Company Registration No. 03159762 (England and Wales)
RADMAT BUILDING PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Richard Anthony
Chartered Accountants and Registered Auditors
RADMAT BUILDING PRODUCTS LIMITED
COMPANY INFORMATION
Director
R L Speroni
Company number
03159762
Registered office
2nd Floor Gadd House
Arcadia Avenue
London
N3 2JU
Auditor
Richard Anthony
2nd Floor Gadd House
Arcadia Avenue
London
N3 2JU
Business address
Holland House, Valley Way
Rockingham Road
Market Harborough
Leicestershire
LE16 7PS
RADMAT BUILDING PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
RADMAT BUILDING PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The director presents the strategic report and financial statements for the year ended 31 December 2021.
Fair review of the business
The results for the period and the financial position at the year-end were considered satisfactory by the director. As with the prior year, a significant part of the year was affected by the Covid-19 pandemic and the business performed resiliently in difficult circumstances.
The second year of the pandemic was considerably more predictable than the first year which enabled the director to forecast provisional results with a considerable degree of accuracy that was not possible in 2020.
Principal risks and uncertainties
The company has reacted and adapted to the changes caused by Covid-19 as well as Brexit. As it stands, some uncertainties remain, but going concern risks remain low for the foreseeable future.
The recoverability and cash flow risks associated with trade debtors are managed by the credit and terms offered to customers as well as regular monitoring and follow up of the amounts outstanding.
The liquidity risk associated with trade creditors is managed by ensuring there is sufficient cash availability to meet all liabilities as they fall due.
Development and performance
The company invested in excess of £350,000 in new plant and machinery which has allowed it to increase production of finished stock as well as increase the number of cookers available for hire.
The company invested £112,000 in replacing existing trade vehicles.
With increased turnover and strong cost control, the company has improved its profitability and maintained a positive cash flow for future periods.
Key performance indicators
The main KPIs used by the company are summarised as below:
2021 2020 2019 2018
Turnover £35.41m £33.35m £30.50m £33.53m
Gross profit % 29.38% 27.67% 29.60% 23.45%
Operating profit £4.83m £4.70m £2.78m £2.44m
The company recorded sales in excess of any sales recorded in prior periods. This is as a result of price inflation and an increase in products sold.
The sales pipeline remains strong post the balance sheet date, and the 2022 and 2023 like for like sales volumes are forecasted to be in excess of 2021. At the beginning of 2022, the company transferred its hire business to a new entity, Cooker Hire Limited, so the company may experience a fall in real turnover in 2022.
The gross profit margin increased to 29.38% from 27.67.% which was as a result of changes to the sales mix. This is more in line with the gross profit margin recorded in 2019 (29.60%).
The director and senior management monitor considerable statistical information on a continuous basis to ensure that they are aware of trends and influences on profitability, without relying on particular Key Performance Indicators but which may include the monitoring of gross margins (by product line), departmental turnover and debtor payment days.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
RADMAT BUILDING PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Other information and explanations
With all aspects of the business are continually monitored, the director looks forward to achieving continued growth in profitability over the foreseeable future.
R L Speroni
Director
9 August 2022
RADMAT BUILDING PRODUCTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The director presents his annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of sales and marketing of building products.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £2,950,000. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
R L Speroni
Auditor
Richard Anthony 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 L Speroni
Director
9 August 2022
RADMAT BUILDING PRODUCTS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RADMAT BUILDING PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RADMAT BUILDING PRODUCTS LIMITED
- 5 -
Opinion
We have audited the financial statements of Radmat Building Products Limited (the 'company') for the year ended 31 December 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 December 2021 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
RADMAT BUILDING PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RADMAT BUILDING PRODUCTS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report. 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 director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
The Companies Act 2006
Financial Reporting Standard 102
UK tax legislation
UK employment legislation
UK health and safety legislation
General Data Protection Regulations
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with these laws and regulations. The assessment did not identify any issues in this area.
RADMAT BUILDING PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RADMAT BUILDING PRODUCTS LIMITED
- 7 -
We assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Identifying and assessing the measures management has in place to prevent and detect fraud,
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
Challenging assumptions and judgements made by management in its significant estimates, and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential existed within the recording and recognition of revenue and the controls exercised over the maintenance of the stock levels.
Our procedures in these respects were focused on the origination of revenue and directed towards ensuring the accuracy and completeness of the same by undertaking testing on a sample basis of the revenue items to ensure that sales had been recorded correctly and in the appropriate accounting period. The stock was tested, again on a sample basis, to ensure that it existed and it was disclosed at the appropriate value. We consider that the work we undertook in this regard was considered capable of detecting irregularities and fraud within the sales and purchase/stock cycles respectively.
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. The risk is also greater regarding irregularities occurring to fraud other than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
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.
Michael Barnett BA FCA (Senior Statutory Auditor)
For and on behalf of Richard Anthony
9 August 2022
Chartered Accountants
Statutory Auditor
2nd Floor Gadd House
Arcadia Avenue
London
N3 2JU
RADMAT BUILDING PRODUCTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2021
2020
Notes
£
£
Turnover
3
35,413,160
33,349,861
Cost of sales
(25,009,165)
(24,121,588)
Gross profit
10,403,995
9,228,273
Administrative expenses
(5,698,178)
(4,833,659)
Other operating income
120,289
303,690
Operating profit
4
4,826,106
4,698,304
Interest receivable and similar income
7
141,004
275,160
Interest payable and similar expenses
8
(130,330)
(64,396)
Increase in fair value of investments
9
927,919
44,044
Profit before taxation
5,764,699
4,953,112
Tax on profit
10
(1,120,721)
(634,442)
Profit for the financial year
4,643,978
4,318,670
The profit and loss account has been prepared on the basis that all operations are continuing operations.
RADMAT BUILDING PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 9 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
12
7,568
7,981
Tangible assets
13
1,653,876
1,357,700
Investments
14
3,905,010
1,627,202
5,566,454
2,992,883
Current assets
Stocks
16
2,628,764
2,456,855
Debtors
17
13,121,091
13,776,992
Cash at bank and in hand
850,459
3,357,955
16,600,314
19,591,802
Creditors: amounts falling due within one year
18
(4,805,819)
(6,501,561)
Net current assets
11,794,495
13,090,241
Total assets less current liabilities
17,360,949
16,083,124
Creditors: amounts falling due after more than one year
19
(2,322,125)
(2,979,167)
Provisions for liabilities
Deferred tax liability
21
430,639
189,750
(430,639)
(189,750)
Net assets
14,608,185
12,914,207
Capital and reserves
Called up share capital
23
60
60
Profit and loss reserves
24
14,608,125
12,914,147
Total equity
14,608,185
12,914,207
The financial statements were approved and signed by the director and authorised for issue on 9 August 2022
R L Speroni
Director
Company Registration No. 03159762
RADMAT BUILDING PRODUCTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
60
10,495,477
10,495,537
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
4,318,670
4,318,670
Dividends
11
-
(1,900,000)
(1,900,000)
Balance at 31 December 2020
60
12,914,147
12,914,207
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
4,643,978
4,643,978
Dividends
11
-
(2,950,000)
(2,950,000)
Balance at 31 December 2021
60
14,608,125
14,608,185
RADMAT BUILDING PRODUCTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
4,021,177
5,458,121
Interest paid
(130,330)
(64,396)
Income taxes paid
(1,597,023)
(612,629)
Net cash inflow from operating activities
2,293,824
4,781,096
Investing activities
Purchase of tangible fixed assets
(619,789)
(312,065)
Net purchase of subsidiaries
(299,944)
Reallocation of investment in subsidiaries
(49,945)
Purchase of investments
(1,000,000)
Proceeds on disposal of investments
-
(1,000,000)
Receipts arising from loans made
255,229
(182,724)
Interest received
141,004
175,160
Dividends received
100,000
Net cash used in investing activities
(1,573,445)
(1,219,629)
Financing activities
Repayment of bank loans
(277,875)
3,250,000
Dividends paid
(2,950,000)
(1,900,000)
Net cash (used in)/generated from financing activities
(3,227,875)
1,350,000
Net (decrease)/increase in cash and cash equivalents
(2,507,496)
4,911,467
