Company Registration No. 04995419 (England and Wales)
DEMON TWEEKS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
DEMON TWEEKS LIMITED
COMPANY INFORMATION
Directors
J G Minshaw
J Smith
K W Hayes
C R Turner
Secretary
J Smith
Company number
04995419
Registered office
75 Ash Road South
Wrexham Industrial Estate
Wrexham
LL13 9UG
Auditor
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
Bankers
Royal Bank of Scotland
Leeds City Office
8 Park Row
Leeds
LS1 1QS
DEMON TWEEKS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
DEMON TWEEKS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
The group's business is primarily derived from four key sales channels - motorsport, road performance and styling, motorcycles and cycles. Motorsport is historically the group's core activity and has provided the basic platform upon which the other sales channels have been developed.
The key routes to market for each sales channel are through a comprehensive catalogue generating both mail order and telephone sales. This is backed up by a website which is focused on developing internet sales. The group also generates sales via the ebay selling outlet and Amazon.
Principal risks and uncertainties
Across the broad range of products offered via the catalogue and the website, the group has few direct competitors. However, there are numerous smaller catalogue, internet companies and retail outlets which specialise in specific segments of the business. Management of this risk is by way of sales channel optimisation and customer retention initiatives discussed below.
The group continues to buy a major proportion of its stock from Europe, The Far East and the United States; consequently there is an ongoing exposure to both exchange gains and losses. The group has processes in place to manage the risk: there is no speculative buying of foreign currency and exchange rates are reviewed frequently.
Development and performance
The main objective for both the motorsport and the motorcycles sales channels are to look for initiatives which continue to grow this aspect of our business in terms of both turnover and gross margin. All divisions are expected to continue to show growth with the improved prominence on the internet.
The key strategies for growing the business are to have focused resource for each of the sales channels and to grow awareness through the continual development of the website and the implementation of e-retailing initiatives. The group will then couple this with the development of customer retention through enhanced customer service and loyalty schemes.
DEMON TWEEKS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Key performance indicators
The key performance indicators by which the directors manage and measure the business are turnover, gross profit and adjusted net profit before interest, tax, depreciation and amortisation. All three measures have improved in the period.
J G Minshaw
Director
21 June 2022
DEMON TWEEKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the group continued to be that of retailing of motor parts and accessories.
Results and dividends
The results for the year are set out on page 8.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J G Minshaw
J Smith
K W Hayes
C R Turner
Auditor
In accordance with the company's articles, a resolution proposing that Afford Bond Holdings Limited be reappointed as auditor of the group will be put at a General Meeting.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
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 auditor of the company 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 auditor of the company is aware of that information.
On behalf of the board
J G Minshaw
Director
21 June 2022
DEMON TWEEKS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
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 group and company, and of the profit or loss of the group 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DEMON TWEEKS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEMON TWEEKS LIMITED
- 5 -
Opinion
We have audited the financial statements of Demon Tweeks Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 31 December 2021 and of the group's 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 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 group's and parent 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' report 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.
DEMON TWEEKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEMON TWEEKS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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' responsibilities statement, 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 parent 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws and regulations governing its activities and of the related parties and service organisations connected with it. We also consider how the systems and controls the entity has put in place over its activities might mitigate risks identified.
Audit response to risks identified
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we undertook procedures which included, but were not limited to:
- Enquiry of management, those charged with governance around actual and potential litigation and claims.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
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.
DEMON TWEEKS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEMON TWEEKS LIMITED
- 7 -
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.
Paul Edwards FCCA CTA (Senior Statutory Auditor)
For and on behalf of Afford Bond Holdings Limited
21 June 2022
Chartered Accountants
Statutory Auditor
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
DEMON TWEEKS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2021
2020
Notes
£
£
Turnover
3
52,835,143
56,730,421
Cost of sales
(40,984,129)
(45,948,477)
Gross profit
11,851,014
10,781,944
Administrative expenses
(8,940,761)
(9,000,142)
Other operating income
23,698
220,243
Operating profit
4
2,933,951
2,002,045
Interest receivable and similar income
7
2,890
1,520
Interest payable and similar expenses
8
(2,835)
Profit before taxation
2,936,841
2,000,730
Tax on profit
9
(555,461)
(413,772)
Profit for the financial year
2,381,380
1,586,958
Profit for the financial year is attributable to:
- Owners of the parent company
2,369,297
1,566,477
- Non-controlling interests
12,083
20,481
2,381,380
1,586,958
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,369,297
1,566,477
- Non-controlling interests
12,083
20,481
2,381,380
1,586,958
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DEMON TWEEKS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 9 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
10
2,468,093
3,288,093
Other intangible assets
10
15,226
6,154
Total intangible assets
2,483,319
3,294,247
Tangible assets
11
6,344,671
4,815,826
8,827,990
8,110,073
Current assets
Stocks
14
7,832,079
6,510,601
Debtors
15
723,562
784,229
Cash at bank and in hand
2,708,758
3,413,450
11,264,399
10,708,280
Creditors: amounts falling due within one year
16
(5,748,566)
(6,954,006)
Net current assets
5,515,833
3,754,274
Total assets less current liabilities
14,343,823
11,864,347
Creditors: amounts falling due after more than one year
17
(123,750)
(123,750)
Provisions for liabilities
Deferred tax liability
19
473,795
375,699
(473,795)
(375,699)
Net assets
13,746,278
11,364,898
Capital and reserves
Called up share capital
21
14,880
14,880
Share premium account
6,145,040
6,145,040
Profit and loss reserves
7,533,243
5,163,946
Equity attributable to owners of the parent company
13,693,163
11,323,866
Non-controlling interests
53,115
41,032
13,746,278
11,364,898
DEMON TWEEKS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 21 June 2022 and are signed on its behalf by:
21 June 2022
J G Minshaw
Director
DEMON TWEEKS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 11 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
12
18,839,476
18,839,476
Current assets
Debtors
15
6,365,672
3,492,976
Cash at bank and in hand
2,878
2,178
6,368,550
3,495,154
Creditors: amounts falling due within one year
16
(1,079,628)
(1,206,232)
Net current assets
5,288,922
2,288,922
Total assets less current liabilities
24,128,398
21,128,398
Creditors: amounts falling due after more than one year
17
(123,750)
(123,750)
Net assets
24,004,648
21,004,648
Capital and reserves
Called up share capital
21
14,880
14,880
Share premium account
6,145,040
6,145,040
Profit and loss reserves
17,844,728
14,844,728
Total equity
24,004,648
21,004,648
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,000,000 (2020 - £2,135,000 profit).
The financial statements were approved by the board of directors and authorised for issue on 21 June 2022 and are signed on its behalf by:
21 June 2022
J G Minshaw
Director
Company Registration No. 04995419
DEMON TWEEKS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2020
14,880
6,145,040
3,597,469
9,757,389
51,101
9,808,490
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
1,566,477
1,566,477
20,481
1,586,958
Dividends
-
-
-
-
(5,000)
(5,000)
Purchase of shares in subsidiary from non-controlling interest
-
-
-
-
(25,550)
(25,550)
Balance at 31 December 2020
14,880
6,145,040
5,163,946
11,323,866
41,032
11,364,898
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
2,369,297
2,369,297
12,083
2,381,380
Balance at 31 December 2021
14,880
6,145,040
7,533,243
13,693,163
53,115
13,746,278
DEMON TWEEKS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2020
14,880
6,145,040
12,709,728
18,869,648
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
2,135,000
2,135,000
Balance at 31 December 2020
14,880
6,145,040
14,844,728
21,004,648
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
3,000,000
3,000,000
Balance at 31 December 2021
14,880
6,145,040
17,844,728
24,004,648
DEMON TWEEKS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,246,878
4,345,690
Interest paid
(2,835)
Income taxes refunded/(paid)
23,215
(153,739)
Net cash inflow from operating activities
1,270,093
4,189,116
Investing activities
Purchase of intangible assets
(13,189)
-
Purchase of tangible fixed assets
(2,141,736)
(108,135)
Proceeds on disposal of tangible fixed assets
177,250
5,255
Interest received
2,890
1,520
Net cash used in investing activities
(1,974,785)
(101,360)
Financing activities
Dividends paid to non-controlling interests
-
(5,000)
Net cash used in financing activities
-
(5,000)
Net (decrease)/increase in cash and cash equivalents
(704,692)
4,082,756
Cash and cash equivalents at beginning of year
3,413,450
(669,306)
Cash and cash equivalents at end of year
2,708,758
3,413,450
DEMON TWEEKS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(2,999,300)
(2,141,521)
Investing activities
Dividends received
3,000,000
2,135,000
Net cash generated from investing activities
3,000,000
2,135,000
Net increase/(decrease) in cash and cash equivalents
700
(6,521)
Cash and cash equivalents at beginning of year
2,178
8,699
Cash and cash equivalents at end of year
2,878
2,178
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
1
Accounting policies
Company information
Demon Tweeks Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of Demon Tweeks Limited and all of its subsidiaries.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company Demon Tweeks Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Development Costs
10 years straight line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
50 years straight line
Plant and machinery
15% Straight line
Computer equipment
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -
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.
1.10
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.
1.11
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.
1.12
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 20 -
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 group 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 group after deducting all of its 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 group's contractual obligations expire or are discharged or cancelled.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 21 -
1.13
Equity instruments
Equity instruments issued by the group 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 group.
1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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 leased asset are consumed.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 22 -
1.18
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.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Sale of goods
52,835,143
56,730,421
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
43,435,269
43,121,014
Europe
2,309,209
4,743,047
Rest of the World
7,090,665
8,866,360
52,835,143
56,730,421
2021
2020
£
£
Other significant revenue
Interest income
2,890
1,520
Grants received
23,698
220,243
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
4
Operating profit
2021
2020
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(23,698)
(220,243)
Depreciation of owned tangible fixed assets
406,529
454,294
Loss on disposal of tangible fixed assets
29,112
Amortisation of intangible assets
824,117
823,076
Release of negative goodwill
-
(25,550)
Operating lease charges
659,624
425,624
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 group and company
19,739
19,656
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Sales
32
32
-
-
Administration
104
104
-
-
Management
28
30
-
-
Total
164
166
Their aggregate remuneration comprised:
Group
Company
2021
2020
2021
2020
£
£
£
£
Wages and salaries
4,327,405
4,631,012
Social security costs
377,794
371,499
Pension costs
85,794
89,288
4,790,993
5,091,799
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
648
Other interest income
2,890
872
Total income
2,890
1,520
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
-
648
8
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,835
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
541,533
496,057
Adjustments in respect of prior periods
(84,168)
(116,915)
Total current tax
457,365
379,142
Deferred tax
Origination and reversal of timing differences
98,096
34,630
Total tax charge
555,461
413,772
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9
Taxation
(Continued)
- 25 -
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
2,936,841
2,000,730
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
558,000
380,139
Tax effect of expenses that are not deductible in determining taxable profit
1,191
76
Amortisation on assets not qualifying for tax allowances
156,176
155,501
Research and development tax credit
(159,906)
(121,944)
Taxation charge
555,461
413,772
10
Intangible fixed assets
Group
Goodwill
Development Costs
Total
£
£
£
Cost
At 1 January 2021
17,201,245
30,765
17,232,010
Additions - separately acquired
13,189
13,189
At 31 December 2021
17,201,245
43,954
17,245,199
Amortisation and impairment
At 1 January 2021
13,913,152
24,611
13,937,763
Amortisation charged for the year
820,000
4,117
824,117
At 31 December 2021
14,733,152
28,728
14,761,880
Carrying amount
At 31 December 2021
2,468,093
15,226
2,483,319
At 31 December 2020
3,288,093
6,154
3,294,247
The company had no intangible fixed assets at 31 December 2021 or 31 December 2020.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
11
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
205,488
1,884,172
2,578,323
3,194,165
7,862,148
Additions
84,605
23,142
2,033,989
2,141,736
Disposals
(205,488)
(3,780)
(2,466)
(5,999)
(217,733)
At 31 December 2021
1,964,997
2,598,999
5,222,155
9,786,151
Depreciation and impairment
At 1 January 2021
1,584,281
1,405,054
56,987
3,046,322
Depreciation charged in the year
134,487
271,917
125
406,529
Eliminated in respect of disposals
(3,780)
(2,466)
(5,125)
(11,371)
At 31 December 2021
1,714,988
1,674,505
51,987
3,441,480
Carrying amount
At 31 December 2021
250,009
924,494
5,170,168
6,344,671
At 31 December 2020
205,488
299,891
1,173,269
3,137,178
4,815,826
The company had no tangible fixed assets at 31 December 2021 or 31 December 2020.
12
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
13
18,839,476
18,839,476
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021 and 31 December 2021
18,839,476
Carrying amount
At 31 December 2021
18,839,476
At 31 December 2020
18,839,476
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
13
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
DT (Automotives) Limited
UK
Ordinary
100.00
Kencourt Limited
UK
Ordinary
100.00
Uber Kids Limited
UK
Ordinary
90.00
14
Stocks
Group
Company
2021
2020
2021
2020
£
£
£
£
Finished goods and goods for resale
7,832,079
6,510,601
15
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
192,165
195,185
Corporation tax recoverable
197,214
Amounts owed by group undertakings
-
-
-
3,490,476
Other debtors
111,220
68,974
Prepayments and accrued income
420,177
322,856
2,500
2,500
723,562
784,229
2,500
3,492,976
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
6,363,172
-
Total debtors
723,562
784,229
6,365,672
3,492,976
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
16
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Trade creditors
4,391,507
5,547,738
Amounts owed to group undertakings
1,075,334
1,201,983
Corporation tax payable
342,033
58,667
Other taxation and social security
549,478
812,688
-
-
Other creditors
257,433
278,789
Accruals and deferred income
208,115
256,124
4,294
4,249
5,748,566
6,954,006
1,079,628
1,206,232
17
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Other borrowings
18
123,750
123,750
123,750
123,750
18
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Preference shares
123,750
123,750
123,750
123,750
Payable after one year
123,750
123,750
123,750
123,750
19
Deferred taxation
Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Accelerated capital allowances
473,795
375,699
The company has no deferred tax assets or liabilities.
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
19
Deferred taxation
(Continued)
- 29 -
Group
Company
2021
2021
Movements in the year:
£
£
Liability at 1 January 2021
375,699
-
Charge to profit or loss
98,096
-
Liability at 31 December 2021
473,795
-
20
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,794
89,288
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
21
Share capital
Group and company
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
9,720
12,460
9,720
12,460
Ordinary B shares of £1 each
5,160
2,420
5,160
2,420
14,880
14,880
14,880
14,880
22
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Aggregate compensation
317,128
361,211
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Purchases
2021
2020
£
£
Group
Other related parties
633,000
400,000
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
22
Related party transactions
(Continued)
- 30 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2021
2020
£
£
Group
Key management personnel
125,178
174,871
23
Cash generated from group operations
2021
2020
£
£
Profit for the year after tax
2,381,380
1,586,958
Adjustments for:
Taxation charged
555,461
413,772
Finance costs
2,835
Investment income
(2,890)
(1,520)
Loss on disposal of tangible fixed assets
29,112
-
Amortisation and impairment of intangible assets
824,117
823,076
Depreciation and impairment of tangible fixed assets
406,529
454,294
Movements in working capital:
(Increase)/decrease in stocks
(1,321,478)
814,302
(Increase)/decrease in debtors
(136,547)
406,015
Decrease in creditors
(1,488,806)
(128,492)
Cash generated from operations
1,246,878
4,371,240
Difference
-
(25,550)
Per cash flow statement page
1,246,878
4,345,690
24
Cash absorbed by operations - company
2021
2020
£
£
Profit for the year after tax
3,000,000
2,135,000
Adjustments for:
Investment income
(3,000,000)
(2,135,000)
Movements in working capital:
Increase in debtors
(2,872,696)
(2,272,278)
(Decrease)/increase in creditors
(126,604)
130,757
Cash absorbed by operations
(2,999,300)
(2,141,521)
DEMON TWEEKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 31 -
25
Analysis of changes in net funds - group
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
3,413,450
(704,692)
2,708,758
Borrowings excluding overdrafts
(123,750)
-
(123,750)
3,289,700
(704,692)
2,585,008
26
Analysis of changes in net debt - company
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
2,178
700
2,878
Borrowings excluding overdrafts
(123,750)
-
(123,750)
(121,572)
700
(120,872)
2021-12-312021-01-01falseCCH SoftwareCCH Accounts Production 2022.200J G MinshawJ G MinshawK W HayesK W HayesJ 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