MOOG READING LIMITED
COMPANY INFORMATION
Directors
D. Norman
J. Byrne-Safier
(Appointed 17 May 2019)
M. Layne
(Appointed 24 October 2019)
M. Smith
(Appointed 25 March 2020)
Secretary
N. Martin
Company number
00586505
Registered office
30 Suttons Park Avenue
Suttons Business Park
Reading
Berkshire
RG6 1AW
Auditor
Edwin Smith
32 Queens Road
Reading
Berkshire
RG1 4AU
Bankers
HSBC Bank plc
PO BOX 120
49 Corn Street
Bristol
BS99 7PP
Solicitors
Willans LLP
28 Imperial Square
Cheltenham
Gloucestershire
GL50 1RH
MOOG READING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 4
Independent auditor's report
5 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 26
MOOG READING LIMITED
STRATEGIC REPORT
true
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
The directors present the strategic report for the Period ended 28 September 2019.
- 1 -
Fair review of the business
true
The principal activities of the company are precision engineering and the manufacture of electro-mechanical devices, principally slip rings for home and export markets together with the purchase of goods from other group companies for sale in the UK and Europe.
The company prepares its financial statements to the closest Saturday to 30 September each year, which in the current period is 28 September 2019 (2018 – 29 September).
Strategic risks and uncertainties
Competition
The company manages risk of competition through continual product improvement and development of new products, the company provides products that are competitive in the market.
Suppliers
The company carefully selects suppliers who can consistently supply a high quality service or product.
Key performance indicators
The Company's key financial and other performance indicators during the year were as follows:
Period ended
Period ended
28 September
29 September
+ / -
Change
2019
2018
£
£
Turnover
21,779,851
21,872,494
-
0.42%
Operating profit
2,326,287
3,109,920
-
25.20%
Profit for the financial Period
1,342,977
1,995,824
-
32.71%
Other information and explanations
Turnover was broadly flat against prior year, with the continuation of existing contracts and new business which has been won. FY20 Turnover is expected to remain similar to that of FY19.
M. Smith
Director
22 October 2020
MOOG READING LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
The directors present their annual report and financial statements for the Period ended 28 September 2019.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
D. Norman
J. Muscatello
(Resigned 17 May 2019)
S. Curtis
(Resigned 24 October 2019)
J. Byrne-Safier
(Appointed 17 May 2019)
M. Layne
(Appointed 24 October 2019)
M. Smith
(Appointed 25 March 2020)
Results and dividends
The results for the Period are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the Period. These provisions remain in force at the reporting date.
Financial instruments
Treasury operations and financial instruments
The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.
The company’s principal financial instruments include bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.
Liquidity risk
The company mitigates liquidity risk by managing cash flow generation throughout its operation and by applying cash collection procedures. Cash flow risk is managed by careful negotiation of terms with customers and suppliers.
Foreign currency risk
The company has transactional currency exposures which arise from sales and purchases in currencies other than its functional currency as well as the currency risk associated with inter-company transactions in various currencies. Potential exposures to foreign currency exchange rate movements are monitored through rolling cash flow forecasts in all currencies in which the company trades. These are reviewed monthly and appropriate actions are taken to manage net open foreign currency positions
.
Credit risk
The company endeavours to minimise the risk of financial loss caused by third parties failing to discharge an obligation by only granting credit terms to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures and limiting the value of credit extended.
Research and development
The company undertakes Research and Development activities which are designed to improve the performance of existing products, develop new market opportunities and to extend technical knowledge on chosen product lines.
- 2 -
MOOG READING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
Post reporting date events
The company’s business activities, together with the factors likely to affect its future development, its financial position, financial risk management objectives, and its exposures to price, credit liquidity and cash flow risk are described in the preceding part of the Strategic Report.
The company has considerable financial resources together with a strong forward order book with a number of customers and suppliers across different geographic areas and industries. As a consequence, the directors believe that the company is well placed to manage its business risk successfully despite the current uncertain economic outlook.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The COVID pandemic has had negligible impact on the business; the order book has not been affected to any great extent and the plant continues to operate at near-capacity. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
Future developments
The company aims to retain and develop all existing and new customers by focussing on customer service and market leading high technology products. The directors believe that these strategies will enable the business and sales performance to continue to prosper through 2020 and beyond.
Auditor
In accordance with the company's articles, a resolution proposing that Edwin Smith be reappointed as auditor of the company will be put at a General Meeting.
