Company Registration No. 09803204 (England and Wales)
ELDER TECHNOLOGIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
ELDER TECHNOLOGIES LIMITED
COMPANY INFORMATION
Directors
Mr P G Dowds
Mr B F Macfarlane
Mr S Wossagk
Mr S Murphy
(Appointed 1 December 2020)
Company number
09803204
Registered office
230 City Road,
London, England,
EC1V 2TT
Auditor
Jeffreys Henry LLP
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
ELDER TECHNOLOGIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
ELDER TECHNOLOGIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present the strategic report for the year ended 31 March 2021.
Fair review of the business
The
c
ompany operates a marketplace where,
by
utilising proprietary technology and data science,
it
matches
c
ustomer enquiries with suitable
c
arers with a view to them providing care.
The financial year ending 31 March 2021 was a challenging and disruptive one with the
impact of COVID
-19
. The
c
ompany took swift and decisive action in March 2020 quickly moving
to remote working and adapting its operational model to support this.
While many care businesses struggled during the period as a result of COVID
-19
, the
c
ompany has grown revenues
by
58
% year on year thanks to
its
quality of service and an increase in
c
ustomers considering live in care as an affordable option.
Turnover for the year amounted to £
6,951,051
(20
20
: £
4,394,367
) mainly due to
higher customer numbers.
The
loss
before tax for the year amounted to £
2,
942,066
(20
20
: £
3,425,896
)
.
Cost of sales amounted to £
172,224
(20
20
: £
106,687
). General administrative expenses amounted to £
9,
653,666
(20
20
: £
7,597,897
).
The company had net assets of £
5,
458,721
(20
20
: £
7,577,350
).
The
c
ompany continues to invest in technology and product development to increase its
c
ustomer offering alongside ongoing focus on delivering an excellent service for both
c
ustomer
s
and
c
arer
s
.
Principal risks and uncertainties
The
c
o
mpany recognises the potential risk posed by new entrants and minimises this through product and technology innovation. The
c
ompany is reliant on external parties and search engines to acquire
c
ustomers and invests in offering a differentiated service.
Key performance indicators
The key performance indicators used by the directors to monitor the performance of the business include gross profit, costs to maintain, acquisition costs, administrative costs, net revenue and EBITDA. Other non-financial measures are also regularly reviewed including customer retention, number of active customers, number of presented customer leads and carer to customer ratios.
Mr P G Dowds
Director
20 January 2022
ELDER TECHNOLOGIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
Principal activities
The principal activity of the company continued to be that of providing an online marketplace where customers seeking care services are matched with professional carers who are willing to provide such services for payment.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P G Dowds
Mr B F Macfarlane
Mr S Wossagk
Mr S Murphy
(Appointed 1 December 2020)
Financial instruments
Liquidity risk, Interest rate risk and Cash flow risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The
c
ompany is exposed to interest rate risk on its borrowings.
The
c
ompany
is
currently reliant on
this loan which carries a debenture
and therefore has
a
cash flow and liquidity risk.
The
lender
is currently satisfied with the
c
ompany's financial performance and the directors do not think that there is any risk of the facilities being withdrawn.
Credit risk
Investments of cash surpluses and borrowings are made through banks which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Research and development
The company has dedicated in-house software, engineering design and development teams with primary focus on the development of
bespoke technology and processes to enable the in-house care to be managed via an online portal
called My Elder. Costs relating to the development of this computer software are capitalised if they relate to internal capital projects.
Post reporting date events
As
disclosure
d
in note 2
4
of these financial statements, there are no significant adjusting or non-adjusting events between the 31 March
2021
reporting date and the date of authorisation of these financial statements.
Future developments
Despite the ongoing difficulties caused by COVID-19, the company intends to continue to operate in line with its principal activities and grow its core business through customer acquisition and engagement and working closely with carers to provide the best value for its customers together with a continued focus on customer service.
ELDER TECHNOLOGIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
Auditor
Jeffreys Henry LLP were re-appointed
as
auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at
a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Mr P G Dowds
Director
20 January 2022
ELDER TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELDER TECHNOLOGIES LIMITED
- 4 -
Opinion
We have audited the financial statements of Elder Technologies Limited (the 'company') for the year ended 31 March 2021 which comprise the statement of comprehensive income, the statement of financial position, 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 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 March 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.
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.
ELDER TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELDER TECHNOLOGIES LIMITED
- 5 -
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 directors'
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 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
.
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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the senior statutory auditor ensured the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the property industry.
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, health and safety legislation and anti-money laundering regulations.
ELDER TECHNOLOGIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ELDER TECHNOLOGIES LIMITED
- 6 -
The extent to which the audit was considered capable of detecting irregularities, including fraud (cont'd)
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
-
we assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 of the financial statements were indicative of potential bias;
-
investigated the rationale behind significant or unusual transactions.
-
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes of meetings of those charged with governance;
-
enquiring of management as to actual and potential litigation and claims;
-
reviewing correspondence with the company’s legal advisor.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Sachin Ramaiya (Senior Statutory Auditor)
For and on behalf of Jeffreys Henry LLP
20 January 2022
Chartered Accountants
Statutory Auditor
Finsgate
5 - 7 Cranwood Street
London
EC1V 9EE
ELDER TECHNOLOGIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
2021
2020
Notes
£
£
Turnover
3
6,951,051
4,394,367
Cost of sales
(172,224)
(106,687)
Gross profit
6,778,827
4,287,680
Administrative expenses
(9,653,666)
(7,597,897)
Other operating income
12,646
Operating loss
4
(2,862,193)
(3,310,217)
Interest receivable and similar income
8
169
177
Interest payable and similar expenses
9
(80,042)
(115,856)
Loss before taxation
(2,942,066)
(3,425,896)
Tax on loss
10
584,759
464,178
Loss for the financial year
(2,357,307)
(2,961,718)
ELDER TECHNOLOGIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
31 March 2021
- 8 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
11
3,393,476
2,484,534
Tangible assets
12
70,435
62,476
Investments
13
1
3,463,912
2,547,010
Current assets
Debtors
15
2,163,297
1,623,532
Cash at bank and in hand
2,193,802
5,453,193
4,357,099
7,076,725
Creditors: amounts falling due within one year
16
(2,318,486)
(1,683,701)
Net current assets
2,038,613
5,393,024
Total assets less current liabilities
5,502,525
7,940,034
Creditors: amounts falling due after more than one year
18
(43,804)
(362,684)
Net assets
5,458,721
7,577,350
Capital and reserves
Called up share capital
21
6
6
Share premium account
16,077,945
15,895,593
Other reserves
169,430
113,104
Profit and loss reserves
(10,788,660)
(8,431,353)
Total equity
5,458,721
7,577,350
The financial statements were approved by the board of directors and authorised for issue on 20 January 2022 and are signed on its behalf by:
Mr P G Dowds
Director
Company Registration No. 09803204
ELDER TECHNOLOGIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2019
5
7,795,160
62,781
(5,469,636)
2,388,310
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
-
-
(2,961,718)
(2,961,718)
Issue of share capital
21
1
8,280,433
-
-
8,280,434
Share based payments
-
-
50,323
50,323
Other movements
-
(180,000)
-
-
(180,000)
Balance at 31 March 2020
6
15,895,593
113,104
(8,431,353)
7,577,350
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
-
-
(2,357,307)
(2,357,307)
Issue of share capital
21
182,352
-
-
182,352
Share based payments
-
-
56,326
56,326
Balance at 31 March 2021
6
16,077,945
169,430
(10,788,660)
5,458,721
ELDER TECHNOLOGIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(1,871,935)
(2,942,557)
Interest paid
(80,042)
(115,856)
Income taxes refunded
464,178
392,817
Net cash outflow from operating activities
(1,487,799)
(2,665,596)
Investing activities
Purchase of intangible assets
(1,602,682)
(1,259,020)
Purchase of tangible fixed assets
(62,853)
(22,138)
Interest received
169
177
Net cash used in investing activities
(1,665,366)
(1,280,981)
Financing activities
Proceeds from issue of shares
182,352
8,100,436
Repayment of loans
(338,578)
(271,340)
Proceeds of new bank loans
50,000
Net cash (used in)/generated from financing activities
(106,226)
7,829,096
Net (decrease)/increase in cash and cash equivalents
(3,259,391)
3,882,519
Cash and cash equivalents at beginning of year
5,453,193
1,570,674
Cash and cash equivalents at end of year
2,193,802
5,453,193
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 11 -
1
Accounting policies
Company information
Elder Technologies Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
230 City Road, London, England, EC1V 2TT.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
405(2)
of the
Companies Act 2006
and FRS 102 paragraph 9.9A
not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
The Directors have prepared detailed profit and loss and cashflow projections to
true
January
202
3
and consider the going concern basis of preparation of financial statements to be appropriate. This assessment is based on Board scrutiny of the projections assumptions used and the debt finance it received after the reporting date, which generated total funds of £9m (before costs) consisting of £6m in external loans and £3m of convertible
loan
notes issued to existing shareholders.
