Lake Image Systems Limited
Annual Report and Financial Statements
For the period ended 31 March 2020
Company Registration No. 02961503 (England and Wales)
Lake Image Systems Limited
Company Information
Directors
J. Harrison
(Appointed 29 November 2019)
R. Pulford
(Appointed 29 November 2019)
Company number
02961503
Registered office
Domino Printing Sciences Plc
Trafalgar Way
Bar Hill
Cambridge
CB23 8TU
Auditor
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Business address
Unit 1
The Forum
Icknield Way
Tring
Hertfordshire
HP23 4JX
Bankers
Clydesdale Bank PLC
One Forbury Square
The Forbury
Reading
RG1 3BB
Lake Image Systems Limited
Contents
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income statement
7
Statement of Financial Position
8 - 9
Statement of changes in equity
10
Notes to the financial statements
11 - 30
Lake Image Systems Limited
Directors' Report
For the period ended 31 March 2020
Page 1
The directors present their annual report and financial statements for the period ended 31 March 2020.
Principal activities
The principal activity of the company throughout the period was that of developing, integrating and supplying imaging and vision systems to industrial and scientific markets.
Results and dividends
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
G. Mingay
(Resigned 29 November 2019)
M. Keats
(Resigned 29 November 2019)
P. Stinson
(Resigned 29 November 2019)
P. Smith
(Resigned 29 November 2019)
R. Mingay
(Resigned 29 November 2019)
J. Harrison
(Appointed 29 November 2019)
R. Pulford
(Appointed 29 November 2019)
Auditor
Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.
Lake Image Systems Limited
Directors' Report (Continued)
For the period ended 31 March 2020
Page 2
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors 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 auditors are aware of that information.
On behalf of the board
J. Harrison
Director
25 September 2020
Lake Image Systems Limited
Directors' Responsibilities Statement
For the period ended 31 March 2020
Page 3
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; 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.
Lake Image Systems Limited
Independent Auditor's Report
To the Members of Lake Image Systems Limited
Page 4
Opinion
We have audited the financial statements of Lake Image Systems Limited
(the 'company')
for the period ended 31 March 2020 which comprise the income statement, the statement of financial position, 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 Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (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 2020 and of its loss for the period 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.
Lake Image Systems Limited
Independent Auditor's Report (Continued)
To the Members of Lake Image Systems Limited
Page 5
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 directors' r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
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 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.
Lake Image Systems Limited
Independent Auditor's Report (Continued)
To the Members of Lake Image Systems Limited
Page 6
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
-
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. 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.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
-
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Other matters which we are required to address
The comparative figures in the financial statements were not audited as the company did not require a
statutory audit under the Companies Act 2006 in the prior year.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mahmood Ramji (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
28 September 2020
Chartered Accountants
The Shipping Building
Statutory Auditor
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Lake Image Systems Limited
Statement of comprehensive income
For the period ended 31 March 2020
Page 7
Period
Year
ended
ended
31 March
30 April
2020
2019
Notes
£
£
Revenue
3
1,839,072
2,584,567
Cost of sales
(1,273,085)
(1,435,119)
Gross profit
565,987
1,149,448
Administrative expenses
(1,371,140)
(1,406,832)
Operating loss
4
(805,153)
(257,384)
Interest receivable from group undertakings
7
8,080
6,613
Other investment income
7
-
186
Finance costs
8
(5,441)
(4,901)
Loss before taxation
(802,514)
(255,486)
Tax on loss
9
65,791
94,490
Loss and total comprehensive income for the financial period
(736,723)
(160,996)
The income statement has been prepared on the basis that all operations are continuing operations.
Lake Image Systems Limited
Statement Of Financial Position
As at 31 March 2020
Page 8
2020
2019
Notes
£
£
Non-current assets
Intangible assets
11
1,253
6,050
Property, plant and equipment
12
382,189
382,974
Investments
13
21,054
21,054
404,496
410,078
Current assets
Inventories
15
310,492
575,994
Deferred tax asset
20
65,791
1,314
Other receivables
16
951,929
936,970
Current tax recoverable
4,257
118,432
Cash and cash equivalents
157,064
117,007
1,489,533
1,749,717
Current liabilities
Borrowings
17
15,939
15,876
Trade and other payables
18
724,647
286,597
Taxation and social security
47,020
70,290
Lease liabilities
19
41,510
29,021
Deferred income
21
68,305
-
897,421
401,784
Net current assets
592,112
1,347,933
Total assets less current liabilities
996,608
1,758,011
Non-current liabilities
Borrowings
17
81,258
96,694
Lease liabilities
19
15,789
25,033
97,047
121,727
Net assets
899,561
1,636,284
Lake Image Systems Limited
Statement Of Financial Position (Continued)
As at 31 March 2020
2020
2019
Notes
£
£
Page 9
Equity
Called up share capital
23
600
600
Capital redemption reserve
400
400
Retained earnings
898,561
1,635,284
Total equity
899,561
1,636,284
The financial statements were approved by the board of directors and authorised for issue on 25 September 2020 and are signed on its behalf by:
J. Harrison
Director
Company Registration No. 02961503
Lake Image Systems Limited
Statement of changes in equity
For the Period ended 31 March 2020
Page 10
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
As restated for the period ended 30 April 2019:
Balance at 1 May 2018
600
400
1,896,280
1,897,280
As restated
600
400
1,896,280
1,897,280
Period ended 30 April 2019:
Loss and total comprehensive income for the period
-
-
(160,996)
(160,996)
Dividends
10
-
-
(100,000)
(100,000)
Balances at 30 April 2019
600
400
1,635,284
1,636,284
Period ended 31 March 2020:
Loss and total comprehensive income for the period
-
-
(736,723)
(736,723)
Balances at 31 March 2020
600
400
898,561
899,561
Lake Image Systems Limited
Notes to the Financial Statements
For the Period ended 31 March 2020
Page 11
1
Accounting policies
Company information
Lake Image Systems Limited is a
company
limited by shares
incorporated in England and Wales.
The registered office is
Domino Printing Sciences PLC, Trafalgar Way, Bar Hill, Cambridge, CB23 8TU.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company meets the definition of a qualifying entity under FRS 101, The Financial Reporting Standard applicable in the UK
and Republic of Ireland. These financial statements for the period ended 31 March 2020 are the first
financial statements of Lake Image Systems Limited prepared in accordance with FRS 101. The company transitioned from FRS 102 to FRS 101 for all periods presented and t
he date of transition to FRS 101 was 1 May 2018.
An explanation of how transition to FRS 101 has affected the reported financial position and financial performance is given in note
23
.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
1
Accounting policies
(Continued)
Page 12
The company has taken advantage of the following disclosure exemptions under FRS 101:
-
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share based Payment;
-
the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64 (o)(ii), B64(p), B64(q)(ii), B66 and B67of IFRS 3 Business Combinations. Equivalent disclosures are included in the consolidated financial statements of Domino Printing Sciences PLC in which the entity is consolidated;
-
the requirements of paragraph 33 (c) of IFRS 5 Non current Assets Held for Sale and Discontinued Operations;
-
the requirements of IFRS 7 Financial Instruments: Disclosures;
-
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
-
the requirement in paragraph 38 of IAS 1 ‘Presentation of Financial Statements’ to present comparative information in respect of: (i) paragraph 79(a) (iv) of IAS 1, (ii) paragraph 73(e) of IAS 16 Property Plant and Equipment (iii) paragraph 118 (e) of IAS 38 Intangibles Assets, (iv) paragraphs 76 and 79(d) of IAS 40 Investment Property and (v) paragraph 50 of IAS 41 Agriculture;
-
the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 39 to 40 ,111 and 134-136 of IAS 1 Presentation of Financial Statements;
-
the requirements of IAS 7 Statement of Cash Flows;
-
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
-
the requirements of paragraph 17 of IAS 24 Related Party Disclosures;
-
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member ; and
-
the requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
As permitted by FRS 101, the company has taken advantage of the disclosure exemptions available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations and related party transactions.
Where required, equivalent disclosures are given in the group accounts of the immediate parent company Domino Printing Sciences PLC. The group accounts of Domino Printing Sciences PLC are available to the public and
are available from Domino Printing Sciences PLC, Trafalgar Way, Bar Hill,
Cambridge, CB23 8TU.
The ultimate parent of the group is Brother Industries, Ltd.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
The company has changed its reporting period to align with its parent company. This means that the
amounts presented in these financial statements reflect eleven months of activity whereas comparative
amounts presented in the financial statements reflect a year of operations.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
1
Accounting policies
(Continued)
Page 13
1.2
Going concern
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. The COVID-19 pandemic has had minimal impact on the business, with production and operations continuing on site and post year end sales have been strong through the pandemic. The going concern assessment includes continued group support through agreed facilities. The assessment has been made for 12 months from the date of approval of these accounts. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Turnover represents amounts receivable for goods and services provided net of VAT and trade discounts. Income on sale of goods is recognised on despatch. Income on maintenance contracts are recognised over the period of the contract.
1.4
Intangible assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are
subsequently
measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values
over their useful lives on the following bases:
Website development
:
straight line over 3 years
Patents
:
straight line over 10 years
1.5
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
No depreciation is provided in respect of freehold land.
All other
property plant and equipment
are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold buildings
straight line over 25 years
Leasehold buildings
straight line over the lease term to rent review date
Fixtures, fittings & equipment
20% straight line
Plant and machinery
20% straight line
Computer equipment
33% straight line
Motor vehicles
25% straight line
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 recognised in the income statement.
1.6
Non-current 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.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
1
Accounting policies
(Continued)
Page 14
1.7
Impairment of property plant and equipment and intangible assets
At each reporting end date, the
company
reviews the carrying amounts of its
property plant and equipment, 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.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
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.
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
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9
Fair value measurement
IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted
. The company is exempt under FRS 101 from the disclosure requirements of IFRS 13. There was no impact on the company from the adoption of IFRS 13.
1.10
Cash and cash equivalents
Cash and cash equivalents 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.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
1
Accounting policies
(Continued)
Page 15
1.11
Financial assets
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.
Financial assets are initially measured at fair value plus transaction costs, other than those classified as fair value through profit and loss, which are measured at fair value.
Loans and receivables
Trade receivables
, 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.
Impairment of financial assets
Financial assets, other than those at
fair value through profit or 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 of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.12
Financial liabilities
Financial liabilities are classified as either financial liabilities at fair value through profit or loss or other financial liabilities.
Other financial liabilities
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the
company’s
obligations are discharged, cancelled, or they expire.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
1
Accounting policies
(Continued)
Page 16
1.13
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.14
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.
1.15
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 non-current assets.
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
1
Accounting policies
(Continued)
Page 17
1.17
Leases
At inception, the company assesses whether a contract is
,
or contains
,
a lease
within the scope of IFRS 16. A contract is
,
or contains
,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property
.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in
:
future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
1.18
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 income statement for the period.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 18
2
Critical accounting estimates and judgements
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Inventory provision
Inventories are valued at the lower of cost and net realisable value. This includes, where necessary, provisions for slow moving and obsolete stocks. Valuation of these provisions requires judgements to be made, which are based on aging.
Trade receivables provision
The company makes an estimate of the expected credit losses of trade and other receivables. When assessing this, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
3
Revenue
An analysis of the company's revenue is as follows:
2020
2019
£
£
Revenue analysed by class of business
Sales and maintenance
1,839,072
2,584,567
2020
2019
£
£
Other significant revenue
Interest income
8,080
6,799
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 19
4
Operating loss
2020
2019
£
£
Operating loss for the period is stated after charging/(crediting):
Exchange losses
8,357
380
Fees payable to the company's auditor for the audit of the company's financial statements
13,680
-
Depreciation of property, plant and equipment
44,804
43,237
Amortisation of intangible assets
4,797
5,383
Cost of inventories recognised as an expense
788,483
830,465
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2019
Number
Number
24
26
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
1,160,290
1,319,909
Social security costs
114,406
142,829
Pension costs
19,903
16,076
1,294,599
1,478,814
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
229,220
287,652
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
89,627
112,809
Company pension contributions to defined contribution schemes
1,129
849
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 20
7
Investment income
2020
2019
£
£
Interest income
Interest receivable from group companies
8,080
6,613
Other interest income
-
186
Total income
8,080
6,799
8
Finance costs
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,092
2,932
Interest on lease liabilities
1,322
1,922
Interest on other loans
27
47
5,441
4,901
9
Income tax expense
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
-
(94,265)
Adjustments in respect of prior periods
-
1,089
Total UK current tax
-
(93,176)
Deferred tax
Origination and reversal of temporary differences
(65,791)
(1,314)
Total tax (credit)
(65,791)
(94,490)
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
9
Income tax expense
(Continued)
Page 21
The charge for the period can be reconciled to the loss per the income statement as follows:
2020
2019
£
£
Loss before taxation
(802,514)
(255,486)
Expected tax credit based on a corporation tax rate of 19.00%
(152,478)
(48,542)
Group relief
86,687
-
Research and development tax credit
-
(45,948)
Taxation credit for the period
(65,791)
(94,490)
10
Dividends
2020
2019
2020
2019
per share
per share
£
£
Amounts recognised as distributions to equity holders:
Ordinary shares
Final dividend paid
-
166.67
-
100,000
11
Intangible fixed assets
Website development
Patents
Total
£
£
£
Cost
At 30 April 2019
12,600
11,850
24,450
At 31 March 2020
12,600
11,850
24,450
Amortisation and impairment
At 30 April 2019
8,050
10,350
18,400
Charge for the year
3,850
947
4,797
At 31 March 2020
11,900
11,297
23,197
Carrying amount
At 31 March 2020
700
553
1,253
At 30 April 2019
4,550
1,500
6,050
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 22
12
Property, plant and equipment
Freehold buildings
Leasehold buildings
Fixtures, fittings & equipment
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 30 April 2019
389,376
132,775
7,758
1,911
14,630
14,995
561,445
Additions
-
-
-
5,000
3,494
35,525
44,019
Disposals
-
-
(1,689)
-
(7,836)
-
(9,525)
At 31 March 2020
389,376
132,775
6,069
6,911
10,288
50,520
595,939
Accumulated depreciation and impairment
At 30 April 2019
70,091
81,878
3,293
1,243
10,404
11,562
178,471
Charge for the period
4,759
25,269
1,237
1,269
3,823
8,447
44,804
Eliminated on disposal
-
-
(1,689)
-
(7,836)
-
(9,525)
At 31 March 2020
74,850
107,147
2,841
2,512
6,391
20,009
213,750
Carrying amount
At 31 March 2020
314,526
25,628
3,228
4,399
3,897
30,511
382,189
At 30 April 2019
319,285
50,897
4,465
668
4,226
3,433
382,974
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
12
Property, plant and equipment
Freehold buildings
Leasehold buildings
Fixtures, fittings & equipment
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
(Continued)
Page 23
Included in property, plant and equipment are right-of-use assets as follows:
Right-of-use assets
Freehold buildings
Leasehold buildings
Fixtures, fittings & equipment
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Carrying amount at 1 May 2019
-
50,897
-
-
-
-
50,897
Additions
-
-
-
-
-
35,525
35,525
Depreciation
-
(25,269)
-
-
-
(5,011)
(30,280)
Carrying amount at 31 March 2020
-
25,628
-
-
-
30,514
56,142
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 24
13
Investments
Current
Non-current
2020
2019
2020
2019
£
£
£
£
Investments in subsidiaries
-
-
21,054
21,054
The company has not designated any financial assets that are not classified as held for trading as financial assets at fair value through profit or loss.
Fair value of financial assets carried at amortised cost
Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
Movements in non-current investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2019 & 31 March 2020
21,054
Carrying amount
At 31 March 2020
21,054
At 30 April 2019
21,054
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2020 are as follows:
Name of undertaking
Registered office
Ownership interest (%)
Voting power held (%)
Nature of business
Lake Image Systems Inc.
United States
100.00
Imaging and vision systems
Lake Image Systems SARL
France
100.00
Imaging and vision systems
Lake Image Systems Asia PTE
Singapore
100.00
Imaging and vision systems
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 25
15
Inventories
2020
2019
£
£
Finished goods
310,492
575,994
The cost of inventories recognised as an expense includes £127,011 (2019: £nil) in respect of write-downs of inventory to net realisable value.
16
Trade and other receivables
2020
2019
£
£
Trade receivables
255,504
407,741
Provision for bad and doubtful debts
(35,070)
-
220,434
407,741
Other receivables
550
736
Amounts owed by fellow group undertakings
645,406
444,893
Prepayments
85,539
83,600
951,929
936,970
Trade receivables disclosed above are classified as loans and receivables and are therefore measured at amortised cost.
17
Borrowings
2020
2019
£
£
Unsecured borrowings at amortised cost
Bank loans
97,197
111,775
Directors' loans
-
795
97,197
112,570
Analysis of borrowings
Borrowings are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2020
2019
£
£
Current liabilities
15,939
15,876
Non-current liabilities
81,258
96,694
97,197
112,570
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 26
18
Trade and other payables
Current
2020
2019
£
£
Trade payables
137,388
171,641
Amounts owed to fellow group undertakings
544,028
16,145
Accruals
42,436
26,199
Deferred consideration
-
72,612
Other payables
795
-
724,647
286,597
19
Lease obligations
Present value
2020
2019
Amounts payable under finance leases:
£
£
Within one year
41,510
29,021
Analysis of leases
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2020
2019
£
£
Current liabilities
41,510
29,021
Non-current liabilities
15,789
25,033
57,299
54,054
Movement of lease liability
Leasehold buildings
Motor vehicles
Total
£
£
£
At 1 May 2019
48,864
1,873
50,737
Additions
-
35,525
35,525
Interest expense
511
159
670
Lease payments
(24,342)
(5,291)
(29,633)
At 31 March 2020
25,033
32,266
57,299
The fair value of the company's lease obligations is approximately equal to their carrying amount.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 27
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Other timing differences
Tax losses
Total
£
£
£
Deferred tax liability at 1 May 2018
-
-
-
Deferred tax movements in prior year
Credit to profit or loss
(1,314)
-
(1,314)
Deferred tax liability at 1 May 2019
-
-
-
Deferred tax asset at 1 May 2019
(1,314)
-
(1,314)
Deferred tax movements in current year
Credit to profit or loss
1,314
(65,791)
(64,477)
Deferred tax liability at 31 March 2020
-
-
-
Deferred tax asset at 31 March 2020
-
(65,791)
(65,791)
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
2020
2019
£
£
Deferred tax assets
(65,791)
(1,314)
21
Deferred revenue
2020
2019
£
£
Arising from maintenance contracts and stock to be delivered
68,305
-
Analysis of deferred revenue
Deferred revenues are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2020
2019
£
£
Current liabilities
68,305
-
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
Page 28
22
Retirement benefit schemes
Defined contribution schemes
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.
The total costs charged to income in respect of defined contribution plans is £19,903 (2019 - £16,076).
23
Share capital
2020
2019
£
£
Ordinary share capital
Authorised
600 Ordinary shares of £1 each
600
600
Issued and fully paid
600 Ordinary shares of £1 each
600
600
600
600
24
Transition adjustments
The company is preparing its financial statements in accordance with Financial Reporting Standard 101 for the first time and consequently has applied IFRS 1 First time adoption of International Financial Reporting Standards. The company's transition date was 1 May 2018.
IFRS 1 First time adoption of International Financial Reporting Standards sets out the transition rules, which must be applied, when IFRS is adopted for the first time.
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
24
Transition adjustments
(Continued)
Page 29
Reconciliation of equity
At 1 May 2018
At 30 April 2019
Previously reported
Effect of transition
As restated
Previously reported
Effect of transition
As restated
Notes
£
£
£
£
£
£
Fixed assets
Other intangibles
11,434
-
11,434
6,050
-
6,050
Property, plant and equipment
342,500
77,452
419,952
332,077
50,897
382,974
Investments
21,054
-
21,054
21,054
-
21,054
374,988
77,452
452,440
359,181
50,897
410,078
Current assets
Inventories
564,952
-
564,952
575,994
-
575,994
Trade and other receivables
-
-
-
1,314
-
1,314
Bank and cash
412,345
-
412,345
117,007
-
117,007
977,297
-
977,297
694,315
-
694,315
Creditors due within one year
Borrowings
(13,908)
-
(13,908)
(15,876)
-
(15,876)
Finance leases
(6,089)
-
(6,089)
(3,157)
(25,864)
(29,021)
Taxation
(49,582)
-
(49,582)
(70,290)
-
(70,290)
Other payables
(446,898)
-
(446,898)
(286,597)
-
(286,597)
(516,477)
-
(516,477)
(375,920)
(25,864)
(401,784)
Net current assets
460,820
-
460,820
318,395
(25,864)
292,531
Total assets less current liabilities
835,808
77,452
913,260
677,576
25,033
702,609
Creditors due after one year
Borrowings
(114,224)
-
(114,224)
(96,694)
-
(96,694)
Finance leases
(3,346)
(77,452)
(80,798)
-
(25,033)
(25,033)
(117,570)
(77,452)
(195,022)
(96,694)
(25,033)
(121,727)
Net assets
718,238
-
718,238
580,882
-
580,882
Lake Image Systems Limited
Notes to the Financial Statements (Continued)
For the Period ended 31 March 2020
24
Transition adjustments
At 1 May 2018
At 30 April 2019
Previously reported
Effect of transition
As restated
Previously reported
Effect of transition
As restated
Notes
£
£
£
£
£
£
(Continued)
Page 30
Equity
Share capital
600
-
600
600
-
600
Capital redemption
400
-
400
400
-
400
Profit and loss
1,896,280
-
1,896,280
1,635,284
-
1,635,284
Total equity
1,897,280
-
1,897,280
1,636,284
-
1,636,284
Notes to reconciliations
Leases
Under FRS 102, leases may be classified as either operating or finance leases. In the case of a finance lease, an asset and a liability are recognised at the present value of future minimum lease payments. For operating leases, no asset or liability is recognised and instead the payments on the lease are recognised as an expense on a straight line basis over the life of the lease. Any costs associated with restoring the lease to its original condition are recognised as a provision, discounted to the present value.
Under FRS 101, a lease that has a duration of over 12 months and is not low value is accounted for as a right-of-use asset, with a corresponding lease liability. The value of this asset and liability is the present value of future minimum lease payments, discounted at the company's average cost of borrowing. The asset is then depreciated over the course of its useful life and the discounting is unwound on the liability and recognised as finance costs. Any costs associated with restoring the lease to its original condition are included in the measurement of the liability and the asset.
The carrying values of the right-of-use assets and lease liabilities at 1 May 2018 were £77,452, with no impact on net assets. The carrying value of the right-of-use assets and lease liabilities at 30 April 2019 were £50,897.
In the year ended 30 April 2019, additional depreciation and finance costs of £26,555 and £945 have been recognised, with a decrease in operating lease expenses of £27,500. This resulted in an overall decrease in the profit for the year ended 30 April 2019 of £1,890.
2020-03-31
2019-05-01
G. Mingay
M. Keats
P. Stinson
P. Smith
R. Mingay
J. Harrison
R. Pulford
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