Eurofilms Extrusion Limited
Annual report and financial statements
For the year ended 31 December 2021
Eurofilms Extrusion Limited
Company information
Directors
Mr W Humphreys
Mr A Lord
(Appointed 9 March 2022)
Mr P Holtstrand
(Appointed 9 March 2022)
Mr A Malmberg
(Appointed 9 March 2022)
Secretary
Mr P Martin
Company number
03038727
Registered office
Unit B1-3
Horton Park Industrial Estate
Hortonwood 7
Telford
Shropshire
England
TF1 7XY
Auditor
Mitten Clarke Audit Limited
The Glades
Festival Way
Festival Park
Stoke on Trent
Staffordshire
ST1 5SQ
Eurofilms Extrusion Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 30
Eurofilms Extrusion Limited
Strategic report
For the year ended 31 December 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
We are pleased to report a solid performance for this year despite the challenges brought about by the pandemic.
Turnover increased by 12% driven in the main by increasing selling prices. The full impact of the increased prices was muted by a 6% reduction in volumes. Selling prices increased throughout the year as a result of raw material price inflation. We saw a small impact on our production volumes
in the first quarter of 2021
as we managed in the impact of the Coronavirus (COVID-19) pandemic.
Margins reduced in 2021 in line with our expectations. The business continued to invest in machinery to ensure production levels and efficiencies were maximised. The demand for our product remains solid both in the UK and mainland European markets we operate in. As a consequence, the Directors decided to further enhance its extrusion capability by investing in an additional blown extrusion line.
The line is anticipated to be commissioned in operation by the end of July 22.
The operating profit for the year is reported at £0.9 million or 3.
3
% of turnover, compared to 8.
8
% in 2020.
Working capital remains a focus area for the business and we generated net cash from operating activities in the year of £0.
1
million (2020
-
£2.
7
million). The business invested a significant amount into
s
tock to help mitigate the impact of the supply chain volatility on its production and customers.
Total net assets at the year end were £3.3m (2020 - £3.3m).
We have focused on continuous improvement within the business to ensure it operates at optimum efficiencies. Operational and commercial KPl's are reviewed monthly, and changes actioned. Our workforce remains stable and has extensive industry and production knowledge, which is a vital resource as we seek business excellence.
We will adhere to our current commercial and operational visions and we believe our business is in a very strong position and will continue to grow and invest for the future.
Principal risks and uncertainties
Currency, polymer pricing and supply chain volatility continue to be the main unpredictable aspect of the business arena we operate in. The price fluctuations can have short and medium-term impacts on profitability if not controlled appropriately. Our relentless attention to currency matters and the utilisation of forward foreign currency contracts were judged necessary and the improved global sourcing methods, offers enhanced mid-term stability for the business, and mitigates exposure.
Financial instrument risks include credit risks, liquidity risk and cashflow risks as referred to in the Report of the Directors.
Throughout 2021, the business has maintained good health and Safety standards to protect the employees whilst maintaining production volumes to support the needs of customers.
Key performance indicators
Increase in sales 12.
0
% (2020 - 4.3% decrease) year on year sales growth expressed as a percentage.
The company reported an operating profit margin of 3.
3
% (2020 – 8.
7
%).
The company generated £0.
1
million net cash from operating activities in 2021 (2020 - £2.6 million).
Debtor Sales Outstanding days have increased by
3
days to 6
1
days in 2021 (2020 - 58 days).
Eurofilms Extrusion Limited
Strategic report (continued)
For the year ended 31 December 2021
- 2 -
Mr A Lord
Director
10 August 2022
Eurofilms Extrusion Limited
Directors' report
For the year ended 31 December 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of
the manufacture and sale of
industrial stretch film and collation shrink film.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £642,664 (2020 - £964,800). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M Palmer
(Resigned 9 March 2022)
Mr W Humphreys
Mr P Martin
(Resigned 9 March 2022)
Mr D Thomas
(Resigned 9 March 2022)
Mr A Lord
(Appointed 9 March 2022)
Mr P Holtstrand
(Appointed 9 March 2022)
Mr A Malmberg
(Appointed 9 March 2022)
Financial instruments
Liquidity risk
Our objective is to ensure significant funds are available to meet our future cash requirement. Cash flow reporting and investment appraisals are standard procedures in our business decision making. The risk is supported through asset backed credit facilities. We consider the company to have sufficient access to funding to remain in operational existence for the foreseeable future.
Credit Risk
Our customer base afford us no significant concentration of credit risk. The risk is managed through continually monitored credit procedures during the conduct of our business. We also retain the services of a credit insurance provider to provide additional protection from any credit risk.
Cashflow Risk
Cashflow risk is continually assessed by the business. The seasonal fluctuations in demand and the need
to ensure working capital to support the business requirements are a number of factors considered in
monitoring of cashflow. Close monitoring and management of cashflows ensure we have sufficient
capacity to operate efficiently and serve the customer base effectively.
Research and development
Eurofilms continues to develop its range of stretch and shrink films to satisfy our customer's current and
future needs. We have a strong supplier base who help support this endeavour at all times.
Post reporting date events
On 9 March 2022, the entire share capital was acquired by Trioworld Industrier AB, a company based in Sweden and part of the Trioworld Group.
Eurofilms Extrusion Limited
Directors' report (continued)
For the year ended 31 December 2021
- 4 -
Future developments
We are committed to develop our product range to meet the needs of our market place and specific
customer requirements. This will need constant capital investment to adapt current plant and machinery
as well as buying new machinery to supplement current capacity
.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Mr A Lord
Mr A Malmberg
Director
Director
10 August 2022
Eurofilms Extrusion Limited
Directors' responsibilities statement
For the year ended 31 December 2021
- 5 -
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;
-
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.
Eurofilms Extrusion Limited
Independent auditor's report
To the members of Eurofilms Extrusion Limited
- 6 -
Opinion
We have audited the financial statements of Eurofilms Extrusion Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Eurofilms Extrusion Limited
Independent auditor's report (continued)
To the members of Eurofilms Extrusion Limited
- 7 -
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Eurofilms Extrusion Limited
Independent auditor's report (continued)
To the members of Eurofilms Extrusion Limited
- 8 -
The extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting any available legal correspondence; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; an
d
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
enquiring of management as to actual and potential litigation and claims; and
-
reviewing correspondence with HMRC.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
Eurofilms Extrusion Limited
Independent auditor's report (continued)
To the members of Eurofilms Extrusion Limited
- 9 -
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.
The Glades
Festival Way
Nicola Johnson
Festival Park
(Senior Statutory Auditor)
Stoke on Trent
for and on behalf of
Staffordshire
Mitten Clarke Audit Limited
ST1 5SQ
Chartered Accountants
15 August 2022
Statutory Auditor
Eurofilms Extrusion Limited
Statement of comprehensive income
For the year ended 31 December 2021
- 10 -
2021
2020
Notes
£
£
Turnover
3
28,509,418
25,452,387
Cost of sales
(24,962,619)
(20,292,178)
Gross profit
3,546,799
5,160,209
Distribution costs
(1,649,650)
(1,741,309)
Administrative expenses
(1,016,168)
(1,230,817)
Other operating income
71,319
48,779
Operating profit
4
952,300
2,236,862
Interest receivable and similar income
8
16
148
Interest payable and similar expenses
9
(84,953)
(101,678)
Profit before taxation
867,363
2,135,332
Tax on profit
10
(276,341)
(366,300)
Profit for the financial year
591,022
1,769,032
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Eurofilms Extrusion Limited
Balance sheet
As at 31 December 2021
- 11 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,690,085
4,038,375
Investments
13
182,000
182,000
4,872,085
4,220,375
Current assets
Stocks
15
3,097,403
1,898,985
Debtors
16
6,609,980
5,220,574
Cash at bank and in hand
704,820
571,141
10,412,203
7,690,700
Creditors: amounts falling due within one year
17
(10,098,369)
(7,004,158)
Net current assets
313,834
686,542
Total assets less current liabilities
5,185,919
4,906,917
Creditors: amounts falling due after more than one year
18
(1,123,169)
(1,151,931)
Provisions for liabilities
Deferred tax liability
21
749,866
390,460
(749,866)
(390,460)
Net assets
3,312,884
3,364,526
Capital and reserves
Called up share capital
23
536,000
536,000
Capital redemption reserve
24
260,333
260,333
Profit and loss reserves
25
2,516,551
2,568,193
Total equity
3,312,884
3,364,526
The financial statements were approved by the board of directors and authorised for issue on 10 August 2022 and are signed on its behalf by:
Mr A Lord
Mr A Malmberg
Director
Director
Company Registration No. 03038727
Eurofilms Extrusion Limited
Statement of changes in equity
For the year ended 31 December 2021
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
536,000
260,333
1,763,961
2,560,294
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
1,769,032
1,769,032
Dividends
11
-
-
(964,800)
(964,800)
Balance at 31 December 2020
536,000
260,333
2,568,193
3,364,526
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
591,022
591,022
Dividends
11
-
-
(642,664)
(642,664)
Balance at 31 December 2021
536,000
260,333
2,516,551
3,312,884
Eurofilms Extrusion Limited
Statement of cash flows
For the year ended 31 December 2021
- 13 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
94,570
2,675,174
Investing activities
Purchase of tangible fixed assets
(850,939)
(44,245)
Interest received
16
148
Net cash used in investing activities
(850,923)
(44,097)
Financing activities
Payment of finance leases obligations
(561,093)
(869,604)
Interest payable
(84,953)
(101,678)
Net cash used in financing activities
(646,046)
(971,282)
Net (decrease)/increase in cash and cash equivalents
(1,402,399)
1,659,795
Cash and cash equivalents at beginning of year
(717,383)
(2,377,178)
Cash and cash equivalents at end of year
(2,119,782)
(717,383)
Relating to:
Cash at bank and in hand
704,820
571,141
Bank overdrafts included in creditors payable within one year
(2,824,602)
(1,288,524)
Eurofilms Extrusion Limited
Notes to the financial statements
For the year ended 31 December 2021
- 14 -
1
Accounting policies
Company information
Eurofilms Extrusion Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit B1-3, Horton Park Industrial Estate, Hortonwood 7, Telford, Shropshire, England, TF1 7XY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over the period of the lease
Plant and equipment
5-12.5% straight line
Computers
20-25% straight line
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 15 -
1.5
Fixed asset investments
Investments held as fixed assets
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
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.
1.8
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.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies
(Continued)
- 19 -
1.16
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date
based on the expected utility of the assets. Uncertainties in these estimates relate to technological
obsolescence and physical deterioration.
Impairment of fixed asset investment
Management considers financial performance and other matters in relation to its investments to
assess whether an indicator of impairment exists. Management has not identified any impairment
indicators in relation to its investments. Where impairment indicators have been identified
management reviews the estimated future revenue related to each investment in order to estimate
fair value.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
- 20 -
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
24,296,586
21,408,072
Europe
4,212,832
4,044,315
28,509,418
25,452,387
2021
2020
£
£
Other revenue
Interest income
16
148
Grants received
20,730
42,097
Foreign exchange difference
50,589
6,682
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(50,589)
(6,682)
Government grants
(20,730)
(42,097)
Depreciation of owned tangible fixed assets
517,357
514,694
Operating lease charges
308,674
377,420
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 company
23,250
18,250
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Production
78
75
Selling
9
13
Administration
8
8
Total
95
96
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
6
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
2,861,052
2,958,645
Social security costs
287,379
279,022
Pension costs
90,101
103,788
3,238,532
3,341,455
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
342,292
429,981
Company pension contributions to defined contribution schemes
17,662
27,598
359,954
457,579
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2020 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
216,775
266,148
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Other interest income
16
148
9
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
33,248
27,305
Other finance costs:
Interest on finance leases and hire purchase contracts
51,705
74,373
84,953
101,678
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
- 22 -
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
432,095
Adjustments in respect of prior periods
(83,065)
(30,650)
Total current tax
(83,065)
401,445
Deferred tax
Origination and reversal of timing differences
171,021
(35,145)
Changes in tax rates
179,968
Adjustment in respect of prior periods
8,417
Total deferred tax
359,406
(35,145)
Total tax charge
276,341
366,300
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
867,363
2,135,332
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
164,799
405,713
Tax effect of expenses that are not deductible in determining taxable profit
385
385
Adjustments in respect of prior years
(83,065)
(30,650)
Effect of change in corporation tax rate
179,968
Depreciation on assets not qualifying for tax allowances
1,223
Deferred tax adjustments in respect of prior years
8,417
Other short term timing differences
1,456
Enhanced capital allowances claimed
(36,372)
Tax losses carried back
40,986
Capital allowances in excess of depreciation
(10,604)
Taxation charge for the year
276,341
366,300
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
10
Taxation
(Continued)
- 23 -
Factors that may affect future tax charges
With the availability of significant tax reliefs for capital expenditure, such as the 130% first year allowance super deduction, the company anticipates continuing to be able to claim capital allowances in excess of depreciation in the short term. However, if capital expenditure slows down, this trend will reverse.
The main corporation tax rate has been legislated to increase from 19% to 25% with effect from 1 April 2023, significantly increasing the tax payable on profits earned.
Given the imminent change to the main corporation tax rate, deferred tax has been provided for at 25% where appropriate.
11
Dividends
2021
2020
£
£
Interim paid
642,664
964,800
12
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and equipment
Computers
Total
£
£
£
£
£
Cost
At 1 January 2021
721,513
9,996,023
207,569
10,925,105
Additions
11,320
790,796
366,951
1,169,067
At 31 December 2021
732,833
790,796
10,362,974
207,569
12,094,172
Depreciation and impairment
At 1 January 2021
467,918
6,220,559
198,253
6,886,730
Depreciation charged in the year
53,549
458,505
5,303
517,357
At 31 December 2021
521,467
6,679,064
203,556
7,404,087
Carrying amount
At 31 December 2021
211,366
790,796
3,683,910
4,013
4,690,085
At 31 December 2020
253,595
3,775,464
9,316
4,038,375
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and equipment
1,889,264
3,253,946
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
12
Tangible fixed assets
(Continued)
- 24 -
Fixed assets with a carrying amount of £2,800,821 (2020 - £784,429) have been pledged to secure other borrowings of the company.
13
Fixed asset investments
2021
2020
£
£
Unlisted investments
182,000
182,000
14
Financial instruments
2021
2020
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
11,010
Financial liabilities measured at fair value through the profit and loss comprise forward foreign exchange contracts measured at their active market value.
15
Stocks
2021
2020
£
£
Raw materials and consumables
1,845,368
871,223
Finished goods and goods for resale
1,252,035
1,027,762
3,097,403
1,898,985
There is no significant difference between the replacement cost of raw materials and finished goods and their carrying amounts.
Stocks are stated after provisions for impairment of £69,966 (2020 - £168,345).
Stocks with a carrying value of £3,097,403 (2020 - £1,898,985) have been pledged to secure borrowings of the company.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
- 25 -
16
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
6,132,775
4,930,664
Corporation tax recoverable
63,395
Other debtors
26,080
32,600
Prepayments and accrued income
387,730
257,310
6,609,980
5,220,574
Trade debtors are stated after provisions for impairment of £Nil (2020 - £2,620).
17
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
19
2,824,602
1,288,524
Obligations under finance leases
20
322,027
536,230
Payments received on account
10,401
11,258
Trade creditors
5,008,688
3,304,065
Corporation tax
378,840
Other taxation and social security
323,523
635,160
Derivative financial instruments
11,010
Other creditors
871,963
240,611
Accruals and deferred income
737,165
598,460
10,098,369
7,004,158
Bank overdrafts are secured by a fixed and floating charge of all present and future assets of the
company.
See "Loans and overdrafts" for further information.
Obligations under finance lease
s
of
£322,027
(2020 - £536,230) are
secured on the assets concerned.
See "Finance lease obligations" for further information.
18
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Obligations under finance leases
20
1,123,169
1,151,931
Obligations under finance lease
s
of
£1,123,169
(2020 - £
1,151,931
) are
secured on the assets concerned.
See "Finance lease obligations" for further information.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
- 26 -
19
Loans and overdrafts
2021
2020
£
£
Bank overdrafts
2,824,602
1,288,524
Payable within one year
2,824,602
1,288,524
Bank overdrafts are secured by a fixed and floating charge over all present and future assets of the company.
20
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
322,027
536,230
In two to five years
1,123,169
999,929
In over five years
152,002
1,445,196
1,688,161
The finance leases primarily relate to manufacturing equipment. Title to the assets will be transferred to the company on payment of a nominal fee a the end of the lease. The liabilities are secured by the lessor over the leased assets. The fair value of lease liabilities is approximately equal to their carrying amount.
The amounts due over 5 years relates to a finance lease for which instalments are repayable in equal amounts over the term of the lease at an effective interest rate of 3.29%.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
818,489
443,179
Tax losses
(65,182)
(49,538)
Other short term timing differences
(3,441)
(3,181)
749,866
390,460
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
21
Deferred taxation
(Continued)
- 27 -
2021
Movements in the year:
£
Liability at 1 January 2021
390,460
Charge to profit or loss
359,406
Liability at 31 December 2021
749,866
The net deferred tax liability is not expected to reverse significantly in the short term due to the continuing investment in capital expenditure by the company.
22
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,101
103,788
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. Contributions totalling £13,767 (2020 - £23,494) were payable to the fund at the balance sheet date and are included in creditors.
23
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
536,000
536,000
536,000
536,000
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
24
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
25
Profit and loss reserves
This reserve records all current and prior period retained profits and losses.
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
- 28 -
26
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
337,174
333,939
Between two and five years
903,031
1,202,459
1,240,205
1,536,398
27
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£
£
Acquisition of tangible fixed assets
1,533,962
-
28
Events after the reporting date
On 9 March 2022, the entire share capital was acquired by Trioworld Industrier AB, a company based in Sweden and part of the Trioworld Group.
29
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Aggregate compensation
552,476
696,045
Transactions with related parties
Amounts paid to close family members of key management totalled £14,012 (2020 - £19,727).
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
- 29 -
30
Directors' transactions
During the year, the company advanced £30,708 (2020 - £Nil) and granted credits of £290,872 (2020 - £40,000) to W Humphreys. The balance owed by the company at the year end was £260,164 (2020 - £Nil).
During the year, the company advanced £Nil (2020 - £30,000) and granted credits of £5,920 (2020 - £30,000) to M Palmer. The balance owed to the company at the year end was £24,080 (2020 - £30,000).
The advances are unsecured and repayable on demand. No interest is charged on the amounts outstanding.
Dividends totalling £480,799 (2020 - £721,800) were paid in the year in respect of shares held by the company's directors.
31
Ultimate controlling party
At the balance sheet date the company
wa
s controlled by Mr W Humphreys by virtue of his 51%
shareholding.
32
Cash generated from operations
2021
2020
£
£
Profit for the year after tax
591,022
1,769,032
Adjustments for:
Taxation charged
276,341
366,300
Finance costs
84,953
101,678
Investment income
(16)
(148)
Depreciation and impairment of tangible fixed assets
517,357
514,694
Dividends paid
(642,664)
(964,800)
Corporation tax (paid)/received
(401,246)
(78,418)
Movements in working capital:
(Increase)/decrease in stocks
(1,198,418)
251,326
(Increase)/decrease in debtors
(1,326,011)
730,102
Increase/(decrease) in creditors
2,193,252
(14,592)
Cash generated from operations
94,570
2,675,174
Eurofilms Extrusion Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
- 30 -
33
Analysis of changes in net debt
1 January 2021
Cash flows
New finance leases
31 December 2021
£
£
£
£
Cash at bank and in hand
571,141
133,679
-
704,820
Bank overdrafts
(1,288,524)
(1,536,078)
-
(2,824,602)
(717,383)
(1,402,399)
(2,119,782)
Obligations under finance leases
(1,688,161)
561,093
(318,128)
(1,445,196)
(2,405,544)
(841,306)
(318,128)
(3,564,978)
Major non-cash transactions
During the year, the company entered into new finance lease agreements for plant and machinery at a value of £318,128 (2020 - £Nil).
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.200
Mr M Palmer
Mr W Humphreys
Mr D Thomas
Mr A Lord
Mr P Holtstrand
Mr A Malmberg
Mr A Malmberg
Mr P Martin
Nicola Johnson
2022-08-10
03038727
2021-01-01
2021-12-31
03038727
bus:Director2
2021-01-01
2021-12-31
03038727
bus:Director4
2021-01-01
2021-12-31
03038727
bus:Director5
2021-01-01
2021-12-31
03038727
bus:Director6
2021-01-01
2021-12-31
03038727
bus:CompanySecretary1
2021-01-01
2021-12-31
03038727
bus:Director1
2021-01-01
2021-12-31
03038727
bus:CompanySecretaryDirector1
2021-01-01
2021-12-31
03038727
bus:Director3
2021-01-01
2021-12-31
03038727
bus:Director7
2021-01-01
2021-12-31
03038727
bus:RegisteredOffice
2021-01-01
2021-12-31
03038727
2021-12-31
03038727
2020-01-01
2020-12-31
03038727
core:RetainedEarningsAccumulatedLosses
2020-01-01
2020-12-31
03038727
core:RetainedEarningsAccumulatedLosses
2021-01-01
2021-12-31
03038727
2020-12-31
03038727
core:LeaseholdImprovements
2021-12-31
03038727
core:ConstructionInProgressAssetsUnderConstruction
2021-12-31
03038727
core:PlantMachinery
2021-12-31
03038727
core:ComputerEquipment
2021-12-31
03038727
core:LeaseholdImprovements
2020-12-31
03038727
core:ConstructionInProgressAssetsUnderConstruction
2020-12-31
03038727
core:PlantMachinery
2020-12-31
03038727
core:ComputerEquipment
2020-12-31
03038727
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
03038727
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
03038727
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-12-31
03038727
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-12-31
03038727
core:CurrentFinancialInstruments
2021-12-31
03038727
core:CurrentFinancialInstruments
2020-12-31
03038727
core:ShareCapital
2021-12-31
03038727
core:ShareCapital
2020-12-31
03038727
core:CapitalRedemptionReserve
2021-12-31
03038727
core:CapitalRedemptionReserve
2020-12-31
03038727
core:RetainedEarningsAccumulatedLosses
2021-12-31
03038727
core:RetainedEarningsAccumulatedLosses
2020-12-31
03038727
core:ShareCapital
2019-12-31
03038727
core:CapitalRedemptionReserve
core:RestatedAmount
2019-12-31
03038727
core:RetainedEarningsAccumulatedLosses
2019-12-31
03038727
2019-12-31
03038727
2020-12-31
03038727
core:WithinOneYear
2021-12-31
03038727
core:WithinOneYear
2020-12-31
03038727
core:LeaseholdImprovements
2021-01-01
2021-12-31
03038727
core:PlantMachinery
2021-01-01
2021-12-31
03038727
core:ComputerEquipment
2021-01-01
2021-12-31
03038727
core:ConstructionInProgressAssetsUnderConstruction
2021-01-01
2021-12-31
03038727
core:UKTax
2021-01-01
2021-12-31
03038727
core:UKTax
2020-01-01
2020-12-31
03038727
1
2021-01-01
2021-12-31
03038727
1
2020-01-01
2020-12-31
03038727
2
2021-01-01
2021-12-31
03038727
2
2020-01-01
2020-12-31
03038727
3
2021-01-01
2021-12-31
03038727
3
2020-01-01
2020-12-31
03038727
4
2021-01-01
2021-12-31
03038727
4
2020-01-01
2020-12-31
03038727
5
2021-01-01
2021-12-31
03038727
5
2020-01-01
2020-12-31
03038727
core:LeaseholdImprovements
2020-12-31
03038727
core:ConstructionInProgressAssetsUnderConstruction
2020-12-31
03038727
core:PlantMachinery
2020-12-31
03038727
core:ComputerEquipment
2020-12-31
03038727
core:Non-currentFinancialInstruments
core:UnlistedNon-exchangeTraded
2021-12-31
03038727
core:Non-currentFinancialInstruments
core:UnlistedNon-exchangeTraded
2020-12-31
03038727
core:Non-currentFinancialInstruments
2021-12-31
03038727
core:Non-currentFinancialInstruments
2020-12-31
03038727
core:BetweenTwoFiveYears
2021-12-31
03038727
core:BetweenTwoFiveYears
2020-12-31
03038727
core:MoreThanFiveYears
2021-12-31
03038727
core:MoreThanFiveYears
2020-12-31
03038727
bus:OrdinaryShareClass1
2020-01-01
2020-12-31
03038727
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
03038727
bus:FRS102
2021-01-01
2021-12-31
03038727
bus:Audited
2021-01-01
2021-12-31
03038727
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP