Company registration number 05566209 (England and Wales)
CONCEPT LIVING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
CONCEPT LIVING LIMITED
COMPANY INFORMATION
Directors
M A O Baumgart
T D Powell
Secretary
G J Treadwell
Company number
05566209
Registered office
The Paddock
Bethesda Street
Upper Basildon
Berkshire
RG8 8NU
Auditor
Glazers
843 Finchley Road
London
NW11 8NA
Business address
Unit 10, Muir Head Quay
Fresh Wharf Estate
Highbridge Road
Barking
IG11 7BG
CONCEPT LIVING LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 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 - 27
CONCEPT LIVING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021
- 1 -
The directors present the strategic report for the year ended 31 October 2021.
The principal activity of the
company
is that of the sale of furniture operating through the BoConcept Brand. The
company
is one of the leading franchisees of BoConcept A/S, the Danish furniture manufacturer. BoConcept offers contemporary design exclusively sold through its franchise operation and is the world’s leader in the affordable premium segment of the market with an outstanding reputation.
The company
has
eight
established retail locations including a concession in the prestigious Harrods Department Store along with a very strong Trade and Contract Department. The
company
has made significant investment in it’s Trade and Contract Department resulting in significant growth within this sector. The
company
believes that this area has huge potential for further growth and has secured some high value orders. There is a significant lag between winning orders and these being reflected in the turnover, as these contracts have long delivery schedules given the different nature of the Commercial Contracts
.
Fair review of the business
In line with many businesses this year has been dominated by the impact of Covid 19 and although the
company
has been exposed to very challenging conditions, the
company
has come out stronger than ever, mainly as a result of the strength of its relationships with all the key stakeholders within the business. The
company
have placed great importance of retaining staff over Brexit, Covid and Post Covid which has resulted in the
company
having good resource levels across all the
d
epartments of the
company.
Key Performance Indicators
2021
2020
Turnover net of VAT
13,680,351 10,513,159
Gross Profit %
38.24% 39.68%
EB
I
TDA
927,638 173,757
Net Cash Position
3,411,248 2,969,845
Number of Staff
87 89
Turnover has increased by £3.1m (30%), gross profit margins have decreased by 1.4% but still remain similar to prior years, EBITDA has increased £754k, net cash has increased by £441k (15%) and average employee numbers have remained similar to prior years.
CONCEPT LIVING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 2 -
Principal risks and uncertainties
The
company
believes that delivering market leading and exclusive design furniture, a well recognised Danish high quality with a positioning in the affordable premium segment, together with a high level of customer service gives it more resilience to any turbulence in the UK market and will continue to ensure customer loyalty and development of the BoConcept brand.
Strategic Risk
The trading strategy is continually reviewed and examined in order to ensure that the
company
is meeting the current trading environment and customer requirements.
Financial Risk
The
company
maintains a good working relationship with its financial stakeholders and actively encourages them to understand the
company's
financial performance. Robust cash flow analysis and forecasting is deployed to ensure the
company
has the latest financial information available in order to support the business decision making process.
Operational Risk
The business continues to invest in terms of capital investment with the opening of new stores and the growth of it’s Trade and Contract Department, along with investment in all its staff as it recogni
s
es that this is one of the key factors driving the success of the business.
Health and Safety and Compliance Risk
The
company
takes it responsibilities in these areas very serious with a Board Member being responsible to ensure that all requirements both internally and externally are followed. Our people are trained in order to mitigate all risk in these areas and one of the key successes of the group is to maintain its staff levels with no compulsory redundancies made due to Covid over the financial year.
Economy and market conditions
Our trading performance over the period has been very strong and despite challenges relating to Distribution and Logistics, the
company
has managed to ensure that customer experience in terms of lead terms have been well managed and controlled.
The
company
has maximised its internal warehouse and distribution capacity along with increasing resource in Customer Service in order to ensure that Customers receive the highest level of customer service.
Expanding the number of stores in already identified areas is a key opportunity which the
company
is undertaking along with continued growth of it’s Trade and Contract Department.
Together with BoConcept A/S whom are an active active member of United Nations Global Compaq, the worlds leading largest corporate sustainability initiative, we continue to focus on a local basis in ways to reduce further our carbon footprint.
In summary we remain confident about the future, despite ongoing uncertainly and we believe the home will continue to be of greater importance to consumers in the future and whilst we recognize the economic challenges which are likely to be coming, the
company
is confident that it will continue to perform very well and make any changes that are required in order to achieve this objective.
CONCEPT LIVING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 3 -
The Groups Key Stakeholders
Customers
Providing both current and future customers with high quality and exclusive contemporary design, offering a unique high level of customisation which is delivered in market leading lead times, assisting with our comprehensive and inspirational free interior design service and with a high level of customer service are the key objectives of the business.
People
Our
p
eople make the business successful and the
company
has placed great importance in terms of training and retaining staff.
Suppliers
Our
m
ain
s
upplier is BoConcept A/S and we have built up over many years an excellent working relationship with themselves. Long term contracts are in place with themselves and we work together in order to achieve the overall objective of establishing further BoConcept Furniture as a worldwide leading furniture brand.
has sufficient medium and long term facilities in place
.
Development and performance
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future.
..............................
T D Powell
Director
Date: .............................................
CONCEPT LIVING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021
- 4 -
The directors present their annual report and financial statements for the year ended 31 October 2021.
Principal activities
The principal activity of the company continued to be that of the retail of high-end furniture.
Results and dividends
The results for the year are set out on page 10.
The company's results are consolidated within the accounts of the parent company Concept Living Holdings Limited, a strategic report for the group is included within these consolidated accounts.
Ordinary dividends were paid amounting to £622,799. 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:
M A O Baumgart
T D Powell
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Auditor
The auditor, Glazers, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
CONCEPT LIVING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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.
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
T D Powell
Director
27 October 2022
CONCEPT LIVING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CONCEPT LIVING LIMITED
- 6 -
Opinion
We have audited the financial statements of Concept Living Limited (the 'company') for the year ended 31 October 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 October 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CONCEPT LIVING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CONCEPT LIVING LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report 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
.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
1) Enquiries of management concerning the company's policies and procedures relating to:
-
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
-
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
-
the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
2) The company's remuneration policies, key drivers for remuneration and bonus levels; and
3) Discussions among the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.
CONCEPT LIVING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CONCEPT LIVING LIMITED
- 8 -
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and
United Kingdom Generally Accepted Accounting Practice.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or avoid a material penalty.
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.
In addition to the above, our procedures to respond to risks identified included the following:
-
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-
Enquiring of management concerning actual and potential litigation and claims;
-
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-
Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax authorities; and
-
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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.
CONCEPT LIVING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF CONCEPT LIVING LIMITED
- 9 -
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Philippe Herszaft ACA
Senior Statutory Auditor
For and on behalf of Glazers
27 October 2022
Chartered Accountants
Statutory Auditor
843 Finchley Road
London
NW11 8NA
CONCEPT LIVING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2021
- 10 -
2021
2020
Notes
£
£
Turnover
3
13,680,351
10,513,159
Cost of sales
(8,448,801)
(6,341,523)
Gross profit
5,231,550
4,171,636
Administrative expenses
(5,605,110)
(5,394,606)
Other operating income
1,109,148
1,166,388
Operating profit/(loss)
4
735,588
(56,582)
Interest receivable and similar income
7
9,567
2,600
Interest payable and similar expenses
8
(14,718)
(19,122)
Profit/(loss) before taxation
730,437
(73,104)
Tax on profit/(loss)
9
(116,090)
28,752
Profit/(loss) for the financial year
614,347
(44,352)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CONCEPT LIVING LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 11 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,276,158
1,094,075
Investments
12
533,444
533,444
1,809,602
1,627,519
Current assets
Stocks
14
1,932,110
1,197,152
Debtors
15
1,217,554
1,684,079
Cash at bank and in hand
3,411,248
2,969,845
6,560,912
5,851,076
Creditors: amounts falling due within one year
16
(8,055,412)
(7,002,013)
Net current liabilities
(1,494,500)
(1,150,937)
Total assets less current liabilities
315,102
476,582
Creditors: amounts falling due after more than one year
17
(231,951)
(381,998)
Provisions for liabilities
Deferred tax liability
19
44,975
47,956
(44,975)
(47,956)
Net assets
38,176
46,628
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
38,076
46,528
Total equity
38,176
46,628
The financial statements were approved by the board of directors and authorised for issue on 27 October 2022 and are signed on its behalf by:
T D Powell
Director
Company Registration No. 05566209
CONCEPT LIVING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2019
100
90,880
90,980
Year ended 31 October 2020:
Loss and total comprehensive income for the year
-
(44,352)
(44,352)
Balance at 31 October 2020
100
46,528
46,628
Year ended 31 October 2021:
Profit and total comprehensive income for the year
-
614,347
614,347
Dividends
10
-
(622,799)
(622,799)
Balance at 31 October 2021
100
38,076
38,176
CONCEPT LIVING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 13 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,684,051
1,428,509
Interest paid
(14,718)
(19,122)
Income taxes (paid)/refunded
(67,036)
1,036
Net cash inflow from operating activities
1,602,297
1,410,423
Investing activities
Purchase of tangible fixed assets
(432,062)
(35,300)
Interest received
9,567
2,600
Net cash used in investing activities
(422,495)
(32,700)
Financing activities
Repayment of bank loans
(115,600)
106,521
Dividends paid
(622,799)
Net cash (used in)/generated from financing activities
(738,399)
106,521
Net increase in cash and cash equivalents
441,403
1,484,244
Cash and cash equivalents at beginning of year
2,969,845
1,485,601
Cash and cash equivalents at end of year
3,411,248
2,969,845
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 14 -
1
Accounting policies
Company information
Concept Living Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Paddock, Bethesda Street, Upper Basildon, Berkshire, RG8 8NU.
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.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Concept Living Limited is a wholly owned subsidiary of Concept Living Holdings Limied and the results of Concept Living Limited are included in that company's consolidated financial statements which are available from Companies House.
1.2
Business combinations
The 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.
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.
1.3
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.
Due to the impact of the Covid-19 pandemic in 2020 and 2021, the company has taken advantage of the support schemes offered by the government and local authorities, in particular the furlough scheme, CBILS loan of £250k along with rent and rates reductions.
As a result the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of twelve months from the date of approval of the financial statements
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover
Turnover represents the ticket price (excluding value added tax) of furniture delivered to third parties. Turnover comprises retail sales wholly in
the UK to external customers.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
15% per annum reducing balance method/15% per annum straight line method depending upon the nature of the asset
Fixtures, fittings & equipment and computers
15% per annum reducing balance method/straight line over 3 years depending upon the nature of the asset
Motor vehicles
25% per annum reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 16 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
1.9
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.
1.10
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.
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 17 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 18 -
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.
1.11
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.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
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.
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 19 -
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.
1.14
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.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.16
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.
1.17
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.
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 20 -
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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Furniture sales
13,680,351
10,513,159
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
13,680,351
10,513,159
2021
2020
£
£
Other revenue
Interest income
9,567
2,600
Grants received
350,896
458,673
4
Operating profit/(loss)
2021
2020
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses
20
31
Government grants
(350,896)
(458,673)
Fees payable to the company's auditor for the audit of the company's financial statements
29,500
13,000
Depreciation of owned tangible fixed assets
192,050
230,339
Loss on disposal of tangible fixed assets
57,929
90,221
Operating lease charges
784,497
1,050,457
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 21 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Office and Administration
13
13
Sales
42
44
Warehouse
32
32
Total
87
89
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
2,589,502
2,275,350
Social security costs
343,130
282,700
2,932,632
2,558,050
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
284,232
232,100
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
192,114
157,000
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
9,567
2,600
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
9,567
2,600
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 22 -
8
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
14,718
18,086
Other finance costs:
Other interest
1,036
14,718
19,122
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
120,244
Adjustments in respect of prior periods
(1,173)
(7,971)
Total current tax
119,071
(7,971)
Deferred tax
Origination and reversal of timing differences
(2,981)
(20,781)
Total tax charge/(credit)
116,090
(28,752)
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
730,437
(73,104)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
138,783
(13,890)
Tax effect of expenses that are not deductible in determining taxable profit
13,301
20,575
Group relief
(18,629)
(33,236)
Permanent capital allowances in excess of depreciation
(49,701)
(17,213)
Depreciation on assets not qualifying for tax allowances
36,490
43,764
Under/(over) provided in prior years
(1,173)
(7,971)
Deferred tax
(2,981)
(20,781)
Taxation charge/(credit) for the year
116,090
(28,752)
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 23 -
10
Dividends
2021
2020
£
£
Interim paid
622,799
11
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment and computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2020
979,034
1,433,241
42,846
2,455,121
Additions
346,353
85,709
432,062
Disposals
(37,902)
(236,682)
(274,584)
At 31 October 2021
1,287,485
1,282,268
42,846
2,612,599
Depreciation and impairment
At 1 November 2020
389,255
946,609
25,182
1,361,046
Depreciation charged in the year
96,774
90,859
4,417
192,050
Eliminated in respect of disposals
(31,441)
(185,214)
(216,655)
At 31 October 2021
454,588
852,254
29,599
1,336,441
Carrying amount
At 31 October 2021
832,897
430,014
13,247
1,276,158
At 31 October 2020
589,779
486,632
17,664
1,094,075
All of the company's assets
have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
12
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
13
533,444
533,444
13
Subsidiaries
Details of the company's subsidiaries at 31 October 2021 are as follows:
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
13
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Tottenham Court Road Ltd
The Paddock, Bethesda Street, Upper Basildon, Berkshire, RG8 8NU
Ordinary shares
100.00
Loft Living Limited
The Paddock, Bethesda Street, Upper Basildon, Berkshire, RG8 8NU
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Tottenham Court Road Ltd
797,638
117,801
Loft Living Limited
(241,631)
(40,720)
14
Stocks
2021
2020
£
£
Finished goods and goods for resale
1,932,110
1,197,152
15
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
93,457
618,010
Amounts owed by group undertakings
402,069
264,619
Other debtors
350,049
488,869
Prepayments and accrued income
371,979
312,581
1,217,554
1,684,079
16
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans
18
164,032
129,585
Trade creditors
1,342,895
1,017,385
Amounts owed to group undertakings
885,819
1,432,260
Corporation tax
120,244
68,209
Other taxation and social security
698,333
1,129,166
Other creditors
12,601
10,663
Accruals and deferred income
4,831,488
3,214,745
8,055,412
7,002,013
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 25 -
17
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
18
231,951
381,998
18
Loans and overdrafts
2021
2020
£
£
Bank loans
395,983
511,583
Payable within one year
164,032
129,585
Payable after one year
231,951
381,998
All indebtedness to the bank is secured by fixed and floating charges over the company's assets.
Bank loans are repayable between to 2 to 4 years with a interest rate of 3.79% to 4.75%.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
44,975
47,956
2021
Movements in the year:
£
Liability at 1 November 2020
47,956
Credit to profit or loss
(2,981)
Liability at 31 October 2021
44,975
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
20
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
20
Share capital
(Continued)
- 26 -
The company has one class of ordinary shares which carry equal rights to dividends and voting.
21
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
729,083
729,083
Between two and five years
1,849,969
2,229,052
In over five years
458,333
808,333
3,037,385
3,766,468
Reduction in rent payments recognised in profit or loss arising from the COVID-19 pandemic
107,620
63,958
22
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Aggregate compensation
284,233
232,100
Other information
The directors have provided personal guarantees in respect of the company's bank borrowings.
23
Ultimate controlling party
The parent company of Concept Living Limited is Concept Living Holdings Limited and its registered office is; The Paddocks, Bethesda Street, Berkshire, RG8 8NU.
The smallest and largest group into which the entity is consolidated is that headed by Concept Living Holdings Limited.
CONCEPT LIVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 27 -
24
Cash generated from operations
2021
2020
£
£
Profit/(loss) for the year after tax
614,347
(44,352)
Adjustments for:
Taxation charged/(credited)
116,090
(28,752)
Finance costs
14,718
19,122
Investment income
(9,567)
(2,600)
Loss on disposal of tangible fixed assets
57,929
90,221
Depreciation and impairment of tangible fixed assets
192,050
230,339
Movements in working capital:
Increase in stocks
(734,958)
(204,640)
Decrease/(increase) in debtors
466,525
(603,361)
Increase in creditors
966,917
1,972,532
Cash generated from operations
1,684,051
1,428,509
25
Analysis of changes in net funds
1 November 2020
Cash flows
31 October 2021
£
£
£
Cash at bank and in hand
2,969,845
441,403
3,411,248
Borrowings excluding overdrafts
(511,583)
115,600
(395,983)
2,458,262
557,003
3,015,265
2021-10-31
2020-11-01
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