Cash and cash equivalents at beginning of year
3,357,955
(1,553,512)
Cash and cash equivalents at end of year
850,459
3,357,955
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
1
Accounting policies
Company information
Radmat Building Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Gadd House, Arcadia Avenue, London, N3 2JU.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Radmat Building Products Limited is a wholly owned subsidiary of Jetgrip Limited, with Radmat Limited being the ultimate parent undertaking. The results of Radmat Building Products Limited are included in the consolidated financial statements of Radmat Limited which are available from the website of Companies House.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing 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.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
4% Straight Line
1.5
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:
Land and buildings Freehold
2% straight line on buildings
Land and buildings Leasehold
Straight line over the term of the lease
Plant and machinery
Straight line over 10 years and 25% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Interests in subsidiaries, associates and jointly controlled entities 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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 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.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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 subsequently 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 through 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.
1.11
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 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.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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.
1.13
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
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 leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Sales
35,413,160
33,349,861
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
34,474,198
33,349,861
EU
938,962
-
35,413,160
33,349,861
2021
2020
£
£
Other revenue
Interest income
141,004
175,160
Dividends received
-
100,000
Grants received
47,125
157,026
Included in the grants figures above, £47,125 (2020 - £Nil) relates to interest paid by the UK Government on the Coronavirus Business Interruption Loan Scheme.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(53,928)
70,438
Government grants
(47,125)
(157,026)
Fees payable to the company's auditor for the audit of the company's financial statements
60,000
72,000
Depreciation of owned tangible fixed assets
323,613
284,612
Amortisation of intangible assets
413
413
(Profit)/loss on disposal of intangible assets
8,792
Operating lease charges
53,042
319,940
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
42
42
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
2,209,582
2,048,394
Social security costs
265,645
265,944
Pension costs
131,536
118,291
2,606,763
2,432,629
6
Director's remuneration
2021
2020
£
£
Remuneration for qualifying services
150,000
150,000
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 20 -
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest receivable from group companies
141,004
175,160
Income from fixed asset investments
Income from shares in group undertakings
100,000
Total income
141,004
275,160
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
141,004
175,160
8
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
130,330
57,587
Other finance costs:
Other interest
6,809
130,330
64,396
9
Amounts written off investments
2021
2020
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
927,919
44,044
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
879,832
843,737
Adjustments in respect of prior periods
(230,302)
Total current tax
879,832
613,435
Deferred tax
Origination and reversal of timing differences
240,889
21,007
Total tax charge
1,120,721
634,442
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
5,764,699
4,953,112
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
1,095,293
941,091
Tax effect of expenses that are not deductible in determining taxable profit
22,804
24,827
Gains not taxable
(176,304)
(8,368)
Adjustments in respect of prior years
(51,604)
Permanent capital allowances in excess of depreciation
(61,961)
(12,169)
Deferred tax movements
240,889
21,007
Sale of listed investments
(19,000)
R & D, and patent box
(261,342)
Taxation charge for the year
1,120,721
634,442
11
Dividends
2021
2020
£
£
Interim paid
2,950,000
1,900,000
12
Intangible fixed assets
Trademarks
£
Cost
At 1 January 2021 and 31 December 2021
10,321
Amortisation and impairment
At 1 January 2021
2,340
Amortisation charged for the year
413
At 31 December 2021
2,753
Carrying amount
At 31 December 2021
7,568
At 31 December 2020
7,981
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
13
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
234,411
264,479
1,483,573
454,827
125,184
2,562,474
Additions
34,844
370,366
60,702
153,877
619,789
At 31 December 2021
234,411
299,323
1,853,939
515,529
279,061
3,182,263
Depreciation and impairment
At 1 January 2021
11,333
154,170
751,981
272,080
15,210
1,204,774
Depreciation charged in the year
2,000
36,222
146,798
101,229
37,364
323,613
At 31 December 2021
13,333
190,392
898,779
373,309
52,574
1,528,387
Carrying amount
At 31 December 2021
221,078
108,931
955,160
142,220
226,487
1,653,876
At 31 December 2020
223,078
110,309
731,592
182,747
109,974
1,357,700
14
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
15
933,047
583,158
Listed investments
2,971,963
1,044,044
3,905,010
1,627,202
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2021
583,158
1,044,044
1,627,202
Additions
350,000
1,000,000
1,350,000
Valuation changes
-
927,919
927,919
Disposals
(111)
-
(111)
At 31 December 2021
933,047
2,971,963
3,905,010
Carrying amount
At 31 December 2021
933,047
2,971,963
3,905,010
At 31 December 2020
583,158
1,044,044
1,627,202
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Roofbase (Exeter) Limited
England and Wales
Ordinary shares
0
52.00
Roofbase (Swansea) Limited
England and Wales
Ordinary shares
0
52.00
Roofbase Group Limited
England and Wales
Ordinary shares
53.00
-
Roofbase Limited
England and Wales
Ordinary shares
0
52.00
Instar Holdings Limited
England and wales
Ordinary shares
100.00
-
Instar UK Limited
England and Wales
Ordinary shares
0
100.00
Esha (UK) Limited
England and Wales
Ordinary shares
100.00
-
16
Stocks
2021
2020
£
£
Finished goods and goods for resale
2,628,764
2,456,855
17
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
8,971,412
8,740,989
Corporation tax recoverable
616,804
374,754
Amounts owed by group undertakings
1,039,514
1,871,683
Other debtors
2,190,030
2,312,395
Prepayments and accrued income
303,331
477,171
13,121,091
13,776,992
18
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans
20
650,000
270,833
Trade creditors
2,956,283
3,890,317
Amounts owed to group undertakings
50,055
55
Corporation tax
366,188
841,329
Other taxation and social security
212,936
716,063
Other creditors
33,899
34,811
Accruals and deferred income
536,458
748,153
4,805,819
6,501,561
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
19
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
20
2,322,125
2,979,167
20
Loans and overdrafts
2021
2020
£
£
Bank loans
2,972,125
3,250,000
Payable within one year
650,000
270,833
Payable after one year
2,322,125
2,979,167
The bank loan of £3,250,000 received on 17 June 2020 was under the Coronavirus Business Interruption Loan Scheme. This is secured by a floating charge over all assets of the company and its subsidiaries and by a guarantee by Roofbase Limited. The interest rate is fixed at 2.51% per annum. The loan will be repaid by monthly instalments of £54,166.66 from July 2021 and final repayment of £54,167.06 is due by 17 June 2026 (final repayment date). However, the company may make additional repayments, as is permitted, at any time.
The amount stated under bank overdrafts represents the amounts due to RBS Invoice Finance Limited. The facility is secured by floating and fixed charges over the assets of the company.
21
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated Capital Allowances
245,966
181,382
Revaluations
184,673
8,368
430,639
189,750
2021
Movements in the year:
£
Liability at 1 January 2021
189,750
Charge to profit or loss
240,889
Liability at 31 December 2021
430,639
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
21
Deferred taxation
(Continued)
- 25 -
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature together with tax that will be due in relation to gains made on fixed assets investments.
22
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
131,536
118,291
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.
23
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
60
60
60
60
24
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
12,914,147
10,495,477
Profit for the year
4,643,978
4,318,670
Dividends declared and paid in the year
(2,950,000)
(1,900,000)
At the end of the year
14,608,125
12,914,147
25
Financial commitments, guarantees and contingent liabilities
The company provides guarantees to various suppliers to Roofbase Limited, a subsidiary of the company. The guarantees are reviewed on an annual basis. The guarantees in place as at 31 December 2021 amounted to £3,860,000 (2020 - £3,170,000).
The company also provides guarantees regarding the RBS Invoice Finance facility in favour of Roofbase Limited of £2,500,000 and Instar UK Limited of £100,000, both subsidiary companies.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
26
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
379,090
388,502
Between two and five years
1,201,569
1,397,542
In over five years
440,533
1,113,217
2,021,192
2,899,261
27
Related party transactions
As at the balance sheet date, the following amounts were owed by group undertakings:
Radmat Holdings Limited £4,440 2020 - £4,440
Radmat Limited £111 2020 - £Nil
Jetgrip Limited £2,093 2020 - £2,093
Roofbase Group Limited £24,827 2020 - £472,542
Roofbase Limited £708,616 2020 - £560,444
Roof Giant Limited £143,776 2020 - £253,430
Instar Holdings Limited £1,800 2020 - £1,800
Instar UK Limited £Nil 2020 - £178,469
Quantum Insulation Limited £237,388 2020 - £398,165
Radmat Ireland Limited £302 2020 - £300
The following balance was owed to group undertaking:
Tool Giant Limited £55 2020 - £55
Instar UK Limited £84,780 2020 - £Nil
Esha (UK) Limited £50,000 2020 - £50,000
Included in other debtors is an amount of £1,962,354 (2020 - £2,217,583) owed by Mr R L Speroni, director of the company.
On the amount owed by Roofbase Limited, the company charges interest at 5% above base rate, repayable on demand. The interest payable for the year was £141,004 (2020 - £175,160).
The remaining amounts owed by and to the other group undertakings are repayable on demand and interest free.
RADMAT BUILDING PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
28
Ultimate controlling party
Jetgrip Limited is the immediate parent undertaking with Radmat Limited being the ultimate parent undertaking. The registered office of both parent undertakings is at 2nd Floor, Gadd House, Arcadia Avenue, London N3 2JU.
The consolidated results for the year in respect of Radmat Limited and its subsidiary companies are presented in consolidated financial statements and copies may be obtained from the Companies House website.
Mr R Speroni is the ultimate controlling party by virtue of his directorship and shareholding in Radmat Limted.
29
Cash generated from operations
2021
2020
£
£
Profit for the year after tax
4,643,978
4,318,670
Adjustments for:
Taxation charged
1,120,721
634,442
Finance costs
130,330
64,396
Investment income
(141,004)
(275,160)
(Gain)/loss on disposal of intangible assets
8,792
Amortisation and impairment of intangible assets
413
413
Depreciation and impairment of tangible fixed assets
323,613
284,612
Other gains and losses
(927,919)
(44,044)
Movements in working capital:
Increase in stocks
(171,909)
(285,523)
Decrease/(increase) in debtors
642,722
(1,252,343)
(Decrease)/increase in creditors
(1,599,768)
2,003,866
Cash generated from operations
4,021,177
5,458,121
30
Analysis of changes in net funds/(debt)
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
3,357,955
(2,507,496)
850,459
Borrowings excluding overdrafts
(3,250,000)
277,875
(2,972,125)
107,955
(2,229,621)
(2,121,666)
2021-12-312021-01-01falseCCH SoftwareCCH Accounts Production 2022.200R L Speroni031597622021-01-012021-12-3103159762bus:Director12021-01-012021-12-3103159762bus:RegisteredOffice2021-01-012021-12-31031597622021-12-31031597622020-01-012020-12-3103159762core:RetainedEarningsAccumulatedLosses2020-01-012020-12-3103159762core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3103159762core:OtherResidualIntangibleAssets2021-12-3103159762core:OtherResidualIntangibleAssets2020-12-3103159762core:PatentsTrademarksLicencesConcessionsSimilar2021-12-3103159762core:PatentsTrademarksLicencesConcessionsSimilar2020-12-31031597622020-12-3103159762core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-3103159762core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-12-3103159762core:PlantMachinery2021-12-3103159762core:ComputerEquipment2021-12-3103159762core:MotorVehicles2021-12-3103159762core:LandBuildingscore:OwnedOrFreeholdAssets2020-12-3103159762core:LandBuildingscore:LeasedAssetsHeldAsLessee2020-12-3103159762core:PlantMachinery2020-12-3103159762core:ComputerEquipment2020-12-3103159762core:MotorVehicles2020-12-3103159762core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103159762core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3103159762core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3103159762core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3103159762core:CurrentFinancialInstruments2021-12-3103159762core:CurrentFinancialInstruments2020-12-3103159762core:ShareCapital2021-12-3103159762core:ShareCapital2020-12-3103159762core:RetainedEarningsAccumulatedLosses2021-12-3103159762core:RetainedEarningsAccumulatedLosses2020-12-3103159762core:ShareCapital2019-12-3103159762core:RetainedEarningsAccumulatedLosses2019-12-31031597622019-12-3103159762core:RetainedEarningsAccumulatedLosses2020-12-310315976212021-01-012021-12-310315976212020-01-012020-12-31031597622020-12-3103159762core:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3103159762core:PatentsTrademarksLicencesConcessionsSimilar2021-01-012021-12-3103159762core:LandBuildingscore:OwnedOrFreeholdAssets2021-01-012021-12-3103159762core:LandBuildingscore:LongLeaseholdAssets2021-01-012021-12-3103159762core:PlantMachinery2021-01-012021-12-3103159762core:ComputerEquipment2021-01-012021-12-3103159762core:MotorVehicles2021-01-012021-12-3103159762core:UKTax2021-01-012021-12-3103159762core:UKTax2020-01-012020-12-310315976222021-01-012021-12-310315976222020-01-012020-12-310315976232021-01-012021-12-310315976232020-01-012020-12-310315976242021-01-012021-12-310315976242020-01-012020-12-3103159762core:PatentsTrademarksLicencesConcessionsSimilar2020-12-3103159762core:LandBuildingscore:OwnedOrFreeholdAssets2020-12-3103159762core:LandBuildingscore:LeasedAssetsHeldAsLessee2020-12-3103159762core:PlantMachinery2020-12-3103159762core:ComputerEquipment2020-12-3103159762core:MotorVehicles2020-12-3103159762core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-01-012021-12-3103159762core:Non-currentFinancialInstruments2021-12-3103159762core:Non-currentFinancialInstruments2020-12-3103159762core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2021-12-3103159762core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2020-12-3103159762core:Subsidiary12021-01-012021-12-3103159762core:Subsidiary22021-01-012021-12-3103159762core:Subsidiary32021-01-012021-12-3103159762core:Subsidiary42021-01-012021-12-3103159762core:Subsidiary52021-01-012021-12-3103159762core:Subsidiary62021-01-012021-12-3103159762core:Subsidiary72021-01-012021-12-3103159762core:Subsidiary112021-01-012021-12-3103159762core:Subsidiary222021-01-012021-12-3103159762core:Subsidiary332021-01-012021-12-3103159762core:Subsidiary442021-01-012021-12-3103159762core:Subsidiary552021-01-012021-12-3103159762core:Subsidiary662021-01-012021-12-3103159762core:Subsidiary772021-01-012021-12-3103159762core:WithinOneYear2021-12-3103159762core:WithinOneYear2020-12-3103159762core:BetweenTwoFiveYears2021-12-3103159762core:BetweenTwoFiveYears2020-12-3103159762core:MoreThanFiveYears2021-12-3103159762core:MoreThanFiveYears2020-12-3103159762bus:PrivateLimitedCompanyLtd2021-01-012021-12-3103159762bus:FRS1022021-01-012021-12-3103159762bus:Audited2021-01-012021-12-3103159762bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP