Company registration number 08651758 (England and Wales)
NORTHERN MONK BREWING CO. LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
NORTHERN MONK BREWING CO. LTD
COMPANY INFORMATION
Directors
R A Bisset
B R Dickson
T Profumo
Company number
08651758
Registered office
The Old Flax Store
Marshalls Mills
Marshall Street
Leeds
West Yorkshire
LS11 9YJ
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
Business address
The Old Flax Store
Marshalls Mills
Marshall Street
Leeds
West Yorkshire
LS11 9YJ
NORTHERN MONK BREWING CO. LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 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 - 28
NORTHERN MONK BREWING CO. LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
- 1 -
The directors present the strategic report for the year ended 31 August 2021.
Fair review of the business
The 2020/21 Financial Year brought some of our most proud accomplishments to date for us at Northern Monk, but it was also one where the Global Pandemic and resulting supply chain impacts meant the most significant headwinds in our history. Turnover for the year ended 31 Aug 2021 was £10,804,448 (2020: £8,322,746), representing top line growth of 30%. We’re incredibly grateful to our team for accomplishing this growth against the backdrop of the Pandemic, which meant we faced significant trading restrictions in 9 of the 12 months in the financial year, including 5 months where the hospitality industry, including our own bars, were unable to open. We delivered this growth through constant innovation, including launching our first alcohol free beers, and creating leading beer experiences that drove significant demand online, in bottleshops and in grocery. What really drove home this accomplishment, was being awarded the Fastest growing Company in Yorkshire by Ward Hathaway. There are around 0.5 million companies in Yorkshire, and our team and their incredible efforts have made Northern Monk number 1.
Additionally, this was a year where the focus was on capital investment to grow the production capacity of the brewery, and unlock even further growth, as capacity has always been our bottleneck to meet customer demand. We successfully completed the largest brewery expansion for Northern Monk to date, with Capital Investment of £3.7M to bring a step change to the capacity of the brewery from 45kHLs to 70kHL. This work, which was completed in stages from April to November 2021, allowed us to service some increased customer demand during the year in review, and has built the capacity to grow into customer demand for the coming years with minimal further Capital Investment.
The 2020/21 Financial Year was one of the most challenging periods of trading for UK businesses in decades. Despite the significant top line growth these trading conditions took their toll at Northern Monk, resulting in a loss for the year before taxation of (£1,168,721). The largest contribution to this result was the channel mix of sales due to the Global Pandemic. Three of our more profitable channels, On Trade, Export and our own Refectories, were closed or highly restricted for most of this financial year. Additionally, we faced significant supply chain disruptions related to the Pandemic, including having several months of shipping delays on new fermentation tanks and a National CO2 shortage. This resulted in having to contract brew some batches at a low margin, and the brewery only being able to operate 80% of working days in Q4 due to lack of CO2. This has impacted sales potential during the financial year under review and the first few months of the 2021/22 financial year.
As we’ve now completed the expansion works and restrictions have lifted, we do not foresee the above impacts as sustained, however, like other businesses around the world, some of the supply chain headwinds which started in 2020 continue to be felt, and we must change the way we operate to mitigate them and bring the results back to profitability; most notably, increasing raw material and input costs such as aluminium, cardboard and Co2. Now that the expansion works at the Brewery are complete, there is clear focus on improving the efficiency of production to offset rising input costs, including, but not limited to, improving yields, yeast propagation/health and packaging efficiency.
Despite the unforeseen challenges we were hit with, we’ve come out of the year stronger than ever. We were once again awarded as one of the top 10 food and drinks companies to work for in the UK, and we’ve now added the capacity and operation efficiency capabilities to enable Northern Monk to bring further, profitable growth.
NORTHERN MONK BREWING CO. LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 2 -
Principal risks and uncertainties
The directors of the business closely monitor the risks and uncertainties of the business, and build plans to mitigate those risks. The principal risks of the business are financial risks (financial market & liquidity risks) and operational risks (supply chain, business continuity, reputational, compliance and cyber risk).
