Company registration number 06535324 (England and Wales)
PLANET X LTD
GROUP FINANCIAL STATEMENTS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2022
PLANET X LTD
GROUP FINANCIAL STATEMENTS
COMPANY INFORMATION
Directors
T J E Parker
G A Cahill
(Appointed 1 November 2022)
C F Lyons
(Appointed 1 November 2022)
R Mostyn-Jones
(Appointed 1 November 2022)
Company number
06535324
Registered office
38 - 41 Aldwarke Wharfe Business Park
Waddington Way
Rotherham
S65 3SH
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
Santander UK plc
Sheffield Corporate Business Centre
1st Floor, Telegraph House
High Street
Sheffield
South Yorkshire
S1 2AN
PLANET X LTD
GROUP FINANCIAL STATEMENTS
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
PLANET X LTD
GROUP FINANCIAL STATEMENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 29 MARCH 2022
- 1 -
The directors present the strategic report for the year ended 29 March 2022.
Fair review of the business
Following strong sales growth during COVID-19, sales have “normalised” in FY21-22 generating turnover of £16,895,582. This is down from £19,124,391 in FY20-21
Demand has fallen at a lower rate in the UK compared to overseas. Last year the domestic market accounted for 87% of revenue, up from 80% in the PY.
As a result of Brexit, the UK left the EU on January 1
st
2021. FY21-22 was our first full year trading post Brexit. The implications of this resulted in additional duty & taxes paid by the end consumer on top of the increased delivery charges by carriers on all orders shipped to the EU, which has led to a decline in sales in the EU.
The level of stock held by the business increased from £3,437,333 to £5,327,886. One of the key challenges the business, and indeed the cycling industry faced, is the lead time for products. During FY21-22 the business faced stock disruption following the shipping challenges on the Suez Canal.
As a result of this, the business has deployed a strategy to increase stock holding to minimise the impact of any potential supply chain disruptions in the future.
Planet X continues to make investment across the business to drive and deliver future growth plans.
The business continues to operate successfully under an EOT and was able to make EOT distributions totalling £3,095,048 in FY21-22
The groups profit after tax was £1,107,300 (2021 £2,784,522). The full results for the period are set out in the financial statements.
Key Performance Indicators
The board monitors a variety of KPI’s to ensure the business continues to adapt to the changing environments in which we operate.
The key performance indicators are the level of turnover derived from the Group’s product range and target markets, together with customer satisfaction, operational efficiencies and margin levels. The Group was satisfied with its performance against these targets.
The director will continue to develop the principal activities of the company and to identify areas with further growth potential, which would increase shareholder value.
Future Developments
The Group continues to develop its core own brand product range, which are fairly priced, Pro Level products which are suited to new and experienced cyclists alike. As a result, the director is confident for the future success of the Group.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
- 2 -
Principal risks and uncertainties
One of the biggest challenges facing the business moving forward is the downturn in the global economy. This could have a short-term impact on sales due to high inflation from the cost-of-living crisis, in which costs are increasing at the same time consumer spending is slowing. This is likely to present short term challenges for sales, stock cover and cash.
As part of our obligations as directors we should advise that, like all UK retailers, Planet X is highly dependent on consumer confidence. We are currently operating in conditions such as:
-
a high inflationary environment,
-
increasing borrowing costs for consumers as mortgages renew / credit on new purchases
-
energy price rises scheduled for next year
-
tension between China and Taiwan could cause supply chain disruptions
-
FX volatility, especially between GBP v USD
-
changes in UK fiscal policies with Corporation Tax increasing from 19% to 25% in April 2023
-
general confidence measures decreasing
All these factors and more are contributing to pressures on consumers disposal incomes and therefore could impact demand for discretionary purchases like bikes.
Should all the factors above play out and none of our growth initiatives succeed over the coming year, there may be material uncertainty to our forecasts.
With this said, The Board remain optimistic about the opportunity the markets present, particularly from an international perspective, which is not currently being capitalised on.
The business is well established and continues to be a market leader renowned for high quality products at fair prices. We own a strong line up of well-established brands. Supported by equally well established and strong supplier relationships. Despite difficult trading conditions, we are working in partnership with our bank to ensure we maximise the medium- and long-term opportunities ahead of us.
T J E Parker
Director
24 December 2022
PLANET X LTD
GROUP FINANCIAL STATEMENTS
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 MARCH 2022
- 3 -
The directors present their annual report and financial statements for the year ended 29 March 2022.
Principal activities
The principal activity of the group continued to be that of the sale of bicycles and bicycle parts.
Results and dividends
The results for the year are set out on page 8.
A gift of profits has been made to the Employee Ownership Trust of £3,597,730 (2020: £1,800,000) during the year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
T J E Parker
G A Cahill
(Appointed 1 November 2022)
C F Lyons
(Appointed 1 November 2022)
R Mostyn-Jones
(Appointed 1 November 2022)
Auditor
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
group and
company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor
of the
company is
unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor
of the
company
is
aware of that information.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
- 4 -
On behalf of the board
T J E Parker
Director
24 December 2022
PLANET X LTD
GROUP FINANCIAL STATEMENTS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLANET X LTD
- 5 -
Opinion
We have audited the
financial statements of
Planet X Ltd
(the 'parent company') and its subsidiaries (the 'group') for the year ended 29 March 2022 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 29 March 2022 and of the group's 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
group and
parent 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.
Material uncertainty related to going concern.
We draw attention to Note 1.3 in the financial statements, which indicates that the Group is reliant on forecasted performance being achieved to remain within the existing agreed facilities but that a material uncertainty exists due to the continuing impact from the conflict in Ukraine and the resulting geopolitical uncertainty, and the current inflationary pressures and rising borrowing costs resulting in a negative effect on household discretionary spending. These may impact the ability of the Group to meet its banking requirements. As stated in Note 1.3, these events or conditions along with other matters as set out in the note, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
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.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLANET X LTD
- 6 -
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
group and the parent
company and
their
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the
parent
company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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
.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that are contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements.
We assessed the extent on compliance with the laws and regulations identified through making enquiries of management and inspecting legal expenditure.
There are inherent limitations in the audit procedures described and, the further removed non – compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As part of our audit, we addressed the risk of management override of internal controls, including testing of journal and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk if material misstatement due to fraud.
Where any unusual transactions were identified we investigated the rationale behind the transactions. We performed analytical procedures to identify any unusual trends or unexpected relationships.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLANET X LTD
- 7 -
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.
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.
Paul Winwood (Senior Statutory Auditor)
For and on behalf of BHP LLP
24 December 2022
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
PLANET X LTD
GROUP FINANCIAL STATEMENTS
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 MARCH 2022
- 8 -
2022
2021
Notes
£
£
Turnover
3
16,895,582
19,124,391
Cost of sales
(12,905,524)
(13,817,414)
Gross profit
3,990,058
5,306,977
Administrative expenses
(2,520,284)
(1,909,067)
Other operating income
-
6,751
Operating profit
4
1,469,774
3,404,661
Interest receivable and similar income
8
237
89
Interest payable and similar expenses
9
(94,033)
(10,400)
Profit before taxation
1,375,978
3,394,350
Tax on profit
10
(268,678)
(609,828)
Profit for the financial year
1,107,300
2,784,522
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
GROUP BALANCE SHEET
AS AT
29 MARCH 2022
29 March 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
12
135,761
63,688
Tangible assets
13
146,378
162,952
282,139
226,640
Current assets
Stocks
16
5,327,886
3,437,333
Debtors
17
1,231,645
937,520
Cash at bank and in hand
2,643,933
1,518,284
9,203,464
5,893,137
Creditors: amounts falling due within one year
18
(5,641,144)
(3,691,070)
Net current assets
3,562,320
2,202,067
Total assets less current liabilities
3,844,459
2,428,707
Creditors: amounts falling due after more than one year
19
(3,375,000)
-
Provisions for liabilities
Deferred tax liability
21
60,500
32,000
(60,500)
(32,000)
Net assets
408,959
2,396,707
Capital and reserves
Called up share capital
23
350
350
Share premium account
253,299
253,299
Capital redemption reserve
35
35
Profit and loss reserves
155,275
2,143,023
Total equity
408,959
2,396,707
The financial statements were approved by the board of directors and authorised for issue on 24 December 2022 and are signed on its behalf by:
24 December 2022
T J E Parker
Director
PLANET X LTD
GROUP FINANCIAL STATEMENTS
COMPANY BALANCE SHEET
AS AT 29 MARCH 2022
29 March 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
12
135,761
63,688
Tangible assets
13
146,378
162,952
Investments
14
100
100
282,239
226,740
Current assets
Stocks
16
5,327,886
3,437,333
Debtors
17
2,348,915
827,764
Cash at bank and in hand
2,643,933
1,518,284
10,320,734
5,783,381
Creditors: amounts falling due within one year
18
(6,882,174)
(5,184,813)
Net current assets
3,438,560
598,568
Total assets less current liabilities
3,720,799
825,308
Creditors: amounts falling due after more than one year
19
(3,375,000)
-
Provisions for liabilities
Deferred tax liability
21
60,500
32,000
(60,500)
(32,000)
Net assets
285,299
793,308
Capital and reserves
Called up share capital
23
350
350
Share premium account
253,299
253,299
Capital redemption reserve
35
35
Profit and loss reserves
31,615
539,624
Total equity
285,299
793,308
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s profit for the year was £2,587,039 (2021 - £3,854,186 profit).
The financial statements were approved by the board of directors and authorised for issue on 24 December 2022 and are signed on its behalf by:
24 December 2022
T J E Parker
Director
Company Registration No. 06535324
PLANET X LTD
GROUP FINANCIAL STATEMENTS
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 MARCH 2022
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 30 March 2020
350
253,299
35
2,956,231
3,209,915
Year ended 29 March 2021:
Profit and total comprehensive income for the year
-
-
-
2,784,522
2,784,522
Dividends
11
-
-
-
(3,597,730)
(3,597,730)
Balance at 29 March 2021
350
253,299
35
2,143,023
2,396,707
Year ended 29 March 2022:
Profit and total comprehensive income for the year
-
-
-
1,107,300
1,107,300
Dividends
11
-
-
-
(3,095,048)
(3,095,048)
Balance at 29 March 2022
350
253,299
35
155,275
408,959
PLANET X LTD
GROUP FINANCIAL STATEMENTS
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 MARCH 2022
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 30 March 2020
350
253,299
35
283,168
536,852
Year ended 29 March 2021:
Profit and total comprehensive income for the year
-
-
-
3,854,186
3,854,186
Dividends
11
-
-
-
(3,597,730)
(3,597,730)
Balance at 29 March 2021
350
253,299
35
539,624
793,308
Year ended 29 March 2022:
Profit and total comprehensive income for the year
-
-
-
2,587,039
2,587,039
Dividends
11
-
-
-
(3,095,048)
(3,095,048)
Balance at 29 March 2022
350
253,299
35
31,615
285,299
PLANET X LTD
GROUP FINANCIAL STATEMENTS
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 MARCH 2022
- 13 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(133,136)
3,365,212
Interest paid
(94,033)
(10,400)
Income taxes paid
(295,760)
(207,946)
Net cash (outflow)/inflow from operating activities
(522,929)
3,146,866
Investing activities
Purchase of intangible assets
(88,703)
(23,750)
Purchase of tangible fixed assets
(23,836)
(63,322)
Proceeds on disposal of tangible fixed assets
-
4,147
Interest received
237
89
Net cash used in investing activities
(112,302)
(82,836)
Financing activities
Proceeds of new bank loans
4,855,928
747,580
Dividends and distributions
(3,095,048)
(3,597,730)
Net cash generated from/(used in) financing activities
1,760,880
(2,850,150)
Net increase in cash and cash equivalents
1,125,649
213,880
Cash and cash equivalents at beginning of year
1,518,284
1,304,404
Cash and cash equivalents at end of year
2,643,933
1,518,284
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2022
- 14 -
1
Accounting policies
Company information
Planet X Ltd (“the company”)
is a
private
limited company domiciled and incorporated in
England and Wales
.
The registered office is
38 - 41 Aldwarke Wharfe Business Park, Waddington Way, Rotherham, S65 3SH.
The group consists of Planet X Ltd and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
Business combinations
The consolidated financial statements incorporate those of Planet X Ltd and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 29 March 2022
.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. In making this assessment the directors are mindful that since the year end sales and profitability have decreased significantly and cash balances have reduced following the scheduled contribution to the EOT. Taking this into account, the directors have prepared detailed profit and loss, balance sheet and cash flow forecasts to March 26 which have been prepared in line with a business plan that the board are optimistic is achievable.
However, the directors are aware of certain material uncertainties, as disclosed in the Strategic Report, which may cause doubt on the group’s ability to continue as a going concern. These uncertainties relate to how the ongoing and projected operating conditions in the UK and overseas could continue to reduce demand for discretionary purchases like bikes, and result in the business plan, and forecasted profitability and cash generation not being achieved. In this scenario the forecasted sensitivities indicate that the Group would need to work with stakeholders and seek to implement measures to remain within the confirmed facilities. At the time of sign off the board had received verbal confirmation of short-term support through the deferment and capping of scheduled loan repayments until March 23, however any corresponding agreement with the bank beyond March 23 is not yet known. The directors continue to work with the bank and key stakeholders but acknowledge the inherent uncertainties that the Group faces currently.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
20% straight line
Software development
20% straight line
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
1
Accounting policies
(Continued)
- 16 -
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
10% straight line
Plant and machinery
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the
profit and loss account
.
1.8
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company
financial statements,
investments in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting end date, the
group
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss
.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.11
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
m
ethod
.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors, bank loans and
loans from fellow group companies 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
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.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
1
Accounting policies
(Continued)
- 18 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.16
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.
1.17
Retirement benefits
Contributions payable are charged to the profit and loss account in the year they are payable.
1.18
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
d
asset are consumed.
1.19
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.
Stock provision
The group considers whether provisions are required where the net realisable value is estimated to be lower than cost. Net realisable value is based on both historical experience and assumptions regarding future selling prices, and is consequently a source of estimation uncertainty. The provision is determined based on the choice of an appropriate percentage in accordance with the ageing and turnover of stock.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Sale of bikes and associated accessories
16,895,582
19,124,391
2022
2021
£
£
Other significant revenue
Grants received
6,751
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
15,537,070
16,109,908
EU
810,363
2,600,282
Rest of the World
548,149
414,201
16,895,582
19,124,391
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
10,292
17,506
Research and development costs
-
13,545
Government grants
(6,751)
Depreciation of owned tangible fixed assets
40,410
43,465
Profit on disposal of tangible fixed assets
(832)
Amortisation of intangible assets
16,630
20,295
Operating lease charges
165,480
147,000
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
- 20 -
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,825
14,500
Audit of the financial statements of the company's subsidiaries
3,520
3,500
19,345
18,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Production
47
36
47
36
Administration
21
25
5
10
Total
68
61
52
46
Their aggregate remuneration comprised:
Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
1,794,377
1,537,513
1,260,646
1,089,502
Social security costs
157,754
125,801
106,744
80,694
Pension costs
29,860
21,895
21,649
16,042
1,981,991
1,685,209
1,389,039
1,186,238
Redundancy payments made or committed
5,000
-
-
-
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
214,186
78,333
Company pension contributions to defined contribution schemes
1,321
853
215,507
79,186
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
177,508
-
Company pension contributions to defined contribution schemes
1,321
-
As total directors' remuneration was less than £200,000 in the
prior
year,
there is
no disclosure is provided for that year.
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Other interest income
237
89
9
Interest payable and similar expenses
2022
2021
£
£
Interest on bank overdrafts and loans
94,033
10,400
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
240,178
643,524
Adjustments in respect of prior periods
(37,696)
Total current tax
240,178
605,828
Deferred tax
Origination and reversal of timing differences
28,500
4,000
Total tax charge
268,678
609,828
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
10
Taxation
(Continued)
- 22 -
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:
2022
2021
£
£
Profit before taxation
1,375,978
3,394,350
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
261,436
644,927
Tax effect of expenses that are not deductible in determining taxable profit
1,113
Adjustments in respect of prior years
(37,696)
Deferred tax not recognised
182
(299)
Fixed asset differences
(7,452)
1,783
Adjust opening and closing deferred tax to rate of 19%
14,512
Taxation charge
268,678
609,828
11
Dividends and distributions
2022
2021
£
£
Distributions to Employee Ownership Trust
3,095,048
3,597,730
12
Intangible fixed assets
Group
Trademarks
Software development
Total
£
£
£
Cost
At 30 March 2021
214,462
166,326
380,788
Additions
88,703
88,703
At 29 March 2022
214,462
255,029
469,491
Amortisation and impairment
At 30 March 2021
198,609
118,491
317,100
Amortisation charged for the year
4,103
12,527
16,630
At 29 March 2022
202,712
131,018
333,730
Carrying amount
At 29 March 2022
11,750
124,011
135,761
At 29 March 2021
15,853
47,835
63,688
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
12
Intangible fixed assets
(Continued)
- 23 -
Company
Trademarks
Software development
Total
£
£
£
Cost
At 30 March 2021
214,462
166,326
380,788
Additions
88,703
88,703
At 29 March 2022
214,462
255,029
469,491
Amortisation and impairment
At 30 March 2021
198,609
118,491
317,100
Amortisation charged for the year
4,103
12,527
16,630
At 29 March 2022
202,712
131,018
333,730
Carrying amount
At 29 March 2022
11,750
124,011
135,761
At 29 March 2021
15,853
47,835
63,688
13
Tangible fixed assets
Group
Land and buildings Leasehold
Assets under construction
Plant and machinery
Total
£
£
£
£
Cost
At 30 March 2021
87,750
25,164
525,043
637,957
Additions
20,500
3,336
23,836
Transfers
(25,164)
25,164
At 29 March 2022
87,750
20,500
553,543
661,793
Depreciation and impairment
At 30 March 2021
71,110
403,895
475,005
Depreciation charged in the year
8,775
31,635
40,410
At 29 March 2022
79,885
435,530
515,415
Carrying amount
At 29 March 2022
7,865
20,500
118,013
146,378
At 29 March 2021
16,640
25,164
121,148
162,952
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
13
Tangible fixed assets
(Continued)
- 24 -
Company
Land and buildings Leasehold
Assets under construction
Plant and machinery
Total
£
£
£
£
Cost
At 30 March 2021
87,750
25,164
525,043
637,957
Additions
20,500
3,336
23,836
Transfers
(25,164)
25,164
At 29 March 2022
87,750
20,500
553,543
661,793
Depreciation and impairment
At 30 March 2021
71,110
403,895
475,005
Depreciation charged in the year
8,775
31,635
40,410
At 29 March 2022
79,885
435,530
515,415
Carrying amount
At 29 March 2022
7,865
20,500
118,013
146,378
At 29 March 2021
16,640
25,164
121,148
162,952
14
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
15
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 30 March 2021 and 29 March 2022
100
Carrying amount
At 29 March 2022
100
At 29 March 2021
100
15
Subsidiaries
Details of the company's subsidiaries at 29 March 2022 are as follows:
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
15
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Planet X Retail Limited
UK
Ordinary
100.00
16
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Finished goods and goods for resale
5,327,886
3,437,333
5,327,886
3,437,333
Stock value is net of the stock provision of £458,413.
17
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,656
3,153
Amounts owed by group undertakings
-
-
1,532,932
-
Other debtors
914,837
881,690
572,076
808,799
Prepayments and accrued income
313,152
52,677
243,907
18,965
1,231,645
937,520
2,348,915
827,764
18
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans
20
2,228,508
747,580
2,228,508
747,580
Trade creditors
1,232,379
598,906
1,232,379
598,906
Amounts owed to group undertakings
3,317,340
Corporation tax payable
593,737
649,319
343,768
313,165
Other taxation and social security
642,313
561,324
2,819,323
60,859
Other creditors
634,276
917,088
Accruals and deferred income
309,931
216,853
258,196
146,963
5,641,144
3,691,070
6,882,174
5,184,813
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
- 26 -
19
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
20
3,375,000
3,375,000
20
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
5,603,508
747,580
5,603,508
747,580
Payable within one year
2,228,508
747,580
2,228,508
747,580
Payable after one year
3,375,000
3,375,000
Bank loans and facilities are secured by fixed and floating charges the assets of the Group.
The above bank loans include a loan with a maturity date of March 2025 and an addition loan with a maturity date of June 2026. Both loans attract an interest rate of 5% per annum.
21
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Group
£
£
ACAs
61,500
32,000
Tax losses
(1,000)
-
60,500
32,000
Liabilities
Liabilities
2022
2021
Company
£
£
ACAs
61,500
32,000
Tax losses
(1,000)
-
60,500
32,000
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
21
Deferred taxation
(Continued)
- 27 -
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 30 March 2021
32,000
32,000
Charge to profit or loss
28,500
28,500
Liability at 29 March 2022
60,500
60,500
22
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,860
21,895
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary of 1p each
19,494
19,494
195
195
'B' Ordinary of 1p each
3,000
3,000
30
30
'C' Ordinary of 1p each
7,506
7,506
75
75
'D' Ordinary of £2 each
25
25
50
50
30,025
30,025
350
350
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
188,500
16,937
188,500
16,937
Between two and five years
596,499
9,999
596,499
9,999
784,999
26,936
784,999
26,936
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
24
Operating lease commitments
(Continued)
- 28 -
25
Events after the reporting date
Since the year end, the company has made contributions to the EOT totalling £1.8m.
In November 2022, the company has set up an Enterprise Management Incentive scheme for certain key management and as part of this transaction the share capital of the company has been reclassified. No options have been exercised.
26
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2022
2021
£
£
Aggregate compensation
256,580
83,282
A cross guarantee debenture exists between Planet X Ltd and Planet X Retail Limited as part of the group's
banking facilities.
The group has taken advantage of the exemption available in FRS 102 section 33 "Related Party
Disclosures" whereby it has not disclosed transactions with group companies.
27
Controlling party
The shares in Planet X Limited are owned via an employee ownership trust called The Planet X EOT Trust. Planet X EOT Trustees Limited is the trustee body responsible for governing the trust on behalf of the employees. As Planet X EOT Trustees Limited has the power to appoint and remove directors amongst other powers, it is determined as the controlling party.
PLANET X LTD
GROUP FINANCIAL STATEMENTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MARCH 2022
- 29 -
28
Cash (absorbed by)/generated from group operations
2022
2021
£
£
Profit for the year after tax
1,107,300
2,784,522
Adjustments for:
Taxation charged
268,678
609,828
Finance costs
94,033
10,400
Investment income
(237)
(89)
Gain on disposal of tangible fixed assets
-
(832)
Amortisation and impairment of intangible assets
16,630
20,295
Depreciation and impairment of tangible fixed assets
40,410
43,465
Movements in working capital:
Increase in stocks
(1,890,553)
(243,876)
Increase in debtors
(2,197,493)
(971,393)
Increase in creditors
2,428,096
1,112,892
Cash (absorbed by)/generated from operations
(133,136)
3,365,212
29
Analysis of changes in net funds/(debt) - group
30 March 2021
Cash flows
29 March 2022
£
£
£
Cash at bank and in hand
1,518,284
1,125,649
2,643,933
Borrowings excluding overdrafts
(747,580)
(4,855,928)
(5,603,508)
770,704
(3,730,279)
(2,959,575)
2022-03-29
2021-03-30
false
CCH Software
CCH Accounts Production 2022.200
T J E Parker
G A Cahill
C F Lyons
T J E Parker
06535324
bus:Consolidated
2021-03-30
2022-03-29
06535324
2021-03-30
2022-03-29
06535324
bus:Director4
2021-03-30
2022-03-29
06535324
bus:Director6
2021-03-30
2022-03-29
06535324
bus:Director7
2021-03-30
2022-03-29
06535324
bus:Director8
2021-03-30
2022-03-29
06535324
bus:Director1
2021-03-30
2022-03-29
06535324
bus:Director2
2021-03-30
2022-03-29
06535324
bus:Director3
2021-03-30
2022-03-29
06535324
bus:RegisteredOffice
2021-03-30
2022-03-29
06535324
bus:Agent1
2021-03-30
2022-03-29
06535324
bus:Consolidated
2022-03-29
06535324
2022-03-29
06535324
bus:Consolidated
2020-03-30
2021-03-29
06535324
2020-03-30
2021-03-29
06535324
core:OtherResidualIntangibleAssets
bus:Consolidated
2022-03-29
06535324
core:OtherResidualIntangibleAssets
bus:Consolidated
2021-03-29
06535324
core:OtherResidualIntangibleAssets
2022-03-29
06535324
core:OtherResidualIntangibleAssets
2021-03-29
06535324
core:PatentsTrademarksLicencesConcessionsSimilar
bus:Consolidated
2022-03-29
06535324
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bus:Consolidated
2022-03-29
06535324
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bus:Consolidated
2021-03-29
06535324
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bus:Consolidated
2021-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2021-03-29
06535324
2021-03-29
06535324
core:LandBuildings
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2022-03-29
06535324
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2022-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2021-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2022-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
core:ConstructionInProgressAssetsUnderConstruction
2021-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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bus:Consolidated
2022-03-29
06535324
core:CapitalRedemptionReserve
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2020-03-29
06535324
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2020-03-29
06535324
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2020-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2020-03-30
2021-03-29
06535324
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2021-03-30
2022-03-29
06535324
bus:Consolidated
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2020-03-30
2021-03-29
06535324
bus:Consolidated
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2021-03-30
2022-03-29
06535324
bus:Consolidated
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2020-03-30
2021-03-29
06535324
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2021-03-30
2022-03-29
06535324
bus:Consolidated
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2020-03-30
2021-03-29
06535324
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2021-03-29
06535324
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2021-03-29
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2021-03-29
06535324
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2021-03-29
06535324
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2021-03-29
06535324
2021-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-29
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2021-03-29
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2021-03-29
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2021-03-29
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2021-03-29
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2021-03-29
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2022-03-29
06535324
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2021-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
06535324
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2021-03-30
2022-03-29
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