Company Registration No. 2454226 (England and Wales)
IDEXX LABORATORIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
IDEXX LABORATORIES LIMITED
COMPANY INFORMATION
Directors
Mr W Blanche Jr
(Appointed 27 April 2018)
Mr J D Chadbourne
(Appointed 27 April 2018)
Mr B P McKeon
Mr P Tye
Ms L J Lu
(Appointed 4 February 2019)
Secretary
Ms L J Lu
Company number
2454226
Registered office
Grange House
Sandbeck Way
Wetherby
West Yorkshire
England
LS22 7DN
Auditor
Wilkins Kennedy Audit Services
The Mill House
Boundary Road
Loudwater
High Wycombe
Bucks.
United Kingdom
HP10 9QN
IDEXX LABORATORIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
IDEXX LABORATORIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
The directors present the strategic report for the year ended 31 December 2018.
IDEXX Laboratories UK Ltd. ("the Company") is a fully owned subsidiary of IDEXX Europe BV. and the ultimate parent Company is IDEXX Laboratories Inc.
The Company's main activities include sales & marketing of veterinary diagnostic products, veterinary laboratory services and water diagnostic products.
Fair review of the business
Net sales for 2018 were £68,675
,000
an increase of 5% over 2017.
The Companion Animal Group (CAG) veterinary diagnostics business
c
continued its growth at a slower pace (3% versus 9% in 2017). The UK CAG
business continued to place instruments into new practices through 2018 and
launched the new SDMA slide in Q1 for use in the Catalyst One machine.
At the same time our laboratory services have seen record sample volumes
i
n the year and sales have also grown dynamically (+6% YoY).
The Livestock, Poultry and Dairy (LPD) segment has seen its contribution
stabilised and represent around 5% of the total revenue.
Our water diagnostics business on its side has again delivered strong
results, with revenues now raising to £6,880,626 or a growth of 7%.
Net profit (after tax) went up from a profit of £1,375,000 in 2017 to a profit of £2,100.000 in 2018.
The Company has increased the number of personnel in 2018, from 269 in 2017 to a total of 285.
Principal risks and uncertainties
The Directors have assessed the Company's price, credit and liquidity risks all of which are considered to be low.
The management of the company is monitoring the risk of consequences from Brexit and will develop operational plans to avoid negative business impact.
Future Developments
For 2019, the business expects to continue the revenue growth as, leveraging the expanded commercial organization and our ongoing product innovation. We continued to partner with Corporate accounts, which form a growing share of our customer portfolio
Mr J D Chadbourne
Director
30 September 2019
IDEXX LABORATORIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2018.
Principal activities
The principal activity of the company continued to be that of the distribution and marketing of veterinary diagnostics produces, veterinary laboratory services and water diagnostic products.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr W Blanche Jr
(Appointed 27 April 2018)
Mr J D Chadbourne
(Appointed 27 April 2018)
Mr B P McKeon
Ms J Studer
(Resigned 4 February 2019)
Mr P Tye
Mr J R Morton
(Resigned 27 April 2018)
Ms L J Lu
(Appointed 4 February 2019)
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
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.
Auditor
The auditor, Wilkins Kennedy Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
IDEXX LABORATORIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
On behalf of the board
Mr J D Chadbourne
Director
30 September 2019
IDEXX LABORATORIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
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.
IDEXX LABORATORIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IDEXX LABORATORIES LIMITED
- 5 -
Opinion
We have audited the financial statements of IDEXX Laboratories Limited (the 'company') for the year ended 31 December 2018 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 a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2018 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
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.
IDEXX LABORATORIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IDEXX LABORATORIES LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
IDEXX LABORATORIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IDEXX LABORATORIES LIMITED
- 7 -
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.
Paul Laird (Senior Statutory Auditor)
for and on behalf of Wilkins Kennedy Audit Services
30 September 2019
Statutory Auditor
The Mill House
Boundary Road
Loudwater
High Wycombe
Bucks.
United Kingdom
HP10 9QN
IDEXX LABORATORIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
2018
2017
as restated
Notes
£
£
Turnover
4
68,674,915
65,355,030
Cost of sales
(49,124,239)
(47,926,113)
Gross profit
19,550,676
17,428,917
Administrative expenses
(16,890,502)
(15,658,713)
Operating profit
5
2,660,174
1,770,204
Interest receivable and similar income
8
1,543
953
Interest payable and similar expenses
9
(58,323)
(61,251)
Profit before taxation
2,603,394
1,709,906
Tax on profit
10
(503,080)
(334,903)
Profit for the financial year
2,100,314
1,375,003
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
IDEXX LABORATORIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2018
- 9 -
2018
2017
£
£
Profit for the year
2,100,314
1,375,003
Other comprehensive income
-
-
Total comprehensive income for the year
2,100,314
1,375,003
IDEXX LABORATORIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 10 -
2018
2017
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
283,180
397,003
Tangible assets
13
8,935,897
8,322,751
Investments
14
1
1
9,219,078
8,719,755
Current assets
Debtors
16
10,768,571
9,716,061
Cash at bank and in hand
45,438
146,365
10,814,009
9,862,426
Creditors: amounts falling due within one year
17
(9,818,900)
(10,308,156)
Net current assets/(liabilities)
995,109
(445,730)
Total assets less current liabilities
10,214,187
8,274,025
Creditors: amounts falling due after more than one year
18
(714,526)
(900,334)
Provisions for liabilities
-
25,656
Net assets
9,499,661
7,399,347
Capital and reserves
Called up share capital
22
2
2
Profit and loss reserves
9,499,659
7,399,345
Total equity
9,499,661
7,399,347
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
Mr J D Chadbourne
Director
Company Registration No. 2454226
IDEXX LABORATORIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2017:
Balance at 1 January 2017
2
8,024,342
8,024,344
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
1,375,003
1,375,003
Dividends
11
-
(2,000,000)
(2,000,000)
Balance at 31 December 2017
2
7,399,345
7,399,347
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
2,100,314
2,100,314
Balance at 31 December 2018
2
9,499,659
9,499,661
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 12 -
1
Accounting policies
Company information
IDEXX Laboratories Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Grange House, Sandbeck Way, Wetherby, West Yorkshire, England, LS22 7DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 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
IDEXX Laboratories Inc
. These consolidated financial statements are available from its registered office,
One Idexx Drive, Westbrook, Maine 04092, USA.
1.2
Going concern
A
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 and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 13 -
Revenue from the sale of goods is recognised
on the effective transfer of control for
goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2 to 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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
Straight line over 7 - 40 years
Leasehold land and buildings
Over the period of the lease
Fixtures and fittings
At varying rates on cost
Computers
Straight line over 3 -7 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 14 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
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.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 15 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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
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.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 17 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using
the Black-Scholes
model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
The fair value of options granted is measured by a Black-Scholes pricing model. The fair value of
Restricted Stock Units (RSU's) is measured at the market price at the grant date.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
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 are included in the profit and loss account for the period.
2
Change in accounting policy
During the year the IDEXX group adopted amendments made to ASC606 (US GAAP) and IFRS15 effective 1 January 2018. These amendments relate to contracts with customers which are now recognised on the basis of
the transfer of control over goods or services to a customer
whereas previously revenue was recognised on
the transfer of risks and rewards.
In compliance with section 9 of FRS102, the new revenue recognition policy has been adopted by the company for consistency with the groups consolidated financial statements. The prior period has been restated to reflect the new policy as if it had been in place effective 1 January 2017. The impact to the financial statement of the prior period adjustment is detailed on note 25.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 18 -
3
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.
4
Turnover and other revenue
2018
2017
£
£
Turnover analysed by class of business
Veterinary diagnostic products
34,985,176
33,593,461
Veterinary laboratory services
26,809,107
25,335,277
Water diagnostic products
6,880,632
6,426,292
68,674,915
65,355,030
2018
2017
£
£
Other significant revenue
Interest income
1,543
953
The total turnover of the company for the year has been derived from its principle activity wholly undertaken in the UK and Southern Ireland
5
Operating profit
2018
2017
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
20,374
(13,124)
Fees payable to the company's auditor for the audit of the company's financial statements
25,200
27,950
Depreciation of owned tangible fixed assets
2,069,845
1,790,651
(Profit)/loss on disposal of tangible fixed assets
(3,100)
17,351
Amortisation of intangible assets
113,823
129,872
Operating lease charges
657,137
565,883
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £20,374 (2017 - £13,124).
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2018
2017
Number
Number
Directors
1
1
Supply and marketing diagnostic products
72
63
Veterinary laboratory
212
205
285
269
Their aggregate remuneration comprised:
2018
2017
£
£
Wages and salaries
12,228,503
11,022,532
Social security costs
1,236,524
1,164,587
Pension costs
931,828
718,542
14,396,855
12,905,661
7
Directors' remuneration
2018
2017
£
£
Remuneration for qualifying services
305,582
256,863
Company pension contributions to defined contribution schemes
16,704
12,031
322,286
268,894
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2017 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2018
2017
£
£
Remuneration for qualifying services
305,582
256,863
Company pension contributions to defined contribution schemes
16,704
12,031
The highest paid director has exercised share options during the year.
The highest paid director has been entitled to receive shares under a long term incentive scheme during the year.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 20 -
8
Interest receivable and similar income
2018
2017
£
£
Interest income
Interest on bank deposits
1,543
953
9
Interest payable and similar expenses
2018
2017
£
£
Other interest on financial liabilities
58,323
61,251
10
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
528,736
565,086
Adjustments in respect of prior periods
-
(154,189)
Total current tax
528,736
410,897
Deferred tax
Origination and reversal of timing differences
(25,656)
(75,994)
Total tax charge
503,080
334,903
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:
2018
2017
£
£
Profit before taxation
2,603,394
1,709,906
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2017: 19.26%)
494,645
329,277
Tax effect of expenses that are not deductible in determining taxable profit
(14,298)
60,684
Gains not taxable
(589)
-
Group relief
(51,771)
(37,698)
Permanent capital allowances in excess of depreciation
110,430
56,549
Under/(over) provided in prior years
(9,681)
2,085
Deferred taxation movement
(25,656)
(75,994)
Taxation charge for the year
503,080
334,903
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 21 -
11
Dividends
2018
2017
£
£
Interim paid
-
2,000,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2018 and 31 December 2018
2,248,942
Amortisation and impairment
At 1 January 2018
1,851,939
Amortisation charged for the year
113,823
At 31 December 2018
1,965,762
Carrying amount
At 31 December 2018
283,180
At 31 December 2017
397,003
13
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2018
3,750,469
608,418
4,831,548
11,173,873
20,364,308
Additions
83,835
6,536
658,936
1,337,511
2,086,818
Disposals
-
-
(428,780)
(5,756)
(434,536)
Transfers
-
-
16,193
615,336
631,529
At 31 December 2018
3,834,304
614,954
5,077,897
13,120,964
22,648,119
Depreciation and impairment
At 1 January 2018
1,128,964
405,557
3,497,305
7,009,729
12,041,555
Depreciation charged in the year
117,903
57,800
438,622
1,455,520
2,069,845
Eliminated in respect of disposals
-
-
(418,206)
(5,756)
(423,962)
Transfers
-
-
11,875
12,909
24,784
At 31 December 2018
1,246,867
463,357
3,529,596
8,472,402
13,712,222
Carrying amount
At 31 December 2018
2,587,437
151,597
1,548,301
4,648,562
8,935,897
At 31 December 2017
2,621,505
202,861
1,334,242
4,164,143
8,322,751
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 22 -
14
Fixed asset investments
2018
2017
Notes
£
£
Investments in subsidiaries
15
1
1
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
1
Carrying amount
At 31 December 2018
1
At 31 December 2017
1
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Vet Med Lab (UK) Limited
UK
Veterinary activities
Ordinary
100.00
100.00
16
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
9,694,195
9,137,715
Amounts owed by group undertakings
418,247
170,431
Other debtors
69,030
51,741
Prepayments and accrued income
387,907
292,454
10,569,379
9,652,341
2018
2017
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
199,192
63,720
Total debtors
10,768,571
9,716,061
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 23 -
17
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
381,518
110,252
Amounts owed to group undertakings
2,624,800
4,290,549
Corporation tax
128,703
169,397
Other taxation and social security
1,787,298
1,930,605
Other creditors
788,256
504,320
Accruals and deferred income
4,108,325
3,303,033
9,818,900
10,308,156
18
Creditors: amounts falling due after more than one year
2018
2017
£
£
Accruals and deferred income
714,526
900,334
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
-
(25,656)
2018
Movements in the year:
£
Liability/(Asset) at 1 January 2018
(25,656)
Charge to profit or loss
25,656
Liability at 31 December 2018
-
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 24 -
20
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
931,828
718,542
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.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 25 -
21
Share-based payment transactions
IDEXX Laboratories Inc. provide for various forms of share-based compensation awards to our
employees and non-employee directors. The share-based compensation plans allow for the issuance
of a mix of stock options, restricted stock, stock appreciation rights, employee stock purchase rights
and other stock unit awards. With the exception of stock options, the fair value of our awards is equal
to the closing stock price of IDEXX common stock on the date of grant. The fair value of the stock
option awards is calculated using the Black-Scholes-Merton option-pricing model. For stock options,
restricted stock units (RSUs), and deferred stock units (DSUs), share-based compensation expense is
recognized net of estimated forfeitures, on a straight-line basis over the requisite service period of the
award for stock options. For performance-based restricted stock units (PBRSUs), share-based
compensation expense is recognized net of estimated forfeitures, on a grade-vesting methodology
over the requisite service period.
Stock options permit a holder to buy IDEXX stock upon vesting at the stock’s price on the date the
option was granted. An RSU is an agreement to issue shares of IDEXX stock at the time of vesting. A
PBRSUs is an agreement to issues shares of IDEXX stock at the time of vesting upon successful
completion of certain performance goals. DSUs are granted under our Executive Deferred
Compensation Plan (the Executive Plan) and non-employee Director Deferred Compensation Plan (the
Director Plan). DSUs may or may not have vesting conditions depending on the plan under which they
are issued.
IDEXX Laboratories Inc. primarily issue shares of common stock to satisfy stock option exercises and
employee stock purchase rights and to settle RSUs, PBRSUs, and DSUs. IDEXX Laboratories Inc.
issue shares of treasury stock to settle certain RSUs and upon the exercise of certain stock options.
The number of shares of common stock and treasury stock issued are equivalent to the number of
awards exercised or settled.
With the exception of employee stock purchase rights, equity awards are issued to employees and
non-employee directors under the 2009 Stock Incentive Plan (the 2009 Stock Plan). IDEXX
Laboratories Inc. Board of Directors has authorised the issuance of 19.9 million shares of common
stock under this share-based incentive plan. Any shares that are subject to awards of stock options or
stock appreciation rights will be counted against the share limit as one share for every share granted.
Any shares that are issued other than stock options and stock appreciation rights will be counted
against the share limit as two shares for every share granted. If any shares issued under our prior
plans are forfeited, settled for cash, or expire, these shares, to the extent of such forfeiture, cash
settlement or expiration, will again be available for issuance under the 2009 Stock Plan.
Option awards are granted with an exercise price equal to the closing market price of our common
stock on the date of grant. Options granted to employees primarily vest ratably over five years on each
anniversary of the date of grant and options granted to non-employee directors vest fully on the first
anniversary of the date of grant. Vesting of option awards issued is conditional based on continuous
service. Options granted after May 8, 2013 have a contractual term of ten years, options granted
between January 1, 2006 and May 8, 2013 have contractual terms of seven years and options granted
prior to January 1, 2006 had contractual terms of ten years. Upon any change in control of the
company, 25 percent of the unvested stock options then outstanding will vest and become exercisable.
However, if the acquiring entity does not assume outstanding options, then all options will vest
immediately prior to the change in control
.
The total value of the existing options and RSU's are not considered to be material to the accounts and hence have not been recognised.
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 26 -
22
Share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2018
2017
£
£
Within one year
218,429
296,361
Between two and five years
459,857
570,944
678,286
867,305
24
Ultimate controlling party
The company was controlled throughout the current and previous year by its immediate parent company, IDEXX Europe BV, a company incorporated in the Netherlands. The ultimate parent company is IDEXX Laboratories Inc. a company incorporated in the USA. Copies of the group accounts incorporating the result of the company are available from IDEXX Laboratories Inc. One Idexx Drive, Westbrook, Maine 04092, USA.
25
Prior period adjustment
During the year the IDEXX group adopted amendments made to ASC606 (US GAAP) and IFRS15 effective 1 January 2018. These amendments relate to contracts with customers which are now recognised on the basis of
the transfer of control over goods or services to a customer
whereas previously revenue was recognised on
the transfer of risks and rewards.
In compliance with section 9 of FRS102, the new revenue recognition policy has been adopted by the company for consistency with the groups consolidated financial statements. The prior period has been restated to reflect the new policy as if it had been in place effective 1 January 2017. The impact to the financial statement of the prior period adjustment is detailed on note 25.
Changes to the balance sheet
At 31 December 2017
As previously reported
Adjustment
As restated
£
£
£
Current assets
Debtors due within one year
9,617,804
98,257
9,716,061
Creditors due within one year
Taxation
(2,254,191)
154,189
(2,100,002)
Other creditors
(7,889,019)
(319,135)
(8,208,154)
Creditors due after one year
Other creditors
(309,694)
(590,640)
(900,334)
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
25
Prior period adjustment
At 31 December 2017
As previously reported
Adjustment
As restated
(Continued)
- 27 -
Net assets
8,056,676
(657,329)
7,399,347
Capital and reserves
Profit and loss
8,056,674
(657,329)
7,399,345
Changes to the profit and loss account
Period ended 31 December 2017
As previously reported
Adjustment
As restated
£
£
£
Turnover
66,264,805
(909,775)
65,355,030
Cost of sales
(48,024,370)
98,257
(47,926,113)
Taxation
(489,092)
154,189
(334,903)
Profit after taxation
2,032,332
(657,329)
1,375,003
Reconciliation of changes in equity
1 January
31 December
2017
2017
Notes
£
£
Equity as previously reported
8,024,344
8,056,676
Adjustments to prior year
Increase in current accruals and deferred income
-
(319,135)
Increase in non current accruals and deferred income
-
(590,640)
Increase in current prepayments
-
34,537
Increase in non current prepayments
-
63,720
Decreease in corporation tax liability
-
154,189
Equity as adjusted
8,024,344
7,399,347
IDEXX LABORATORIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
25
Prior period adjustment
(Continued)
- 28 -
Reconciliation of changes in profit for the previous financial period
2017
Notes
£
Profit as previously reported
2,032,332
Adjustments to prior year
Increase in current accruals and deferred income
(319,135)
Increase in non current accruals and deferred income
(590,640)
Increase in current prepayments
34,537
Increase in non current prepayments
63,720
Decreease in corporation tax liability
154,189
Profit as adjusted
1,375,003
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