Company Registration No. 02640102 (England and Wales)
CWM ENVIRONMENTAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
CWM ENVIRONMENTAL LIMITED
COMPANY INFORMATION
Directors
Mr R D Thomas
Mr S Gallagher
Mr D Gilbert
Mr O W Bowen
Mrs R M Mullen
Mr A Williams
Mr J W Jones
Secretary
Mr R D Thomas
Company number
02640102
Registered office
Head office Nantycaws Recycling Centre
Llanddarog Road
Carmarthen
Dyfed
United Kingdom
SA32 8BG
Auditor
Azets Audit Services
Charter Court
Phoenix Way Enterprise Park
Swansea
United Kingdom
SA7 9FS
CWM ENVIRONMENTAL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
CWM ENVIRONMENTAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present the strategic report for the
year ended 31 March 2021.
CWM Environmental Limited ("the Company") trades as a Waste Disposal Company. The Company holds waste management contracts with a number of Local Authorities (including Carmarthenshire County Council); it also oversees a commercial portfolio of kerbside services and provides bespoke material handling services to larger customers.
Review of business and future developments
The results as presented cover the year to 31 March 2021. The comparative period covers the period from 1 January 2019 to 31 March 2020 (15 months). Accordingly, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
The results for the year ended 31 March 2021 and the preceding financial period ended 31 March 2020 are shown in the annexed financial statements.
The day to day operations of the business have been disrupted by the Covid-19 pandemic. Notwithstanding the challenging environment brought about by this pandemic, the directors were pleased with both the performance of the business during the year and the year end financial position.
The external commercial environment is expected to remain competitive throughout 2021 and into 2022 due to the pressures from local competitors; however, the directors are confident that a satisfactory level of activity will be sustained for the foreseeable future.
Post reporting date events
On 24 April 2021, a fire broke out at the Materials Recovery Facility at the Nantycaws site, causing significant damage to buildings and machinery. The cause of the fire is being investigated. No adjustments have been made to the figures presented in these financial statements as a result of this matter.
Key performance indicators
The company's key performance indicators (KPI’s) are summarised below:
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Period ended
31 March 2021 (12 months)
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Period ended
31 March 2020 (15 months)
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Net current (liabilities)/
assets
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CWM ENVIRONMENTAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks can be summarised as follows:
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The market in which the company operates is subject to strong competition. The impact of such competition could impact on margins.
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The company continues to invest heavily in its range of services. This, coupled with a focus on customer service, results in a high level of repeat business.
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The business could be impacted by the loss of key individuals
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The business looks to increase staff engagement through (1) regular opportunities to give feedback and to influence future business developments and (2) training and progression opportunities.
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Compliance with laws and regulations
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Non-compliance may result in financial penalties, a negative impact on the company’s ability to operate effectively and reputational damage.
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A robust regulatory framework ensures compliance with Environment Agency and other relevant requirements. Employees and contractors receive a rolling programme of training and guidance.
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Business risks are reviewed regularly by the directors and appropriate processes are put in place to monitor and mitigate their impact.
Other performance indicators
The Company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk, interest rate risk and interest rate cash flow risk. The Company has in place an informal risk management programme that seeks to limit the adverse effects on the financial performance of the Company. Given the size of the Company, the directors have not delegated the responsibility for monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Company's finance department.
Price risk
The Company is exposed to commodity price risk. However, given the size of the Company's operations, the costs of managing the exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature. The Company has no exposure to equity securities price risk as it hold no listed or other equity instruments.
Credit risk
The Company's financial assets are cash and trade debtors. The Company's credit risk is primarily attributable to its trade debtors which are presented in the balance sheet net of allowances for doubtful debts. The Company has implemented policies that require appropriate credit checks on potential customers before sales are made.
Liquidity and interest rate risk
The Company has cash reserves to fund its operations and utilises short term finance as required.
Interest rate cash flow risk
The Company has interest bearing assets. Interest bearing assets include only cash balances, all of which earn interest at variable rates.
CWM ENVIRONMENTAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
Mr O W Bowen
Director
12 July 2021
CWM ENVIRONMENTAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
The directors present their report and the audited financial statements for the year ended 31 March 2021. The 2020 comparatives presented represent a 15 month extended period.
Principal activities
The principal activity of the company continued to be that of a Waste Disposal Company.
Future developments
The strategy and future developments in the business are set out in the Strategic Report.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid during the period (2020: £nil). The directors do not recommend payment of a final dividend in respect of the period (2020: £nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were (unless otherwise stated) as follows:
Mr R D Thomas
Mr S Gallagher
Mr D Gilbert
Mr O W Bowen
Mrs R M Mullen
Mr A Williams
Mr J W Jones
Post reporting date events
On 24 April 2021, a fire broke out at the Materials Recovery Facility at the Nantycaws site, causing significant damage to buildings and machinery. The cause of the fire is being investigated. No adjustments have been made to the figures presented in these financial statements as a result of this matter.
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
On 7 September 2020 Group Audit Services Limited, trading as Baldwins Audit Services, changed it's name to Azets Audit Services Limited. The name they practice under is Azets Audit Services and accordingly they have signed their report in their new name.
CWM ENVIRONMENTAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
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 prepared the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). 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 United Kingdom Accounting Standards, including FRS
102 have been followed, subject to any material departures disclosed and
explained in the financial statements;
-
notify its shareholders in writing about the use of disclosure exemptions, if any, of
FRS 102 used in the preparation of financial statements; and
-
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.
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 O W Bowen
Director
12 July 2021
CWM ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CWM ENVIRONMENTAL LIMITED
- 6 -
Opinion
We have audited the financial statements of Cwm Environmental Limited (the 'company') for the year ended 31 March 2021 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 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.
CWM ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CWM ENVIRONMENTAL LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of 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 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.
CWM ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CWM ENVIRONMENTAL LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
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Reviewing minutes of meetings of those charged with governance;
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Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
James Edward Dobson BSc(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
29 July 2021
Chartered Accountants
Statutory Auditor
Charter Court
Phoenix Way Enterprise Park
Swansea
United Kingdom
SA7 9FS
CWM ENVIRONMENTAL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
Year
Period
ended
ended
31 March
31 March
2021
2020
Notes
£'000
£'000
Turnover
3
13,420
16,552
Cost of sales
(9,514)
(12,547)
Gross profit
3,906
4,005
Administrative expenses
(3,841)
(4,528)
Other operating income
239
133
Operating profit/(loss)
4
304
(390)
Interest receivable and similar income
7
1
Interest payable and similar expenses
8
(44)
(37)
Profit/(loss) before taxation
260
(426)
Tax on profit/(loss)
9
Profit/(loss) for the financial year
260
(426)
Retained earnings brought forward
3,562
3,988
Retained earnings carried forward
3,822
3,562
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CWM ENVIRONMENTAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 10 -
2021
2020
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
10
9,500
9,617
Current assets
Debtors
12
1,917
1,101
Cash at bank and in hand
2,599
1,514
4,516
2,615
Creditors: amounts falling due within one year
13
(4,421)
(3,007)
Net current assets/(liabilities)
95
(392)
Total assets less current liabilities
9,595
9,225
Creditors: amounts falling due after more than one year
14
(956)
(952)
Provisions for liabilities
Provisions
17
4,488
4,382
(4,488)
(4,382)
Net assets
4,151
3,891
Capital and reserves
Called up share capital
21
329
329
Profit and loss reserves
3,822
3,562
Total equity
4,151
3,891
The financial statements were approved by the board of directors and authorised for issue on 12 July 2021 and are signed on its behalf by:
Mr O W Bowen
Director
Company Registration No. 02640102
CWM ENVIRONMENTAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
- 11 -
2021
2020
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
27
1,961
873
Interest paid
(44)
(37)
Net cash inflow from operating activities
1,917
836
Investing activities
Purchase of tangible fixed assets
(1,029)
(1,762)
Proceeds on disposal of tangible fixed assets
112
109
Interest received
1
Net cash used in investing activities
(917)
(1,652)
Financing activities
Repayment of borrowings
138
321
Payment of finance leases obligations
(39)
281
Net cash generated from financing activities
99
602
Net increase/(decrease) in cash and cash equivalents
1,099
(214)
Cash and cash equivalents at beginning of year
1,500
1,714
Cash and cash equivalents at end of year
2,599
1,500
Relating to:
Cash at bank and in hand
2,599
1,514
Bank overdrafts included in creditors payable within one year
(14)
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 12 -
1
Accounting policies
Company information
Cwm Environmental Limited is a limited company domiciled and incorporated in England and Wales.
The registered office is
Head office Nantycaws Recycling Centre, Llanddarog Road, Carmarthen, Dyfed, United Kingdom, SA32 8BG. The principal activity of the company is that of a Local Authority Waste Disposal Company.
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 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 £
'000.
The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted, which have been applied consistently, are set out below.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 2.
Departure from FRS102
FRS102 requires that, where the time value of money has a material effect on the amount to be paid, a provision should be discounted and recognised at the present value of the amount expected to be required to settle the obligation. The provision for expected costs of restoring and maintaining the landfill site (as set out in note 18) has not been discounted. This provision has been determined in line with guidance provided by Natural Resource Wales, which specifically requires that the provision recognised is not discounted.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered facilities that are in place at the date of signing the report.
true
During 2020 the UK Government took measures to manage the impact of Covid-19 which has impacted businesses and the economy in the United Kingdom. Due to the market the Company operates within, it has been fortunate not to have been overly impacted by these measures to date. The directors have prepared up-to-date forecasts and are confident they have taken all necessary steps to manage the company's affairs. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis.
1.3
Reporting period
The prior period end was extended from 31 December to 31 March to be in line with the parent company's year end As a result, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.4
Turnover
Turnover, which includes landfill tax but excludes value added tax and trade discounts, represents the invoiced value of services supplied. Turnover is recognised at the time the service is performed.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 13 -
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.
1.5
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 provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life
on a straight line basis
, as follows:
Freehold Land
0%
Land and buildings
3 - 5%
Plant and machinery, fixtures, fittings & equipment
10 - 25%
Motor vehicles
25%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting end date, the
company
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 14 -
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded for contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
Bank interest accruing on capital borrowed to fund the production of long term contracts is carried forward within long term contract balances.
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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Basic financial assets, which include trade and other receivables 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. Other financial assets classified as fair value through profit or loss are measured at fair value.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 15 -
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.
The impairment loss 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 16 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Except in relation to the specific provision detailed in the departure from FRS102 in note 1.1, w
here the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 17 -
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.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Exemption from the requirement to prepare consolidated financial statements
The Company has taken advantage of the exemption available under Section 405 of the Companies Act 2006 not to prepare consolidated financial statements on the grounds that the dormant subsidiary undertakings are together wholly immaterial for the purpose of giving a true and fair view of the financial performance and position of the Company. Accordingly, these financial statements contain information about CWM Environmental Limited as an individual company and do not contain consolidated financial information as the parent of a 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.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Provision for expected costs of restoring and maintaining the landfill site
The provision for the expected costs of restoring and maintaining the Company's landfill site after the end of its useful life in the Company's business is based on expected costs that the directors' consider would discharge the Company's obligation for the restoration and maintenance of the landfill site. This assessment is based on guidance provided by Natural Resources Wales and the provision is made establishing a consumption factor which aims to provide for estimate future costs over the remaining operational life of the site. Aftercare costs, which form the bulk of the provision, are expressed as a rate per tonne and charged to the profit and loss account based on the annual tonnage input to the site. The provision is not discounted, the basis for which set out in note 1.1. See note 17 for the disclosures in relation to the provision.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the
estimated useful economic lives and residual values of the assets. The useful
economic lives and residual values are re-assessed annually. They are amended
when necessary to reflect current estimates, based on technological advancement,
future investments, economic utilisation and the physical condition of the assets. See
note 1
0
for the carrying amount of the property plant and equipment, and note
1.4
for the useful economic lives for each class of assets.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors.
When assessing impairment of trade and other debtors, management considers
factors including the current credit rating of the debtor, the ageing profile of debtors
and historical experience. See note 1
3
for the net carrying amount of the debtors
.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£'000
£'000
Turnover analysed by class of business
Provision of services
11,860
13,966
Sale of materials
1,560
2,586
13,420
16,552
2021
2020
£'000
£'000
Other significant revenue
Interest income
-
1
Grants received
27
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
3
Turnover and other revenue
(Continued)
- 19 -
2021
2020
£'000
£'000
Turnover analysed by geographical market
United Kingdom
13,420
16,552
4
Operating profit/(loss)
2021
2020
Operating profit/(loss) for the period is stated after charging/(crediting):
£'000
£'000
Government grants
(27)
Fees payable to the company's auditor for the audit of the company's financial statements
13
14
Depreciation of owned tangible fixed assets
554
614
Depreciation of tangible fixed assets held under finance leases
553
381
Profit on disposal of tangible fixed assets
(73)
(97)
Operating lease charges
101
288
Fees payable to the company's auditors for the provision of non-audit services (tax compliance services) amounted to £3,000 (2020: £3,000).
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Operatives
69
63
Administration
13
11
Total
82
74
Their aggregate remuneration comprised:
2021
2020
£'000
£'000
Wages and salaries
2,299
2,499
Social security costs
186
229
Pension costs
141
149
2,626
2,877
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 20 -
6
Directors' remuneration
2021
2020
£'000
£'000
Remuneration for qualifying services
161
208
Company pension contributions to defined contribution schemes
13
11
174
219
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£'000
£'000
Remuneration for qualifying services
n/a
111
Company pension contributions to defined contribution schemes
n/a
11
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
7
Interest receivable and similar income
2021
2020
£'000
£'000
Interest income
Other interest income
1
8
Interest payable and similar expenses
2021
2020
£'000
£'000
Other finance costs:
Interest on finance leases and hire purchase contracts
44
37
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 21 -
9
Taxation
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£'000
£'000
Profit/(loss) before taxation
260
(426)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
49
(81)
Tax effect of income not taxable in determining taxable profit
(2)
Unutilised tax losses carried forward
100
192
Permanent capital allowances in excess of depreciation
(149)
(114)
Other non-reversing timing differences
5
Taxation charge for the period
-
-
A deferred tax asset of £
339
k (20
20
: £
339
k) exists. This has not been fully recognised in the financial statements due to the short term uncertainty over its recoverability.
10
Tangible fixed assets
Freehold Land
Land and buildings
Plant and machinery, fixtures, fittings & equipment
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 April 2020
5,092
11,025
6,177
1,653
23,947
Additions
176
723
130
1,029
Disposals
(504)
(352)
(342)
(1,198)
At 31 March 2021
5,092
10,697
6,548
1,441
23,778
Depreciation and impairment
At 1 April 2020
8,881
4,547
902
14,330
Depreciation charged in the year
188
637
282
1,107
Eliminated in respect of disposals
(490)
(351)
(318)
(1,159)
At 31 March 2021
8,579
4,833
866
14,278
Carrying amount
At 31 March 2021
5,092
2,118
1,715
575
9,500
At 31 March 2020
5,092
2,144
1,630
751
9,617
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
10
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£'000
£'000
Plant and machinery, fixtures, fittings & equipment
1,249
1,354
11
Fixed asset investments
Investments held
Fixed asset investments comprise equity shares held in the following non-publicly traded companies.
The company holds 100% of the ordinary share capital of Pembrokeshire Recycling Company Limited, a company registered in England and Wales which was dormant throughout both the current and comparative periods. The company has net assets of £100 (2020: £100). Registered Office: Head Office Nantycaws Recycling Centre, Llanddarog Road, Carmarthen, SA32 8BG
The company holds 100% of the ordinary share capital of Carmarthenshire Recycling Company Limited, a company registered in England and Wales which was dormant throughout both the current and comparative periods. The company has net assets of £1 (2020: £1). Registered Office: Head Office Nantycaws Recycling Centre, Llanddarog Road, Carmarthen, SA32 8BG
Fair value of financial assets carried at amortised cost
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
12
Debtors
2021
2020
Amounts falling due within one year:
£'000
£'000
Trade debtors
700
609
Amounts owed by group undertakings
804
235
Prepayments and accrued income
413
257
1,917
1,101
Trade debtors disclosed above are measured at amortised cost.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 23 -
13
Creditors: amounts falling due within one year
2021
2020
Notes
£'000
£'000
Bank loans and overdrafts
15
14
Obligations under finance leases
16
419
367
Other borrowings
15
78
35
Trade creditors
1,991
1,971
Amounts owed to group undertakings
134
Taxation and social security
356
123
Deferred income
19
1,018
Other creditors
17
13
Accruals and deferred income
542
350
4,421
3,007
14
Creditors: amounts falling due after more than one year
2021
2020
Notes
£'000
£'000
Obligations under finance leases
16
575
666
Other borrowings
15
381
286
956
952
15
Loans and overdrafts
2021
2020
£'000
£'000
Bank overdrafts
14
Loans from group undertakings
459
321
459
335
Payable within one year
78
49
Payable after one year
381
286
The loan from its parent undertaking is held in two parts.
The first part is held over a ten year period. Repayments are quarterly and interest is charged at 3.38% per annum. The loan is secured over the land at Llettydaufilwr Farm, Llanddarog Road, Carmarthen and any buildings to be erected thereon.
The second part was issued during the year on June 2020 for £201,000 and is held over a five year period. Repayments are quarterly and interest is charged at 3.12% per annum. The loan was provided for the construction of a new office building at Nantycaws and is unsecured.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 24 -
16
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£'000
£'000
Within one year
419
367
In two to five years
575
666
994
1,033
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
17
Provisions for liabilities
2021
2020
£'000
£'000
Landfill site restoration and maintenance
4,488
4,382
Movements on provisions:
Landfill site restoration and maintenance
£'000
At 1 April 2020
4,381
Additional provisions in the year
110
Reversal of provision
(3)
At 31 March 2021
4,488
The provision for expected costs for restoring and maintaining the Company's landfill site after the end of its useful life in the Company's business relates to the expected costs that the directors consider would discharge the Company's obligation for restoring and maintenance of the landfill site. In accordance with guidance provided by Natural Resources Wales, no account is taken of the inflation rate at the time of this provision being calculated and the provision has not been discounted to net present values as there is no consistent and proven real rate of return on the funds. The provision for such costs has been based on the directors' best estimate of costs which will be borne by the Company, in conjunction with the guidance issued by Natural Resources Wales. The expected costs are subject to periodic review.
As part of its permit obligations with National Resources Wales for operating the Nantycaws site, Cwm Environmental Limited must have in place adequate financial provisions to discharge the obligations of the permit. During the year, Carmarthenshire County Council has entered into a Local Authority Performance Deed with National Resources Wales for the purpose of securing the performance and observance of the provisions of the of the Site Permit. Cwm Environmental Limited have made provision of £1,513k in a joint aftercare account held with the Council with the balance to be only used to meet the specified aftercare costs.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 25 -
18
Deferred Tax
As at 31 March 2021 there were losses available to carry forward of £1,219,302 (31 March 2020: £2,667,977) resulting in a deferred tax asset which has not been recognised on the basis of uncertainty over recoverability.
19
Deferred income
2021
2020
£'000
£'000
Other deferred income
1,018
-
20
Retirement benefit schemes
2021
2020
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
141
149
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary Shares of £1 each
329,002
329,002
329
329
22
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:
2021
2020
£'000
£'000
Within one year
17
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£'000
£'000
Acquisition of tangible fixed assets
689
462
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 26 -
24
Events after the reporting date
On 24 April 2021, a fire broke out at the Materials Recovery Facility at the Nantycaws site, causing significant damage to buildings and machinery. The cause of the fire is being investigated. No adjustments have been made to the figures presented in these financial statements as a result of this matter.
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£'000
£'000
Aggregate compensation
280
357
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Services provided
Services received
2021
2020
2021
2020
£'000
£'000
£'000
£'000
Carmarthenshire County Council
10,426
10,647
120
324
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts owed to related parties
£'000
£'000
Carmarthenshire County Council
459
515
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts owed by related parties
£'000
£'000
Carmarthenshire County Council
804
235
26
Ultimate controlling party
The Company is wholly owned by Carmarthenshire County Council and the directors recognise Carmarthenshire County Council as the ultimate controlling party by virtue of its controlling interest in the Company's share capital.
CWM ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 27 -
27
Cash generated from operations
2021
2020
£'000
£'000
Profit/(loss) for the year after tax
260
(426)
Adjustments for:
Finance costs
44
37
Investment income
(1)
Gain on disposal of tangible fixed assets
(73)
(97)
Depreciation and impairment of tangible fixed assets
1,107
996
Increase in provisions
106
73
Movements in working capital:
(Increase)/decrease in debtors
(816)
201
Increase in creditors
315
90
Increase in deferred income
1,018
-
Cash generated from operations
1,961
873
2021-03-31
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false
CCH Software
CCH Accounts Production 2021.200
Mr R D Thomas
Mr S Gallagher
Mr D Gilbert
Mr O W Bowen
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Mr D Gilbert
Mr J W Jones
Mr R D Thomas
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