Company registration number 06647377 (England and Wales)
FILM & FOIL SOLUTIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
FILM & FOIL SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
Mr I J Hillman
Mr J Grimmond
(Appointed 5 May 2022)
Ms S A Tinsley
(Appointed 5 May 2022)
Company number
06647377
Registered office
Unit 4, North Florida Road
Haydock Industrial Estate
Haydock
St Helens
Merseyside
WA11 9UB
Auditor
Mitchell Charlesworth (Audit) Limited
3rd Floor
5 Temple Square
Temple Street
Liverpool
Merseyside
L2 5RH
FILM & FOIL SOLUTIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
FILM & FOIL SOLUTIONS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2022
- 1 -
The directors present the strategic report for the period ended 30 April 2022.
Fair review of the business
The period’s activities and focus were dominated by the recovery of the factory fire from May 2020 and the successful re-instatement of machines and production capabilities.
The company was comprehensively insured in all aspects for the replacement of plant and equipment, stock losses and, over a 18 - month indemnity period, for loss of profit and increased costs of working. The final pieces of equipment have been delayed due to covid impacts on suppliers and the internal resources of the business, however these are expected to be finalised in 2023. The severity of the fire and the effect on our available production and capacity was problematic to multiple processes and production from May 2020 and has had a material impact on sales, stock levels, expenses and profits through this financial year.
2021 proved to be a difficult year for polymer supplies with rapid and significant raw material cost inflation driven by a shortage of resin availability, continued logistical problems via the global shipping lines. The severity of the supply issues resulted in many film producers claiming ‘force majeure’ and having insufficient capacity to serve all their orders / customers, consequently, lead times reached unprecedented levels of 3-5 months in many cases. Through our established supplier relationships, history, agreements, and forward commitments our business was not interrupted by the lack of raw material supply, unlike others in our sector. Price increases remained a problem from Feb 2021 through to March 2022.
During the year we fully implemented our new computer system, following the initial instal in quarter 4 of 2020. Integration and optimisation continue.
The government legislated ‘Plastic Tax’ was introduced on 1
st
April 2022, therefore the accounts reflect one trading month with the plastic tax. This has been successfully introduced to our customers and administered by Film & Foil.
Principal risks and uncertainties
Supply chain security and stability is considered one of the most critical areas of the business. Film supply can have a material impact on the business if interrupted for any reason, along with rapid and significant price increases. In the main the business mitigates the risk of raw material shortages and short-term price fluctuations by forward planning, longer term supply agreements and its stock levels.
The negative media towards plastics generally alongside the emergence of alternative substrates remain a risk and we are working with our customers to offer alternative solutions for the future.
Key performance indicators
The director considers that the key financial performance indicators of the company are those that communicate the financial performance and strength of the company as a whole, these primarily being turnover and profit margins.
As a result of the on-going effect of the factory fire on the business the Director considers this trading period to be
an exceptional trading period due to the business interruptions created from the fire.
The actual ‘general trading sales’ in the period are positively influenced from exceptional (non-repeatable) sales revenue from the remedial measures taken to mitigate the impact of the fire on the business.
FILM & FOIL SOLUTIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 2 -
Development and performance
The financial performance is disappointing and is a clear outcome of the challenges faced from the fire, as stated this is seen as an isolated period and performance and is not consistent with the historic performance of the business.
As the significant losses have been generated from the exceptional circumstances rehearsed above, the continued improvements that have been shown within the business demonstrate that the business is returning to profitability.
The acquisition of the entire share capital of Film & Foil Solutions Ltd by Coral Products PLC on the 4
th
May 2022 provides the business with further financial support and positively influences the speed of recovery and development.
Whilst the business, is fortunate to have experienced, dedicated and an ambitious team of people that are all committed to supporting our customers and growing our business with innovative and new products the commitment pledged by Coral Products PLC, the new ultimate parent company to the business further reduces the uncertainty and provides additional and performance enhancing opportunities for continued success.
Despite the challenges in this period the business has remained committed to new product and process development that it believes will create growth opportunities in 2023.
Mr I J Hillman
Director
31 January 2023
FILM & FOIL SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2022
- 3 -
The directors present their annual report and financial statements for the period ended 30 April 2022.
Principal activities
The principal activity of the company continued to be that of
manufacturing and distributing of plastic packing goods and other plastic products.
Results and dividends
The results for the period are set out on page 9.
Ordinary dividends were paid amounting to £50,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr I J Hillman
Mr J Grimmond
(Appointed 5 May 2022)
Ms S A Tinsley
(Appointed 5 May 2022)
Auditor
Mitchell Charlesworth (Audit) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
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.
Strategic report
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 is noted in the strategic report on page 1
and 2.
FILM & FOIL SOLUTIONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Mr I J Hillman
Director
31 January 2023
FILM & FOIL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FILM & FOIL SOLUTIONS LIMITED
- 5 -
Opinion
We have audited the financial statements of Film & Foil Solutions Limited (the 'company') for the period ended 30 April 2022 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 30 April 2022 and of its loss for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 period 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.
FILM & FOIL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FILM & FOIL SOLUTIONS LIMITED
- 6 -
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
.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
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:
-
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
FILM & FOIL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FILM & FOIL SOLUTIONS LIMITED
- 7 -
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
(i) The presentation of the Statement of Comprehensive Income, (ii) the accounting policy for revenue recognition (iii) overstatement of stocks. 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.
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 to avoid a material penalty.
Audit response to risks identfied
O
ur procedures to respond to risks identified included the following:
-
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;
-
enquiring of management and directors 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;
-
testing the accuracy of the inventory records and cut off procedures;
-
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements 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.
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.
FILM & FOIL SOLUTIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FILM & FOIL SOLUTIONS LIMITED
- 8 -
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.
Richard Johnson
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
31 January 2023
Accountants
Statutory Auditor
3rd Floor
5 Temple Square
Temple Street
Liverpool
Merseyside
L2 5RH
FILM & FOIL SOLUTIONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2022
- 9 -
Period
Year
ended
ended
30 April
31 December
2022
2020
as restated
Notes
£
£
Turnover
3
15,002,544
10,363,082
Cost of sales
(12,721,711)
(8,563,831)
Gross profit
2,280,833
1,799,251
Distribution costs
(356,071)
(327,961)
Administrative expenses
(3,533,848)
(2,387,778)
Other operating income
156,732
1,287,223
Exceptional item
4
(185,520)
Operating (loss)/profit
5
(1,452,354)
185,215
Interest payable and similar expenses
8
(191,527)
(124,211)
(Loss)/profit before taxation
(1,643,881)
61,004
Tax on (loss)/profit
9
(648)
259,628
(Loss)/profit for the financial period
(1,644,529)
320,632
Other comprehensive income
Revaluation of tangible fixed assets
254,835
Total comprehensive income for the period
(1,644,529)
575,467
The profit and loss account has been prepared on the basis that all operations are continuing operations.
FILM & FOIL SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 10 -
2022
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
11
8,333
Tangible assets
12
2,822,974
2,917,641
2,831,307
2,917,641
Current assets
Stocks
14
2,223,908
4,495,650
Debtors
15
2,403,220
3,341,616
Cash at bank and in hand
361,524
381,023
4,988,652
8,218,289
Creditors: amounts falling due within one year
16
(5,015,735)
(6,489,218)
Net current (liabilities)/assets
(27,083)
1,729,071
Total assets less current liabilities
2,804,224
4,646,712
Creditors: amounts falling due after more than one year
17
(1,126,124)
(1,153,083)
Provisions for liabilities
Deferred tax liability
19
121,000
-
(121,000)
Net assets
1,678,100
3,372,629
Capital and reserves
Called up share capital
21
100
100
Revaluation reserve
447,935
447,935
Profit and loss reserves
1,230,065
2,924,594
Total equity
1,678,100
3,372,629
The financial statements were approved by the board of directors and authorised for issue on 31 January 2023 and are signed on its behalf by:
Mr I J Hillman
Director
Company Registration No. 06647377
FILM & FOIL SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2022
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2020:
Balance at 1 January 2020
100
193,100
2,641,462
2,834,662
Year ended 31 December 2020:
Profit for the year
-
-
320,632
320,632
Other comprehensive income:
Revaluation of tangible fixed assets
-
254,835
-
254,835
Total comprehensive income for the year
254,835
320,632
575,467
Dividends
10
-
-
(37,500)
(37,500)
Balance at 31 December 2020
100
447,935
2,924,594
3,372,629
Period ended 30 April 2022:
Loss and total comprehensive income for the period
-
-
(1,644,529)
(1,644,529)
Dividends
10
-
-
(50,000)
(50,000)
Balance at 30 April 2022
100
447,935
1,230,065
1,678,100
FILM & FOIL SOLUTIONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2022
- 12 -
2022
2020
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,107,417
118,939
Interest paid
(191,527)
(124,211)
Income taxes (paid)/refunded
(121,648)
246,247
Net cash inflow from operating activities
794,242
240,975
Investing activities
Purchase of intangible assets
(10,000)
Purchase of tangible fixed assets
(153,155)
(396,541)
Proceeds from disposal of tangible fixed assets
209
Net cash used in investing activities
(162,946)
(396,541)
Financing activities
Repayment of bank loans
(440,069)
1,387,585
Payment of finance leases obligations
(69,115)
(86,513)
Dividends paid
(50,000)
(37,500)
Net cash (used in)/generated from financing activities
(559,184)
1,263,572
Net increase in cash and cash equivalents
72,112
1,108,006
Cash and cash equivalents at beginning of period
(625,659)
(1,733,665)
Cash and cash equivalents at end of period
(553,547)
(625,659)
Relating to:
Cash at bank and in hand
361,524
381,023
Bank overdrafts included in creditors payable within one year
(915,071)
(1,006,682)
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
- 13 -
1
Accounting policies
Company information
Film & Foil Solutions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 4, North Florida Road, Haydock Industrial Estate, Haydock, St Helens, Merseyside, WA11 9UB.
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. The principal accounting policies adopted are set out below.
1.2
Prior period error
A prior year adjustment applied to the profit and loss account has been made purely for presentational purposes to reflect the reallocation of insurance proceeds to other income.
1.3
Going concern
Despite the significant loss for the year as described in the strategic report, the directors have a reasonable expectation
true
that the company has adequate resources to continue in operational existence for the foreseeable future.
This being on the back of a return to profitability in the post balance sheet period and also following the change in ownership of the company as described in note 23, the ultimate parent company, Coral Products Plc has pledged financial support to the company for its future development.
Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Reporting period
During the period the company changed its reporting period end from December to April for commercial reasons. As a result the latest financial statements cover the 16 month period ended 30 April 2022.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
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.
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 14 -
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:
Other intangibles
8 years
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
50 years
Plant and equipment
2-20 years
Fixtures and fittings
5 years
Motor vehicles
4 years
Electrical Equipment
2-5 years
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
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
1.9
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.
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 15 -
1.10
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 16 -
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.
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.
1.12
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.
1.13
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.
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 17 -
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.16
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.
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Useful economic lives of properties, plant and equipment
The annual depreciation charge for land, buildings, plant and equipment is sensitive to changes in estimated useful economic lives of the assets. The useful lives of the assets are assessed on an annual basis based on experience and are amended when necessary to reflect current estimates.
Stock provisioning
Being a stockist and distributer it is necessary to consider the recoverability of the cost of the inventory and the associated provisioning required. Management consider the nature and condition of inventory as well as historic movements when considering the level of provisioning.
3
Turnover and other revenue
2022
2020
£
£
Turnover analysed by geographical market
United Kingdom
14,859,184
10,246,367
Overseas
143,360
116,715
15,002,544
10,363,082
2022
2020
£
£
Other revenue
Grants received
92,775
221,172
4
Exceptional item
2022
2020
£
£
Expenditure
Bad debt - supplier loan balance written off
-
185,520
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 19 -
5
Operating (loss)/profit
2022
2020
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange losses
34,373
9,142
Government grants
(92,775)
(221,172)
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
Depreciation of owned tangible fixed assets
202,635
92,772
Loss on disposal of tangible fixed assets
44,978
Amortisation of intangible assets
1,667
Operating lease charges
93,334
6
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2020
Number
Number
42
51
Their aggregate remuneration comprised:
2022
2020
£
£
Wages and salaries
1,298,146
1,071,164
Social security costs
104,572
75,510
Pension costs
22,055
1,424,773
1,146,674
7
Directors' remuneration
2022
2020
£
£
Remuneration for qualifying services
16,667
12,984
8
Interest payable and similar expenses
2022
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
191,527
124,211
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 20 -
9
Taxation
2022
2020
£
£
Current tax
UK corporation tax on profits for the current period
(246,247)
Adjustments in respect of prior periods
121,647
Total current tax
121,647
(246,247)
Deferred tax
Origination and reversal of timing differences
(120,999)
(13,381)
Total tax charge/(credit)
648
(259,628)
The actual charge/(credit) for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:
2022
2020
£
£
(Loss)/profit before taxation
(1,643,881)
61,004
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(312,337)
11,591
Tax effect of expenses that are not deductible in determining taxable profit
4,202
4,208
Adjustments in respect of prior years
121,648
Effect of change in corporation tax rate
(51,784)
13,303
Other permanent differences
(246,247)
Deferred tax adjustments in respect of prior years
238,919
(42,483)
Taxation charge/(credit) for the period
648
(259,628)
10
Dividends
2022
2020
£
£
Final paid
50,000
37,500
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 21 -
11
Intangible fixed assets
Other intangibles
£
Cost
At 1 January 2021
Additions
10,000
At 30 April 2022
10,000
Amortisation and impairment
At 1 January 2021
Amortisation charged for the period
1,667
At 30 April 2022
1,667
Carrying amount
At 30 April 2022
8,333
At 31 December 2020
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Electrical Equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2021
1,906,606
1,428,706
74,663
60,060
65,084
3,535,119
Additions
3,940
117,347
1,500
30,368
153,155
Disposals
(132,445)
(132,445)
At 30 April 2022
1,910,546
1,413,608
76,163
60,060
95,452
3,555,829
Depreciation and impairment
At 1 January 2021
3,871
506,137
38,567
34,442
34,461
617,478
Depreciation charged in the period
5,083
157,140
14,351
12,015
14,046
202,635
Eliminated in respect of disposals
(87,258)
(87,258)
At 30 April 2022
8,954
576,019
52,918
46,457
48,507
732,855
Carrying amount
At 30 April 2022
1,901,592
837,589
23,245
13,603
46,945
2,822,974
At 31 December 2020
1,902,735
922,569
36,096
25,618
30,623
2,917,641
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
12
Tangible fixed assets
(Continued)
- 22 -
The freehold land and buildings were revalued during the prior year based on formal valuations provided by Mason Owen Property Consultants.
Following the completion of the post year end acquisition of the company referred to in the ultimate controlling party note, the freehold land and buildings will be transferred to the ultimate controlling party at net book value.
13
Financial instruments
2022
2020
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,310,838
3,280,192
Carrying amount of financial liabilities
Measured at amortised cost
5,197,511
7,059,947
14
Stocks
2022
2020
£
£
Raw materials and consumables
2,223,908
4,495,650
Amounts recognised in cost of sales during the period in respect of stock losses and obsolescence were £400,000 (2020 £Nil).
15
Debtors
2022
2020
Amounts falling due within one year:
£
£
Trade debtors
2,225,455
2,502,584
Other debtors
83,731
777,608
Prepayments and accrued income
94,034
61,424
2,403,220
3,341,616
16
Creditors: amounts falling due within one year
2022
2020
Notes
£
£
Bank loans and overdrafts
18
3,421,308
4,034,551
Obligations under finance leases
27,072
75,803
Trade creditors
528,301
1,793,010
Taxation and social security
944,348
582,354
Accruals and deferred income
94,706
3,500
5,015,735
6,489,218
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 23 -
17
Creditors: amounts falling due after more than one year
2022
2020
Notes
£
£
Bank loans and overdrafts
18
1,005,565
924,002
Obligations under finance leases
26,465
46,849
Other creditors
94,094
182,232
1,126,124
1,153,083
18
Loans and overdrafts
2022
2020
£
£
Bank loans
3,511,802
3,951,871
Bank overdrafts
915,071
1,006,682
4,426,873
4,958,553
Payable within one year
3,421,308
4,034,551
Payable after one year
1,005,565
924,002
The bank loans and overdrafts are secure by way of a fixed and floating charge
in favour of Yorkshire Bank plc
over the company and all its assets
.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2020
Balances:
£
£
Accelerated capital allowances
-
121,000
2022
Movements in the period:
£
Liability at 1 January 2021
121,000
Credit to profit or loss
(121,000)
Liability at 30 April 2022
-
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 24 -
20
Retirement benefit schemes
2022
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,055
-
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2022
2020
2022
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
22
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:
2022
2020
£
£
Within one year
110,623
17,389
Between two and five years
214,975
35,970
325,598
53,359
23
Ultimate controlling party
During the period the company was under the control of Mr I J Hillman by virtue of his majority shareholding. Post year end on the 3 May 2022 the company was acquired by Coral Products PLC who on this date became the ultimate controlling party.
FILM & FOIL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2022
- 25 -
24
Cash generated from operations
2022
2020
£
£
(Loss)/profit for the period after tax
(1,644,529)
320,632
Adjustments for:
Taxation charged/(credited)
648
(259,628)
Finance costs
191,527
124,211
Loss on disposal of tangible fixed assets
44,978
Amortisation and impairment of intangible assets
1,667
Depreciation and impairment of tangible fixed assets
202,635
92,772
Movements in working capital:
Decrease/(increase) in stocks
2,271,742
(845,946)
Decrease/(increase) in debtors
938,396
(182,382)
(Decrease)/increase in creditors
(899,647)
869,280
Cash generated from operations
1,107,417
118,939
2022-04-30
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Mr I J Hillman
Mr J Grimmond
Ms S A Tinsley
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