The Directors have also assessed the impact of COVID-19 on the business in detail and are comfortable that this does not impact its assumptions on going concern. The Company monitors the situation on an ongoing basis and is in a position to take corrective action if required.
As a consequence of these factors, the Directors are satisfied that the Company has sufficient resources to meet its liabilities as they fall due for a period of at least twelve months from date of signing of these financial statements. Accordingly, the financial statements are prepared on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the co
mmission
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 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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
D
evelopment expenditure is
written off in the same way unless the technical, commercial and financial viability of individual projects can be demonstrated. In this situation, the identifiable development expenditure is
capitalised
and amortised over the period which the company is expected to benefit. As the company utilises a propriety technology in the care sector, the period of benefit, typically 5 years, will be reviewed on an annual basis.
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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 & Development costs
Over 5 years
Web domain
10% straight line basis
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:
Plant and equipment
20% straight line basis
Fixtures and fittings
20% straight line basis
Computers
33% 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
.
1.7
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 13 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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
.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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
that are receivable within one year
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried
at the undiscounted amount of the cash or other consideration expected to be received
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. The company has no financial assets that are subsequently carried at amortised cost using the effective interest
method.
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.
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 14 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Share-based payments
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 15 -
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the
Black Scholes
model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
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.
1.16
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.17
Government grants
Government grants
shown are in relation to covid related support schemes initiated by the government to assist with affects of the covid pandemic.
1.18
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.
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 16 -
2
Judgements and key sources of estimation uncertainty
Internal salaries and other payroll costs incurred in respect of development costs for clearly defined projects to enhance and improve the company's web-based platform are capitalised as intangible fixed assets when they are separately identifiable and considered to have readily ascertainable market value. The capitalisation of these costs are subject to prudent estimates and judgements made by the relevant project team and the management. These projects are considered to be technically feasible and commercially viable. Costs are amortised over the estimated useful life of the asset generated which is considered to be 5 years, starting from the moment they are considered to be ready for use by management. For the financial year ended 31 March 202
1
, 25% of the additional costs capitalised in the financial year were estimated to be ready for use during the year and were amortised in the current year on the basis of the estimated useful life i.e. 5 years.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Rendering of services
6,951,051
4,394,367
2021
2020
£
£
Other significant revenue
Interest income
169
177
Government grants received
12,646
The entire turnover of the company for the current and comparative year has been derived from its principal activity wholly undertaken in the United Kingdom.
4
Operating loss
2021
2020
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(1,996)
437
Government grants
(12,646)
Depreciation of owned tangible fixed assets
43,857
32,339
Loss on disposal of tangible fixed assets
11,037
Amortisation of intangible assets
693,740
421,060
Share-based payments
56,326
50,323
Operating lease charges
344,039
340,851
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 17 -
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
11,500
For other services
Taxation compliance services
43,000
34,813
6
Employees
The average monthly number of persons (including directors) employed by the Company during the year was:
2021
2020
Number
Number
103
78
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
4,526,535
3,248,703
Social security costs
15,647
11,693
Pension costs
95,831
66,693
4,638,013
3,327,089
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
127,146
91,316
Company pension contributions to defined contribution schemes
1,313
1,316
128,459
92,632
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2020 - 1).
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 18 -
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
169
177
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
169
177
9
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
957
Other interest on financial liabilities
73,818
115,856
74,775
115,856
Other finance costs:
Other interest
5,267
80,042
115,856
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
(584,759)
(464,178)
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
10
Taxation
(Continued)
- 19 -
The actual 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
(2,942,066)
(3,425,896)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(558,993)
(650,920)
Tax effect of expenses that are not deductible in determining taxable profit
145,061
96,460
Unutilised tax losses carried forward
426,933
523,870
Permanent capital allowances in excess of depreciation
(11,942)
(4,206)
Research and development tax credit
(584,759)
(464,178)
Tax relief on share options
(45,075)
Share based payment charge
10,702
9,561
CTA 2009 s1308 deduction
(299,831)
(239,214)
Additional SME R+D deduction
(433,090)
(343,784)
Losses surrendered for tax credit
766,235
608,233
Taxation credit for the year
(584,759)
(464,178)
11
Intangible fixed assets
Software & Development costs
Web domain
Total
£
£
£
Cost
At 1 April 2020
3,046,539
6,047
3,052,586
Additions - internally developed
1,578,060
24,622
1,602,682
At 31 March 2021
4,624,599
30,669
4,655,268
Amortisation and impairment
At 1 April 2020
565,632
2,420
568,052
Amortisation charged for the year
688,211
5,529
693,740
At 31 March 2021
1,253,843
7,949
1,261,792
Carrying amount
At 31 March 2021
3,370,756
22,720
3,393,476
At 31 March 2020
2,480,907
3,627
2,484,534
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 20 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2020
4,198
29,138
103,005
136,341
Additions
91
62,762
62,853
Disposals
(45,000)
(45,000)
At 31 March 2021
4,289
29,138
120,767
154,194
Depreciation and impairment
At 1 April 2020
1,007
12,496
60,362
73,865
Depreciation charged in the year
1,609
5,827
36,421
43,857
Eliminated in respect of disposals
(33,963)
(33,963)
At 31 March 2021
2,616
18,323
62,820
83,759
Carrying amount
At 31 March 2021
1,673
10,815
57,947
70,435
At 31 March 2020
3,191
16,642
42,643
62,476
13
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
14
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2020
-
Additions
1
At 31 March 2021
1
Carrying amount
At 31 March 2021
1
At 31 March 2020
-
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 21 -
14
Subsidiaries
Elder UK Services Limited was incorporated in May 2020. The subsidiary was dormant from the period of incorporation up until the reporting date.
Details of the company's subsidiaries at 31 March 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Elder UK Services Limited
UK
Ordinary
100.00
15
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,042,431
752,651
Corporation tax recoverable
3,185
3,185
Other debtors
775,999
668,533
Prepayments and accrued income
341,682
199,163
2,163,297
1,623,532
16
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Debenture loans
17
362,684
338,578
Bank loans
17
6,196
Trade creditors
1,030,175
585,115
Taxation and social security
515,468
489,409
Other creditors
1
Accruals and deferred income
403,962
270,599
2,318,486
1,683,701
Other creditors relate to the unpaid share capital due to the company's subsidiary.
The directors consider that the carrying amount of
creditors
falling due within one year approximate to
their fair values.
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 22 -
17
Loans
2021
2020
£
£
Debenture loans
362,684
701,262
Bank loans
50,000
412,684
701,262
Payable within one year
368,880
338,578
Payable after one year
43,804
362,684
The debenture loan is secured by a fixed charge and a f
loating charge over all the property
and
undertaking
s
of the
C
ompany.
It
has a
fixed annual interest rate of
11
% and
both principal and interest accruing are repayable on a monthly basis with the final instalment due to be
repaid by
28
February
20
22.
The bank loan is a UK Government Coronavirus Business Support Loan.
It
has a
fixed annual interest rate of
2.5
% and
both principal and interest accruing are repayable on a monthly basis with the final instalment due to be
repaid by
3
July
20
2
6
.
18
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Debenture loans
17
362,684
Bank loans
17
43,804
43,804
362,684
19
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,831
66,693
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.
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 23 -
20
Share-based payment transactions
The c
ompany
operates
a
n HMRC approved EMI
share
option
scheme for
its employees.
In
accordance with the
provisions of the scheme
,
employees may be granted options to purchase ordinary shares which vest over varying periods up to four years and must be exercised within 10 years from the date of grant.
No amounts are paid or payable by the
option holder
for
the option.
The EMI options granted are personal to the option holder and are not transferable, assignable or chargeable. Vesting conditions of the options dictate that the employees must remain in the employment of the company for the whole vesting period to qualify, and all the options are equity settled.
Movement in issued share options during the year
Number of share options
Weighted average exercise price
2021
2020
2021
2020
Number
Number
£
£
Outstanding at 1 April 2020
579,802
302,242
1.54
1.08
Granted
62,635
370,688
2.06
1.95
Forfeited
(29,411)
(88,842)
1.85
1.75
Exercised
(37,242)
(4,286)
0.87
1.22
Outstanding at 31 March 2021
575,784
579,802
1.62
1.54
Exercisable at 31 March 2021
308,689
274,776
1.38
1.14
The
w
eighted average share price for options exercised in the period
at date
was £4.05
(20
20
:
£5.10
).
The options outstanding at 31 March 2021 had an exercise price ranging from £0.375 to £
2
.
06
, and a weighted average remaining contractual life of 8.08 years (20
20
: 8.78 years).
The fair value of share options granted is determined at the date of grant using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options have been granted. The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
As the
c
ompany has a short trading history with no record of profitability, expected volatility was determined by benchmarking against the average annual volatility of a FTSE 350 company. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.
Inputs were as follows:
2021
2020
Weighted average share price
7.24
6.50
Weighted average exercise price
2.06
1.95
Expected volatility
50.00
50.00
Expected life
4.00
4.00
Risk free rate
0.33
0.66
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
20
Share-based payment transactions
(Continued)
- 24 -
Equity instruments other than share options
Share warrants
When the
c
ompany entered into the debenture loan agreement on 01 March 2019 referred to in note 8, it
simultaneously entered into a share warrant agreement with
the debenture holder whereby the warrant holder has the option to purchase £120,000 worth of shares in the Company in the future.
The warrants have an exercise price of
£6.49743183
per share, and have a term of
ten
years.
Liabilities and expenses
During the year, the
c
ompany recognised total share-based payment expenses of £56,326 (2020 - £50,323) which relate to equity settled share based payment transactions.
21
Share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
2,255,402 (2020: 2,218,160) Ordinary shares of £0.00000111 each
3
3
1,569,475 A Ordinary shares of £0.00000111 each
2
2
1,019,714 (2020: 998,996) B1 Ordinary shares of £0.00000111 each
1
1
179,792 B2 Ordinary shares of £0.00000111 each
-
-
6
6
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.
A Ordinary shares and B1
and B2
Ordinary shares have attached to them full voting, dividend and preferential capital distribution (including on winding up) rights.
During the year, the
c
ompany undertook the following transactions involving the issue of share capital:
On 26 August 2020
,
6
,
600
, 3,626, 5,564
and
11
,3
25
Ordinary shares of £0.00000111 each were issued and allotted at
£0.3
75,
£1.95
,
£0.99
and £
0.996 per share
respectively
for
an
aggregate consideration of £2,475
, £7,071, £5,508 and £11,279
respectively
.
On 27 November 2020
,
1
,
127
Ordinary shares of £0.00000111 each were issued and allotted at
£0
.
99
per share
for
an
aggregate consideration of £1,156
.
Also, on
27
November
20
20
,
20
,
718
Series B1 Ord
i
nary shares of £0.00000111 each were issued and allotted at £
7.24
per share
for
an
aggregate consideration of £149,998
.
On 7 March 2021
,
2
,
400
Ordinary shares of £0.00000111 each were issued and allotted at
£
0.996 per share for an
aggregate consideration of £2,
390
. A further 6
,
600
Ordinary shares of £0.00000111 each were issued and allotted
on same date
for consideration
of
at
£0.3
75 per share
for
an
aggregate consideration of £2,475
.
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 25 -
22
Financial commitments, guarantees and contingent liabilities
In relation to the term loan facility from Columbia Lake Partners Growth Lending SARL
the company has charges registered against its intellectual property per filings made on Companies House
.
23
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
281,944
145,931
Between two and five years
1,283,333
1,565,277
145,931
24
Events after the reporting date
The directors assessed and have concluded that
there are no significant adjusting or non-adjusting events between the 31 March
2021
reporting date and the date of authorisation of these financial statements.
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Aggregate compensation
422,226
375,669
26
Directors' transactions
During the year, the
c
ompany made interest free loans to its directors totalling
£
nil (20
20
: £nil). The outstanding balance on these loans as at the reporting date was £
4,900
(20
20
: £
4,9
00).
During the year, the company paid £10
,
0
00
(20
20
: £10
,
000) to MMC Ventures Limited, a company controlled by a director of Elder, Bruce Macfarlane, in respect of monitoring services.
ELDER TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 26 -
27
Cash absorbed by operations
2021
2020
£
£
Loss for the year after tax
(2,357,307)
(2,961,718)
Adjustments for:
Taxation credited
(584,759)
(464,178)
Finance costs
80,042
115,856
Investment income
(169)
(177)
Loss on disposal of tangible fixed assets
11,037
Amortisation and impairment of intangible assets
693,740
421,060
Depreciation and impairment of tangible fixed assets
43,857
32,339
Equity settled share based payment expense
56,326
50,323
Movements in working capital:
Increase in debtors
(419,184)
(41,144)
Increase/(decrease) in creditors
604,482
(94,918)
Cash absorbed by operations
(1,871,935)
(2,942,557)
28
Analysis of changes in net funds
1 April 2020
Cash flows
31 March 2021
£
£
£
Cash at bank and in hand
5,453,193
(3,259,391)
2,193,802
Borrowings excluding overdrafts
(701,262)
288,578
(412,684)
4,751,931
(2,970,813)
1,781,118
2021-03-31
2020-04-01
false
CCH Software
CCH Accounts Production 2021.300
Mr P G Dowds
Mr P G Dowds
Mr B F Macfarlane
Mr S Murphy
09803204
2020-04-01
2021-03-31
09803204
bus:Director2
2020-04-01
2021-03-31
09803204
bus:Director3
2020-04-01
2021-03-31
09803204
bus:Director5
2020-04-01
2021-03-31
09803204
bus:Director6
2020-04-01
2021-03-31
09803204
bus:Director1
2020-04-01
2021-03-31
09803204
bus:Director4
2020-04-01
2021-03-31
09803204
2021-03-31
09803204
2019-04-01
2020-03-31
09803204
core:RetainedEarningsAccumulatedLosses
2019-04-01
2020-03-31
09803204
core:RetainedEarningsAccumulatedLosses
2020-04-01
2021-03-31
09803204
core:OtherResidualIntangibleAssets
2021-03-31
09803204
core:OtherResidualIntangibleAssets
2020-03-31
09803204
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-03-31
09803204
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2021-03-31
09803204
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-03-31
09803204
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-03-31
09803204
2020-03-31
09803204
core:PlantMachinery
2021-03-31
09803204
core:FurnitureFittings
2021-03-31
09803204
core:ComputerEquipment
2021-03-31
09803204
core:PlantMachinery
2020-03-31
09803204
core:FurnitureFittings
2020-03-31
09803204
core:ComputerEquipment
2020-03-31
09803204
core:CurrentFinancialInstruments
core:WithinOneYear
2021-03-31
09803204
core:CurrentFinancialInstruments
core:WithinOneYear
2020-03-31
09803204
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-03-31
09803204
core:Non-currentFinancialInstruments
core:AfterOneYear
2020-03-31
09803204
core:CurrentFinancialInstruments
2021-03-31
09803204
core:CurrentFinancialInstruments
2020-03-31
09803204
core:Non-currentFinancialInstruments
2021-03-31
09803204
core:Non-currentFinancialInstruments
2020-03-31
09803204
core:ShareCapital
2021-03-31
09803204
core:ShareCapital
2020-03-31
09803204
core:SharePremium
2021-03-31
09803204
core:SharePremium
2020-03-31
09803204
core:OtherMiscellaneousReserve
2021-03-31
09803204
core:OtherMiscellaneousReserve
2020-03-31
09803204
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09803204
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2020-03-31
09803204
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2019-03-31
09803204
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2019-03-31
09803204
2019-03-31
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2021-03-31
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2020-03-31
09803204
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2020-03-31
09803204
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
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2020-03-31
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2020-04-01
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2020-03-31
09803204
2020-03-31
09803204
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
09803204
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
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2020-03-31
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2020-04-01
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09803204
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2019-04-01
2020-03-31
09803204
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2020-03-31
09803204
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2020-04-01
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2021-03-31
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2020-03-31
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2020-03-31
09803204
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2020-03-31
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2020-04-01
2021-03-31
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1
2020-04-01
2021-03-31
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2021-03-31
09803204
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2020-03-31
09803204
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2021-03-31
09803204
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2020-03-31
09803204
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
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2020-04-01
2021-03-31
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