Company Registration No. 03009015 (England and Wales)
WESTLEY RICHARDS (HOLDINGS) LIMITED
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
WESTLEY RICHARDS (HOLDINGS) LIMITED
COMPANY INFORMATION
DIRECTORS
H E Sheikh S B J Al Thani
A N Clode
SECRETARY
T Zjalic
COMPANY NUMBER
03009015
REGISTERED OFFICE
130 Pritchett Street
Birmingham
B6 4EH
AUDITOR
JW Hinks LLP
Chartered Accountants and Registered Auditor
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
BANKERS
Lloyds Bank Plc
142 Edgbaston Park Road
Birmingham
West Midlands
B15 2TY
WESTLEY RICHARDS (HOLDINGS) LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 32
WESTLEY RICHARDS (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 1 -
The directors present the strategic report for the year ended 30 September 2021.
FAIR REVIEW OF THE BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end.
Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the
group
as a whole, these being turnover and gross margin.
Turnover and gross margin of the company were as follows:
20
21
20
20
£
£
Turnover
8,389,268
7,320,017
Gross profit
1,682,257
1,236,064
(
20.05
%) (
16.89
%)
2021
performance
We are pleased with this year's performance and it was in line with our expectations with the COVID-19 pandemic having less of an impact than the prior year, reflected in the increase in turnover and
a net profit before tax (pre-consolidation adjustments).
2022 Outlook
With the majority of the pandemic effects now behind us, we hope to be in a more stable position moving forward. We have a record-level order book in the gun business, we're forecasting record-level turnover in the engineering business as well as record-level profit for the group. We anticipate further disruption due to global supply chain issues, along with high levels of raw material prices and high inflation. We are keeping a close eye on these developments and passing on any increased costs to customers as much as possible to protect margins.
The group has a strong balance sheet and forecasts have been prepared and reviewed for the next 12 months, these consider trading and cashflow impacts of possible implications from the current situation. We are in regular communication with our customers to understand their position and this information has been used in preparing and reviewing the forecasts.
The objective of the group is to continue trading while monitoring and adapting to the impact of the Coronavirus pandemic.
PRINCIPAL RISKS AND UNCERTAINTIES
The group operates in the firearms industry, with the principal risk being legislation changes restricting shooting, or making it difficult to transport firearms. The risk of the retail business is that of a general economic downturn in the world. Within the engineering business the principal risk is the loss of a major customer, or that of a general economic downturn in the world.
T Zjalic
SECRETARY
16 June 2022
WESTLEY RICHARDS (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2021.
PRINCIPAL ACTIVITIES
The principal activity of the company and group continued to be that of
the manufacture and repair of firearms, manufacture of components for aerospace, automotive and other industries. Retail of used guns, clothing and accessories related to the shooting industry.
DIRECTORS
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
H E Sheikh S B J Al Thani
A N Clode
RESULTS AND DIVIDENDS
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
DIRECTORS' INDEMNITY
The company's Articles of Association provide, subject to the provisions of UK legislation, an indemnity for directors and officers of the company in respect of liabilities they may incur in the discharge of their duties or in the exercise of their powers, including any liabilities relating to the defence of any proceedings brought against them which relate to anything done or omitted, or alleged to have been done or omitted, by them as officers or employees of the company.
Appropriate directors' and officers liability insurance cover is in place in respect of all of the company's directors.
FINANCIAL INSTRUMENTS
The group has various financial instruments. These include loans, cash, and various items, such as trade debtors and trade creditors that arise directly from its operations. Their existence exposes the group to a number of financial risks which are described in more detail below:
Liquidity risk
The group has no abnormal exposure to price, credit, cashflow and liquidity risks arising from its trading activities.
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The objective is to ensure a mix of funding methods offering flexibility and cost effectiveness to match the needs of the group. Short-term flexibility is achieved by overdraft facilities. Longer term borrowing is achieved by utilising finance leases and bank loans when considered appropriate.
