Company Registration No. 01305000 (England and Wales)
BARNES & MULLINS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
BARNES & MULLINS LIMITED
COMPANY INFORMATION
Directors
B M Cleary
G J Tichopad
S J Finley
S Lewis
A R Mew
Company number
01305000
Registered office
Unit 14
Mile Oak Industrial Estate
Oswestry
Shropshire
SY10 8GA
Auditor
Arram Berlyn Gardner LLP
30 City Road
London
EC1Y 2AB
Business address
Unit 14
Mile Oak Industrial Estate
Oswestry
Shropshire
SY10 8GA
BARNES & MULLINS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
BARNES & MULLINS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
Under the circumstances brought on by the Covid epidemic the company performed better than its revised forecast. Both Turnover and profitability increased.
All costs were reviewed and curtailed where possible.
The directors consider that the key financial performance indicators are those that monitor the performance in respect of
the below
matrix.
Analysis of key performance indicators
Domestic business continued to be challenging due to lockdowns with high street shops closed for much of the year and live music on hold. The directors are expecting that the UK business will return to the high street at a pre Covid level due to the removal of all UK restrictions.
Internet sales continue to be buoyant and the company continues to be well placed in the UK market.
Export sales for manufactured goods continue to be strong, recent investments in this sector is generating more turnover and profit.
Wholesale distribution into Europe has been affected badly by Covid and BREXIT with lack of Government guidance in the early days. However it is expected to return to pre BREXIT levels by the third quarter.
The key financial highlights are as follows:
|
|
|
|
10,255,397
3,120,528
883,366
|
9,398,098
2,728,756
644,720
|
COVID-19
The COVID-19 outbreak that developed rapidly during 2020 and 2021 with a significant number of infections resulted in the United Kingdom, and indeed countries around the world, having significant lockdown restrictions inflicted on them which obviously affected economic activity around the world.
The company took several measures to protect the health of its employees during this time, the most significant of which was requiring all employees having to adhere to strict social distancing guidelines. The premises remained open during the lockdown period to ensure orders could be fulfilled, but management ensured there was sufficient space available for a reduced workforce to ensure they could maintain a safe distance from others.
In addition, the company utilised government backed support packages and the company's bankers expressed their commitment to providing additional funding if required. The directors did not deem it necessary to increase borrowings.
The impact of the pandemic on the music industry has not been as severe as it has been on other industries, especially in terms of musical instruments. People found that during the lockdown period they had additional down time to take up hobbies and therefore individual sales were maintained throughout. Management were able to ensure sufficient resource dedicated to fulfilling orders and maintaining customer loyalty.
BARNES & MULLINS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Principal risks and uncertainties
The company faces a number of risks and uncertainties
(in addition to COVID-19 as discussed above)
and the directors believe that the key business risks are in respect of competition mo
s
tly from international businesses and the impact of Brexit and in ensuring that the company continues to be the first choice
for
business in the UK for musical instruments. In view of these risks and uncertainties, the directors are aware that the development of the company may be affected by factors outside their control such as the ongoing negotiations by the UK government with
the
EU around Brexit
(even after the end of the transition period on 31 December 2020)
.
In view of this, the directors are looking carefully at both existing and potential new markets to mitigate the risk. In ad
d
ition, the following points sets out how key risks relating to tech
n
ological advancements, changes in consumer tastes and new competition are being mitigated:
-
The company actively promotes its own brands and third party brands and undertakes marketing actions to raise brand awareness.
-
The company also focuses on quality, brand knowledge and detailed knowledge on number of musical instruments that are in demand to ensure customers get quality service.
-
The company has long lasting relationships with numerous suppliers of well known musical instruments which sell to the company on exclusive basis. The company’s sales team have extensive knowledge of their products which is seen as an asset.
Financial instruments
The company's principal financial instruments comprise invoice discounting, import loan facilities, bank balances, bank overdrafts, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. The company's approach to managing risks applicable to the financial instruments concerned is shown below.
The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities. The company does not enter into any formally designated hedging arrangements.
In respect of invoice discounting and import loan facilities, the liquidity risk is managed by ensuring there are sufficient funds to meet demands.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.
In respect of
short term trade
loans these comprise amounts due
to
financial institutions. The interest rate on the loans from the financial institutions
are at a fixed rate and repayable on a 90 day period
. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
The company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as
the
loans above.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
BARNES & MULLINS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
B M Cleary
Director
27 May 2022
BARNES & MULLINS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The company is principally engaged in the wholesale and distribution of musical instruments.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £240,317. 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:
B M Cleary
S B Perrin
(Resigned 25 October 2021)
G J Tichopad
S J Finley
S Lewis
A R Mew
Future developments
The directors consider that the restructuring of the company forced on them by Covid and Brexit has laid a firm foundation for continued profit in the years ahead.
Investment in in-house manufacturing for its own brands and for OEM products is expected to continue a significant increase in profits.
Auditor
The auditor, Arram Berlyn Gardner LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
BARNES & MULLINS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
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
B M Cleary
Director
27 May 2022
BARNES & MULLINS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARNES & MULLINS LIMITED
- 6 -
Opinion
We have audited the financial statements of Barnes & Mullins Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 31 December 2021 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.
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.
BARNES & MULLINS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARNES & MULLINS LIMITED
- 7 -
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
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
set out on page 4
, 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
The extent to which the audit was considered capable of detecting irregularities including fraud.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the distribution of musical instruments;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and Health and Safety legislation.
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
BARNES & MULLINS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARNES & MULLINS LIMITED
- 8 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
understanding the business model as part of the control and business environment;
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates set out in
note 2
were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
John Donohoe FCA (Senior Statutory Auditor)
For and on behalf of Arram Berlyn Gardner LLP
31 May 2022
Chartered Accountants
Statutory Auditor
30 City Road
London
EC1Y 2AB
BARNES & MULLINS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
2021
2020
Notes
£
£
Turnover
3
10,255,397
9,398,098
Cost of sales
(7,134,869)
(6,669,342)
Gross profit
3,120,528
2,728,756
Administrative expenses
(2,243,717)
(2,211,839)
Other operating income
27,254
158,700
Operating profit
4
904,065
675,617
Interest receivable and similar income
8
243
261
Interest payable and similar expenses
9
(20,942)
(31,158)
Profit before taxation
883,366
644,720
Tax on profit
10
(175,544)
(122,514)
Profit for the financial year
707,822
522,206
The income statement has been prepared on the basis that all operations are continuing operations.
BARNES & MULLINS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
12
8,039
9,187
Tangible assets
13
75,848
100,976
Investments
14
300
300
84,187
110,463
Current assets
Stocks
16
2,689,996
2,985,813
Debtors
17
1,103,686
1,050,944
Cash at bank and in hand
1,645,090
1,104,491
5,438,772
5,141,248
Creditors: amounts falling due within one year
18
(983,193)
(1,179,450)
Net current assets
4,455,579
3,961,798
Net assets
4,539,766
4,072,261
Capital and reserves
Called up share capital
21
352,916
352,916
Profit and loss reserves
22
4,186,850
3,719,345
Total equity
4,539,766
4,072,261
The financial statements were approved by the board of directors and authorised for issue on 27 May 2022 and are signed on its behalf by:
B M Cleary
Director
Company Registration No. 01305000
BARNES & MULLINS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
352,916
3,397,139
3,750,055
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
522,206
522,206
Dividends
11
-
(200,000)
(200,000)
Balance at 31 December 2020
352,916
3,719,345
4,072,261
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
707,822
707,822
Dividends
11
-
(240,317)
(240,317)
Balance at 31 December 2021
352,916
4,186,850
4,539,766
BARNES & MULLINS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
941,314
1,957,452
Interest paid
(20,942)
(31,158)
Income taxes paid
(129,191)
(121,253)
Net cash inflow from operating activities
791,181
1,805,041
Investing activities
Purchase of intangible assets
(10,500)
Purchase of tangible fixed assets
(16,155)
(4,800)
Proceeds on disposal of tangible fixed assets
8,000
7,399
Interest received
243
261
Net cash used in investing activities
(7,912)
(7,640)
Financing activities
Movement on import loan and factoring liability
6,564
(726,878)
Payment of finance leases obligations
(8,917)
(32,938)
Dividends paid
(240,317)
(200,000)
Net cash used in financing activities
(242,670)
(959,816)
Net increase in cash and cash equivalents
540,599
837,585
Cash and cash equivalents at beginning of year
1,104,491
266,906
Cash and cash equivalents at end of year
1,645,090
1,104,491
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
1
Accounting policies
Company information
Barnes & Mullins Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 14, Mile Oak Industrial Estate, Oswestry, Shropshire, SY10 8GA.
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. The principal accounting policies adopted are set out below.
Group accounts
The company has taken advantage of the exemption under section 400 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
.
Barnes & Mullins Limited is a wholly owned subsidiary of Troubadour Investments Limited and the results of Barnes & Mullins Limited are included in the consolidated financial statements of Troubadour Investments Limited which are available from 30 City Road, London, EC1Y 2AB.
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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods
sold
in the normal course of business
, and
is shown net of VAT
.
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.
1.4
Intangible fixed assets other than goodwill
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:
Patents
Over the period of the patent license
Brand name
8 years straight line
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
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 improvements
Over the remaining life of the lease
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Reducing balance
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
.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
1.6
Fixed asset investments
Interests in subsidiaries
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.
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
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.
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.
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.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
Cost is determined on the first-in, first-out (FIFO) method.
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 and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has
chosen
to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies 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.
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable
.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
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.
1.13
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.
1.14
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.15
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 statement of financial position 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.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.16
Government grants
Government grant represents the fair value of the income received or receivable from the furlough scheme introduced by the UK government due to the pandemic caused by COVID-19.
Income from the furlough scheme is recognised in the period the furlough income relates to and recorded as ‘other income’.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
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.
1.18
The company recognises a trade debtor on sales and a
invoice discounting
liability due to a third party when it has transferred substantially all of the risks and rewards of the ownership of the trade debtors and has an obligation to pay the received cash flows in full without any material delays.
As the company has an obligation to buy back debts over a certain ageing, a debtor and corresponding creditor is recognised.
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
The company wholesales and distributes musical instruments and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. See note
16
for the net carrying amount of the stock and associated provision.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Sale of goods - musical instruments
10,255,397
9,398,098
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Turnover and other revenue
(Continued)
- 19 -
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
8,615,798
7,922,438
EU
917,314
924,060
Rest of the world
722,285
551,600
10,255,397
9,398,098
2021
2020
£
£
Other significant revenue
Interest income
243
261
Grants received
19,054
154,049
All turnover is derived from one activity, being the company's principal activity in sale of musical instruments.
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
21,390
28,649
Government grants
(19,054)
(154,049)
Depreciation of owned tangible fixed assets
30,355
29,460
Depreciation of tangible fixed assets held under finance leases
-
6,735
Loss/(profit) on disposal of tangible fixed assets
2,928
(1,336)
Amortisation of intangible assets
1,148
1,313
Operating lease charges
106,449
84,358
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
41,008
32,525
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Sales and distribution
7
6
Administration
12
15
Drivers and yard staff
18
19
Total
37
40
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
1,305,765
1,248,077
Social security costs
140,316
125,066
Pension costs
87,220
85,950
1,533,301
1,459,093
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
486,927
349,385
Company pension contributions to defined contribution schemes
39,583
35,380
526,510
384,765
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2020 - 6).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
112,833
71,755
Company pension contributions to defined contribution schemes
15,000
4,663
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
243
261
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
243
261
9
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
6,115
Interest on invoice finance arrangements
20,477
23,581
20,477
29,696
Other finance costs:
Interest on finance leases and hire purchase contracts
465
1,462
20,942
31,158
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
175,544
129,191
Adjustments in respect of prior periods
(6,677)
Total current tax
175,544
122,514
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Taxation
(Continued)
- 22 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
883,366
644,720
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
167,840
122,497
Tax effect of expenses that are not deductible in determining taxable profit
6,116
4,956
Permanent capital allowances in excess of depreciation
1,032
1,992
Under/(over) provided in prior years
(6,677)
(Profit)/Loss on disposal of tangible fixed assets
556
(254)
Taxation charge for the year
175,544
122,514
11
Dividends
2021
2020
£
£
Interim paid
240,317
200,000
12
Intangible fixed assets
Goodwill
Patents
Brand name
Total
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
146,500
41,080
10,500
198,080
Amortisation and impairment
At 1 January 2021
146,500
41,080
1,313
188,893
Amortisation charged for the year
1,148
1,148
At 31 December 2021
146,500
41,080
2,461
190,041
Carrying amount
At 31 December 2021
8,039
8,039
At 31 December 2020
9,187
9,187
Brand name relates to the acquisition of Thibouville-Lamy and Huber.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
13
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
30,431
5,700
383,636
136,947
556,714
Additions
16,155
16,155
Disposals
(34,537)
(34,537)
At 31 December 2021
46,586
5,700
383,636
102,410
538,332
Depreciation and impairment
At 1 January 2021
15,216
3,896
358,862
77,764
455,738
Depreciation charged in the year
11,647
451
6,193
12,064
30,355
Eliminated in respect of disposals
(23,609)
(23,609)
At 31 December 2021
26,863
4,347
365,055
66,219
462,484
Carrying amount
At 31 December 2021
19,723
1,353
18,581
36,191
75,848
At 31 December 2020
15,215
1,804
24,774
59,183
100,976
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Motor vehicles
20,206
14
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
15
300
300
Fixed asset investments compromise equity shares in subsidiary undertakings which are not publicly traded. They are held at cost less accumulated impairment.
The company has not designated any financial assets that are classified as financial assets at fair value through profit or loss.
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
15
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Barnes & Mullins (Manufacturing) Limited
1
Dormant
Ordinary
100.00
Terry Gould International Limited
1
Dormant
Ordinary
100.00
The Hidersine Company Limited
1
Dormant
Ordinary
99.00
Registered office addresses (all UK unless otherwise indicated):
1
Grays Inn House Unit 14 Mile, Oak Industrial Estate, Oswestry, Shropshire, SY10 8GA
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)
£
£
Barnes & Mullins (Manufacturing) Limited
(148,318)
Terry Gould International Limited
869
The Hidersine Company Limited
100
Fixed asset investments comprise equity shares in the above entities, none of which are publicly traded.
16
Stocks
2021
2020
£
£
Raw materials and consumables
160,141
109,247
Finished goods and goods for resale
2,529,855
2,876,566
2,689,996
2,985,813
Stock is stated after provisions for impairment of £284,382 (2020: £284,382).
There is no significant difference between the replacement cost of finished goods and their carrying amounts.
17
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,020,754
977,712
Amounts owed by group undertakings
200
200
Other debtors
12,955
5,326
Prepayments and accrued income
69,777
67,706
1,103,686
1,050,944
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
17
Debtors
(Continued)
- 25 -
Trade debtors disclosed above are measured at amortised cost.
Trade debtors are stated after provisions for impairment of £50,598 (2020: £50,273).
Included within amounts owed by group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Included within trade debtors are debts of £727,645 (2020: £634,413) that have been factored.
18
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Obligations under finance leases
19
8,917
Trade creditors
366,599
342,912
Amounts owed to group undertakings
1,554
201,554
Corporation tax
175,544
129,191
Other taxation and social security
257,011
329,923
Other creditors
1
1
Accruals and deferred income
182,484
166,952
983,193
1,179,450
Included within amounts due to group undertakings are loan balances that are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Bank loans and overdrafts and other bank facilities are secured by way of a fixed and floating charge on the company's assets in favour of HSBC Bank Plc.
Included within trade creditors is an invoice discount facility, of which £2,613 (2020: £nil) is utilised.
There is also a £40,000 guarantee in the favour of HM Customs and Excise.
The aggregate of secured liabilities is £2,613 (2020: £8,917).
19
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
8,917
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 3 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
20
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,220
85,950
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.
21
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 12.5p each
2,428,064
2,428,064
303,508
303,508
Ordinary B shares of 12.5p each
395,264
395,264
49,408
49,408
2,823,328
2,823,328
352,916
352,916
There are 2 classes of Ordinary shares; ordinary A shares and ordinary B shares. There are no restrictions on the distribution of dividends and repayment of capital.
22
Reserves
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating rental leases, which fall due as follows:
2021
2020
£
£
Within one year
105,000
105,000
Between two and five years
420,000
420,000
In over five years
105,000
525,000
630,000
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
24
Related party transactions
(Continued)
- 27 -
Dividend and rental expense
2021
2020
£
£
Entities with control, joint control or significant influence over the company
240,317
200,000
Other related parties
105,000
78,750
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
200,000
Entities over which the entity has control, joint control or significant influence
1,554
1,554
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
200
200
Other information
There is a group settlement arrangement guarantee in favour of the bank between the company an entity which has significant control over the company.
25
Ultimate controlling party
The ultimate parent company is Troubadour Investments Limited, which is incorporated in England and Wales.
Director B M Cleary is the ultimate controlling party of Troubadour Investments Limited.
Troubadour Investments Limited prepares group financial statements and copies can be obtained from 30 City Road, London EC1Y 2AB.
The parent company's registered office is Unit 14 Mile Oak Industrial Estate, Maesbury Road, Oswestry, SY10 8GA.
BARNES & MULLINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
26
Cash generated from operations
2021
2020
£
£
Profit for the year after tax
707,822
522,206
Adjustments for:
Taxation charged
175,544
122,514
Finance costs
20,942
31,158
Investment income
(243)
(261)
Loss/(gain) on disposal of tangible fixed assets
2,928
(1,336)
Amortisation and impairment of intangible assets
1,148
1,313
Depreciation and impairment of tangible fixed assets
30,355
36,195
Movements in working capital:
Decrease in stocks
295,817
744,448
(Increase)/decrease in debtors
(52,742)
511,212
Decrease in creditors
(240,257)
(9,997)
Cash generated from operations
941,314
1,957,452
27
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
1,104,491
540,599
1,645,090
Borrowings excluding overdrafts
-
(2,613)
(2,613)
Obligations under finance leases
(8,917)
8,917
-
1,095,574
546,903
1,642,477
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.100
B M Cleary
S B Perrin
G J Tichopad
S J Finley
S Lewis
A R Mew
01305000
2021-01-01
2021-12-31
01305000
bus:Director1
2021-01-01
2021-12-31
01305000
bus:Director3
2021-01-01
2021-12-31
01305000
bus:Director4
2021-01-01
2021-12-31
01305000
bus:Director5
2021-01-01
2021-12-31
01305000
bus:Director6
2021-01-01
2021-12-31
01305000
bus:Director2
2021-01-01
2021-12-31
01305000
bus:RegisteredOffice
2021-01-01
2021-12-31
01305000
2021-12-31
01305000
2020-01-01
2020-12-31
01305000
core:RetainedEarningsAccumulatedLosses
2020-01-01
2020-12-31
01305000
core:RetainedEarningsAccumulatedLosses
2021-01-01
2021-12-31
01305000
core:OtherResidualIntangibleAssets
2021-12-31
01305000
core:OtherResidualIntangibleAssets
2020-12-31
01305000
core:Goodwill
2021-12-31
01305000
core:PatentsTrademarksLicencesConcessionsSimilar
2021-12-31
01305000
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2021-12-31
01305000
core:Goodwill
2020-12-31
01305000
core:PatentsTrademarksLicencesConcessionsSimilar
2020-12-31
01305000
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-12-31
01305000
2020-12-31
01305000
core:LeaseholdImprovements
2021-12-31
01305000
core:PlantMachinery
2021-12-31
01305000
core:FurnitureFittings
2021-12-31
01305000
core:MotorVehicles
2021-12-31
01305000
core:LeaseholdImprovements
2020-12-31
01305000
core:PlantMachinery
2020-12-31
01305000
core:FurnitureFittings
2020-12-31
01305000
core:MotorVehicles
2020-12-31
01305000
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
01305000
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
01305000
core:CurrentFinancialInstruments
2021-12-31
01305000
core:CurrentFinancialInstruments
2020-12-31
01305000
core:ShareCapital
2021-12-31
01305000
core:ShareCapital
2020-12-31
01305000
core:RetainedEarningsAccumulatedLosses
2021-12-31
01305000
core:RetainedEarningsAccumulatedLosses
2020-12-31
01305000
core:ShareCapital
2019-12-31
01305000
core:RetainedEarningsAccumulatedLosses
2019-12-31
01305000
2019-12-31
01305000
core:ShareCapitalOrdinaryShares
2021-12-31
01305000
core:ShareCapitalOrdinaryShares
2020-12-31
01305000
1
2021-01-01
2021-12-31
01305000
2020-12-31
01305000
core:PatentsTrademarksLicencesConcessionsSimilar
2021-01-01
2021-12-31
01305000
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2021-01-01
2021-12-31
01305000
core:LeaseholdImprovements
2021-01-01
2021-12-31
01305000
core:PlantMachinery
2021-01-01
2021-12-31
01305000
core:FurnitureFittings
2021-01-01
2021-12-31
01305000
core:MotorVehicles
2021-01-01
2021-12-31
01305000
core:UKTax
2021-01-01
2021-12-31
01305000
core:UKTax
2020-01-01
2020-12-31
01305000
1
2020-01-01
2020-12-31
01305000
2
2021-01-01
2021-12-31
01305000
2
2020-01-01
2020-12-31
01305000
core:Goodwill
2020-12-31
01305000
core:PatentsTrademarksLicencesConcessionsSimilar
2020-12-31
01305000
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-12-31
01305000
core:Goodwill
2021-01-01
2021-12-31
01305000
core:LeaseholdImprovements
2020-12-31
01305000
core:PlantMachinery
2020-12-31
01305000
core:FurnitureFittings
2020-12-31
01305000
core:MotorVehicles
2020-12-31
01305000
core:Non-currentFinancialInstruments
2021-12-31
01305000
core:Non-currentFinancialInstruments
2020-12-31
01305000
core:Subsidiary1
2021-01-01
2021-12-31
01305000
core:Subsidiary2
2021-01-01
2021-12-31
01305000
core:Subsidiary3
2021-01-01
2021-12-31
01305000
core:Subsidiary1
1
2021-01-01
2021-12-31
01305000
core:Subsidiary2
2
2021-01-01
2021-12-31
01305000
core:Subsidiary3
3
2021-01-01
2021-12-31
01305000
core:WithinOneYear
2021-12-31
01305000
core:WithinOneYear
2020-12-31
01305000
core:BetweenTwoFiveYears
2021-12-31
01305000
core:MoreThanFiveYears
2021-12-31
01305000
core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
2021-12-31
01305000
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
01305000
bus:FRS102
2021-01-01
2021-12-31
01305000
bus:Audited
2021-01-01
2021-12-31
01305000
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP