Company Registration No. 07864369 (England and Wales)
Zynstra Limited
Annual report and financial statements
for the period ended 31 December 2020
Zynstra Limited
Company information
Director
David Bolton
(Appointed 10 January 2022)
Company number
07864369
Registered office
University of Bath Innovation Centre
Carpenter House
Broad Quay
Bath
BA1 1UD
Auditor
Henderson Loggie LLP
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Zynstra Limited
Contents
Page
Strategic report
1 - 3
Director's report
4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
Zynstra Limited
Strategic report
for the period ended 31 December 2020
- 1 -
The director presents the strategic report for the
13 month
period ended 31 December 2020.
Fair review of the business
The Company provides innovative products and services that enable retailers to deliver superior customer and employee experiences through faster innovation and radically reduces cost to serve in-store. Software Defined Store is purpose built for the edge, optimizes existing store technology and enables digital transformation.
Our solutions are based on a foundation of long-established industry knowledge, software development expertise, and global customer support services.
In December 2019, the Company was acquired by NCR Limited for a sum of £102,885,000 by way of cash settlement. NCR Limited and the Company have worked together for several years resulting in the launch of NCR Software Defined Store (‘SDS’) in January 2019. The Company’s subscription-based virtualisation solution is one of the critical pillars of NCR Limited’s next generation store architecture for the retail and hospitality industries.
The performance of the Company during 2020 was in line with expectations, considering the impact of the COVID-19 pandemic.
Results and performance
The results of the Company for the financial year, as set out on page 7, show a profit before taxation of £1,729,195 (9 months to November 2019: loss £1,566,669). The shareholders funds of the Company total £6,602,507 (2019: £4,379,585).
Included within profit before taxation is a gain on the sale of the Company’s wholly owned subsidiary Zynstra Inc to NCR Corporation (NYSE:NCR).
Principal risks and uncertainties
The following risks and uncertainties could materially and adversely affect our business, financial condition, results of operations, and cause actual results to differ materially from our expectations and projections.
Economic Pressures
Our business may be negatively affected by domestic economic and credit conditions. Our business is sensitive to the strength of domestic economic and credit conditions. The strength of domestic economic and credit conditions depend on a number of factors, including consumer confidence, unemployment levels, and interest rates.
A negative economic climate could create financial pressures that impact the ability or willingness of our customers to incur expenditure, thereby affecting their ability to purchase our products or services, or especially with respect to smaller customers, to pay accounts receivable owed to Zynstra Limited.
Brexit
Whilst the terms on which the United Kingdom withdrew from the European Union were agreed, it is still considered early to fully evaluate all of the potential implications on the Company’s business and the wider economy. Nonetheless the Director considers that the business has taken all reasonable steps necessary to mitigate the risks associated with the withdrawal and remains confident at the date of signing these financial statements that the Brexit agreement will not impact the ongoing viability of the Company.
Zynstra Limited
Strategic report (continued)
for the period ended 31 December 2020
- 2 -
Principal risks and uncertainties (continued)
COVID-19
The continuous challenging time presented by COVID-19 demands the Company to actively navigate through the various aspects and makes it necessary in taking steps to safeguard the interests of our employees and help our customers. We continue to assess and update our business continuity plan in the context of this pandemic. Despite the unprecedented environment, our teams/employees work at a high level to further advance our corporate strategy. The Company has taken several measures to maintain stability.
The ultimate impact on our overall financial condition and operating results will depend on the currently unknowable duration and severity of the pandemic, as well as any additional governmental and public actions taken in response. The operating goal is to reduce costs and preserve liquidity by keeping cash flows of the Company neutral. We continue to evaluate the long-term impact that COVID-19 may have on our business model. We expect the pandemic to create headwinds to our customers and our business until COVID-19 is contained, consumer confidence improves, and the economic considerations rebound. While it is difficult to project how disruptive and protracted the pandemic will be, we do expect it will negatively impact our business.
The COVID-19 pandemic is complex and continues to evolve. There can be no assurance that the measures we have taken or will take will completely offset the negative impact of COVID-19.
Competition
If we do not compete effectively within the technology industry, we will not be successful. We operate in the intensely competitive information technology industry. This industry is characterised by rapidly changing technology, evolving industry standards, requests for new product introductions, price and cost reductions, and increasingly greater commoditisation of products, making differentiation difficult. Our future competitive performance and market position depend on a number of factors, including our ability to:
-
react to competitive pricing pressures
-
exploit opportunities in emerging vertical markets, such as travel, hospitality, and technology
-
cross-sell additional products and services to our existing customer base
-
rapidly and continually design, develop and market, or otherwise maintain and introduce innovative solutions and related products and services for our customers that are competitive in the marketplace.
-
react on a timely basis to shifts in market demands
-
reduce costs without creating operating inefficiencies or impairing product or service quality
-
maintain competitive operating margins
-
improve product and service delivery quality and effectively market and sell evolving technological solutions
Business Model
If we are unsuccessful in further developing our business model, our operating results could be negatively impacted. In recent years, we have begun to shift our business model to focus on higher margin recurring software services and professional services. Our ability to successfully grow depends on a number of different factors, including market acceptance or our software solutions, enabling our sales force to use a consultative selling model, and further research and development of additional feature sets to our existing product line.
Development and performance
We have established a focused and consistent business strategy targeted at turnover growth of the key SDS product line and associated Professional Services, gross margin improvement, improved customer loyalty, and employee engagement. This strategy guided our efforts in 2020 and will continue to guide us in 2021 and beyond. To execute this strategy, we incorporate three key imperatives that align with our financial objectives:
-
Deliver disruptive innovation;
-
Focus on migrating any perpetual software licence revenue to recurring software revenue;
-
More fully enable our sales force with a consultative selling model that better leverage the innovation we are bringing to the market.
Zynstra Limited
Strategic report (continued)
for the period ended 31 December 2020
- 3 -
Key performance indicators
Management monitors the business in aggregate with the sales efforts of associated group companies using the following key indicators:
|
|
|
|
|
|
New Committed Annual Recurring Revenue (% baseline growth)
|
|
|
New Total Contract Value (% baseline growth)
|
|
|
Headcount (% change compared with prior period)
|
|
|
New Committed Annual Recurring Revenue (‘CARR’)
New CARR increased to 256% in 2020. The increase is driven by the development of a retail focused enterprise solution aimed at the North American Convenience Fuel Retail (CFR) market and continues to be a primary area of growth opportunity for the Company.
New Total Contract Value (‘TCV’)
New CARR increased to 364% in 2020. The increase is driven by longer term subscription contracts in the North American CFR market. The lower growth over 2019 was driven by a concerted move to recurring revenue contracts from perpetual software licence contracts.
Headcount
Headcount growth increased 78% from 2019 due to increased investment from NCR Limited post acquisition, primarily in Engineering and Sales as the SDS platform was further developed and marketed to the North American Retail market.
David Bolton
Director
16 February 2022
Zynstra Limited
Director's report
for the period ended 31 December 2020
- 4 -
The director presents his annual report and financial statements for the period ended 31 December 2020.
Principal activities
The principal activity of the company continued to be that of software development.
Results and dividends
The results for the period are set out on page 9.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Thomas Hertrich
(Appointed 21 December 2019 and resigned 31 January 2022)
Gillian McLearnon
(Appointed 23 December 2019 and resigned 26 July 2021)
Brian Buggy
(Resigned 21 December 2019)
Andrew Burton
(Resigned 21 December 2019)
Jonathan Craton
(Resigned 21 December 2019)
Nicholas East
(Resigned 21 December 2019)
Donald Gibson
(Resigned 21 December 2019)
Ian Perry
(Resigned 21 December 2019)
Robert Willet
(Resigned 21 December 2019)
David Bolton
(Appointed 10 January 2022)
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
I
ncluded within the strategic report is an indication of the principal risks and uncertainties and the methods adopted to manage these risks where applicable. Also included
in the strategic report are
details of development and performance.
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
David Bolton
Director
16 February 2022
Zynstra Limited
Director's responsibilities statement
for the period ended 31 December 2020
- 5 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.
Zynstra Limited
Independent auditor's report
to the member of Zynstra Limited
- 6 -
Opinion
We have audited the financial statements of Zynstra Limited (the 'company') for the period ended 31 December 2020 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit 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.
The financial statements of the company for the period ended 30 November 2019 were unaudited. We have obtained sufficient appropriate audit evidence that opening balances do not contain misstatements that materially affect the current period's financial statements.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the
director's
use of the going concern basis of accounting in the preparation of the
financial statements
is not appropriate; or
-
the
director has
not disclosed in the
financial statements
any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the
financial statements
are authorised for issue
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Zynstra Limited
Independent auditor's report (continued)
to the member of Zynstra Limited
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the director's
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 director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the director's
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, 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 director
As explained more fully in the director's
r
esponsibilities
s
tatement, the director is 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 director determines 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
director is
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
director
either
intends
to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
specific procedures for this engagement and the
extent to
which these
are capable of detecting irregularities, including fraud,
are
detailed below
.
-
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;
-
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the carrying value of tangible fixed assets, intangible assets and debtors; and
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Zynstra Limited
Independent auditor's report (continued)
to the member of Zynstra Limited
- 8 -
Because of the field in which the company operates, we identified the following areas as those most likely to have a material impact on the financial statements: GDPR, PCI DSS, health and safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities for the audit of the financial statements is located 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 member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to him in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member for our audit work, for this report, or for the opinions we have formed.
Gavin Black (Senior Statutory Auditor)
For and on behalf of Henderson Loggie LLP
16 February 2022
Chartered Accountants
Statutory Auditor
The Vision Building
20 Greenmarket
Dundee
DD1 4QB
Zynstra Limited
Statement of comprehensive income
for the period ended 31 December 2020
- 9 -
Period
Period
ended
ended
31 December
30 November
2020
2019
Notes
£
£
Turnover
3
713,004
2,414,644
Cost of sales
(499,281)
(232,069)
Gross profit
213,723
2,182,575
Administrative expenses
(5,008,042)
(3,920,899)
Other operating income
283
Operating loss
4
(4,794,319)
(1,738,041)
Interest receivable and similar income
7
126,059
171,372
Gain on disposal of investment in subsidiary undertaking
8
6,397,455
Profit/(loss) before taxation
1,729,195
(1,566,669)
Tax on profit/(loss)
9
92,980
(100,000)
Profit/(loss) for the financial period
1,822,175
(1,666,669)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Zynstra Limited
Balance sheet
as at 31 December 2020
- 10 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
10
1,588,821
Tangible assets
11
153,208
100,394
1,742,029
100,394
Current assets
Debtors
13
5,911,325
5,121,957
Cash at bank and in hand
1,704,226
153,682
7,615,551
5,275,639
Creditors: amounts falling due within one year
14
(2,755,073)
(996,448)
Net current assets
4,860,478
4,279,191
Net assets
6,602,507
4,379,585
Capital and reserves
Called up share capital
17
13,101
8,855
Share premium account
18
20,436,850
20,040,349
Share option reserve
19
820,699
Profit and loss reserves
20
(13,847,444)
(16,490,318)
Total equity
6,602,507
4,379,585
The financial statements were approved by the board of directors and authorised for issue on 16 February 2022 and are signed on its behalf by:
David Bolton
Director
Company Registration No. 07864369
Zynstra Limited
Statement of changes in equity
for the period ended 31 December 2020
- 11 -
Share capital
Share premium account
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 March 2019
8,514
20,012,625
521,086
(14,851,714)
5,690,511
Period ended 30 November 2019:
Loss and total comprehensive income for the period
-
-
-
(1,666,669)
(1,666,669)
Issue of share capital
17
341
27,724
-
-
28,065
Reserve transfer
17
(28,065)
28,065
-
Share option scheme charge
-
-
327,678
-
327,678
Balance at 30 November 2019
8,855
20,040,349
820,699
(16,490,318)
4,379,585
Period ended 31 December 2020:
Profit and total comprehensive income for the period
-
-
-
1,822,175
1,822,175
Issue of share capital
17
4,246
396,501
-
-
400,747
Reserve transfer
17
(820,699)
820,699
-
Balance at 31 December 2020
13,101
20,436,850
(13,847,444)
6,602,507
Zynstra Limited
Notes to the financial statements
for the period ended 31 December 2020
- 12 -
1
Accounting policies
Company information
Zynstra Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
University of Bath Innovation Centre, Carpenter House, Broad Quay, Bath, BA1 1UD.
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.
This 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
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
:
The
disclosure
requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
-
Section 26 ‘Share based Payment’
:
Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
NCR Corporation; a company incorporated in the USA.
Comparative information in the financial statements is derived from the company's prior
year
financial statements which were not audited.
1.2
Going concern
The company meets its day to day working capital requirements through
true
its available bank funds
. The current global economic conditions arising from the COVID-19 pandemic have had a
n impact on the operations of the company and its customer base.
The director of the company ha
s
performed a robust analysis of forecast future cash flows taking into account the potential impact on the business of possible future scenarios arising from
the current economic environment
. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. The company has also received confirmation of ongoing financial support from its parent undertaking, NCR
Limited
. Based on these assessments and having regard to the resources available to the
company
, the director ha
s
concluded that there is no material uncertainty and that
he
can continue to adopt the going concern basis in preparing these financial statements.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
1
Accounting policies (continued)
- 13 -
1.3
Reporting period
The financial statements have been prepared for a 13 month period, starting on 1 December 2019 and ending on 31 December 2020. The period has been extended to bring the year end date in line with the parent company NCR. The prior year reporting period was for 9 months, starting on 1 March 2019 and ending on 30 November 2019. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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 an
d
rebates.
Revenue from contracts for the provision of services is recognised
rateably over the period benefitted or when the services are complete.
1.5
Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Development costs are directly attributable to the design and testing of identifiable and unique software platforms controlled by the company and are recognised when the following criteria are met:
-
it is technically feasible to complete the software product so that it will be available for use;
-
management intends to complete the software product and use or sell it;
-
there is an ability to use or sell the software product;
-
it can be demonstrated how the software product will generate probable future economic benefits;
-
adequate technical, financial and other resources to complete the development and to use or sell the software product are available;
-
the expenditure attributable to the software product during its development can be reliably measured.
Other development expenditure that do not meet these criteria together with costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
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:
Software
5 years
1.6
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:
Fixtures and fittings
33.3% straight line
Computers
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
1
Accounting policies (continued)
- 14 -
1.7
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.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
1
Accounting policies (continued)
- 15 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
1
Accounting policies (continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
1
Accounting policies (continued)
- 17 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity investments expected to vest at each statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with the fair value of goods and services received.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.15
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.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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 tangible and intangible fixed assets
The depreciation of tangible and amortisation of intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect the current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Impairment of tangible fixed assets
The company makes an assessment whether there are any indicators assets may be impaired. This ensures tangible assets are not carried at more than their recoverable amount.
Impairment of intangible fixed assets
An intangible asset has been capitalised in accordance with the accounting policy. Capitalisation has been based on the director's and key management's judgement that completion of the development of the asset is technologically and economically feasible. Management has assessed the useful life of the intangible asset at 5 years, being the period over which it is expected to generate revenue. However, such assets can potentially generate revenue over a shorter or longer period.
Impairment of debtors
The company makes an estimate of the recoverable value of trade, intercompany and other debtors. When assessing
the potential
impairment of debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, historical experience and other known information.
3
Turnover and other revenue
2020
2019
£
£
Turnover analysed by class of business
Principal activity
713,004
2,414,644
2020
2019
£
£
Other significant revenue
Interest income
126,059
171,372
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
3
Turnover and other revenue (continued)
- 19 -
2020
2019
£
£
Turnover analysed by geographical market
United Kingdom
686,102
484,111
Rest of World
26,902
1,930,533
713,004
2,414,644
4
Operating loss
2020
2019
Operating loss for the period is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
30,474
(75,267)
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
Depreciation of owned tangible fixed assets
79,023
51,689
Loss on disposal of tangible fixed assets
197
373
Amortisation of intangible assets
91,989
Share-based payments
327,678
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2019
Number
Number
78
54
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
4,441,096
2,693,871
Social security costs
472,871
276,469
Pension costs
295,193
96,854
5,209,160
3,067,194
Staff costs totalling £1,680,810 (2019 - £Nil) were capitalised as part of intangible asset additions.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
- 20 -
6
Director's remuneration
2020
2019
£
£
Remuneration for qualifying services
19,167
179,750
The number of directors who exercised share options during the period was 2 (2019 - 0).
7
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
4,509
11,202
Interest receivable from group companies
121,550
160,170
Total income
126,059
171,372
8
Amounts written off investments
2020
2019
£
£
Gain on disposal of fixed asset investments
6,397,455
9
Taxation
2020
2019
£
£
Current tax
Adjustments in respect of prior periods
(92,980)
100,000
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
9
Taxation (continued)
- 21 -
The actual (credit)/charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit/(loss) before taxation
1,729,195
(1,566,669)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19% (2019: 19%)
328,547
(297,667)
Tax effect of expenses that are not deductible in determining taxable profit
20,010
53,902
Tax effect of income not taxable in determining taxable profit
(1,215,516)
Unutilised tax losses carried forward
3,801,752
588,550
Change in unrecognised deferred tax assets
(11,996)
(3,140)
Adjustments in respect of prior years
356,176
100,000
Research and development tax credit
(449,156)
(341,645)
Tax relief on share options
(2,922,797)
Taxation (credit)/charge for the period
(92,980)
100,000
The company has unrecognised deferred tax asset of £5,983,297 (2019: £2,006,482) which relates to tax losses carried forward of £31,491,036 (2019: £10,889,292). The deferred tax asset has not been recognised because the timing and level of its recoverability is uncertain.
The Finance (No.2) Act 2015 reduced the main rate of UK corporation tax to 19% and this was effective from 1 April 2017. A further reduction in the UK corporation tax rate to 17% was expected to come into effect from 1 April 2020 (as enacted by the Finance Act 2016 on 15 September 2016). However, legislation introduced in the Finance Act 2020 (enacted on 22 July 2020) repealed the reduction of corporation tax, maintaining the current rate of 19%.
On 3 March 2021, the UK Budget 2021 announcements included measures to support economic recovery as a result of the ongoing COVID-19 pandemic. These included an increase to the UK’s main corporation tax rate to 25%, which is due to be effective from 1 April 2023. The impact of the change in tax rate from 19% to 25% would be an increase in the
unrecognised deferred tax asset
of £
1.9m
.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
- 22 -
10
Intangible fixed assets
Software
£
Cost
At 1 December 2019
Additions - internally developed
1,680,810
At 31 December 2020
1,680,810
Amortisation and impairment
At 1 December 2019
Amortisation charged for the period
91,989
At 31 December 2020
91,989
Carrying amount
At 31 December 2020
1,588,821
At 30 November 2019
11
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 December 2019
10,266
796,377
806,643
Additions
7,935
124,763
132,698
Disposals
(44,152)
(44,152)
At 31 December 2020
18,201
876,988
895,189
Depreciation and impairment
At 1 December 2019
6,255
699,994
706,249
Depreciation charged in the period
4,483
74,540
79,023
Eliminated in respect of disposals
(43,291)
(43,291)
At 31 December 2020
10,738
731,243
741,981
Carrying amount
At 31 December 2020
7,463
145,745
153,208
At 30 November 2019
4,011
96,383
100,394
12
Fixed asset investments
During the year, an intercompany debt was capitalised in return for one share in wholly owned subsidiary, Zynstra Holdings Inc. The company then disposed of its subsidiary undertaking, Zynstra Holdings Inc for total proceeds of £10,862,620 resulting in a gain on disposal of £6,397,455 being recognised in the profit and loss account for the period.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
12
Fixed asset investments (continued)
- 23 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 December 2019
-
Additions
4,465,165
Disposals
(4,465,165)
At 31 December 2020
-
Carrying amount
At 31 December 2020
-
At 30 November 2019
-
13
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
199,919
215,606
Corporation tax recoverable
449,156
475,593
Amounts owed by group undertakings
5,059,689
4,282,166
Other debtors
66,268
37,958
Prepayments and accrued income
136,293
110,634
5,911,325
5,121,957
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
14
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Trade creditors
120,342
163,765
Amounts owed to group undertakings
550,347
Corporation tax
397
Other taxation and social security
401,635
104,353
Liability for share based payments
16
1,160,763
Other creditors
3,297
18,353
Accruals and deferred income
518,689
709,580
2,755,073
996,448
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
- 24 -
15
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
295,193
96,854
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.
16
Share-based payment transactions
The company operated an equity-settled share option scheme for employees. On 21 December 2019, all issued share options were exercised.
17
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,306,315
881,623
13,062
8,816
A Ordinary shares of 0.01p each
333,334
333,334
33
33
B Ordinary shares of 0.001p each
652,050
645,542
6
6
2,291,699
1,860,499
13,101
8,855
Called up share capital represents the nominal value of the shares issued.
All shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.
On 21 December 2019, the company issued 424,692 Ordinary 1p shares and 6,508 B Ordinary 0.01p shares for a total consideration of £400,747.
18
Share premium account
The share premium account includes the premium on issue of equity shares, net of any issue costs.
19
Share option reserve
The share option reserve represents the fair value at the date of grant of share options issued to employees. On 21 December 2019, all share options were exercised and this reserve became distributable and was transferred to the profit and loss reserve.
20
Profit and loss reserves
Profit and loss reserves represents comprehensive income for the current and prior financial periods less dividends paid.
Zynstra Limited
Notes to the financial statements (continued)
for the period ended 31 December 2020
- 25 -
21
Ultimate controlling party
The immediate parent undertaking is NCR Limited, a company registered in the UK. NCR Limited has taken advantage of the exemption from preparing consolidated financial statements under the terms of Section 401 of the Companies Act 2006.
The ultimate parent undertaking and controlling party is NCR Corporation, a company incorporated in the United States of America. NCR Corporation is the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2019. The consolidated financial statements of NCR Corporation are available publicly from 3097, Satellite Boulevard Building 800, Third Floor, Duluth, Georgia 30096, USA.
The company is exempt from disclosing related party transactions as they are with other companies that are wholly owned within the NCR group.
2020-12-31
2019-12-01
false
CCH Software
CCH Accounts Production 2021.300
Thomas Hertrich
Gillian McLearnon
Brian Buggy
Andrew Burton
Jonathan Craton
Nicholas East
Donald Gibson
Ian Perry
Robert Willet
David Bolton
07864369
2019-12-01
2020-12-31
07864369
bus:Director10
2019-12-01
2020-12-31
07864369
bus:Director1
2019-12-01
2020-12-31
07864369
bus:Director2
2019-12-01
2020-12-31
07864369
bus:Director3
2019-12-01
2020-12-31
07864369
bus:Director4
2019-12-01
2020-12-31
07864369
bus:Director5
2019-12-01
2020-12-31
07864369
bus:Director6
2019-12-01
2020-12-31
07864369
bus:Director7
2019-12-01
2020-12-31
07864369
bus:Director8
2019-12-01
2020-12-31
07864369
bus:Director9
2019-12-01
2020-12-31
07864369
bus:RegisteredOffice
2019-12-01
2020-12-31
07864369
2020-12-31
07864369
2019-03-01
2019-11-30
07864369
core:RetainedEarningsAccumulatedLosses
2019-03-01
2019-11-30
07864369
core:RetainedEarningsAccumulatedLosses
2019-12-01
2020-12-31
07864369
core:OtherResidualIntangibleAssets
2020-12-31
07864369
core:OtherResidualIntangibleAssets
2019-11-30
07864369
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-12-31
07864369
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2019-11-30
07864369
2019-11-30
07864369
core:FurnitureFittings
2020-12-31
07864369
core:ComputerEquipment
2020-12-31
07864369
core:FurnitureFittings
2019-11-30
07864369
core:ComputerEquipment
2019-11-30
07864369
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
07864369
core:CurrentFinancialInstruments
core:WithinOneYear
2019-11-30
07864369
core:CurrentFinancialInstruments
2020-12-31
07864369
core:CurrentFinancialInstruments
2019-11-30
07864369
core:ShareCapital
2020-12-31
07864369
core:ShareCapital
2019-11-30
07864369
core:SharePremium
2020-12-31
07864369
core:SharePremium
2019-11-30
07864369
core:OtherMiscellaneousReserve
2020-12-31
07864369
core:OtherMiscellaneousReserve
2019-11-30
07864369
core:RetainedEarningsAccumulatedLosses
2020-12-31
07864369
core:RetainedEarningsAccumulatedLosses
2019-11-30
07864369
core:ShareCapital
2019-02-28
07864369
core:SharePremium
2019-02-28
07864369
core:OtherMiscellaneousReserve
2019-02-28
07864369
core:RetainedEarningsAccumulatedLosses
2019-02-28
07864369
2019-02-28
07864369
core:ShareCapitalOrdinaryShares
2020-12-31
07864369
core:ShareCapitalOrdinaryShares
2019-11-30
07864369
core:ShareCapital
2019-03-01
2019-11-30
07864369
core:SharePremium
2019-03-01
2019-11-30
07864369
core:ShareCapital
2019-12-01
2020-12-31
07864369
core:SharePremium
2019-12-01
2020-12-31
07864369
core:IntangibleAssetsOtherThanGoodwill
2019-12-01
2020-12-31
07864369
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2019-12-01
2020-12-31
07864369
core:FurnitureFittings
2019-12-01
2020-12-31
07864369
core:ComputerEquipment
2019-12-01
2020-12-31
07864369
core:UKTax
2019-12-01
2020-12-31
07864369
core:UKTax
2019-03-01
2019-11-30
07864369
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2019-11-30
07864369
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
core:InternallyGeneratedIntangibleAssets
2019-12-01
2020-12-31
07864369
core:FurnitureFittings
2019-11-30
07864369
core:ComputerEquipment
2019-11-30
07864369
2019-11-30
07864369
core:CurrentFinancialInstruments
core:WithinOneYear
1
2020-12-31
07864369
core:CurrentFinancialInstruments
core:WithinOneYear
1
2019-11-30
07864369
bus:PrivateLimitedCompanyLtd
2019-12-01
2020-12-31
07864369
bus:FRS102
2019-12-01
2020-12-31
07864369
bus:Audited
2019-12-01
2020-12-31
07864369
bus:FullAccounts
2019-12-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP