. It should be noted that a Pension Act s179 technical valuation gives a different result which means that without the supporting Scottish Limited Partnership asset-backed contribution there is still a gap that has to be addressed with the continuation of the Pension Regulator approved repayment plan.
The pension accounts have been prepared to FRS102. The Net Assets are £2,448,000 at the end of June 2022 compared £4,218,000 as it was at the end of June 2021. The Board remain vigilant to the effects of market movements on the asset and liability position of the pension fund which can go up as well as down. Pension equalisation is expected to have some cost but it is too early to know what that might be with any certainty but the pension Trustees do not believe that this will be significant.
The gap in the pension fund between its assets and liabilities is covered by UK Government rules which require the implementation of an officially approved repayment plan and a payment of an annual Pension Protection Levy where should the company become genuinely insolvent; the Protection Fund steps in to cover the majority of any deficit. It is noticeable that credit rating agencies frequently fail to understand this distinction between a valuation of the balance with and without the pension in it and the protected status that pension funds enjoy.
During the financial year the board undertook a review of the main targets of the business to ensure that they match the expectations of the markets, shareholders and other interested parties. It confirmed that research and development remain key to the future of the business with new products and innovations being rolled out on a regular basis each year.
The group has considerable financial resources therefore the directors believe that the group is well placed to manage its business risks successfully. It is still the Directors' intention to exercise a cautious, risk adverse approach for the foreseeable future.
The Directors continue to adopt the going concern basis in preparing the annual report and financial statements.
MULTITONE ELECTRONICS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
Principal risks and uncertainties
The group operates in a competitive market which is a continuing risk to the group and could result in losing sales to key competitors. The group manages this risk by providing value added services to its customers, maintaining strong relationships with customers and providing new and innovative solutions to customer needs.
The group’s sales to its customers in Europe are in Euros, and to its customers in other countries in US Dollars and Sterling, therefore the group is exposed to movements in the Euro and US Dollar to pound exchange rate. The group also sources products in Euros and US Dollars and therefore minimises the risk of exchange rate fluctuations by the operation of both Euro and US Dollar currency bank accounts.
The group trades with companies and organisations in over one hundred countries around the world. This geographical spread facilitates a reduced exposure to any particular region of the world where trading risks may occur.
The group’s pension fund continues to place a financial demand for cash to plug the gap between assets and liabilities. Even though by FRS102 accounting this is in surplus, the s179 technical definition still requires a repayment plan to operate until such time as the SLP can be released from the pension plan.
The other area of risk is the extent of public sector expenditure, and as such Multitone is continuing to gain market share in non-government areas of business that are showing an increased appetite for its products, especially the latest innovations.
Credit risk is managed by ensuring that transactions are only undertaken with businesses of good standing and have an appropriate credit rating along with references that are verified. The group’s customers are frequently organisations that are backed by the government of the United Kingdom and are therefore a low credit risk. Bad debts are very rare.
Corporate Governance
The group voluntarily complies with such elements of the Financial Reporting Council’s “The UK Corporate Governance Code” (‘the Code’) (issued in April 2016) as the Directors consider it appropriate for a private company of its size. On 16 July 2018 the FRC published the updated UK Corporate Governance Code. The new Code applies to accounting periods beginning on or after 1 January 2019 and has been adopted by Multitone Electronics PLC. The group has a written policy statement that applies the Code to Multitone Electronics PLC and explains in detail what systems, processes and documentation exists to ensure that the Code’s recommendations are applied in a consistent way.
The full board meet half yearly and the executive board monthly in the interim. The board’s role is to constructively challenge and help develop proposals on strategy, tactical and operational performance of the group. They also agree operational budgets and capital expenditure whilst monitoring the reporting of the financial performance against these and satisfying themselves of the integrity of the information. They are also responsible for making sure that the financial controls are robust, defensible and are suitable for controlling risk. They are responsible through the remuneration committee for the setting of the appropriate levels of remuneration of the executive and non-executive directors and have a prime role in the appointment and where necessary, the removal of directors.
There is no internal audit function or audit committee given the limited complexity of operations the directors believe appropriate review procedures are already in place.
MULTITONE ELECTRONICS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
Ultimate Parent Company
At the beginning of the period under review Champion Technology Holdings Limited was regarded as the ultimate parent and is a quoted company on the Hong Kong stock exchange.
Champion Technology Holdings Ltd owned 59.04% of the Kantone Group which includes Multitone Electronics PLC.
It was announced during the period under review that Champion Technology Holdings Limited intended to sell its 59.04% share in the Kantone Group during the financial year.
The sale completed on 9th November 2021.
The ultimate parent and controlling company is now Innovative City Investments Limited, a company incorporated in the British Virgin Islands. This company does not prepare consolidated financial statements.
The largest group in which the results of Multitone Electronics are consolidated is that headed by Kantone Holdings Limited which remains a quoted company on the Hong Kong Stock Exchange, a company incorporated in the Cayman Islands.
The consolidated financial statements of Kantone Holdings Limited are available to the public and may be obtained from Kantone Holdings Limited, Unit 4215, 42nd Floor, Hong Kong Plaza, 188 Connaught Road West, Hong Kong.
Edward Paterson (Chief Executive Officer)
Director
13 December 2022
MULTITONE ELECTRONICS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
The directors present their annual report and financial statements for the year ended 30 June 2022.
Principal activities
The principal activity of the group is the design, manufacture and supply of integrated wireless communication systems and solutions for sale and lease.
Results and dividends
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ka Lim Liu (Chairperson)
Edward Paterson (Chief Executive Officer)
Philip L Lawrence
(Resigned 30 September 2022)
Ronald Wray
So Ying Lam
Ka Lai Lau
(Resigned 31 March 2022)
Yin Fong Cecilica To
Wai Chan
Man Tat Li
(Resigned 1 November 2022)
Winny Man Wong
(Resigned 29 April 2022)
Peter Lomax
Auditor
The auditor, Moore, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
MULTITONE ELECTRONICS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group 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
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
group and
company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and 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.
Going concern
The directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Further details regarding the adoption of the going concern basis can be found in the Statement of accounting policies in the notes to the financial statements.
On behalf of the board
Edward Paterson (Chief Executive Officer)
Director
13 December 2022
MULTITONE ELECTRONICS PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MULTITONE ELECTRONICS PLC
- 9 -
Opinion
We have audited the
financial statements of
Multitone Electronics Plc
(the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2022 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
significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2022 and of the group's 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
group and
parent 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.
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.
MULTITONE ELECTRONICS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MULTITONE ELECTRONICS PLC
- 10 -
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
their
environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept 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
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 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
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
MULTITONE ELECTRONICS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MULTITONE ELECTRONICS PLC
- 11 -
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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.
Mohamedraza Mavani (Senior Statutory Auditor)
For and on behalf of
15 December 2022
Chartered Accountants
Statutory Auditor
Rutland House
Minerva Business Park
Lynch Wood
Peterborough
PE2 6PZ
MULTITONE ELECTRONICS PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2022
- 12 -
2022
2021
as restated
Notes
£'000
£'000
Turnover
3
12,334
13,387
Cost of sales
(5,136)
(5,992)
Gross profit
7,198
7,395
Distribution costs
(2,404)
(2,396)
Administrative expenses
(4,093)
(3,759)
Other operating income
351
234
Operating profit
4
1,052
1,474
Interest receivable and similar income
8
80
193
Interest payable and similar expenses
9
(43)
(267)
Other gains and losses
4
-
(761)
Profit before taxation
1,089
639
Tax on profit
10
(45)
(605)
Profit for the financial year
1,044
34
MULTITONE ELECTRONICS PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
- 13 -
2022
2021
as restated
£'000
£'000
Profit for the year
1,044
34
Other comprehensive income
Revaluation of tangible fixed assets
350
Actuarial (loss)/gain on defined benefit pension schemes
(1,991)
4,626
Currency translation differences
69
7
Other comprehensive income for the year
(1,572)
4,633
Total comprehensive income for the year
(528)
4,667
MULTITONE ELECTRONICS PLC
GROUP BALANCE SHEET
AS AT 30 JUNE 2022
30 June 2022
- 14 -
2022
2021
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
11
2,045
1,813
Tangible assets
12
3,180
2,226
5,225
4,039
Current assets
Stocks
14
1,742
1,743
Debtors
15
2,828
3,218
Cash at bank and in hand
9,166
9,783
13,736
14,744
Creditors: amounts falling due within one year
16
(6,596)
(7,104)
Net current assets
7,140
7,640
Total assets less current liabilities
12,365
11,679
Creditors: amounts falling due after more than one year
17
(329)
(895)
Provisions for liabilities
18
(110)
(99)
Net assets excluding pension surplus
11,926
10,685
Defined benefit pension surplus
19
2,448
4,218
Net assets
14,374
14,903
Capital and reserves
Called up share capital
20
3,830
3,830
Share premium account
1,875
1,875
Revaluation reserve
610
260
Profit and loss reserves
8,059
8,938
Total equity
14,374
14,903
The financial statements were approved by the board of directors and authorised for issue on 13 December 2022 and are signed on its behalf by:
13 December 2022
Edward Paterson (Chief Executive Officer)
Director
MULTITONE ELECTRONICS PLC
COMPANY BALANCE SHEET
AS AT 30 JUNE 2022
30 June 2022
- 15 -
2022
2021
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
11
2,045
1,813
Tangible assets
12
883
270
Investments
13
102
102
3,030
2,185
Current assets
Stocks
14
897
909
Debtors
15
5,156
5,489
Cash at bank and in hand
7,983
8,686
14,036
15,084
Creditors: amounts falling due within one year
16
(6,069)
(6,574)
Net current assets
7,967
8,510
Total assets less current liabilities
10,997
10,695
Creditors: amounts falling due after more than one year
17
-
(500)
Provisions for liabilities
Provisions
18
14
(14)
-
Net assets excluding pension surplus
10,983
10,195
Defined benefit pension surplus
19
2,448
4,218
Net assets
13,431
14,413
Capital and reserves
Called up share capital
20
3,830
3,830
Share premium account
1,875
1,875
Profit and loss reserves
7,726
8,708
Total equity
13,431
14,413
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
£1,010,000 (2021 - loss £102,000).
