Company Registration No. 01014815 (England and Wales)
MARSDEN WEIGHING MACHINE GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
MARSDEN WEIGHING MACHINE GROUP LIMITED
CONTENTS
Page
Balance sheet
4 - 5
Notes to the financial statements
6 - 13
MARSDEN WEIGHING MACHINE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present the strategic report for the year ended 31 December 2020.
PRINCIPAL ACTIVITIES
Marsden Weighing Machine Group (“Marsden”) is the market leader in the design, manufacture, sale and service of regulated weighing devices and other patient monitoring devices to the medical and business sectors. The Company is an intellectual property led innovator of solutions which deliver fast, reliable and accurate weighing precision to meet customer needs.
Marsden’s primary UK market is the NHS and it holds a place on the NHS Supply Chain Framework Agreement. Marsden also has scales in thousands of Care Homes in the UK and is the supplier of weighing devices to a number of weight management clubs and gyms.
Marsden supply products to over 40 countries worldwide through a network of distributors.
Within the industrial range Marsden scales are sold to businesses covering retail, manufacturing, food processing, distribution, engineering, waste and recycling and veterinary.
In 2020, in response to the COVID-19 pandemic, the company successfully introduced a number of new products to its range including thermometers and oximeters
.
REVIEW OF BUSINESS
I
n 2020 Marsden revenues increased from £6.5m to £8.1m, an increase of 24
.62
%, part of which was derived from sales of thermometers and oximeters.
Sales in the UK of both core scales products and the company’s flagship Patient Transfer Scale delivered strong growth of 7% despite several months with reduced access to clinicians.
Overseas sales were impacted due to the inability to travel and stringent visiting policies in European and US hospitals which reduced the opportunity to promote products via new distributors.
Gross margin was 5
1
% compared to 5
0
% in 2019 due to the introduction of lower margin non-weighing devices. Administrative costs included £78k of costs which were one off in nature resulting from a board restructure.
Trading EBITDA increased from £1,
491
k to £1,
738
k, an increase of
16.57
%.
Company results for the year ended 31st December 2020 are reported in the table below:
2020
2019
£000
£000
Revenue
8,107
6,549
Gross Profit
4,151
3,286
GP %
51.20%
50.18%
Distribution costs
(458)
(344)
Administrative costs
(1,955)
(1,452)
Trading EBITDA
1,738
1,491
FOREX book revaluation of forward contracts
64
(215)
Items of an exceptional nature
(78)
(171)
Notional rental charge from Group company
(98)
(98)
Depreciation and amortization
(112)
(96)
Other operating income
106
-
Operating profit
1,620
911
MARSDEN WEIGHING MACHINE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
FUTURE DEVELOPMENTS
Marsden’s mission is to continue to develop products which improve patient outcomes, save lives and deliver a better user experience.
The strategy is:
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the strategy are subject to a number of risks. The directors have set out below the principal risks facing the business.
Political and Legislative Risk
The trading activities of the group are compliance led. The creates a barrier to entry for competitors but also poses risk in that a change in legislation may influence revenue streams.
Management remain up to date with all current and planned changes to legislation. In 2021 Marsden will be required to comply with the Medical Device Regulations and management will ensure compliance. The directors do not consider changes in legislation to present any significant risk to the business.
Economic Risk
The Brexit process has required some changes to import and export processes and pricing. The short-term disruption has now stabilized and we are working with our customers to manage the impact. The core market being in the UK provides a natural mitigation to any risks posed from changes to overseas trade terms.
The other impacts of Brexit and COVID
-
19 have been increased import carriage tariffs and availability of sea freight as well as materials availability from suppliers. Whilst this has caused some issues in Q1 2021 we remain ahead of budget and plan for the period and the situation is now improving.
The business is subject to a number of currency fluctuation risks, primarily the US$ and the Euro. The company operates a hedging policy which ensures a % of future cashflows are on forward contracts. As business in the US increases this creates a natural hedge for our US$ exposure.
Credit Risk
The company’s credit risk is primarily attributable to its trade receivables. Credit risk is managed by monitoring the aggregate exposure to any one customer depending on their credit rating. The Group has a low history of bad debts and the exposure is centered around multiple NHS Trusts which present a low risk. All end user sales are transacted on a proforma basis with cash received up front.
MARSDEN WEIGHING MACHINE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
Ms J C Dobson
Director
21 June 2021
MARSDEN WEIGHING MACHINE GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 4 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
185,189
182,509
Tangible assets
4
246,572
163,211
431,761
345,720
Current assets
Stocks
1,465,588
1,534,916
Debtors
5
3,070,517
2,193,046
Cash at bank and in hand
1,259,638
1,165,524
5,795,743
4,893,486
Creditors: amounts falling due within one year
7
(1,987,730)
(1,048,886)
Net current assets
3,808,013
3,844,600
Total assets less current liabilities
4,239,774
4,190,320
Provisions for liabilities
(43,315)
(20,149)
Net assets
4,196,459
4,170,171
Capital and reserves
Called up share capital
8
5,005
5,005
Share premium account
7,370
7,370
Profit and loss reserves
4,184,084
4,157,796
Total equity
4,196,459
4,170,171
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MARSDEN WEIGHING MACHINE GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 21 June 2021 and are signed on its behalf by:
Ms J C Dobson
Director
Company Registration No. 01014815
MARSDEN WEIGHING MACHINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
1
Accounting policies
Company information
Marsden Weighing Machine Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1 Genesis Business Park, Sheffield Road, Rotherham, South Yorkshire, United Kingdom, S60 1DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
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.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
4 - 5 years
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.
MARSDEN WEIGHING MACHINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 7 -
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:
Plant and machinery
25% on cost
Fixtures and fittings
25% on cost
Office and computer equipment
20 - 25% on cost
Motor vehicles
25% on cost
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in 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
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
MARSDEN WEIGHING MACHINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 8 -
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.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MARSDEN WEIGHING MACHINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 9 -
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.
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
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.
MARSDEN WEIGHING MACHINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 10 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
48
45
3
Intangible fixed assets
Total
£
Cost
At 1 January 2020
322,119
Additions
39,588
At 31 December 2020
361,707
Amortisation and impairment
At 1 January 2020
139,610
Amortisation charged for the year
36,908
At 31 December 2020
176,518
Carrying amount
At 31 December 2020
185,189
At 31 December 2019
182,509
MARSDEN WEIGHING MACHINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 11 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Office and computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
434,345
100,310
334,437
35,980
905,072
Additions
103,780
1,891
42,500
10,276
158,447
Disposals
(3,983)
(3,983)
At 31 December 2020
538,125
102,201
376,937
42,273
1,059,536
Depreciation and impairment
At 1 January 2020
343,112
92,466
283,037
23,246
741,862
Depreciation charged in the year
38,771
2,216
28,720
5,378
75,085
Eliminated in respect of disposals
(3,983)
(3,983)
At 31 December 2020
381,883
94,683
311,757
24,641
812,964
Carrying amount
At 31 December 2020
156,242
7,518
65,180
17,632
246,572
At 31 December 2019
91,233
7,844
51,400
12,734
163,211
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
875,782
901,868
Corporation tax recoverable
73,130
39,529
Amounts owed by group undertakings
2,065,862
Other debtors
55,743
56,582
3,070,517
997,979
2020
2019
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,195,067
Total debtors
3,070,517
2,193,046
6
Secured assets
The company’s intermediate parent company, Imperial Bid
c
o Limited, has issued loan notes
with aggregate values at 31 December 2020 as follows:
A1 loan stock: £6,558,375 and
A2 loan stoc
k:
£
874,150.
These loans are secured by fixed and floating charges over the property and assets of the company. The holders of the loan notes include directors of the company
M Holdaway
and J C Dobson.
MARSDEN WEIGHING MACHINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 12 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
746,318
646,627
Amounts owed to group undertakings
254,157
15,940
Corporation tax
157,181
Other taxation and social security
556,135
66,721
Other creditors
273,939
319,598
1,987,730
1,048,886
8
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,005
5,005
5,005
5,005
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Paul Laird FCCA.
The auditor was Azets Audit Services.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
64,296
120,282
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
MARSDEN WEIGHING MACHINE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 13 -
12
Parent company
At the balance sheet date t
he company's immediate parent company was Marsden Group Holdings Limited
,
a company incorporated in
England and Wales
and which holds 100% of the share capital of the company.
The smallest and largest group in which these financial statements are consolidated is that headed by Imperial Topco Limited. These consolidated financial statements are available from its registered office,
Unit 1 Genesis Business Park, Sheffield Road, Rotherham, South Yorkshire, England, S60 1DX
.
The ultimate party undertaking is
Alcuin Gp Iv Llp
,
a company incorporated in
England and Wales.
A copy of the stand alone company financial statements can be obtained from
35 New Bridge Street, London, United Kingdom, EC4V 6BW
.
2020-12-31
2020-01-01
false
22 June 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
This audit opinion is unqualified
Mr M D Coates
Mr R E Black
Ms J C Dobson
Mr M Holdaway
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