Company registration number 00900323 (England and Wales)
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
COMPANY INFORMATION
Directors
Mr J D Aldridge
Mr W R J Rawkins
Mr S C Weston
(Appointed 10 March 2022)
Apadana Management Limited
Company number
00900323
Registered office
50 Bayton Road
Exhall
Coventry
CV7 9EJ
Auditor
MHA Moore and Smalley
80 Mosley Street
Manchester
M2 3FX
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 27
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The directors present the strategic report for the year ended 31 March 2022.
Fair review of the business
The principal activity of the company was that of the manufacture of precision engineered aerospace components.
The directors are pleased with the profit achieved on ordinary activities for the year and the state of affairs at the balance sheet date. This profit has been generated on the back of the Company's continued focus on customer service and maintaining high standards of quality and delivery.
The Board recognise that the past financial year was a challenging year, given the pandemic, world economic environment, state of the aerospace industry and the implications of the exit of the United Kingdom from the European Union.
Turnover increased by 14.0% in the year to £5.25m (2021: £4.61m) and a gross profit margin of
40.7
% was achieved (2021:
36.7
%). The company generated a profit before tax of £
288,195
(2021: £
442,153
). This was in line with management's expectations for the year; the increase arising due to the gradual recovery witnessed in the aerospace industry. This recovery began at the start of the calendar year, 2022, with a strong financial performance continuing in the next financial period.
The balance sheet remains strong with net assets of £
3,409,200
(2021: £
3,148,783
) and current assets (inclusive of intercompany balances) of £
6,695,056
(2021: £
5,051,498
) which are
2.21
times (2021: 2.
31
times) larger than current liabilities.
Overall the 2022 financial year was a challenging one but one in which the company remained profitable.
Given the nature of the business, the Company's directors are of the opinion that analysis using KPl's, other than those which emerge from the financial statements and discussed in the business review above, are not necessary for an understanding of the Company.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Principal risks and uncertainties
The Company uses financial instruments including cash, a bank overdraft and other items including trade debtors and trade creditors that arise directly from its operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in further detail below.
Liquidity Risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.
Interest Rate Risk
The Company does have 3rd party borrowings primarily in relation to the monies provided by Realta Investments DAC Limited. There are certain protections in place to mitigate the risk of any small base rate increases by c.2%. In the event that an increase in base rate occurs then the Board of Directors intend to put in hedging contracts to protect the Company from any significant rate increases.
Credit Risk
The Company's principal financial assets are cash deposits, cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk therefore lies with trade debtors. In order to manage the credit risk, the directors actively review payment history and debtor performance and in certain instances ensure that insured credit limits are put in place and actively managed.
Currency Risk
The Company is exposed to transaction foreign currency risk trading and holding in Sterling, Euros and US Dollars. In order to mitigate the risk, the Board of Directors naturally focus on managing receipts and payments in currencies to minimise any significant foreign exchange losses.
Supply Chain Risk
The Company’s products and services are delivered through the effective operation of its facilities and key capabilities, including its supply chain. While the Company’s strategy is to improve integration and simplify the internal and external elements of its supply chain by building long-term strategic links with fewer, stronger suppliers, it remains at risk of disruption. The Board of Directors have applied an increased focus to understanding and addressing sources of risk arising in the external supply chain, particularly those associated with financial instability.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
Other information and explanations
The directors of the Company, as those of all UK companies, must act in accordance with a set of general duties.
These duties are detailed in section 172 of the UK Companies Act 2006, summarised as follows:
“A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to
:
• the likely consequences of any decisions in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations on the community and environment;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly as between shareholders of the company”
The following paragraphs summarise how the directors fulfil their duties:
The board of directors and shareholders and investors meet regularly to discuss strategy and objectives and the board report regularly on the progress against the key objectives. The board’s intention is to behave responsibly and ensure that management operate the business in a responsible manner and portray responsible behaviours which the employees then reflect. The board of directors also review the principal risks and uncertainties affecting the business on a regular basis.
Our employees are fundamental to the delivery of the company’s goals. The company has a structure through which i
t e
ngages with its employees, with directors of the individual trading businesses liaise between employees and the board regularly. This works effectively since the number of employees at each business is small enough for there to be a high degree of visibility by the directors who are then able to provide the two-way dialogue with the board. Employees behaviour and performance is monitored and addressed where any such behaviour is not deemed to be in line with the values of the company.
Our aim is to provide the “
b
est in
c
lass” service to our customers, it is therefore important to develop and maintain strong client relationships. We have ongoing contracts with our key suppliers and key customers. The strength of these supplier and customer relationships has been shown throughout the Covid-19 pandemic and the regular communications with customers and suppliers have been crucial in ensuring that the businesses objectives are met.
Mr J D Aldridge
Director
22 December 2022
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of the manufacture of precision engineered aerospace components.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J D Aldridge
Mr W R J Rawkins
Mr S C Weston
(Appointed 10 March 2022)
Apadana Management Limited
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 fair review of business
,
principle risks and uncertaintie
s, future developments.
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.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
On behalf of the board
Mr J D Aldridge
Director
22 December 2022
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARROWSMITH ENGINEERING (COVENTRY) LIMITED
- 6 -
Opinion
We have audited the financial statements of Arrowsmith Engineering (Coventry) Limited (the 'company') for the year ended 31 March 2022 which comprise the statement of income and retained earnings, the balance sheet 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 company's affairs as at 31 March 2022 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARROWSMITH ENGINEERING (COVENTRY) LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its 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, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:
-
enquiries with management, about any known or suspected instances of non-compliance with laws and regulations or fraud within the business;
-
challenging assumptions and judgements made by management in their key accounts estimates, in particular in relation to provisions and future performance in light of the impact of Covid-19;
-
auditing the risk of management override of controls, including thorough testing journal entries and other adjustments made by management for appropriateness; and
-
reviewing board minutes and legal and professional expenditure to identify any evidence of ongoing litigation or enquiries.
-
auditing the risk of fraud and management override of revenue by incorporating data analytics into our sampling of source entries and testing specific transactions to determine the completeness of revenue.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARROWSMITH ENGINEERING (COVENTRY) LIMITED
- 8 -
We identified the following areas as those most likely to have a material impact on the financial statements
:
-
The affect of global economic conditions on short, medium & long-haul air travel
-
Health and safety
-
International customs arrangements
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.
Alexander Kelly (Senior Statutory Auditor)
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
80 Mosley Street
Manchester
M2 3FX
23 December 2022
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
2022
2021
as restated
Notes
£
£
Turnover
3
5,248,321
4,605,759
Cost of sales
(3,111,813)
(2,915,293)
Gross profit
2,136,508
1,690,466
Administrative expenses
(1,993,372)
(1,780,076)
Other operating income
266,891
468,977
Operating profit
7
410,027
379,367
Interest payable and similar expenses
8
(121,832)
(36,444)
Profit before taxation
288,195
342,923
Tax on profit
9
(27,778)
99,230
Profit for the financial year
260,417
442,153
Retained earnings brought forward
3,148,683
2,706,530
Retained earnings carried forward
3,409,100
3,148,683
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 10 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,284,886
987,616
Investments
11
14,079
14,079
1,298,965
1,001,695
Current assets
Stocks
13
1,597,479
1,294,355
Debtors
14
4,798,446
3,245,224
Cash at bank and in hand
299,131
511,919
6,695,056
5,051,498
Creditors: amounts falling due within one year
15
(3,714,917)
(2,185,582)
Net current assets
2,980,139
2,865,916
Total assets less current liabilities
4,279,104
3,867,611
Creditors: amounts falling due after more than one year
16
(733,923)
(610,625)
Provisions for liabilities
Deferred tax liability
18
135,981
108,203
(135,981)
(108,203)
Net assets
3,409,200
3,148,783
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
22
3,409,100
3,148,683
Total equity
3,409,200
3,148,783
The financial statements were approved by the board of directors and authorised for issue on 22 December 2022 and are signed on its behalf by:
Mr J D Aldridge
Mr W R J Rawkins
Director
Director
Company Registration No. 00900323
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 11 -
1
Accounting policies
Company information
Arrowsmith Engineering (Coventry) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
50 Bayton Road, Exhall, Coventry, CV7 9EJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
, transactions between group companies wholly owned within the group.
The financial statements of the company are consolidated in the financial statements of
Aero Services Global Group Limited.
These consolidated financial statements are available from its registered office,
1 Marsden Street, c/o A2e Industries Limited, Manchester, M2 1HW.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern
The directors have prepared detailed profit and cash flow forecasts for the period to March 2026. These show that based on the forecast trading position and use of its currently agreed invoice discounting facility and borrowings, the group will have sufficient liquidity to meet its liabilities as they fall due.
true
The directors have also instructed an independent professional body complete a reverse stress test report which indicates that a significant change in fortunes would have to be suffered by the group for it not to be a going concern. There are no indicators that this would be the case, however, in such a scenario the group would be able to continue operating until March 2023. In such circumstances additional options may be available to mitigate the impact on the group’s liquidity and cash flow including:
(i) further reductions in operating and capital expenditure;
(ii) extension of debt facilities
Group revenue has grown significantly rising 38% on average per month from January 22 to September 22 (vs 12 month period January-December 21), as the Aerospace sector continues to ramp up production with pre-pandemic levels of travel now being witnessed. We are also witnessing a steady rise in build rates planned over the period covered in our forecast to higher levels than 2019. This has resulted in an increase in group sales of c£1m per month. The sharp rise in sales has naturally caused its own working capital pressures with our supply chain affected by the current global and economical market conditions. To enable us to continue to meet demand, we have secured short and medium term material supplies to support our strong order book.
As a result of hedging our supply chain, gross margin is forecast to rise steadily throughout this period via a mix of tactical and strategic contracts. We are currently in discussions with key customers relating to new work which is driving turnover growth even further. In addition to this, we are deep in to the production process to satisfy substantial purchase orders already won in the financial year March 2023. We are ahead of our sales target at the end of October 22 with confirmed sales of £16.1m to trade out until the financial year end. In addition to this, we have further contract awards imminent and are confident of exceeding our sales forecast for 2023 of £44m.
Capital expenditure has been a key factor in supporting our growth, with £1.2m invested in the financial period ending March 2022. Further investment of over £3m has been committed for the financial year ending March 2023.
The directors have continued a regular dialogue with the lenders regarding the challenging trading environment. The lenders have agreed to capitalise contractual interest payments due September 2022 and March 2023 in order to allow the group to replenish our cash reserves and provide the organic funding we need for strategic capex and growth. Alongside this, they have agreed to waive the covenant breaches for March 2022, September 2022 and March 2023.
The group closed the financial year with net cash at bank of £2.4m. In addition, the group had £0.3m of headroom in the invoice discounting facility. We are in the process of credit approval to increase the group ID facility from £6m to £8m
.
No other financial support has been included in the forecasts, although the directors understand that the group would qualify for this support if required.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Unexpired Term of Lease
Plant and equipment
10% straight-line
Fixtures and fittings
10% straight-line
Computers
10% straight-line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
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.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 14 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
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.
1.7
Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. Work in progress include labour and attributable overheads and finished goods are valued at sales price less margin.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 15 -
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.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 16 -
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.
1.10
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
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 17 -
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 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.
Research and development
Expenditure on research and development is written on in the year in which it is incurred.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 18 -
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.15
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 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.
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.
Stock provision
The company makes an estimate of the recoverable value of stocks. When assessing impairment of stocks, management considers factors including the current aging of the stocks held and the budgeted sales volumes in the next 12 months of certain products.
WIP valuation
WIP is calculated using a rate to absorb the amount of labour used.
Management experience of their product lines are essential to determine the amount labour absorbed and thus the value of the WIP
.
3
Turnover and other revenue
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
3
Turnover and other revenue
(Continued)
- 19 -
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
3,858,714
3,905,394
Rest of the World
1,389,607
700,365
5,248,321
4,605,759
2022
2021
£
£
Other revenue
Grants received
244,793
467,740
4
Exceptional item
2022
2021
£
£
Expenditure
Exceptional item
44,372
101,861
The exceptional item relates to settlement of a dispute.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Production
44
51
Office and management
15
14
Total
59
65
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
1,919,286
1,909,150
Social security costs
193,917
184,593
Pension costs
58,319
65,080
2,171,522
2,158,823
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 20 -
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
119,504
145,200
Company pension contributions to defined contribution schemes
7,288
10,000
126,792
155,200
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2021 - 1).
7
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
226
1,831
Government grants
(244,793)
(467,740)
Fees payable to the company's auditor for the audit of the company's financial statements
11,000
6,600
Depreciation of owned tangible fixed assets
184,922
175,384
(Profit)/loss on disposal of tangible fixed assets
2,734
Operating lease charges
4,644
7,979
8
Interest payable and similar expenses
2022
2021
£
£
Interest on bank overdrafts and loans
1,896
3,981
Interest on invoice finance arrangements
89,029
32,339
Interest on finance leases and hire purchase contracts
30,907
124
121,832
36,444
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(80,591)
Deferred tax
Origination and reversal of timing differences
27,778
(18,639)
Total tax charge/(credit)
27,778
(99,230)
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
9
Taxation
(Continued)
- 21 -
The actual charge/(credit) 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
£
£
Profit before taxation
288,195
342,923
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
54,757
65,155
Tax effect of expenses that are not deductible in determining taxable profit
7,143
898
Tax effect of income not taxable in determining taxable profit
(9,484)
Adjustments in respect of prior years
32,205
(1,818)
Effect of change in corporation tax rate
32,636
Group relief
(89,479)
Depreciation on assets not qualifying for tax allowances
2,300
Research and development tax credit
(165,952)
187
Taxation charge/(credit) for the year
27,778
(99,230)
10
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2021
178,200
2,235,296
99,476
85,002
2,597,974
Additions
2,437
470,818
2,653
6,284
482,192
Disposals
(35,950)
(35,950)
At 31 March 2022
180,637
2,670,164
102,129
91,286
3,044,216
Depreciation and impairment
At 1 April 2021
49,333
1,449,088
72,500
39,437
1,610,358
Depreciation charged in the year
12,163
146,315
5,988
20,456
184,922
Eliminated in respect of disposals
(35,950)
(35,950)
At 31 March 2022
61,496
1,559,453
78,488
59,893
1,759,330
Carrying amount
At 31 March 2022
119,141
1,110,711
23,641
31,393
1,284,886
At 31 March 2021
128,867
786,208
26,976
45,565
987,616
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 22 -
11
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
12
14,079
14,079
12
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Exhall Grinding and Engineering Company Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
50 Bayton Road, Exhall, Coventry, West Midlands, CV7 9DW
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Exhall Grinding and Engineering Company Limited
57,422
1,723
13
Stocks
2022
2021
£
£
Raw materials and consumables
376,749
418,525
Work in progress
305,878
200,624
Finished goods and goods for resale
914,852
675,206
1,597,479
1,294,355
14
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,104,953
967,193
Corporation tax recoverable
80,591
Amounts owed by group undertakings
2,431,011
2,131,135
Other debtors
190,629
Prepayments and accrued income
71,853
66,305
4,798,446
3,245,224
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 23 -
15
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Obligations under finance leases
17
184,728
94,270
Trade creditors
771,595
188,863
Amounts owed to group undertakings
1,172,751
787,165
Taxation and social security
49,892
379,891
Government grants
19
23,543
22,689
Other creditors
1,419,535
674,514
Accruals and deferred income
92,873
38,190
3,714,917
2,185,582
16
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Obligations under finance leases
17
623,064
483,530
Government grants
19
110,859
127,095
733,923
610,625
The aggregate of secured creditors under finance leases are secured on the assets to which they relate.
Included within Other Creditors is £1,405,764 (2021: 668,585) which is secured by way of a fixed and floating charge covering all property and undertaking of the company.
17
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
184,728
94,270
In two to five years
623,064
483,530
807,792
577,800
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 24 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Fixed Asset Timing Differences
135,981
108,203
2022
Movements in the year:
£
Liability at 1 April 2021
108,203
Charge to profit or loss
27,778
Liability at 31 March 2022
135,981
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
19
Government grants
2022
2021
£
£
Arising from government grants
134,402
149,784
Deferred income is included in the financial statements as follows:
Current liabilities
23,543
22,689
Non-current liabilities
110,859
127,095
134,402
149,784
20
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
58,319
65,080
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.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 25 -
21
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 of £1 each of 0p each
100
100
100
100
22
Profit and loss reserves
Total retained earnings at 31 March 2022 is £3,409,100. This represents a brought forward amount of £3,148,683 with profit for the year of £260,417.
23
Financial commitments, guarantees and contingent liabilities
The company has provided an unlimited guarantee along with fellow group companies under common control regarding the investment made by Realta Investments Ireland DAC relating to Project Zephyr. This security given contains fixed and floating charges and a negative pledge.
The company has in place a debenture with Close Brothers Limited, included as part of other creditors, by way of fixed and floating charges over all the property or undertaking of the company and contains a negative pledge.
24
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:
2022
2021
£
£
Within one year
79,487
7,158
Between two and five years
264,258
3,584
In over five years
333,500
343,745
344,242
25
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rental of premises
2022
2021
£
£
Entities with control, joint control or significant influence over the company
58,000
58,000
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
25
Related party transactions
(Continued)
- 26 -
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Other related parties
132,379
-
26
Ultimate controlling party
The company's immediate parent company is A B Engineering Limited. The ultimate parent company of Arrowsmith Engineering (Coventry) Limited is Pasargad 1 Limited.
Copies of the consolidated financial statements of Aero Services Global Group Limited, which is both the smallest and largest group for which consolidated financial statements are prepared, may be obtained from No.1 Marsden Street, Manchester, England, M2 1HW.
The ultimate controlling party of Arrowsmith Engineering (Coventry) Limited is Said Amin Amiri, who is the sole shareholder of Pasargad 1 Limited, the General Partner of Amiri Assets III LP, which has the majority of the voting rights of Aero Services Global Group Limited.
ARROWSMITH ENGINEERING (COVENTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 27 -
27
Prior period adjustment
Reconciliation of changes in equity
8 April
31 March
2020
2021
Notes
£
£
Adjustments to prior year
Revaluation of finished goods
1
79,967
89,535
Equity as previously reported
2,626,663
3,059,248
Equity as adjusted
2,706,630
3,148,783
Reconciliation of changes in profit for the previous financial period
2021
Notes
£
Adjustments to prior year
Revaluation of finished goods
1
9,568
Profit as previously reported
432,585
Profit as adjusted
442,153
Notes to reconciliation
1) Revaluation of finished goods
The accounting policy for the valuation of finished goods has been changed from sales price less 40% margin to sales price less 20% margin. The policy was updated to ensure that finished goods reflected the detail of what costs were being incurred within a project and utilising those costs to determine the amount of revenue to accrue for the duration of the project based on predicted margins.
This method is used to ensure that overheads incurred during manufacturing processes are being appropriately captured in the value of finished goods.
Comparative information has been restated to ensure consistency between the current year and prior years.
2022-03-31
2021-04-01
false
CCH Software
CCH Accounts Production 2022.300
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core:Subsidiary1
1
2021-04-01
2022-03-31
00900323
core:Subsidiary1
2022-03-31
00900323
core:WithinOneYear
2022-03-31
00900323
core:WithinOneYear
2021-03-31
00900323
core:BetweenTwoFiveYears
2022-03-31
00900323
core:BetweenTwoFiveYears
2021-03-31
00900323
core:MoreThanFiveYears
2022-03-31
00900323
core:MoreThanFiveYears
2021-03-31
00900323
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
00900323
bus:FRS102
2021-04-01
2022-03-31
00900323
bus:Audited
2021-04-01
2022-03-31
00900323
bus:FullAccounts
2021-04-01
2022-03-31
xbrli:pure
xbrli:shares
iso4217:GBP