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of
the principal risks and uncertainties of the company.
- 3 -
MOOG READING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M. Smith
Director
22 October 2020
- 4 -
MOOG READING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MOOG READING LIMITED
Opinion
- 5 -
We have audited the financial statements of Moog Reading Limited (the 'company') for the Period ended 28 September 2019 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 28 September 2019 and of its profit for the Period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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
true
:
-
• the information given in the strategic report and the directors' r
eport for the financial Period 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.
MOOG READING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MOOG READING LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of 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 company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company's member 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 member 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 member for our audit work, for this report, or for the opinions we have formed.
Philip Nixon (Senior Statutory Auditor)
for and on behalf of Edwin Smith
22 October 2020
Chartered Accountants
Statutory Auditor
- 6 -
32 Queens Road
Reading
Berkshire
RG1 4AU
MOOG READING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
Period
Period
ended
ended
28 September
29 September
2019
2018
Notes
£
£
Turnover
3
21,779,851
21,872,494
Cost of sales
(16,487,514)
(16,467,374)
Gross profit
5,292,337
5,405,120
Distribution costs
(1,655,604)
(1,439,185)
Administrative expenses
(1,310,446)
(856,015)
Operating profit
4
2,326,287
3,109,920
Interest receivable and similar income
8
7
-
Interest payable and similar expenses
7
(655,741)
(633,910)
Profit before taxation
1,670,553
2,476,010
Tax on profit
9
(327,576)
(480,186)
Profit for the financial Period
1,342,977
1,995,824
The income statement has been prepared on the basis that all operations are continuing operations.
- 7 -
MOOG READING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 SEPTEMBER 2019
28 September 2019
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,926,116
1,394,885
Investments
11
22,051,382
22,051,382
23,977,498
23,446,267
Current assets
Stocks
13
6,822,942
4,991,275
Debtors
14
7,875,760
6,027,875
Cash at bank and in hand
332,404
419,834
15,031,106
11,438,984
Creditors: amounts falling due within one year
15
(6,977,581)
(4,223,860)
Net current assets
8,053,525
7,215,124
Total assets less current liabilities
32,031,023
30,661,391
Creditors: amounts falling due after more than one year
16
(11,000,000)
(11,000,000)
Provisions for liabilities
19
(771,368)
(744,713)
Net assets
20,259,655
18,916,678
Capital and reserves
Called up share capital
20
135,137
135,137
Capital redemption reserve
7,200,000
7,200,000
Profit and loss reserves
12,924,518
11,581,541
Total equity
20,259,655
18,916,678
The financial statements were approved by the board of directors and authorised for issue on 22 October 2020 and are signed on its behalf by:
M. Smith
Director
Company Registration No. 00586505
- 8 -
MOOG READING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2017
135,137
7,200,000
9,585,717
16,920,854
Period ended 29 September 2018:
Profit and total comprehensive income for the period
-
-
1,995,824
1,995,824
Balance at 29 September 2018
135,137
7,200,000
11,581,541
18,916,678
Period ended 28 September 2019:
Profit and total comprehensive income for the period
-
-
1,342,977
1,342,977
Balance at 28 September 2019
135,137
7,200,000
12,924,518
20,259,655
- 9 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
1
Accounting policies
Company information
Moog Reading Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
30 Suttons Park Avenue, Suttons Business Park, Reading, Berkshire, RG6 1AW.
1.1
Accounting convention
- 10 -
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 have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments in full.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
true
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
• Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Moog Inc. which is incorporated in the United States of America
. These consolidated financial statements are available from its registered office,
East Aurora, New York 14052-0018, United States of America
.
The company has taken advantage of the exemption under section 40
1
of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Moog Reading Limited is a wholly owned subsidiary of Moog Controls Limited and the results of both companies are included in the consolidated financial statements of Moog Inc. as stated above.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
1
Accounting policies
(Continued)
1.3
Reporting period
These financial statements are for the 52 week period ending 28 September 2019, the previous reporting date was 29 September 2018.
For operational reasons, the company prepares financial statements for the 52 week period ending with the Saturday falling closest to 30 September each year. As a result these financial statements do not cover a full year, however the results are considered to be comparable with previous financial reporting periods.
1.4
Turnover
- 11 -
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
over the term of the lease
Plant and machinery
10 - 33% per annum
Fixtures, fittings & equipment
10% per annum
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
1
Accounting policies
(Continued)
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
Impairment of fixed assets
- 12 -
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash at bank and in hand
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.