MULTITONE ELECTRONICS PLC
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022
30 June 2022
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 13 December 2022 and are signed on its behalf by:
13 December 2022
Edward Paterson (Chief Executive Officer)
Director
Company Registration No. 00256314
MULTITONE ELECTRONICS PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
- 17 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
£'000
As restated for the period ended 30 June 2021:
Balance at 1 July 2020
3,830
1,875
278
4,199
10,182
Year ended 30 June 2021:
Profit for the year
-
-
-
34
34
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
4,626
4,626
Currency translation differences
-
-
-
7
7
Total comprehensive income for the year
-
-
-
4,667
4,667
Transfers
-
-
(18)
72
54
Balance at 30 June 2021
3,830
1,875
260
8,938
14,903
Year ended 30 June 2022:
Profit for the year
-
-
-
1,044
1,044
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
350
-
350
Actuarial gains on defined benefit plans
-
-
-
(1,991)
(1,991)
Currency translation differences
-
-
-
69
69
Total comprehensive income for the year
-
-
350
(878)
(528)
Balance at 30 June 2022
3,830
1,875
610
8,059
14,374
MULTITONE ELECTRONICS PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
- 18 -
Share capital
Share premium account
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
As restated for the period ended 30 June 2021:
Balance at 1 July 2020
3,830
1,875
3,829
9,534
Year ended 30 June 2021:
Loss for the year
-
-
(102)
(102)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
4,591
4,591
Total comprehensive income for the year
-
-
4,489
4,489
Transfers
-
-
390
390
Balance at 30 June 2021
3,830
1,875
8,708
14,413
Year ended 30 June 2022:
Profit for the year
-
-
1,011
1,011
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
(2,032)
(2,032)
Currency translation differences
-
-
40
40
Total comprehensive income for the year
-
-
(981)
(981)
Transfers
-
-
(1)
(1)
Balance at 30 June 2022
3,830
1,875
7,726
13,431
MULTITONE ELECTRONICS PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
- 19 -
2022
2021
as restated
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
25
982
1,356
Interest paid
(43)
(267)
Income taxes (paid)/refunded
(30)
33
Net cash inflow from operating activities
909
1,122
Investing activities
Purchase of intangible assets
(924)
(904)
Proceeds on disposal of intangibles
2
-
Purchase of tangible fixed assets
(736)
(130)
Interest received
80
193
Net cash used in investing activities
(1,578)
(841)
Net (decrease)/increase in cash and cash equivalents
(669)
281
Cash and cash equivalents at beginning of year
9,783
9,473
Effect of foreign exchange rates
52
29
Cash and cash equivalents at end of year
9,166
9,783
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 20 -
1
Accounting policies
Company information
Multitone Electronics Plc (“the company”)
is a
public
limited company domiciled and incorporated in
England and Wales
.
The registered office is
Multitone House, Shortwood Copse Lane, Kempshott, Basingstoke, RG23 7NL.
The group consists of Multitone Electronics Plc 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 £'000.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
The group financial statements consolidate the financial statements of Multitone Electronics plc and all of its subsidiaries drawn up to 30 June each year. Multitone has taken the permitted exemption from the disclosure requirement required in FRS 102 Sections 11 & 12 for qualifying entities. All subsidiaries of the group are included on the purchase method of accounting.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Whilst the impact of coronavirus has dissipated to some degree, the legacy of its effect continues to be felt throughout most sectors of the economy. Other matters such as supply chain issues and rising prices, particularly fuel and energy, are impacting across all businesses. Going concern is therefore an important area that the directors are keeping under close scrutiny. No immediate concerns in relation to the company’s long term future have been identified, but this area continues to be monitored. The directors are satisfied that the steps they have taken in the short term are appropriate and effective.
1.4
Turnover
Turnover principally comprises the invoiced value of goods and services supplied by group companies to third parties and in addition the group makes sales under finance leases terms and receives rental income from equipment hire. Amounts recoverable in respect of finance lease sales are included in the balance sheet on the basis of costs of open contracts less accumulated amortisation.
When the group is engaged in the supply of goods and services under contracts which in total may exceed one years in duration, turnover comprises the invoiced value of work carried out to the accounting date. To the extent that the billings are recorded in advanced of the relevant turnover, these are included in deferred income. Turnover is exclusive of VAT and relevant sales taxes and after elimination of all intercompany transactions, and is net of returns, trade discounts and allowances.
Rental income from equipment hire is recognised on a straight line basis over the life of the lease. Interest receivable under finance lease is recognised in the profit and loss account in proportion to the capital amount outstanding.
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 21 -
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.6
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:
Research and development intangibles
Maximum of 5 years
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:
Freehold land and buildings
Held at valuation
Leasehold land and buildings
Held at valuation
Plant and equipment
3 -10 years
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 recognised in the
profit and loss account
.
1.8
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 22 -
1.9
Impairment of fixed assets
At each reporting
period
end date, the
group
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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at
the
lower of
cost and replacement cost
, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 23 -
1.12
Financial instruments
The group 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 group's
balance sheet
when the group 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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
m
ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 24 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are 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, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group 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 group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 25 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset
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.
1.15
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.
1.16
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.
1.17
Retirement benefits
In the United Kingdom the group operates a defined contribution pension scheme; the employer's contributions are charged directly to the profit and loss account.
In the United Kingdom the group also operates a defined benefit pension scheme; pension costs charges to the profit and loss account relate to the current service costs of employees.
The costs of defined benefit pension plans and other post-employment medical benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumption and the long term nature of these plans, such estimates are subject to significant uncertainty. In determining the appropriate discount rate, management consider the interest rates of corporate bonds in the respective currency with at least AA rating, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation.
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 26 -
The underlying bonds are further reviewed for quality, and those having excessive credit spreads are removed from the population bonds on which the discount rate is based, on the basis that they do not represent high quality bonds. The mortality rate is based on publicly available mortality tables for the specific country. Future salary increases and pension increases are based on expected future inflation rates for the respective country.
1.18
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the 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.
3
Turnover and other revenue
2022
2021
£'000
£'000
Turnover analysed by geographical market
United Kingdom
8,145
10,167
Europe
3,834
2,818
Rest of world
355
402
12,334
13,387
Sales in respect of finance leases and rental agreements included in turnover above are as follows:
Finance lease sales in the year ended 30 June 2022 totalling £2,321,000 (2021: £2,383,000);
Income from equipment hire in the year ended 30 June 2022 totalling £1,070,000 (2021: £1,061,000).
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 27 -
4
Operating profit
2022
2021
£'000
£'000
Operating profit for the year is stated after charging/(crediting):
Exchange losses
88
52
Research and development costs
7
(81)
Depreciation of owned tangible fixed assets
147
107
Amortisation of intangible assets
679
625
Operating lease charges
161
178
In the prior
year, a review of related party balances was performed by the ultimate controlling Group due to
the sale of certain Group entities including this company and its subsidiaries. As a result of this review,
£761,000 of related party balances
we
re no longer repayable to this company and this amount
w
as written off during the year accordingly.
There have been no related party write offs in the current year.
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
45
45
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Development and manufacture
57
57
31
29
Sales and service
71
70
47
48
Administration
36
37
19
21
Total
164
164
97
98
Their aggregate remuneration comprised:
Group
Company
2022
2021
2022
2021
as restated
as restated
£'000
£'000
£'000
£'000
Wages and salaries
5,197
4,933
3,496
3,129
Social security costs
547
760
414
461
Pension costs
771
538
611
537
6,515
6,231
4,521
4,127
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 28 -
7
Directors' remuneration
2022
2021
£'000
£'000
Remuneration for qualifying services
505
560
Pension contributions
39
34
544
594
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£'000
£'000
Remuneration for qualifying services
154
178
Pension contributions
10
2
8
Interest receivable and similar income
2022
2021
£'000
£'000
Interest income
Interest on bank deposits
2
1
Other interest income
78
192
Total income
80
193
9
Interest payable and similar expenses
2022
2021
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1
Interest payable to group undertakings
38
250
Other interest on financial liabilities
4
17
43
267
10
Taxation
2022
2021
£'000
£'000
Current tax
Foreign current tax on profits for the current period
50
46
Adjustments in foreign tax in respect of prior periods
1
115
Total current tax
51
161
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
10
Taxation
2022
2021
£'000
£'000
(Continued)
- 29 -
Deferred tax
Origination and reversal of timing differences
(6)
444
Total tax charge
45
605
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£'000
£'000
Profit before taxation
1,089
639
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
207
121
Tax effect of expenses that are not deductible in determining taxable profit
2
146
Tax effect of income not taxable in determining taxable profit
8
Change in unrecognised deferred tax assets
725
(434)
Effect of change in corporation tax rate
(239)
-
Research and development tax credit
(290)
(233)
Other permanent differences
15
609
Effect of overseas tax rates
11
20
Under/(over) provided in prior years
107
Amounts (charged)/credited directly to STRGL or otherwise transferred
(386)
261
Taxation charge
45
605
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
10
Taxation
(Continued)
- 30 -
On the 3 March 2021 Budget it was announced that the UK tax rate will increase from 19% to 25% from 1 April 2023. This will have a consequential effect on the company's future tax charge. The deferred tax balances below have therefore been calculated at 25%.
A deferred tax asset to the sum of £1,614,000 (2021: £977,000) has not been recognised in respect of timing differences relating to trading losses and depreciation in excess of capital allowances as it is considered as unlikely
that there will be suitable taxable profits available for the losses to be relieved and for the asset to be recovered. The asset would be recovered if future taxable profits were available against which the losses could be relieved.
A deferred tax asset to the sum of £1,135,000 (2021: £863,000) has not been recognised in respect of capital losses as in the opinion of the directors there will be no suitable taxable gains in the foreseeable future. The asset would be recovered if future gains arise on the sale of chargeable assets.
A deferred tax liability to the sum of £612,000 (2021: £795,000) has not been recognised in respect of the defined benefit pension scheme asset
A deferred tax asset to the sum of £133,000 (2021: £133,000) has not been recognised in respect of R&D expenditure credits available for carry forward to offset against future corporation tax liabilities. In the opinion of the directors there will be no foreseeable liabilities.
11
Intangible fixed assets
Group
Research and development intangibles
£'000
Cost
At 1 July 2021
13,884
Additions - separately acquired
923
Disposals
(23)
At 30 June 2022
14,784
Amortisation and impairment
At 1 July 2021
12,071
Amortisation charged for the year
679
Disposals
(11)
At 30 June 2022
12,739
Carrying amount
At 30 June 2022
2,045
At 30 June 2021
1,813
Intangible assets for both the group and company comprise costs incurred in respect of producing software, pre-production prototypes and test equipment for new products. Intangible assets are recognised at cost. These costs are amortised over a period of 5 years which reflects the expected commercial life of the products in question.
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
11
Intangible fixed assets
(Continued)
- 31 -
Company
Research and development intangibles
£'000
Cost
At 1 July 2021
13,884
Additions - separately acquired
923
Disposals
(23)
At 30 June 2022
14,784
Amortisation and impairment
At 1 July 2021
12,071
Amortisation charged for the year
679
Disposals
(11)
At 30 June 2022
12,739
Carrying amount
At 30 June 2022
2,045
At 30 June 2021
1,813
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 32 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Total
£'000
£'000
£'000
£'000
Cost
At 1 July 2021
1,961
86
14,992
17,039
Additions
604
132
736
Disposals
(10)
(10)
Revaluation
350
350
Exchange adjustments
8
12
(17)
3
At 30 June 2022
2,923
98
15,097
18,118
Depreciation and impairment
At 1 July 2021
100
2
14,711
14,813
Depreciation charged in the year
16
3
128
147
Eliminated in respect of disposals
(8)
(8)
Exchange adjustments
7
1
(22)
(14)
At 30 June 2022
123
6
14,809
14,938
Carrying amount
At 30 June 2022
2,800
92
288
3,180
At 30 June 2021
1,861
84
281
2,226
Company
Freehold land and buildings
Plant and equipment
Total
£'000
£'000
£'000
Cost
At 1 July 2021
9,894
9,894
Additions
604
104
708
Disposals
(7)
(7)
At 30 June 2022
604
9,991
10,595
Depreciation and impairment
At 1 July 2021
9,624
9,624
Depreciation charged in the year
93
93
Eliminated in respect of disposals
(5)
(5)
At 30 June 2022
9,712
9,712
Carrying amount
At 30 June 2022
604
279
883
At 30 June 2021
270
270
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
12
Tangible fixed assets
(Continued)
- 33 -
Land and buildings are held at valuation. The Group's freehold properties in the United Kingdom were revalued in June 2022 on the basis of open market value for existing use, by Baker Davidson Thomas, Chartered Surveyors.
13
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
102
102
Shares in group undertakings consistent of 100% of ordinary share capital of each subsidiary, except where otherwise indicated. The subsidiary companies are incorporated in the United Kingdom, except where otherwise indicated.
Sales
Multitone Elektronik International GmbH (Germany)
Multitone General Partner Ltd
Multitone Retirement Benefits Plan Trustee Ltd
Multitone Scottish Limited Partnership
Manufacturing
Multitone Electronics Sdn Bhd (Malaysia)*
Non-trading
Multitone Communications Limited
Multitone Communication Systems Limited
Infopage Limited
Paging Systems Limited
Multitone Rentals Limited
* Owned by Multitone Communications Limited
The principal country of operation for all trading subsidiaries is the same as their country of incorporation.
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 1 July 2021 and 30 June 2022
102
Carrying amount
At 30 June 2022
102
At 30 June 2021
102
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 34 -
14
Stocks
Group
Company
2022
2021
2022
2021
£'000
£'000
£'000
£'000
Raw materials and consumables
913
680
453
166
Work in progress
184
541
143
408
Finished goods and goods for resale
645
522
301
335
1,742
1,743
897
909
15
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
1,379
1,382
1,237
1,222
Corporation tax recoverable
18
30
Amounts owed by group undertakings
593
860
3,098
3,362
Other debtors
326
362
309
321
Prepayments and accrued income
208
191
208
191
2,524
2,825
4,852
5,096
Amounts falling due after more than one year:
Amounts receivable under finance leases
304
393
304
393
Total debtors
2,828
3,218
5,156
5,489
16
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£'000
£'000
£'000
£'000
Trade creditors
337
390
214
251
Amounts owed to group undertakings
1,920
2,383
1,944
2,407
Corporation tax payable
6
3
Other taxation and social security
466
472
466
472
Deferred income
2,918
2,709
2,526
2,329
Other creditors
949
1,147
919
1,115
6,596
7,104
6,069
6,574
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
16
Creditors: amounts falling due within one year
(Continued)
- 35 -
Included in the prior year within Amounts owed to group undertakings were loans with Champion Technology Holdings Limited totalling £250k. Interest was charged on this balance at 5% per annum. This was repaid in full during the year.
The group also operates a number of intercompany loans from its subsidiaries, these are all interest free and repayable on demand.
17
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
£'000
£'000
£'000
£'000
Amounts owed to group undertakings
500
500
Other creditors
329
395
329
895
-
500
Included in the prior year within Amounts owed to group undertakings were loans with Champion Technology Holdings Limited totalling £500k. Interest was charged on this balance at 5% per annum. This was repaid in full during the year.
18
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£'000
£'000
£'000
£'000
Warranty provision
110
99
14
-
Movements on provisions:
Warranty provision
Group
£'000
At 1 July 2021
99
Additional provisions in the year
14
Utilisation of provision
(1)
Exchange difference
(2)
At 30 June 2022
110
Warranty provision
Company
£'000
Additional provisions in the year
14
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 36 -
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
322
107
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
Defined benefit schemes
In the United Kingdom the group operates a self-administered, funded pension scheme, which is contracted out of the state pension scheme. The scheme provides defined pension benefits related to service, final earnings and capital sums on death. The scheme is closed and all remaining members are deferred. The assets of the scheme are held in a separately administered fund.
The most recent actuarial valuation of the scheme was at 30 June 2022. The valuation used the projected unit method and was carried out by a professionally qualified actuary.
The total assets and liabilities of the UK scheme and the expected rates of return at 30 June are as follows:
2022
2021
Key assumptions
%
%
Discount rate
3.75
1.80
Expected rate of increase of pensions in payment
3.10
3.15
Expected rate of salary increases
Pre 1997
2.85
2.85
Post 1998 GMP
0.00
0.00
Post 1997
2.35
2.35
Inflation assumption
3.20
3.25
Mortality assumptions
2022
2021
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
22.3
22.3
- Females
24.5
23.9
Retiring in 20 years
- Males
23.9
24.5
- Females
25.9
25.9
2022
2021
Amounts taken to other comprehensive income
£'000
£'000
Other gains and losses
(2,032)
4,591
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
19
Retirement benefit schemes
(Continued)
- 37 -
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
Group
Company
2022
2021
2022
2021
£'000
£'000
£'000
£'000
Present value of defined benefit obligations
31,475
40,961
31,475
40,961
Fair value of plan assets
(33,923)
(45,179)
(33,923)
(45,179)
Surplus in scheme
(2,448)
(4,218)
(2,448)
(4,218)
Group
Company
2022
2022
Movements in the present value of defined benefit obligations
£'000
£'000
Liabilities at 1 July 2021
40,961
40,961
Benefits paid
(1,485)
(1,485)
Interest cost
724
724
Other
(8,725)
(8,725)
At 30 June 2022
31,475
31,475
Group
Company
2022
2022
The defined benefit obligations arise from plans funded as follows:
£'000
£'000
Wholly unfunded obligations
-
-
Wholly or partly funded obligations
31,475
31,475
31,475
31,475
Group
Company
2022
2022
Movements in the fair value of plan assets
£'000
£'000
Fair value of assets at 1 July 2021
45,179
45,179
Interest income
(10,757)
(10,757)
Benefits paid
(1,485)
(1,485)
Contributions by the employer
354
354
Other
632
632
At 30 June 2022
33,923
33,923
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
19
Retirement benefit schemes
(Continued)
- 38 -
Fair value of plan assets at the reporting period end
Group
Company
2022
2021
2022
2021
£'000
£'000
£'000
£'000
Alternatives
3,895
3,614
3,895
3,614
Currency hedge
(135)
(1)
(135)
(1)
Swaps hedging the liabilities
(3,831)
(2,235)
(3,831)
(2,235)
Multi asset growth fund
17,199
22,817
17,199
22,817
Fixed interest gilts
6,185
6,538
6,185
6,538
Index linked gilts
4,749
6,382
4,749
6,382
Property
1,853
1,537
1,853
1,537
Value of SLP
1,698
5,712
1,698
5,712
Cash
2,052
421
2,052
421
Insured pensions
258
394
258
394
33,923
45,179
33,923
45,179
20
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of 25p each
15,320,428
15,320,428
3,830
3,830
21
Operating lease commitments
Lessee
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
2022
2021
2022
2021
£'000
£'000
£'000
£'000
Within one year
296
320
149
195
Between two and five years
255
348
146
167
551
668
295
362
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 39 -
22
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2022
2021
2022
2021
£'000
£'000
£'000
£'000
Acquisition of tangible fixed assets
-
604
-
604
23
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2022
2021
£'000
£'000
Group
Other related parties
1,920
2,883
Company
Entities with control, joint control or significant influence over the company
1,920
2,883
Entities over which the company has control, joint control or significant influence
25
25
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2022
2021
Balance
Balance
£'000
£'000
Group
Other related parties
593
860
Company
Entities with control, joint control or significant influence over the company
593
860
Entities over which the company has control, joint control or significant influence
2,505
2,502
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 40 -
24
Controlling party
The immediate parent company of Multitone Electronics plc is Multitone (UK) Limited, a company incorporated in England and Wales.
The ultimate parent and controlling company is Innovative City Investments Limited, a company incorporated in the British Virgin Islands. This company does not prepare consolidated financial statements.
The largest group in which the results of Multitone Electronics are consolidated is that headed by Kantone Holdings Limited, a company incorporated in the Cayman Islands.
The consolidated financial statements of Kantone Holdings Limited are available to the public and may be obtained from Kantone Holdings Limited, Unit 4215, 42nd Floor, Hong Kong Plaza, 188 Connaught Road West, Hong Kong.
25
Cash generated from group operations
2022
2021
£'000
£'000
Profit for the year after tax
1,044
34
Adjustments for:
Taxation charged
45
605
Finance costs
43
267
Investment income
(80)
(193)
Loss on disposal of tangible fixed assets
12
-
Impairment of group balances
-
761
Amortisation and impairment of intangible assets
680
625
Depreciation and impairment of tangible fixed assets
147
107
Pension scheme non-cash movement
(221)
623
Increase/(decrease) in provisions
11
(30)
Movements in working capital:
Decrease/(increase) in stocks
1
(1)
Decrease in debtors
378
362
Decrease in creditors
(1,078)
(1,804)
Cash generated from operations
982
1,356
26
Analysis of changes in net funds - group
1 July 2021
Cash flows
30 June 2022
£'000
£'000
£'000
Cash at bank and in hand
9,783
(617)
9,166
MULTITONE ELECTRONICS PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 41 -
27
Prior period adjustment
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2021
£'000
Adjustments to prior year
Pension contributions reanalysed from OCI
(431)
Administration costs reanalysed from OCI
(192)
Total adjustments
(623)
Profit as previously reported
657
Profit as adjusted
34
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit/(loss) for the previous financial period
2021
£'000
Adjustments to prior year
Pension contributions reanalysed from OCI
(431)
Administration costs reanalysed from OCI
(192)
Total adjustments
(623)
Profit as previously reported
521
Loss as adjusted
(102)
Notes to reconciliation
Additional pension contributions and related administration costs have previously been included within other comprehensive income. These costs have now been reanalysed to the profit and loss account. The effect of these adjustments are shown above.
2022-06-30
2021-07-01
false
CCH Software
CCH Accounts Production 2022.200
Ka Lim Liu (Chairperson)
Edward Paterson (Chief Executive Officer)
Ronald Wray
Ronald Wray
So Ying Lam
Ka Lai Lau
Yin Fong Cecilica To
Wai Chan
Man Tat Li
Winny Man Wong
Peter Lomax
Philip L Lawrence
Moore
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2021-07-01
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2021-07-01
2022-06-30
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2021-07-01
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2021-07-01
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2021-07-01
2022-06-30
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2021-07-01
2022-06-30
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2021-07-01
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2021-07-01
2022-06-30
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2021-07-01
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2021-07-01
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2021-07-01
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2021-07-01
2022-06-30
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2021-07-01
2022-06-30
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2021-07-01
2022-06-30
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2021-07-01
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2021-07-01
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2022-06-30
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2022-06-30
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2020-07-01
2021-06-30
00256314
2020-07-01
2021-06-30
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core:OtherResidualIntangibleAssets
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2022-06-30
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core:OtherResidualIntangibleAssets
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2021-06-30
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2022-06-30
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core:OtherResidualIntangibleAssets
2021-06-30
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2021-06-30
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2022-06-30
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2021-06-30
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bus:Consolidated
2021-06-30
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2021-06-30
00256314
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2022-06-30
00256314
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2022-06-30
00256314
core:PlantMachinery
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2022-06-30
00256314
core:LandBuildings
core:OwnedOrFreeholdAssets
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2021-06-30
00256314
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2021-06-30
00256314
core:PlantMachinery
bus:Consolidated
2021-06-30
00256314
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-06-30
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core:PlantMachinery
2022-06-30
00256314
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-06-30
00256314
core:PlantMachinery
2021-06-30
00256314
core:ShareCapital
bus:Consolidated
2022-06-30
00256314
core:ShareCapital
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2021-06-30
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core:SharePremium
bus:Consolidated
2022-06-30
00256314
core:SharePremium
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2021-06-30
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core:RevaluationReserve
bus:Consolidated
2022-06-30
00256314
core:RevaluationReserve
bus:Consolidated
2021-06-30
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core:ShareCapital
2022-06-30
00256314
core:ShareCapital
2021-06-30
00256314
core:SharePremium
2022-06-30
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core:SharePremium
2021-06-30
00256314
core:SharePremium
bus:Consolidated
2020-06-30
00256314
core:SharePremium
2020-06-30
00256314
core:RevaluationReserve
2021-06-30
00256314
bus:Consolidated
2020-06-30
00256314
core:IntangibleAssetsOtherThanGoodwill
2021-07-01
2022-06-30
00256314
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2021-07-01
2022-06-30
00256314
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-07-01
2022-06-30
00256314
core:LandBuildings
core:LongLeaseholdAssets
2021-07-01
2022-06-30
00256314
core:PlantMachinery
2021-07-01
2022-06-30
00256314
core:ForeignTax
bus:Consolidated
2021-07-01
2022-06-30
00256314
core:ForeignTax
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2020-07-01
2021-06-30
00256314
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1
2021-07-01
2022-06-30
00256314
bus:Consolidated
1
2020-07-01
2021-06-30
00256314
bus:Consolidated
2
2021-07-01
2022-06-30
00256314
bus:Consolidated
2
2020-07-01
2021-06-30
00256314
bus:Consolidated
3
2021-07-01
2022-06-30
00256314
bus:Consolidated
3
2020-07-01
2021-06-30
00256314
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
bus:Consolidated
2021-06-30
00256314
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2021-06-30
00256314
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
core:ExternallyAcquiredIntangibleAssets
bus:Consolidated
2021-07-01
2022-06-30
00256314
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
core:ExternallyAcquiredIntangibleAssets
2021-07-01
2022-06-30
00256314
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
bus:Consolidated
2021-07-01
2022-06-30
00256314
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-06-30
00256314
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2021-06-30
00256314
core:PlantMachinery
bus:Consolidated
2021-06-30
00256314
bus:Consolidated
2021-06-30
00256314
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-06-30
00256314
core:PlantMachinery
2021-06-30
00256314
2021-06-30
00256314
core:LandBuildings
core:OwnedOrFreeholdAssets
bus:Consolidated
2021-07-01
2022-06-30
00256314
core:LandBuildings
core:LeasedAssetsHeldAsLessee
bus:Consolidated
2021-07-01
2022-06-30
00256314
core:PlantMachinery
bus:Consolidated
2021-07-01
2022-06-30
00256314
core:CurrentFinancialInstruments
2022-06-30
00256314
core:CurrentFinancialInstruments
2021-06-30
00256314
core:Non-currentFinancialInstruments
bus:Consolidated
2022-06-30
00256314
core:Non-currentFinancialInstruments
bus:Consolidated
2021-06-30
00256314
core:Non-currentFinancialInstruments
2022-06-30
00256314
core:Non-currentFinancialInstruments
2021-06-30
00256314
core:CurrentFinancialInstruments
bus:Consolidated
2022-06-30
00256314
core:CurrentFinancialInstruments
bus:Consolidated
2021-06-30
00256314
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2022-06-30
00256314
core:CurrentFinancialInstruments
core:WithinOneYear
bus:Consolidated
2021-06-30
00256314
core:CurrentFinancialInstruments
core:WithinOneYear
2022-06-30
00256314
core:CurrentFinancialInstruments
core:WithinOneYear
2021-06-30
00256314
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2022-06-30
00256314
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
2021-06-30
00256314
core:Non-currentFinancialInstruments
core:AfterOneYear
2022-06-30
00256314
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-06-30
00256314
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
1
2022-06-30
00256314
core:Non-currentFinancialInstruments
core:AfterOneYear
bus:Consolidated
1
2021-06-30
00256314
core:Non-currentFinancialInstruments
core:AfterOneYear
2
2022-06-30
00256314
core:Non-currentFinancialInstruments
core:AfterOneYear
2
2021-06-30
00256314
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
00256314
bus:FRS102
2021-07-01
2022-06-30
00256314
bus:Audited
2021-07-01
2022-06-30
00256314
bus:ConsolidatedGroupCompanyAccounts
2021-07-01
2022-06-30
00256314
bus:FullAccounts
2021-07-01
2022-06-30
xbrli:pure
xbrli:shares
iso4217:GBP