Interest rate risk
The group finances its operations through a mixture of bank borrowings and finance leases. The group's policy is to arrange bank overdrafts and loans with a floating rate of interest and to arrange finance leases with a fixed interest rate.
Foreign currency risk
The group is exposed to foreign exchange risk. Transaction exposures, including those associated with forecast transactions, are assessed and hedging is considered where the risks facing the group are outside acceptable limits.
Foreign exchange differences on retranslation of these assets and liabilities are taken to the profit and loss account.
Credit risk
The principal credit risk arises from trade debtors.
In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controllers on a regular basis in conjunction with debt ageing and collection history.
AUDITOR
The auditor, JW Hinks LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
WESTLEY RICHARDS (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
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 auditor
of the
company 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 auditor
of the
company
is
aware of that information.
By order of the board
T Zjalic
SECRETARY
16 June 2022
WESTLEY RICHARDS (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group 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
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
group and
company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WESTLEY RICHARDS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WESTLEY RICHARDS (HOLDINGS) LIMITED
- 5 -
OPINION
We have audited the
financial statements of
Westley Richards (Holdings) Limited
(the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2021 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 30 September 2021 and of the group's loss 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.
BASIS FOR OPINION
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
group's and
parent
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.
OTHER INFORMATION
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.
WESTLEY RICHARDS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WESTLEY RICHARDS (HOLDINGS) LIMITED
- 6 -
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the
group and the parent
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company 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
parent
company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the
company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.
Specific areas considered were as follows:
-
Enquiring with management and others to gain an understanding of the organisation
s
including operations, financial reporting and known fraud or error.
-
Evaluating and understanding the internal control system
s
.
-
Performing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear.
-
Testing documentation supporting account balances or classes of transactions.
-
Observing the physical stock count
s
.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all irregularities including those leading to material misstatements in the financial statements or non-compliance with regulation, even though we have properly planned and performed our audit in accordance with auditing standards.
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
WESTLEY RICHARDS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WESTLEY RICHARDS (HOLDINGS) LIMITED
- 7 -
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.
MARCUS ROSE FCA CTA (SENIOR STATUTORY AUDITOR)
FOR AND ON BEHALF OF JW HINKS LLP
CHARTERED ACCOUNTANTS
STATUTORY AUDITOR
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
16 June 2022
WESTLEY RICHARDS (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 8 -
2021
2020
Notes
£
£
TURNOVER
3
8,389,268
7,320,017
Cost of sales
(6,707,011)
(6,083,953)
GROSS PROFIT
1,682,257
1,236,064
Administrative expenses
(1,708,117)
(1,580,938)
Other operating income
68,431
274,575
OPERATING PROFIT/(LOSS)
4
42,571
(70,299)
Interest receivable and similar income
8
207
843
Interest payable and similar expenses
9
(30,574)
(35,334)
PROFIT/(LOSS) BEFORE TAXATION
12,204
(104,790)
Tax on profit/(loss)
10
(23,500)
58,238
LOSS FOR THE FINANCIAL YEAR
(11,296)
(46,552)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WESTLEY RICHARDS (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 9 -
2021
2020
Notes
£
£
£
£
FIXED ASSETS
Goodwill
11
351,887
434,308
Other intangible assets
11
4,036
Total intangible assets
355,923
434,308
Tangible assets
12
3,985,432
4,054,980
4,341,355
4,489,288
CURRENT ASSETS
Stocks
16
1,766,438
1,743,643
Debtors
17
1,547,917
1,343,912
Cash at bank and in hand
478,924
755,990
3,793,279
3,843,545
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
18
(3,366,107)
(3,310,779)
NET CURRENT ASSETS
427,172
532,766
TOTAL ASSETS LESS CURRENT LIABILITIES
4,768,527
5,022,054
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
19
(1,087,995)
(1,214,286)
PROVISIONS FOR LIABILITIES
Deferred tax liability
22
78,500
55,000
(78,500)
(55,000)
NET ASSETS
3,602,032
3,752,768
CAPITAL AND RESERVES
Called up share capital
25
250
250
Share premium account
1,149,850
1,149,850
Revaluation reserve
1,508,515
2,020,256
Profit and loss reserves
943,417
582,412
TOTAL EQUITY
3,602,032
3,752,768
The financial statements were approved by the board of directors and authorised for issue on 16 June 2022 and are signed on its behalf by:
16 June 2022
Mr A N Clode
DIRECTOR
WESTLEY RICHARDS (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2021
30 September 2021
- 10 -
2021
2020
Notes
£
£
£
£
FIXED ASSETS
Investment properties
13
3,120,000
3,553,000
Investments
14
1,058,740
1,058,741
4,178,740
4,611,741
CURRENT ASSETS
Debtors
17
1,924,449
1,675,125
Cash at bank and in hand
255,784
323,809
2,180,233
1,998,934
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
18
(614,206)
(575,041)
NET CURRENT ASSETS
1,566,027
1,423,893
TOTAL ASSETS LESS CURRENT LIABILITIES
5,744,767
6,035,634
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
19
(498,844)
(533,878)
NET ASSETS
5,245,923
5,501,756
CAPITAL AND RESERVES
Called up share capital
25
250
250
Share premium account
1,149,850
1,149,850
Revaluation reserve
1,508,515
2,094,386
Profit and loss reserves
2,587,308
2,257,270
TOTAL EQUITY
5,245,923
5,501,756
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s loss for the year was £255,833 (2020 - £194,632 profit).
The financial statements were approved by the board of directors and authorised for issue on 16 June 2022 and are signed on its behalf by:
16 June 2022
Mr A N Clode
DIRECTOR
COMPANY REGISTRATION NO. 03009015
WESTLEY RICHARDS (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 11 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
BALANCE AT 1 OCTOBER 2019
250
1,149,850
2,032,610
597,811
3,780,521
YEAR ENDED 30 SEPTEMBER 2020:
Profit for the year
-
-
-
(46,552)
(46,552)
Currency translation differences
-
-
-
18,799
18,799
Total comprehensive income for the year
-
-
-
(27,753)
(27,753)
Transfer of depreciation on revaluation
-
-
(12,354)
12,354
-
BALANCE AT 30 SEPTEMBER 2020
250
1,149,850
2,020,256
582,412
3,752,768
YEAR ENDED 30 SEPTEMBER 2021:
Loss for the year
-
-
-
(11,296)
(11,296)
Currency translation differences
-
-
-
11,560
11,560
Total comprehensive income for the year
-
-
-
264
7,503
Other movements
-
-
(511,741)
360,741
(151,000)
BALANCE AT 30 SEPTEMBER 2021
250
1,149,850
1,508,515
943,417
3,602,032
WESTLEY RICHARDS (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 12 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
BALANCE AT 1 OCTOBER 2019
250
1,149,850
2,094,386
2,062,638
5,307,124
YEAR ENDED 30 SEPTEMBER 2020:
Profit and total comprehensive income for the year
-
-
-
194,632
194,632
BALANCE AT 30 SEPTEMBER 2020
250
1,149,850
2,094,386
2,257,270
5,501,756
YEAR ENDED 30 SEPTEMBER 2021:
Loss and total comprehensive income for the year
-
-
-
(255,833)
(255,833)
Other movements
-
-
(585,871)
585,871
-
BALANCE AT 30 SEPTEMBER 2021
250
1,149,850
1,508,515
2,587,308
5,245,923
WESTLEY RICHARDS (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 13 -
2021
2020
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash (absorbed by)/generated from operations
32
(87,977)
712,041
Interest paid
(30,574)
(35,333)
Income taxes paid
(104)
(24,187)
NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
(118,655)
652,521
INVESTING ACTIVITIES
Purchase of intangible assets
(5,098)
-
Purchase of tangible fixed assets
(355,042)
(120,623)
Proceeds on disposal of tangible fixed assets
10,786
7,999
Interest received
207
843
NET CASH USED IN INVESTING ACTIVITIES
(349,147)
(111,781)
FINANCING ACTIVITIES
Proceeds of new bank loans
-
200,000
Repayment of bank loans
(161,503)
(78,787)
New finance lease arrangements
210,517
25,055
Payment of finance leases obligations
(129,496)
(124,874)
NET CASH (USED IN)/GENERATED FROM FINANCING ACTIVITIES
(80,482)
21,394
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(548,284)
562,134
Cash and cash equivalents at beginning of year
755,990
193,856
CASH AND CASH EQUIVALENTS AT END OF YEAR
207,706
755,990
RELATING TO:
Cash at bank and in hand
478,924
755,990
Bank overdrafts included in creditors payable within one year
(271,218)
-
WESTLEY RICHARDS (HOLDINGS) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 14 -
2021
2020
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash (absorbed by)/generated from operations
(41,994)
227,972
Interest paid
(2,114)
(2,226)
Income taxes paid
(104)
(17,565)
NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
(44,212)
208,181
INVESTING ACTIVITIES
Interest received
207
843
NET CASH GENERATED FROM INVESTING ACTIVITIES
207
843
FINANCING ACTIVITIES
Proceeds of new bank loans
-
50,000
Repayment of bank loans
(24,020)
(13,635)
NET CASH (USED IN)/GENERATED FROM FINANCING ACTIVITIES
(24,020)
36,365
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(68,025)
245,389
Cash and cash equivalents at beginning of year
323,809
78,420
CASH AND CASH EQUIVALENTS AT END OF YEAR
255,784
323,809
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 15 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION
Westley Richards (Holdings) Limited
(“the company”)
is a
private
limited company domiciled and incorporated in
England and Wales
.
The registered office is
130 Pritchett Street, Birmingham, West Midlands, B6 4EH.
The group consists of Westley Richards (Holdings) Limited and all of its subsidiaries.
1.1
ACCOUNTING CONVENTION
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
BASIS OF CONSOLIDATION
In the parent company
financial statements, t
he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
I
nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company
Westley Richards (Holdings) Limited
together with
all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates
.
All
financial statements
are made up to 30 September 2021
.
Where necessary, adjustments are made to the
financial statements
of subsidiaries to bring the accounting policies used into line with those used by other members of the
g
roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries have been included in the group
financial statements
using the
purchase method of accounting. Accordingly, the group
profit and loss account
and statement of cash flows include the results and cash flows of of all subsidiaries for the year under review.
1.3
GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the
group
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
ACCOUNTING POLICIES
(Continued)
- 16 -
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
INTANGIBLE FIXED ASSETS - GOODWILL
Goodwill represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is
10 years
.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
INTANGIBLE FIXED 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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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 costs
25% - 33.33% straight line
1.7
TANGIBLE FIXED ASSETS
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and equipment
20% - 33.33% reducing balance
Fixtures, fittings & office equipment
25% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance
Drawings and models
33.33% straight line
Showroom displays
16.66% 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
profit and loss account
.
1.8
FIXED ASSET INVESTMENTS
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company
financial statements,
investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
ACCOUNTING POLICIES
(Continued)
- 17 -
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The
group
considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the
g
roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method.
Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the
parent c
ompany
financial statements,
investments in associates are accounted for at cost less impairment.
Entities in which the
group
has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.9
IMPAIRMENT OF FIXED ASSETS
At each reporting
period
end date, the
group
reviews the carrying amounts of its tangible
and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at
the
lower of
cost and replacement cost
, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
ACCOUNTING POLICIES
(Continued)
- 18 -
1.11
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.
1.12
FINANCIAL INSTRUMENTS
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's
balance sheet
when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
m
ethod 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.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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 group after deducting all of its liabilities.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
ACCOUNTING POLICIES
(Continued)
- 19 -
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. Amounts 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 subsequently 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
group's contractual obligations expire or are discharged or cancelled.
1.13
EQUITY INSTRUMENTS
Equity instruments issued by the group 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 group.
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
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset
if, and only if, there is
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.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
ACCOUNTING POLICIES
(Continued)
- 20 -
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
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.
1.16
RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
SHARE-BASED PAYMENTS
Westley Richards (Holdings) Limited operates an equity-settled share based remuneration scheme for
selected
employees.
Such e
mployees are eligible to participate in the long term incentive scheme, the only vesting condition being that the individual remains an employee of the group over the vesting period.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.18
LEASES
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss
so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
1.19
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.
1.20
FOREIGN EXCHANGE
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 21 -
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
TURNOVER AND OTHER REVENUE
The turnover, pre-tax results and net assets are attributable to the principal activities of the group.
2021
2020
£
£
OTHER SIGNIFICANT REVENUE
Interest income
207
843
Grants received
45,310
258,800
2021
2020
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
3,715,238
3,036,421
European Union
850,564
677,801
Rest of World
3,823,466
3,605,795
8,389,268
7,320,017
4
OPERATING PROFIT/(LOSS)
2021
2020
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses
34,273
36,238
Government grants
(45,310)
(258,800)
Depreciation of owned tangible fixed assets
128,491
172,067
Depreciation of tangible fixed assets held under finance leases
120,479
79,209
Loss on disposal of tangible fixed assets
12,623
1,587
Amortisation of intangible assets
83,483
82,421
Cost of stocks recognised as an expense
3,869,779
3,365,811
Operating lease charges
57,058
59,037
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 22 -
5
AUDITOR'S REMUNERATION
2021
2020
Fees payable to the company's auditor and associates:
£
£
FOR AUDIT SERVICES
Audit of the financial statements of the group and company
2,600
2,500
Audit of the financial statements of the company's subsidiaries
12,900
12,800
15,500
15,300
FOR OTHER SERVICES
All other non-audit services
3,500
3,450
6
EMPLOYEES
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Directors
2
2
2
2
Administration, marketing and selling
31
31
-
-
Direct
41
47
-
-
Total
74
80
2
2
Their aggregate remuneration comprised:
Group
Company
2021
2020
2021
2020
£
£
£
£
Wages and salaries
2,523,122
2,494,591
40,358
40,700
Social security costs
218,067
221,307
1,266
1,303
Pension costs
62,604
63,867
450
450
2,803,793
2,779,765
42,074
42,453
7
DIRECTORS' REMUNERATION
2021
2020
£
£
Remuneration for qualifying services
30,000
30,000
8
INTEREST RECEIVABLE AND SIMILAR INCOME
2021
2020
£
£
INTEREST INCOME
Other interest income
207
843
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 23 -
9
INTEREST PAYABLE AND SIMILAR EXPENSES
2021
2020
£
£
INTEREST ON FINANCIAL LIABILITIES MEASURED AT AMORTISED COST:
Interest on bank overdrafts and loans
24,747
31,720
OTHER FINANCE COSTS:
Interest on finance leases and hire purchase contracts
3,983
1,935
Other interest
1,844
1,679
Total finance costs
30,574
35,334
10
TAXATION
2021
2020
£
£
CURRENT TAX
Adjustments in respect of prior periods
(20,438)
DEFERRED TAX
Origination and reversal of timing differences
23,500
(37,800)
Total tax charge/(credit)
23,500
(58,238)
The actual charge/(credit) 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
£
£
Profit/(loss) before taxation
12,204
(104,790)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
2,319
(19,910)
Tax effect of expenses that are not deductible in determining taxable profit
10,040
540
Tax effect of income not taxable in determining taxable profit
17,789
(9,697)
Tax effect of utilisation of tax losses not previously recognised
(17,845)
Unutilised tax losses carried forward
11,984
25,511
Permanent capital allowances in excess of depreciation
(24,287)
33,706
Under/(over) provided in prior years
(20,438)
Additional deduction for R&D expenditure
(30,150)
Deferred tax movement
23,500
(37,800)
Taxation charge/(credit)
23,500
(58,238)
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 24 -
11
INTANGIBLE FIXED ASSETS
GROUP
Goodwill
Website costs
Total
£
£
£
COST
At 1 October 2020
824,212
75,697
899,909
Additions - internally developed
5,098
5,098
At 30 September 2021
824,212
80,795
905,007
AMORTISATION AND IMPAIRMENT
At 1 October 2020
389,904
75,697
465,601
Amortisation charged for the year
82,421
1,062
83,483
At 30 September 2021
472,325
76,759
549,084
CARRYING AMOUNT
At 30 September 2021
351,887
4,036
355,923
At 30 September 2020
434,308
434,308
The company had no intangible fixed assets at 30 September 2021 or 30 September 2020.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 25 -
12
TANGIBLE FIXED ASSETS
GROUP
Freehold land and buildings
Plant and equipment
Fixtures, fittings & office equipment
Computers
Motor vehicles
Drawings and models
Showroom displays
Total
£
£
£
£
£
£
£
£
COST OR VALUATION
At 1 October 2020
3,600,000
2,281,484
1,285,095
68,982
78,420
68,924
220,710
7,603,615
Additions
263,502
35,585
5,135
50,520
300
355,042
Disposals
(241,376)
(5,333)
(246,709)
Revaluation
(480,000)
(480,000)
Exchange adjustments
(15,144)
(15,144)
At 30 September 2021
3,120,000
2,288,466
1,320,680
74,117
123,607
68,924
221,010
7,216,804
DEPRECIATION AND IMPAIRMENT
At 1 October 2020
329,000
1,695,401
1,191,745
44,380
34,390
68,924
184,795
3,548,635
Depreciation charged in the year
177,279
38,582
8,403
13,747
10,959
248,970
Eliminated in respect of disposals
(221,285)
(2,015)
(223,300)
Revaluation
(329,000)
(329,000)
Exchange adjustments
(13,933)
(13,933)
At 30 September 2021
1,637,462
1,230,327
52,783
46,122
68,924
195,754
3,231,372
CARRYING AMOUNT
At 30 September 2021
3,120,000
651,004
90,353
21,334
77,485
25,256
3,985,432
At 30 September 2020
3,271,000
586,083
93,350
24,602
44,030
35,915
4,054,980
The company had no tangible fixed assets at 30 September 2021 or 30 September 2020.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
12
TANGIBLE FIXED ASSETS
(Continued)
- 26 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2021
2020
2021
2020
£
£
£
£
Plant and equipment
410,448
357,718
Depreciation charge for the year in respect of leased assets
120,479
79,209
-
-
Land and buildings with a carrying amount of £3,120,000 (2020: £3,271,000) were revalued on 24 March 2022 by Harris Lamb, independent valuers not connected with the company on a market value with vacant possession basis. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Cost
1,732,300
1,732,300
-
-
Accumulated depreciation
(561,063)
(514,063)
-
-
Carrying value
1,171,237
1,218,237
-
-
13
INVESTMENT PROPERTY
Group
Company
2021
2021
£
£
FAIR VALUE
At 1 October 2020
-
3,553,000
Net gains or losses through fair value adjustments
-
(433,000)
At 30 September 2021
-
3,120,000
14
FIXED ASSET INVESTMENTS
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
15
1,058,740
1,058,741
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
14
FIXED ASSET INVESTMENTS
(Continued)
- 27 -
MOVEMENTS IN FIXED ASSET INVESTMENTS
COMPANY
Shares in group undertakings
£
COST OR VALUATION
At 1 October 2020
1,058,741
Disposals
(1)
At 30 September 2021
1,058,740
CARRYING AMOUNT
At 30 September 2021
1,058,740
At 30 September 2020
1,058,741
15
SUBSIDIARIES
Details of the company's subsidiaries at 30 September 2021 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Teague Precision Chokes Limited
United Kingdom
Design, manufacture and sale of choke systems and choke tubes
Ordinary
100.00
0
Westley Engineering Limited
United Kingdom
Manufacture of press tools and suppliers of pressed and precision machined components
Ordinary
100.00
0
Westley Richards Agency LLC
United Stated of America
Agent to Westley Richards and Company Limited. Retail of clothing and accessories
Ordinary
100.00
0
Westley Richards and Company Limited
United Kingdom
Manufacture and repair of firearms. Retail of clothing and accessories
Ordinary
100.00
0
16
STOCKS
Group
Company
2021
2020
2021
2020
£
£
£
£
Raw materials and consumables
552,181
457,378
Work in progress
1,610,437
1,451,681
-
-
Finished goods and goods for resale
690,680
711,928
Payments received on account
(1,086,860)
(877,344)
1,766,438
1,743,643
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 28 -
17
DEBTORS
Group
Company
2021
2020
2021
2020
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
£
£
Trade debtors
1,371,411
1,034,180
Amounts owed by group undertakings
-
-
1,323,340
1,116,016
Other debtors
39,730
172,114
Prepayments and accrued income
136,776
137,618
1,547,917
1,343,912
1,323,340
1,116,016
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR:
Amounts owed by group undertakings
-
-
601,109
559,109
TOTAL DEBTORS
1,547,917
1,343,912
1,924,449
1,675,125
18
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
20
449,839
142,930
32,377
21,363
Obligations under finance leases
21
114,886
104,768
Trade creditors
895,825
777,546
1,928
373
Amounts owed to group undertakings
328,571
332,771
Corporation tax payable
104
104
Other taxation and social security
214,514
366,703
-
-
Other creditors
1,430,501
1,720,724
104,630
104,630
Accruals and deferred income
260,542
198,004
146,700
115,800
3,366,107
3,310,779
614,206
575,041
19
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
20
496,254
693,448
90,624
125,658
Obligations under finance leases
21
183,521
112,618
Directors' current accounts
408,220
408,220
408,220
408,220
1,087,995
1,214,286
498,844
533,878
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 29 -
20
LOANS AND OVERDRAFTS
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
674,875
836,378
123,001
147,021
Bank overdrafts
271,218
946,093
836,378
123,001
147,021
Payable within one year
449,839
142,930
32,377
21,363
Payable after one year
496,254
693,448
90,624
125,658
Borrowings due to Lloyds Bank Plc are secured by an unlimited debenture and first legal charge over freehold land and buildings located at 130 Pritchett Street, Aston, Birmingham, West Midlands, B6 4EH.
21
FINANCE LEASE OBLIGATIONS
Group
Company
2021
2020
2021
2020
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
114,886
104,768
In two to five years
183,521
112,618
298,407
217,386
-
-
Finance lease payments represent rentals payable by the company or group 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Obligations under finance leases and hire purchase contracts are secured by the related assets, bear interest at normal commercial rates and are wholly repayable within five years.
22
DEFERRED TAXATION
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2021
2020
GROUP
£
£
Accelerated capital allowances
100,000
85,000
Tax losses
(21,500)
(30,000)
78,500
55,000
The company has no deferred tax assets or liabilities.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
22
DEFERRED TAXATION
(Continued)
- 30 -
Group
Company
2021
2021
MOVEMENTS IN THE YEAR:
£
£
Liability at 1 October 2020
55,000
-
Charge to profit or loss
23,500
-
Liability at 30 September 2021
78,500
-
23
RETIREMENT BENEFIT SCHEMES
2021
2020
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
62,604
63,867
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
24
SHARE-BASED PAYMENT TRANSACTIONS
The Westley Richards (Holdings) Limited EMI Share Option Plan is available to certain employees who meet minimum service requirements.
The earliest exercise date for the options issued during the period is 21 June 2022 and the maximum term is 10 years from the date of grant of the option.
GROUP AND COMPANY
Number of share options
Weighted average exercise price
2021
2020
2021
2020
Number
Number
£
£
Outstanding at 1 October 2020 and 30 September 2021
561
561
20.00
20.00
Exercisable at 30 September 2021
-
-
-
-
The options are all exercisable at £20.00 per share subject to the employees remaining in the employment of the group at exercise date and that set performance objectives have been satisfied.
In the opinion of the directors the fair value at the date of grant of the options granted are not materially different to exercise value at grant date. On this basis no charge has been made to the profit and loss account relating to these options.
25
SHARE CAPITAL
Group and company
2021
2020
ORDINARY SHARE CAPITAL
£
£
ISSUED AND FULLY PAID
Ordinary shares of £1 each
250
250
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 31 -
26
FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES
Westley Richards (Holdings) Limited has entered into a guarantee on behalf of it's subsidiary company Westley Engineering Limited in relation to amounts due to a supplier.
27
OPERATING LEASE COMMITMENTS
LESSEE
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Within one year
13,626
13,626
-
-
13,626
13,626
-
-
28
CAPITAL COMMITMENTS
Amounts contracted for but not provided in the financial statements:
Group
Company
2021
2020
2021
2020
£
£
£
£
Acquisition of tangible fixed assets
90,000
114,500
-
-
29
RELATED PARTY TRANSACTIONS
All intra-group balances, transactions income and expenditure are eliminated on consolidation and are not disclosed in accordance with FRS 102, section 33.1.A.
30
DIRECTORS' TRANSACTIONS
S Clode
During the years ended 30 September 2021 and 30 September 2020, the Estate of S Clode did not charge the company interest on his directors' loan account.
H E Sheikh S B J Al-Thani
During the years ended 30 September 2021 and 30 September 2020, H E Sheikh S B J Al-Thani charged the company no interest on his directors' loan account.
31
CONTROLLING PARTY
The group is under the ultimate control of the Clode family trust who own 52% of the issued share capital of Westley Richards (Holdings) Limited.
WESTLEY RICHARDS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 32 -
32
CASH (ABSORBED BY)/GENERATED FROM GROUP OPERATIONS
2021
2020
£
£
Loss for the year after tax
(11,296)
(46,552)
ADJUSTMENTS FOR:
Taxation charged/(credited)
23,500
(58,238)
Finance costs
30,574
35,333
Investment income
(207)
(843)
Loss on disposal of tangible fixed assets
12,623
1,587
Amortisation and impairment of intangible assets
83,483
82,421
Depreciation and impairment of tangible fixed assets
248,970
251,276
MOVEMENTS IN WORKING CAPITAL:
Increase in stocks
(22,795)
(12,215)
Increase in debtors
(204,005)
(4,540)
(Decrease)/increase in creditors
(261,595)
443,811
Non cash effect of foreign currency translation
12,771
20,001
CASH (ABSORBED BY)/GENERATED FROM OPERATIONS
(87,977)
712,041
33
ANALYSIS OF CHANGES IN NET DEBT - GROUP
1 October 2020
Cash flows
30 September 2021
£
£
£
Cash at bank and in hand
755,990
(277,066)
478,924
Bank overdrafts
(271,218)
(271,218)
755,990
(548,284)
207,706
Borrowings excluding overdrafts
(836,378)
161,503
(674,875)
Obligations under finance leases
(217,386)
(81,021)
(298,407)
(297,774)
(467,802)
(765,576)
34
ANALYSIS OF CHANGES IN NET FUNDS - COMPANY
1 October 2020
Cash flows
30 September 2021
£
£
£
Cash at bank and in hand
323,809
(68,025)
255,784
Borrowings excluding overdrafts
(147,021)
24,020
(123,001)
176,788
(44,005)
132,783
2021-09-30
2020-10-01
false
CCH Software
CCH Accounts Production 2022.100
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H E Sheikh S B J Al Thani
Mr A N Clode
Mr T Zjalic
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