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
1
Accounting policies
(Continued)
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
- 13 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
1
Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method
.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
- 14 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
1
Accounting policies
(Continued)
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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.17
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.
- 15 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
1
Accounting policies
(Continued)
1.18
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.
R&D expenditure in the year totalled £284,829 (2018 - £373,928). An
R&D expenditure tax credit of £
34,179
(201
8
- £
43
,
972
) has been included in the Cost of Sales
.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Slow moving stock
Management consider any stock line not used in the last 12 months and not required for an order due to commence in next 12 months to be 'slow moving' and has been provided for accordingly.
Doubtful debts
Management policy is to provide for any debt which is doubtful to be recovered and later released if received. Bad debts are provided on specific debtor balances using managements historic knowledge of payment patterns and relationship with the customer. The provision is updated based on the latest information available at the time of publishing the financial statements.
Functional currency
Although many transactions are made in Euros and US Dollars, management consider that the functional currency of the company is British Pounds.
Loan provided by a related party
The terms of the loan and the interest rate are considered by management to be at market rates.
- 16 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
2
Judgements and key sources of estimation uncertainty
(Continued)
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
- 17 -
Dilapidations provision
Management have considered that the provision for building restoration works is a fair and reasonable estimate of costs to be incurred. The provision has not been discounted historically.
Warranty costs
A provision for repairs to parts returned under warranty is calculated using a standard cost per unit. Any under / over provision is recognised when the work has been completed.
Labour and overhead rate
Work in progress includes the cost of labour and overheads absorbed using standard rates calculated and reviewed each quarter.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2019
2018
£
£
Turnover analysed by class of business
Provision of goods and services
21,779,851
21,872,494
2019
2018
£
£
Other significant revenue
Interest income
7
-
The directors have chosen not to disclose turnover analysis by geographical segmentation as provision of such information is considered to be prejudicial to the interests of the company.
Turnover represents the amounts derived from the provision of goods and services which fall within the company's ordinary activities, stated net of value added tax.
The directors consider that all turnovers are attributable to the one continuing principal activity of the business.
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
4
Operating profit
2019
2018
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
75,416
(11,471)
Fees payable to the company's auditor for the audit of the company's financial statements
19,500
14,500
Depreciation of owned tangible fixed assets
435,507
306,679
Loss/(profit) on disposal of tangible fixed assets
9,498
(750)
Operating lease charges
373,628
337,966
5
Directors' remuneration
2019
2018
£
£
Remuneration for qualifying services
267,971
288,173
Company pension contributions to defined contribution schemes
11,365
8,775
279,336
296,948
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2018 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2019
2018
£
£
Remuneration for qualifying services
140,185
161,368
Company pension contributions to defined contribution schemes
6,088
4,724
6
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2019
2018
Number
Number
Production
96
95
Distribution and selling
12
11
Administration and IT
6
5
114
111
- 18 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
6
Employees
(Continued)
Their aggregate remuneration comprised:
2019
2018
£
£
Wages and salaries
5,496,412
5,199,571
Social security costs
411,702
383,469
Pension costs
216,718
152,717
6,124,832
5,735,757
7
Interest payable and similar expenses
2019
2018
£
£
Interest payable to group undertakings
652,199
633,910
Other interest
3,542
-
655,741
633,910
8
Interest receivable and similar income
2019
2018
£
£
Interest income
Other interest income
7
-
9
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
331,704
485,105
Deferred tax
Origination and reversal of timing differences
(4,128)
(4,919)
Total tax charge
327,576
480,186
- 19 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
9
Taxation
(Continued)
The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit before taxation
1,670,553
2,476,010
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
317,405
470,442
Tax effect of expenses that are not deductible in determining taxable profit
3,653
4,341
Permanent capital allowances in excess of depreciation
12,201
10,190
Other non-reversing timing differences
-
103
Other timing differences
(1,555)
131
Deferred tax movement
(4,128)
(5,021)
Taxation charge for the period
327,576
480,186
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset it realised or the liability settled, based on tax rates that have been enacted or substantively enacted at the statement of financial position date.
10
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 30 September 2018
1,159,784
3,145,377
228,499
4,533,660
Additions
14,315
930,499
31,422
976,236
Disposals
-
(162,385)
-
(162,385)
At 28 September 2019
1,174,099
3,913,491
259,921
5,347,511
Depreciation and impairment
At 30 September 2018
990,276
2,030,052
118,447
3,138,775
Depreciation charged in the Period
169,746
245,209
20,552
435,507
Eliminated in respect of disposals
-
(152,887)
-
(152,887)
At 28 September 2019
1,160,022
2,122,374
138,999
3,421,395
Carrying amount
At 28 September 2019
14,077
1,791,117
120,922
1,926,116
At 29 September 2018
169,508
1,115,325
110,052
1,394,885
- 20 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
11
Fixed asset investments
2019
2018
Notes
£
£
Investments in subsidiaries
12
22,051,382
22,051,382
On 23 August 2012, the company acquired 100% of the issued share capital of Tritech Holdings Limited and its wholly owned subsidiary Tritech International Limited.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 29 September 2018 & 28 September 2019
22,051,382
Carrying amount
At 28 September 2019
22,051,382
At 29 September 2018
22,051,382
12
Subsidiaries
Details of the company's subsidiaries at 28 September 2019 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Tritech Holdings Limited
Peregrine Road, Westhill Business Park, Westhill, Aberdeen, Aberdeenshire, AB32 6JL, United Kingdom
Ordinary shares
100.00
-
Tritech International Limited
Peregrine Road, Westhill Business Park, Westhill, Aberdeenshire, AB32 6JL, United Kingdom
Ordinary shares
-
100.00
13
Stocks
2019
2018
£
£
Raw materials and consumables
2,666,614
2,177,157
Work in progress
2,097,639
1,891,749
Finished goods and goods for resale
2,058,689
922,369
6,822,942
4,991,275
- 21 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
14
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
7,175,978
5,065,988
Amounts owed by group undertakings
143,942
359,340
Other debtors
392,932
311,018
Prepayments and accrued income
147,405
280,153
7,860,257
6,016,499
Deferred tax asset (note 18)
15,503
11,376
7,875,760
6,027,875
15
Creditors: amounts falling due within one year
2019
2018
£
£
Payments received on account
493,745
300,375
Trade creditors
1,703,263
1,350,488
Amounts owed to group undertakings
3,651,000
1,367,479
Corporation tax
89,850
429,752
Other taxation and social security
106,820
110,440
Accruals and deferred income
932,903
665,326
6,977,581
4,223,860
16
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Other borrowings
17
11,000,000
11,000,000
- 22 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
17
Loans and overdrafts
2019
2018
£
£
Loans from group undertakings
11,000,000
11,000,000
Payable after one year
11,000,000
11,000,000
Interest is charged at market rates.
The
£11,000,000 loan
from the immediate parent company,
Moog Controls
Limited, expires in December 2022. Interest on the loan is charged at a rate of 5.46% p.a.
Interest due up until the date of transfer was
fully
paid
.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2019
2018
Balances:
£
£
Accelerated capital allowances
11,835
6,152
Retirement benefit obligations
3,668
5,224
15,503
11,376
2019
Movements in the Period:
£
Asset at 30 September 2018
(11,376)
Credit to profit or loss
(4,127)
Asset at 28 September 2019
(15,503)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period
.
- 23 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
19
Provisions for liabilities
Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2019
2018
£
£
Dilapidations provision
256,500
166,500
Warranty provision
423,528
488,113
Contract loss provision
91,340
90,100
771,368
744,713
Movements on provisions:
Dilapidations provision
Warranty provision
Contract loss provision
Total
£
£
£
£
At 30 September 2018
166,500
488,113
90,100
744,713
Additional provisions in the year
90,000
234,260
154,108
478,368
Reversal of provision
-
(173,016)
-
(173,016)
Utilisation of provision
-
(125,829)
(152,868)
(278,697)
At 28 September 2019
256,500
423,528
91,340
771,368
Dilapidations provision
A provision has been created to estimate the full cost of dilapidations which will be incurred at the end of the current lease in 20
29
.
Warranty provision
A provision is recognised for expected warranty claims on products sold during the last period. It is expected that most of these costs will be incurred in the next financial period and all will have been incurred within two years of the balance sheet date.
Contract loss provision
A provision is recognised for expected losses on outstanding manufacturing contracts. It is expected that most of these losses will be incurred in the next financial period.
20
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
128,702 Ordinary shares of £1 each
128,702
128,702
128,700 'A' ordinary shares of 5p each
6,435
6,435
135,137
135,137
- 24 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
20
Share capital
(Continued)
2019
2018
£
£
Dividends and any surplus assets on a winding up order are distributed one ninth to holders of ordinary shares.
Dividends and any surplus assets on a winding up order are distributed eight ninths to holders of ordinary A shares.
21
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
216,719
152,716
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund. Employees may contribute between 2% and 15% of salary. Employer contributions are fixed at 4% of salary irrespective of the employee contribution level.
The unpaid contributions outstanding at the period end, included in accruals are £42,833 (30 September 2018 - £27,495
)
22
Financial commitments, guarantees and contingent liabilities
The company has provided a guarantee to HM Revenue & Customs for £80,000 (2018: £24,000) in respect of import duties.
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2019
2018
£
£
Within one year
457,129
296,886
Between two and five years
1,799,645
60,604
In over five years
2,101,726
-
4,358,500
357,490
Amounts recognised in profit or loss as an expense during the period in respect of operating lease arrangements were £359,726 (2018: £313,180). The current leasehold ended during the financial year and a new lease was agreed.
- 25 -
MOOG READING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 SEPTEMBER 2019
24
Capital commitments
Amounts contracted for but not provided in the financial statements:
2019
2018
£
£
Acquisition of tangible fixed assets
188,250
131,042
25
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
13,835,338
11,492,282
Other related parties
815,662
875,197
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
£
£
Other related parties
143,942
359,340
Other information
In addition to the exemption from disclosing the remuneration of key management personnel, the company has taken advantage of the exemption from disclosing transactions with wholly owned fellow subsidiary companies of the Moog Inc. group.
true
26
Ultimate controlling party
The company's immediate parent undertaking is
Moog Controls Limited.
In the directors' opinion, the company's ultimate parent undertaking and controlling party is
Moog Inc.,
which is incorporated in the United States of America.
The financial statements of Moog Inc. are available from
Moog Inc., East Aurora, New York 14052-0018, United States of America.
The smallest group in which the company results are included is that headed by
Moog Controls Limited,
registered in England.
The largest group in which the results of Moog Reading Limited are included is that headed by
Moog Inc.
- 26 -
2019-09-28
2018-09-30
false
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
D. Norman
J. Muscatello
J. Muscatello
J. Byrne-Safier
S. Curtis
J. Byrne-Safier
N. Martin
00586505
2018-09-30
2019-09-28
00586505
bus:Director1
2018-09-30
2019-09-28
00586505
bus:Director6
2018-09-30
2019-09-28
00586505
bus:Director7
2018-09-30
2019-09-28
00586505
bus:Director8
2018-09-30
2019-09-28
00586505
bus:CompanySecretary1
2018-09-30
2019-09-28
00586505
bus:Director3
2018-09-30
2019-09-28
00586505
bus:Director5
2018-09-30
2019-09-28
00586505
bus:Director2
2018-09-30
2019-09-28
00586505
bus:Director4
2018-09-30
2019-09-28
00586505
bus:RegisteredOffice
2018-09-30
2019-09-28
00586505
bus:Agent1
2018-09-30
2019-09-28
00586505
2017-10-01
2018-09-29
00586505
core:RetainedEarningsAccumulatedLosses
2017-10-01
2018-09-29
00586505
core:RetainedEarningsAccumulatedLosses
2018-09-30
2019-09-28
00586505
1
2018-09-30
2019-09-28
00586505
2019-09-28
00586505
2018-09-29
00586505
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2019-09-28
00586505
core:PlantMachinery
2019-09-28
00586505
core:FurnitureFittings
2019-09-28
00586505
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2018-09-29
00586505
core:PlantMachinery
2018-09-29
00586505
core:FurnitureFittings
2018-09-29
00586505
core:CurrentFinancialInstruments
core:WithinOneYear
2019-09-28
00586505
core:CurrentFinancialInstruments
core:WithinOneYear
2018-09-29
00586505
core:CurrentFinancialInstruments
2019-09-28
00586505
core:CurrentFinancialInstruments
2018-09-29
00586505
core:Non-currentFinancialInstruments
core:AfterOneYear
2019-09-28
00586505
core:Non-currentFinancialInstruments
core:AfterOneYear
2018-09-29
00586505
core:ShareCapital
2019-09-28
00586505
core:ShareCapital
2018-09-29
00586505
core:CapitalRedemptionReserve
2019-09-28
00586505
core:CapitalRedemptionReserve
2018-09-29
00586505
core:RetainedEarningsAccumulatedLosses
2019-09-28
00586505
core:RetainedEarningsAccumulatedLosses
2018-09-29
00586505
core:ShareCapital
2017-09-30
00586505
core:CapitalRedemptionReserve
core:RestatedAmount
2017-09-30
00586505
core:RetainedEarningsAccumulatedLosses
2017-09-30
00586505
2017-09-30
00586505
core:ShareCapitalOrdinaryShares
2019-09-28
00586505
core:ShareCapitalOrdinaryShares
2018-09-29
00586505
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2018-09-30
2019-09-28
00586505
core:PlantMachinery
2018-09-30
2019-09-28
00586505
core:FurnitureFittings
2018-09-30
2019-09-28
00586505
core:ConstructionInProgressAssetsUnderConstruction
2018-09-30
2019-09-28
00586505
core:FinancialAssetsAmortisedCost
2018-09-30
2019-09-28
00586505
core:FinancialLiabilitiesAmortisedCost
2018-09-30
2019-09-28
00586505
1
2018-09-30
2019-09-28
00586505
bus:Director1
2017-10-01
2018-09-29
00586505
core:UKTax
2018-09-30
2019-09-28
00586505
core:UKTax
2017-10-01
2018-09-29
00586505
1
2018-09-30
2019-09-28
00586505
1
2017-10-01
2018-09-29
00586505
2
2018-09-30
2019-09-28
00586505
2
2017-10-01
2018-09-29
00586505
core:LandBuildings
2018-09-29
00586505
core:PlantMachinery
2018-09-29
00586505
core:FurnitureFittings
2018-09-29
00586505
2018-09-29
00586505
core:Non-currentFinancialInstruments
2019-09-28
00586505
core:Non-currentFinancialInstruments
2018-09-29
00586505
core:Subsidiary1
2018-09-30
2019-09-28
00586505
core:Subsidiary2
2018-09-30
2019-09-28
00586505
core:Subsidiary1
1
2018-09-30
2019-09-28
00586505
core:Subsidiary2
2
2018-09-30
2019-09-28
00586505
core:RetirementBenefitObligationsDeferredTax
2019-09-28
00586505
core:RetirementBenefitObligationsDeferredTax
2018-09-29
00586505
core:DecommissioningRestorationDilapidations
2019-09-28
00586505
core:DecommissioningRestorationDilapidations
2018-09-29
00586505
core:Warranties
2019-09-28
00586505
core:Warranties
2018-09-29
00586505
core:OtherProvisionsContingentLiabilities
2019-09-28
00586505
core:OtherProvisionsContingentLiabilities
2018-09-29
00586505
core:DecommissioningRestorationDilapidations
2018-09-29
00586505
core:Warranties
2018-09-29
00586505
core:OtherProvisionsContingentLiabilities
2018-09-29
00586505
core:DecommissioningRestorationDilapidations
2018-09-30
2019-09-28
00586505
core:Warranties
2018-09-30
2019-09-28
00586505
core:OtherProvisionsContingentLiabilities
2018-09-30
2019-09-28
00586505
bus:OrdinaryShareClass1
2019-09-28
00586505
bus:OrdinaryShareClass2
2019-09-28
00586505
bus:OrdinaryShareClass1
2018-09-30
2019-09-28
00586505
bus:OrdinaryShareClass2
2018-09-30
2019-09-28
00586505
bus:OrdinaryShareClass1
2017-10-01
2018-09-29
00586505
bus:OrdinaryShareClass2
2017-10-01
2018-09-29
00586505
core:WithinOneYear
2019-09-28
00586505
core:WithinOneYear
2018-09-29
00586505
core:BetweenTwoFiveYears
2019-09-28
00586505
core:BetweenTwoFiveYears
2018-09-29
00586505
core:MoreThanFiveYears
2019-09-28
00586505
core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
2019-09-28
00586505
core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
2018-09-29
00586505
core:OtherRelatedParties
2019-09-28
00586505
core:OtherRelatedParties
2018-09-29
00586505
bus:PrivateLimitedCompanyLtd
2018-09-30
2019-09-28
00586505
bus:FRS102
2018-09-30
2019-09-28
00586505
bus:Audited
2018-09-30
2019-09-28
00586505
bus:FullAccounts
2018-09-30
2019-09-28
xbrli:pure
xbrli:shares
iso4217:GBP