Financial Risks
Market & Economic
Market and economic risk are managed by expansion of the business within existing and new key market channels to help mitigate risk.
Liquidity
Northern Monk has significant working capital requirements at key times during the year and we ensure that we have sufficient resources to meet our obligations as they fall due. We manage this by preparing detailed cash flow forecasts and working with our bank and other lenders to ensure the company has sufficient working capital as required. Trade debtors are managed in respect to credit and payment terms and with regular monitoring of amounts outstanding for both time and credit limits.
Non-Financial
Supply Chain
Northern Monk is affected by the economies in the territories that it operates. Supply chain risks are managed by maintaining close relationships with all our suppliers to enable us to identify supply chain problems together with securing alternative supply chain partners where possible or required to help mitigate supply chain risk.
Cyber risks & IT system failure
Cyber and IT System risks are managed by controls & safeguards put in place by IT team together with cyber risk insurance in the event we are not able to prevent a cyber event.
Reputational/brand
Northern Monk has made investment in quality control including laboratory facilities to ensure we produce beer of the highest quality of standard which align with the standards expected from both ourselves and that of our customers. Investment has been made in our brewery production facility which together with the undertaking of timely scheduled preventative maintenance combines to create an infrastructure for the business to service existing and new customer demand.
Regulation Compliance
Compliance with regulations is monitored by our team and investment is made in our infrastructure to ensure Northern Monk maintains full compliance in all areas of the business.
Staff turnover
Exposure to staff turnover is managed by investment in our people including providing training and progression opportunities. Northern Monk’s culture has clearly defined employee values and behaviours which are closely aligned to our strategic objectives which includes diversity and inclusion within our workforce.
NORTHERN MONK BREWING CO. LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 3 -
Key performance indicators
The company’s key performance indicators during the year were as follows:
The results reflected in these financial statements includes a prior year adjustment of £224k made due to an error noted in relation to the stock valuation. The directors are confident that procedures are now in place to correct such an error occurring in the future.
The reported loss for the year under review after taxation of £1.7M includes a provision made for deferred taxation of £678k as detailed in Note 17 to the Financial Statements. £5
8
k of this provision is expected to reverse within 12 months from the date of the Financial Statements and this provision does not recognise the effect of tax losses the company is able to utilise in future profitable trading periods which upon being recognised would reduce this provision by £6
86
k based on current taxation rates.
R A Bisset
Director
30 May 2022
NORTHERN MONK BREWING CO. LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
- 4 -
The directors present their annual report and financial statements for the year ended 31 August 2021.
Principal activities
Northern Monk designs and creates premium, highest quality beer and near beer products and experiences. Born of the North, together we create the best beer and near beer experiences in the world, growing in stature as we grow in scale.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R A Bisset
B R Dickson
T Profumo
Post reporting date events
To assist with the working capital requirements of the company, in September 2021 the company secured additional bank funding of £987k over a 5 year term. In addition to this, in January 2022 further Investor funding was received by way of convertible loans of £1.7M.
Auditor
BHP LLP 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 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
R A Bisset
Director
30 May 2022
NORTHERN MONK BREWING CO. LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2021
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
NORTHERN MONK BREWING CO. LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NORTHERN MONK BREWING CO. LTD
- 6 -
Opinion
We have audited the financial statements of Northern Monk Brewing Co. Ltd (the 'company') for the year ended 31 August 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 August 2021 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
NORTHERN MONK BREWING CO. LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORTHERN MONK BREWING CO. LTD
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of company minutes and legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
NORTHERN MONK BREWING CO. LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORTHERN MONK BREWING CO. LTD
- 8 -
As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
Other matters which we are required to address
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.
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.
Nigel Bullas (Senior Statutory Auditor)
For and on behalf of BHP LLP
30 May 2022
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
NORTHERN MONK BREWING CO. LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2021
- 9 -
2021
2020
as restated
Notes
£
£
Turnover
3
10,804,448
8,322,746
Cost of sales
(8,868,607)
(5,870,879)
Gross profit
1,935,841
2,451,867
Administrative expenses
(3,212,998)
(2,738,835)
Other operating income
164,768
209,651
Operating loss
4
(1,112,389)
(77,317)
Interest receivable and similar income
7
56
5,493
Interest payable and similar expenses
8
(56,388)
(13,809)
Loss before taxation
(1,168,721)
(85,633)
Tax on loss
9
(563,648)
36,550
Loss for the financial year
(1,732,369)
(49,083)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
NORTHERN MONK BREWING CO. LTD
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
- 10 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,263,916
2,415,695
Current assets
Stocks
11
1,332,695
892,502
Debtors
12
1,373,777
1,729,012
Cash at bank and in hand
527,296
1,946,556
3,233,768
4,568,070
Creditors: amounts falling due within one year
13
(2,802,337)
(1,836,184)
Net current assets
431,431
2,731,886
Total assets less current liabilities
5,695,347
5,147,581
Creditors: amounts falling due after more than one year
14
(1,471,299)
(1,057,595)
Provisions for liabilities
Deferred tax liability
17
678,000
55,000
(678,000)
(55,000)
Net assets
3,546,048
4,034,986
Capital and reserves
Called up share capital
19
273
258
Share premium account
5,070,038
3,826,622
Profit and loss reserves
(1,524,263)
208,106
Total equity
3,546,048
4,034,986
The financial statements were approved by the board of directors and authorised for issue on 30 May 2022 and are signed on its behalf by:
R A Bisset
Director
Company Registration No. 08651758
NORTHERN MONK BREWING CO. LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2021
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 August 2020:
Balance at 1 September 2019
258
3,826,622
257,189
4,084,069
Year ended 31 August 2020:
Loss and total comprehensive income for the year
-
-
(49,083)
(49,083)
Balance at 31 August 2020
258
3,826,622
208,106
4,034,986
Year ended 31 August 2021:
Loss and total comprehensive income for the year
-
-
(1,732,369)
(1,732,369)
Issue of share capital
19
15
1,243,416
-
1,243,431
Balance at 31 August 2021
273
5,070,038
(1,524,263)
3,546,048
NORTHERN MONK BREWING CO. LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2021
- 12 -
2021
2020
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(142,116)
(4,120)
Interest paid
(56,388)
(13,809)
Income taxes refunded
13,982
Net cash outflow from operating activities
(184,522)
(17,929)
Investing activities
Purchase of tangible fixed assets
(3,411,111)
(1,429,689)
Proceeds on disposal of tangible fixed assets
99,998
Interest received
56
5,493
Net cash used in investing activities
(3,311,057)
(1,424,196)
Financing activities
Proceeds from issue of shares
1,243,431
Proceeds of new bank loans
600,000
900,000
Repayment of bank loans
(56,799)
(5,000)
Payment of finance leases obligations
(13,949)
(1,717)
Net cash generated from financing activities
1,772,683
893,283
Net decrease in cash and cash equivalents
(1,722,896)
(548,842)
Cash and cash equivalents at beginning of year
1,946,556
2,495,398
Cash and cash equivalents at end of year
223,660
1,946,556
Relating to:
Cash at bank and in hand
527,296
1,946,556
Bank overdrafts included in creditors payable within one year
(303,636)
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 13 -
1
Accounting policies
Company information
Northern Monk Brewing Co. Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Old Flax Store, Marshalls Mills, Marshall Street, Leeds, West Yorkshire, LS11 9YJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company’s ability to continue as a going concern.
The directors have considered the legacy of the impact that Covid-19 on the company’s trade, workforce as well as the wider economy together with ongoing supply chain pressures. This includes securing post reporting date additional bank and shareholder funding and performing supply chain stress tests to ensure continued supply. Whilst it is not considered practical to accurately access the duration and extent of the disruption, the directors are confident that they have plans in place to deal with any disruption that may arise.
The directors therefore continue to adopt the going concern basis of preparation for the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 14 -
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:
Leasehold improvements
In accordance with the lease term
Plant and machinery
10% to 25% straight line basis
Fixtures, fittings & equipment
25% straight line basis
Computer equipment
25% straight line basis
Motor vehicles
25% straight line basis
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, 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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 15 -
1.7
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.
1.8
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.
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
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.
1.9
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.
1.10
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.
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 18 -
1.14
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.
Grants received in relation to the government Coronavirus Job Retention Scheme (Furlough) have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.
Support received in relation to the interest paid by the UK government under the Coronavirus Business Interruption Loan Scheme is recognised within other operating income on the accruals basis to match the corresponding expense.
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.
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.
Depreciation
There is an element of estimation uncertainty in the depreciation rates chosen by the directors. These rates are chosen using the expertise and prior knowledge of the directors, and are reviewed each year to ensure the useful economic life of assets are correctly reflected.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Sale of goods
10,804,448
8,322,746
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
3
Turnover and other revenue
(Continued)
- 19 -
2021
2020
£
£
Turnover analysed by geographical market
Sales (UK)
10,060,486
7,509,741
Sales (Rest of World)
743,962
813,005
10,804,448
8,322,746
2021
2020
£
£
Other revenue
Interest income
56
5,493
Grants received
132,882
181,821
4
Operating loss
2021
2020
Operating loss for the year is stated after charging/(crediting):
£
£
Government grants
(132,882)
(181,821)
Fees payable to the company's auditor for the audit of the company's financial statements
10,500
Depreciation of owned tangible fixed assets
590,313
496,693
Depreciation of tangible fixed assets held under finance leases
5,938
2,433
Loss on disposal of tangible fixed assets
119,657
Operating lease charges
291,319
258,996
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Production
75
54
Admin
9
7
Total
84
61
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
5
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
1,954,774
1,458,111
Social security costs
175,757
125,062
Pension costs
35,171
26,233
2,165,702
1,609,406
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
135,066
96,000
Company pension contributions to defined contribution schemes
2,351
1,806
137,417
97,806
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 - 2).
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
56
5,493
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
56
5,493
8
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
46,855
7,212
Other finance costs:
Interest on finance leases and hire purchase contracts
3,626
Other interest
5,907
6,597
56,388
13,809
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 21 -
9
Taxation
2021
2020
£
£
Current tax
Adjustments in respect of prior periods
(59,352)
Deferred tax
Origination and reversal of timing differences
623,000
(36,550)
Total tax charge/(credit)
563,648
(36,550)
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Loss before taxation
(1,168,721)
(85,633)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(222,057)
(16,270)
Tax effect of expenses that are not deductible in determining taxable profit
3,793
7,008
Tax effect of income not taxable in determining taxable profit
(15,744)
Change in unrecognised deferred tax assets
926,433
(47,481)
Effect of change in corporation tax rate
(16,109)
Permanent capital allowances in excess of depreciation
(36,241)
9,760
Research and development tax credit
(3,000)
(19,522)
Other permanent differences
6,600
Remeasurement of deferred tax for changes in tax rates
(45,928)
9,986
Current year over provision
61,478
Adjustments to tax charge in respect of previous periods - deferred tax
(59,352)
(16,256)
Taxation charge/(credit) for the year
563,648
(36,550)
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 22 -
10
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2020
264,011
3,187,424
371,785
52,663
20,240
3,896,123
Additions
507,315
3,073,118
17,427
47,737
18,530
3,664,127
Disposals
(667,366)
(667,366)
At 31 August 2021
771,326
5,593,176
389,212
100,400
38,770
6,892,884
Depreciation and impairment
At 1 September 2020
159,311
1,097,579
187,711
21,407
14,420
1,480,428
Depreciation charged in the year
77,871
414,528
88,238
10,830
4,784
596,251
Eliminated in respect of disposals
(447,711)
(447,711)
At 31 August 2021
237,182
1,064,396
275,949
32,237
19,204
1,628,968
Carrying amount
At 31 August 2021
534,144
4,528,780
113,263
68,163
19,566
5,263,916
At 31 August 2020
104,700
2,089,845
184,074
31,256
5,820
2,415,695
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and machinery
231,595
3,057
11
Stocks
2021
2020
£
£
Finished goods and goods for resale
1,332,695
892,502
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 23 -
12
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,182,289
1,309,619
Corporation tax recoverable
45,370
Other debtors
37,562
28,928
Prepayments and accrued income
108,556
390,465
1,373,777
1,729,012
13
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
15
566,670
11,000
Obligations under finance leases
16
50,965
2,176
Trade creditors
1,093,668
549,988
Taxation and social security
275,249
324,246
Other creditors
179,461
447,980
Accruals and deferred income
636,324
500,794
2,802,337
1,836,184
Creditors falling due within one year of £163,999 (2020 - £10,509) are secured by fixed charges over the assets they relate to.
14
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
15
1,191,167
900,000
Obligations under finance leases
16
190,278
Other creditors
89,854
157,595
1,471,299
1,057,595
Creditors falling due in more than one year of £631,445 (2020 - £0) are secured by fixed charges over the assets they relate to.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
166,667
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 24 -
15
Loans and overdrafts
2021
2020
£
£
Bank loans
1,454,201
911,000
Bank overdrafts
303,636
1,757,837
911,000
Payable within one year
566,670
11,000
Payable after one year
1,191,167
900,000
Included within bank loans is a government-backed Coronavirus Business Interruption Loan of
£900,000
which is interest free
and payment free
for 1 year, and is then due to be repaid in monthly instalments until
June
202
6
.
16
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
50,965
2,176
In two to five years
190,278
241,243
2,176
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 25 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
678,000
55,000
2021
Movements in the year:
£
Liability at 1 September 2020
55,000
Charge to profit or loss
623,000
Liability at 31 August 2021
678,000
Of the deferred tax liability set out above, £58,000 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
Deferred tax is not recognised in respect of
tax
losses of
£
3,612,856 as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.
18
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,171
26,233
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.
The closing liability payable in respect of defined contribution schemes is £8,681 (2020 £6,089).
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 26 -
19
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 0.001p each
17,494,124
18,929,467
175
189
B Investment Shares of 0.001p each
1,165,328
1,165,328
12
12
18,659,452
20,094,795
187
201
2021
2020
2021
2020
Preference share capital
Number
Number
£
£
Issued and fully paid
Preferred A of 0.001p each
8,612,056
5,741,370
86
57
Preference shares classified as equity
86
57
Total equity share capital
273
258
On 7 May 2021 the company issued 1,435,343 A Ordinary shares of £0.00001 each for total consideration of £1,250,000 and redesignated 1,435,343 A Ordinary shares of £0.00001 each to Preferred A Ordinary shares of £0.00001 each.
A Ordinary shares
Carry the right to a vote, right to a dividend, a right to participate on a return of capital pro-rata and pari-passu with B Investment shares and Preferred A shares. Not redeemable.
B Investment shares
No right to vote, right to a dividend, right to participate on a return of capital pro-rata and pari-passi with A Ordinary shares and A Preferred shares. Not redeemable.
A Preferred shares
Carry the right to a vote, right to a dividend, a right to participate on a return of capital pro-rata and pari-passu with B Investment shares and A Ordinary shares. Not redeemable.
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
290,203
291,090
Between two and five years
544,406
531,684
In over five years
34,583
53,333
869,192
876,107
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 27 -
21
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£
£
Acquisition of tangible fixed assets
226,601
1,107,877
22
Events after the reporting date
In September 2021 the company secured additional bank funding of £987k over a 5 year term. In addition to this, in January 2022 further Investor funding was received by way of convertible loans of £1.7M.
23
Prior period adjustment
Reconciliation of changes in equity
1 September
31 August
2019
2020
£
£
Adjustments to prior year
Stock adjustment
-
(223,901)
Equity as previously reported
4,084,069
4,258,887
Equity as adjusted
4,084,069
4,034,986
Analysis of the effect upon equity
Profit and loss reserves
-
(223,901)
Reconciliation of changes in profit/(loss) for the previous financial period
2020
£
Adjustments to prior year
Stock adjustment
(223,901)
Profit as previously reported
174,818
Loss as adjusted
(49,083)
Notes to reconciliation
A prior year adjustment has been made to the financial statements due to an error noted in the prior period in relation to stock valuation.
The company is confident that plans are now in place to correct this error moving forwards.
A prior year adjustment has also been made to correctly disclose CJRS income which had previously been included within the wages and salaries costs.
NORTHERN MONK BREWING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 28 -
24
Cash absorbed by operations
2021
2020
£
£
Loss for the year after tax
(1,732,369)
(49,083)
Adjustments for:
Taxation charged/(credited)
563,648
(36,550)
Finance costs
56,388
13,809
Investment income
(56)
(5,493)
Loss on disposal of tangible fixed assets
119,657
Depreciation and impairment of tangible fixed assets
596,251
499,126
Movements in working capital:
Increase in stocks
(440,193)
(409,470)
Decrease/(increase) in debtors
400,605
(759,786)
Increase in creditors
293,953
743,327
Cash absorbed by operations
(142,116)
(4,120)
25
Analysis of changes in net funds/(debt)
1 September 2020
Cash flows
New finance leases
31 August 2021
£
£
£
£
Cash at bank and in hand
1,946,556
(1,419,260)
-
527,296
Bank overdrafts
(303,636)
-
(303,636)
1,946,556
(1,722,896)
223,660
Borrowings excluding overdrafts
(911,000)
(543,201)
-
(1,454,201)
Obligations under finance leases
(2,176)
13,949
(253,016)
(241,243)
1,033,380
(2,252,148)
(253,016)
(1,471,784)
2021-08-31
2020-09-01
false
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B R Dickson
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08651758
core:RetainedEarningsAccumulatedLosses
2019-08-31
08651758
2019-08-31
08651758
core:ShareCapitalOrdinaryShares
2021-08-31
08651758
core:ShareCapitalOrdinaryShares
2020-08-31
08651758
core:ShareCapital
2020-09-01
2021-08-31
08651758
core:SharePremium
2020-09-01
2021-08-31
08651758
1
2020-09-01
2021-08-31
08651758
1
2019-09-01
2020-08-31
08651758
2
2020-09-01
2021-08-31
08651758
2
2019-09-01
2020-08-31
08651758
2020-08-31
08651758
core:WithinOneYear
2021-08-31
08651758
core:WithinOneYear
2020-08-31
08651758
core:LandBuildings
core:LongLeaseholdAssets
2020-09-01
2021-08-31
08651758
core:PlantMachinery
2020-09-01
2021-08-31
08651758
core:FurnitureFittings
2020-09-01
2021-08-31
08651758
core:ComputerEquipment
2020-09-01
2021-08-31
08651758
core:MotorVehicles
2020-09-01
2021-08-31
08651758
core:UKTax
2020-09-01
2021-08-31
08651758
core:UKTax
2019-09-01
2020-08-31
08651758
3
2020-09-01
2021-08-31
08651758
3
2019-09-01
2020-08-31
08651758
4
2020-09-01
2021-08-31
08651758
4
2019-09-01
2020-08-31
08651758
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-08-31
08651758
core:PlantMachinery
2020-08-31
08651758
core:FurnitureFittings
2020-08-31
08651758
core:ComputerEquipment
2020-08-31
08651758
core:MotorVehicles
2020-08-31
08651758
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-09-01
2021-08-31
08651758
core:Non-currentFinancialInstruments
1
2021-08-31
08651758
core:Non-currentFinancialInstruments
1
2020-08-31
08651758
core:BetweenTwoFiveYears
2021-08-31
08651758
core:BetweenTwoFiveYears
2020-08-31
08651758
core:MoreThanFiveYears
2021-08-31
08651758
core:MoreThanFiveYears
2020-08-31
08651758
bus:OrdinaryShareClass1
2019-09-01
2020-08-31
08651758
bus:PrivateLimitedCompanyLtd
2020-09-01
2021-08-31
08651758
bus:FRS102
2020-09-01
2021-08-31
08651758
bus:Audited
2020-09-01
2021-08-31
08651758
bus:FullAccounts
2020-09-01
2021-08-31
xbrli:pure
xbrli:shares
iso4217:GBP