Company registration number 01849981 (England and Wales)
SPECIALIST ANODISING COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
SPECIALIST ANODISING COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr MJ Duffell
Mrs VA Duffell
Mrs VA Gwinnett
Mr MJ Gwinnett
Mr D Taylor
Mr AM Duffell
Mr MS Duffell
Mr DM Duffell
(Appointed 4 May 2021)
Secretary
Mr MJ Duffell
Company number
01849981
Registered office
Guilden Sutton Lane
Guilden Sutton
Chester
Cheshire
United Kingdom
CH3 7EX
Auditor
Sedulo Audit Limited
62-66 Deansgate
Manchester
United Kingdom
M3 2EN
SPECIALIST ANODISING COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Profit and loss account
12
Statement of comprehensive income
13
Balance sheet
14
Statement of changes in equity
15
Notes to the financial statements
16 - 30
SPECIALIST ANODISING COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2021
- 1 -
The directors present the strategic report for the year ended 31 July 2021.
Fair review of the business
The results for the year ended 31st July 2021 and financial position of the Company are as shown in the annexed financial statements.
Turnover for the year was £18M compared to £19.2M in 2020, a 6% decrease.
This is due to the
continued
impact of COVID
during
the financial year. In spite of the pandemic interrupting operations, the Company has performed well in the current economic climate and exceeded
the conservative forecast figures
for the financial year by £
4
M. This turnover reflected the continued demand for the company's products both in the UK and overseas markets during uncertain economic conditions, due largely to Brexit.
G
ross profit margin
increased by 0.5% f
rom 2
6.3
% to 26
.8
%
.
The Directors are continually reviewing how to obtain more efficiencies to maintain or increase gross profit margins.
The severe impact of COVID
on the UK economy has resulted in a challenging environment for all businesses. The Company has managed to continue with its operations throughout the lockdown period, adhering to government guidelines in social distancing during COVID
.
Principal risks and uncertainties
During 2021 the Company continued to face challenges due to the current economic climate and the cosmetic trade. The Company manages the inherent uncertainty due to the general economic climate by continually reviewing its operations and implementing efficiencies in every area of the business.
The Company uses financial instruments to manage interest rate risk. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures.
Buying and selling in different countries has allowed the company to manage the exchange risk.
The COVID outbreak created a major challenge and a high level of uncertainty for all companies. The impact of this to the business has been turnover being affected as orders have been pushed back to post year end. Other than this the impact was minimal but the situation is being monitored on an ongoing business.
Development and performance
The Company has achieved a strong performance during the period, in spite of challenging conditions, and growth is beginning to realign with the Company's expectations.
Key performance indicators
The Directors regard turnover and gross margin as the key performance indicators of the business.
SPECIALIST ANODISING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 2 -
Section 172(1) Statement
In discharging their duty to promote the interests of the Company under section 172 Companies Act 2006, the Directors of the Company have regard to several factors and stakeholder interests. These are described below. As a holding company, the Directors do not consider the factors listed in section 172(1)(f) (need to act fairly between the members of the company) are relevant to the proper discharge of their duty under section 172.
The Directors, in line with their duties under s 172 of the Companies Act 2006, act individually and collectively in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its member, and in doing so have regard, amongst other matters, to the:
•
Likely consequences of any decision in the long-term Interests of the company's employees
• Need to foster the company's business relationships with suppliers, customers and other stakeholders
• Impact of the company's operations on the community and the environment
• Desirability of the company maintaining a reputation for high standards of business conduct
The Directors' regard to these matters is embedded in their decision-making process, through the Company's business strategy, culture, governance framework, management information flows and stakeholder engagement processes.
The Company's business strategy is focused on achieving success for the Company in the long-term. In setting this strategy, the Board takes into account the impact of relevant factors and stakeholder interests on the Company's performance. The Board also identifies principal risks facing the business and sets risk management objectives.
The Board promotes a culture of upholding the highest standards of business conduct and regulatory conduct. The Board ensures these core values are communicated to the Company's employees and embedded in the Company's policies and procedures, employee induction and training programmes and its risk control and oversight framework.
The Board recognizes that building strong and lasting relationships with our stakeholders will help us to deliver our strategy in line with our long-term values and operate a sustainable business.
The Directors are supported in the discharge of their duties by:
A director training to further their understanding of their duties and obligations under applicable law and regulation.
Processes which ensure the provision of timely management information and escalation through reporting lines to the Board from the Company's business areas, its risk and control functions, support teams and committees of the Board.
Agenda planning for Board and Committee meetings to provide sufficient time for the consideration and discussion of key matters.
SPECIALIST ANODISING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
Stakeholders
The Board understands the importance of engagement with all of its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholder in weighing up how best to promote the success of the Company.
The Board regularly discusses issues concerning employees, customers, suppliers, community and environment, regulators and its shareholder, which it considers in its discussions and in its decision-making process. In addition to this, the Board seeks to understand the interests and views of the Company's stakeholders by engaging with them directly when required. The following page summarises the key stakeholders and how we engage with each:
Stakeholders Engagement
Employees
Our employees contribute to a positive working culture and safe working environment. Employees are key to the success of our business. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team's productivity and our individual employees' potential within the business.
We continually invest in employee development and wellbeing to create and encourage an inclusive culture within the organisation. Our employee appraisal programme encourages employee feedback and facilities the
opportunity for both employees and managers to set performance goals on an annual basis.
Our culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognized for their hard work. All employees receive regular updates on the performance of the company ranging from regular published updates.
Customers
Customers are at the centre of our business. Our business development team allied with our customer service teams build lasting relationships with current and potential customers to understand their objectives and requirements. We are in regular contact with customers in order to meet their defined service and reporting requirements. This includes attending monthly and quarterly update calls, face to face meetings (quarterly/bi-annually/annually) depending on customer preferences.
We take a consultative approach with customers focused on building long-term relationships and solving their supply-chain challenges.
Suppliers
We work with a wide range of suppliers both in the UK and the European Union. We remain committed to being fair and transparent in our dealings with all our suppliers.
The Company has procedures requiring due diligence of suppliers as to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modem slavery matters.
The Company has systems and processes in place to ensure suppliers goods and services are provided in line with terms and conditions which are acceptable to the company, in addition to ensuring suppliers are paid in 2 timely manner.
SPECIALIST ANODISING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 4 -
Community and Environment
The Board's approach to social responsibility, Diversity & the community is of high importance. And Corporate social responsibility principles are part of our culture and decision-making process. We take a consultative approach focused on building long-term relationships and solving business problems.
Diversity and Inclusion is a key pillar for our Company. Our HR resource is responsible for Diversity & Inclusion and aims to connect with affiliates and networks, updating the Board regularly.
The Board continues to commit and broaden the company's work and associations with local charitable organisations.
Shareholders
The Board also seeks to behave in a responsible manner towards our shareholders. The Board communicates information relevant to its shareholder on a regular basis to cover such items as financial performance, forecasting, annual budgeting, etc.
Mr MJ Duffell
Director
28 July 2022
SPECIALIST ANODISING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2021
- 5 -
The directors present their annual report and financial statements for the year ended 31 July 2021.
Principal activities
The principal activity of the company continued to be that of aluminium pressing and anodisers.
Branches
The Company has a branch in France.
Results and dividends
The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a 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 MJ Duffell
Mrs VA Duffell
Mrs VA Gwinnett
Mr MJ Gwinnett
Mr D Taylor
Mr AM Duffell
Mr MS Duffell
Mr DM Duffell
(Appointed 4 May 2021)
Research and development
Research and development plays a key role in supporting the Company's activities.
The Company will continue to draw on their research team's expertise, to solve clients' strategic problems by developing innovative products.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Business relationships
The Group is aware of the importance of relationships with stakeholders and disclosure under S172 is included in the Strategic Report.
SPECIALIST ANODISING COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
Future developments
The Company aims to grow organically and by acquisition, where suitable opportunities arise.
Auditor
Sedulo Audit Ltd are deemed to be reappointed in accordance with an elective resolution made under section 386 of the Companies Act 1985, which continues in force under the Companies Act 2006.
Energy and carbon report
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2018 require the disclosure of annual UK energy consumption and greenhouse gas emissions from SECR regulated sources. These figures are for the financial year end July 2021.
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
3,331,853
- Fuel consumed for transport
3,340,624
6,672,477
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
610.30
- Fuel consumed for owned transport
-
610.30
Scope 2 - indirect emissions
- Electricity purchased
709.40
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
Total gross emissions
1,319.70
Intensity ratio
Tonnes CO2e / £m turnover
3,708
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of turnover, the recommended ratio for the sector.
Measures taken to improve energy efficiency
We are committed to year-on-year improvements in our operational energy efficiency. Measures prioritised for implementation in 2021/22 within Lendlock Group include completing the ESOS phase 3 energy efficiency surveys during the 2021/22 reporting period,
SPECIALIST ANODISING COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 7 -
Emissions information not included above is fuel consumed for own transport (direct emissions), and fuel consumed for transport not owned by the company (other indirect emissions), as this information was deemed to not be significant to the report, the Group will look to quantify these figures in subsequent reporting periods.
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;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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
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.
On behalf of the board
Mr MJ Duffell
Director
28 July 2022
SPECIALIST ANODISING COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2021
- 8 -
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;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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.
SPECIALIST ANODISING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SPECIALIST ANODISING COMPANY LIMITED
- 9 -
Opinion
We have audited the financial statements of Specialist Anodising Company Limited (the 'company') for the year ended 31 July 2021 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 July 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.
SPECIALIST ANODISING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPECIALIST ANODISING COMPANY LIMITED
- 10 -
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
.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Based on our understanding of the company and industry, we identified that there are no particular principle risks of non-compliance with laws and regulations. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to posting inappropriate journal entries to increase profits, through management bias in accounting for significant creditors and expenses.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
SPECIALIST ANODISING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SPECIALIST ANODISING COMPANY LIMITED
- 11 -
Audit procedures performed included:
-
Enquiry of management, those charged with governance around actual and potential litigation and claims.
-
Enquiry of entity staff in the compliance function to identify any instances of non-compliance with laws and regulations.
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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.
Hilene Henry (Senior Statutory Auditor)
For and on behalf of Sedulo Audit Limited
28 July 2022
Chartered Accountants
Statutory Auditor
62-66 Deansgate
Manchester
United Kingdom
M3 2EN
SPECIALIST ANODISING COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2021
- 12 -
2021
2020
Notes
£
£
Turnover
3
18,005,605
19,154,467
Cost of sales
(13,173,405)
(14,100,316)
Gross profit
4,832,200
5,054,151
Administrative expenses
(2,524,648)
(2,633,579)
Other operating (expenses)/income
(190,251)
1,759,165
Operating profit
6
2,117,301
4,179,737
Interest receivable and similar income
799
Interest payable and similar expenses
8
(7,908)
(17,155)
Amounts written off investments
1,147,144
Profit before taxation
3,256,537
4,163,381
Tax on profit
9
(175,144)
(723,253)
Profit for the financial year
3,081,393
3,440,128
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SPECIALIST ANODISING COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2021
- 13 -
2021
2020
£
£
Profit for the year
3,081,393
3,440,128
Other comprehensive income
-
-
Total comprehensive income for the year
3,081,393
3,440,128
SPECIALIST ANODISING COMPANY LIMITED
BALANCE SHEET
AS AT
31 JULY 2021
31 July 2021
- 14 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,787,642
5,965,583
Current assets
Stocks
12
3,461,078
4,724,466
Debtors
13
7,705,842
5,199,540
Cash at bank and in hand
12,171,981
10,925,556
23,338,901
20,849,562
Creditors: amounts falling due within one year
14
(1,668,775)
(2,340,491)
Net current assets
21,670,126
18,509,071
Total assets less current liabilities
27,457,768
24,474,654
Creditors: amounts falling due after more than one year
15
(701,323)
(781,742)
Provisions for liabilities
Deferred tax liability
17
404,884
422,744
(404,884)
(422,744)
Net assets
26,351,561
23,270,168
Capital and reserves
Called up share capital
19
6
6
Revaluation reserve
117,476
122,709
Profit and loss reserves
26,234,079
23,147,453
Total equity
26,351,561
23,270,168
The financial statements were approved by the board of directors and authorised for issue on 28 July 2022 and are signed on its behalf by:
Mr MJ Duffell
Director
Company Registration No. 01849981
SPECIALIST ANODISING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2021
- 15 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 August 2019
6
127,942
19,702,092
19,830,040
Year ended 31 July 2020:
Profit and total comprehensive income for the year
-
-
3,440,128
3,440,128
Other movements
-
(5,233)
5,233
-
Balance at 31 July 2020
6
122,709
23,147,453
23,270,168
Year ended 31 July 2021:
Profit and total comprehensive income for the year
-
-
3,081,393
3,081,393
Other movements
-
(5,233)
5,233
-
Balance at 31 July 2021
6
117,476
26,234,079
26,351,561
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 16 -
1
Accounting policies
Company information
Specialist Anodising Company Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Guilden Sutton Lane, Guilden Sutton, Chester, Cheshire, United Kingdom, CH3 7EX.
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.
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 each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 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
.
The financial statements of the company are consolidated in the financial statements
of Lendlock Group Limited.
These consolidated financial statements are available from its registered office
,
Guilden Sutton Lane
Chester
United Kingdom
CH3 7EX
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.
The COVID-19 outbreak has created a major challenge and a high level of uncertainty for all companies. The business has been subject to minimal impact from the current pandemic, which has not been significant enough to affect the going concern status of the company. The situation is being monitored on an ongoing basis as new strains of the virus cause restrictions to come back into place, this has still largely unaffected the going concern status of the company. If the virus were to cause more severe restrictions then the business would still be in a position to be resilient to its impact as the group is in a healthy position regarding current assets and support can be received from other group companies.
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 17 -
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.
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
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
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Leasehold land and buildings
2% on cost
Leasehold improvements
2% on cost
Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
25% on 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
.
In accordance with FRS 102 section 17, revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.
1.6
Stocks
Stocks
are split into three categories for valuation purposes, raw materials, work-in-progress and finished goods. Provision is made for slow moving or obsolete items.
Raw materials are stated at purchase price.
Work-in-progress and finished goods are stated at the lower of cost, including appropriate production overheads based on stage of completion and net realisable value. Distribution and administrative expenses are not included in stock valuation.
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.
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 18 -
1.7
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.
1.8
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.
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.
The company entered into an interest rate collar agreement in order to manage the risk of exposure to variable interest rate movements on a loan for rates outside of the collar interest rates. The term of the agreement expires April 2023 with a floor rate of 4.5% and a cap rate of 6%.
The objective is to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 19 -
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.
1.10
Retirement benefits
The Company operates a defined contribution pension scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
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.
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 20 -
1.13
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.
1.14
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.
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.
3
Turnover and other revenue
2021
2020
£
£
Other significant revenue
Interest income
-
799
Grants received
398,968
514,663
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
3,434,690
3,692,412
Rest of the world
14,570,915
15,462,056
18,005,605
19,154,467
4
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
8,600
8,600
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 21 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Production
200
220
Sales and adminstration
63
72
Directors
7
7
Total
270
299
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
7,105,305
7,340,525
Social security costs
555,369
567,141
Pension costs
173,157
169,450
7,833,831
8,077,116
6
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
542,551
(230,697)
Government grants
(398,968)
(514,663)
Depreciation of owned tangible fixed assets
461,753
507,344
Profit on disposal of tangible fixed assets
(403)
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
330,862
307,087
Company pension contributions to defined contribution schemes
12,773
12,486
343,635
319,573
The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 8 (2020 - 7).
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
7
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
84,750
86,000
Company pension contributions to defined contribution schemes
5,160
5,160
8
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
24,328
33,126
Other interest on financial liabilities
(16,420)
(15,971)
7,908
17,155
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
320,000
816,250
Adjustments in respect of prior periods
(126,996)
(88,209)
Total current tax
193,004
728,041
Deferred tax
Origination and reversal of timing differences
(17,860)
(4,788)
Total tax charge
175,144
723,253
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
9
Taxation
(Continued)
- 23 -
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
3,256,537
4,163,381
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
618,742
791,042
Tax effect of expenses that are not deductible in determining taxable profit
(194,635)
18,610
Adjustments in respect of prior years
(126,997)
(88,209)
Research and development tax credit
(127,214)
Other permanent differences
6,873
1,810
130% AIA
(1,625)
Taxation charge for the year
175,144
723,253
10
Research and development
The company has estimated the aggregate amount of research and development expenditure recognised as an expense during the year was £515K (2020: £504K)
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 24 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 August 2020
3,681,750
600,000
431,533
5,141,998
413,036
105,693
10,374,010
Additions
54,734
188,224
40,854
283,812
At 31 July 2021
3,681,750
600,000
486,267
5,330,222
453,890
105,693
10,657,822
Depreciation and impairment
At 1 August 2020
369,955
72,000
28,219
3,586,998
278,386
72,869
4,408,427
Depreciation charged in the year
73,635
12,000
8,683
330,058
29,171
8,206
461,753
At 31 July 2021
443,590
84,000
36,902
3,917,056
307,557
81,075
4,870,180
Carrying amount
At 31 July 2021
3,238,160
516,000
449,365
1,413,166
146,333
24,618
5,787,642
At 31 July 2020
3,311,795
528,000
403,314
1,555,000
134,650
32,824
5,965,583
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 25 -
The carrying value of land and buildings comprises:
2021
2020
£
£
Freehold
3,238,160
3,311,795
Long leasehold
965,365
931,314
4,203,525
4,243,109
Freehold land and buildings with a carrying amount of
£2.06M (2020 £2.11M)
have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Long leasehold property
with a carrying amount of
£516,000 and Freehold property
with a carrying amount of
£3,238,160
w
ere
revalued at
19th December 2014 by Petty Chartered Surveyors,
independent valuers not connected with the company on the basis of market value.
The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Historical cost analysis:
Land and buildings are carried at valuation.
If land and buildings were measured using the cost model, the carrying amounts
would
have been the figures below:
2021
2020
£
£
Cost
4,160,994
4,160,994
Accumulated depreciation
(873,107)
(789,887)
Carrying value
3,287,887
3,371,107
12
Stocks
2021
2020
£
£
Raw materials and consumables
2,572,380
3,591,902
Work in progress
327,965
292,602
Finished goods and goods for resale
560,733
839,962
3,461,078
4,724,466
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 26 -
13
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,807,553
2,954,496
Amounts owed by group undertakings
1,139,360
832,449
Other debtors
2,573,962
572,151
Prepayments and accrued income
184,967
840,444
7,705,842
5,199,540
14
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans
16
64,000
64,000
Trade creditors
736,709
701,943
Amounts owed to group undertakings
1,770
Corporation tax
195,389
750,637
Other taxation and social security
122,552
163,421
Other creditors
99,338
215,579
Accruals and deferred income
449,017
444,911
1,668,775
2,340,491
15
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
16
689,792
753,792
Other creditors
11,531
27,950
701,323
781,742
Amounts included above which fall due after five years are as follows:
Payable by instalments
433,791
497,791
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 27 -
16
Loans and overdrafts
2021
2020
£
£
Bank loans
753,792
817,792
Payable within one year
64,000
64,000
Payable after one year
689,792
753,792
The bank loan debts are secured by way of:
1. A first legal charge, dated April 2008, over the freehold and leasehold properties held by the company.
2. A mortgage debenture given by the company dated April 2008.
3. A cross guarantee structure between all companies in the Lendlock Group.
The bank loan, which had a capital balance outstanding at 31st July 2021 of £753,792 is repayable over 12 years to 2033 at £5,333 per month.
Interest is charged on the loan at 1.1% above LIBOR. These interest costs are expensed to the profit and loss account in the period to which they relate.
LIBOR is the London InterBank Offered Rate in relation to £ Sterling.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
244,056
261,916
Revaluations
76,144
76,144
Other timing differences
84,684
84,684
404,884
422,744
2021
Movements in the year:
£
Liability at 1 August 2020
422,744
Credit to profit or loss
(17,860)
Liability at 31 July 2021
404,884
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 28 -
18
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
173,157
169,450
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.
19
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6
6
6
6
20
Operating lease commitments
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:
2021
2020
£
£
Within one year
23,251
25,240
Between two and five years
28,780
54,976
52,031
80,216
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2021
2020
£
£
Within one year
10,752
21
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
21
Related party transactions
(Continued)
- 29 -
Sales
Purchases
2021
2020
2021
2020
£
£
£
£
Entities over which the entity has control, joint control or significant influence
1,353,313
6,584
548,833
508,591
At 31 July 2021 the company owed the directors £10,621 (2020 - £12,659).
No interest has been charged to the company in respect of these loans which are repayable on demand and classified as creditors due within one year.
2021
2020
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
54,560
88,875
Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and cash settlement is expected within the ordinary course of business.
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,539,123
6,131
Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and cash settlement is expected within the ordinary course of business.
Other information
The following are subsidiaries to the Company as they are members of the same Group:
Lendlock International Limited
Scott Closures International Limited
Nekem Limited
F-L Plastics Limited
The Company is a wholly owned subsidiary at the balance sheet date and is not required to disclose subsidiary transactions under FRS 102 section 33.
SPECIALIST ANODISING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 30 -
22
Ultimate controlling party
The company's ultimate parent undertaking and controlling party is Lendlock Group Limited and its immediate parent undertaking is Lendlock International Limited. The results of the Company is consolidated at Lendlock Group Limited and the consolidated financial statements of this group are available from the following address:
Guilden Sutton Lane
Chester
United Kingdom
CH3 7EX
23
Auditor's remuneration
As the ultimate parent company is required, on a group wide basis, to provide an analysis of remuneration receivable by the Company's auditors under the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008, this information has not been disclosed in the Company's accounts.
2021-07-31
2020-08-01
false
CCH Software
CCH Accounts Production 2022.200
Mrs VA Duffell
Mrs VA Gwinnett
Mr MJ Gwinnett
Mr D Taylor
Mr AM Duffell
Mr MS Duffell
Mr M S Duffell
Mr D M Duffell
Mr MJ Duffell
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