Company registration number 08784330 (England and Wales)
DCM (CORNWALL) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
DCM (CORNWALL) LIMITED
COMPANY INFORMATION
Directors
Mr T Dale
Mrs M Dale
Mrs S L Cadge
Mrs C J Peters
Mr D E Cadge
Mr S S Peters
Mr J S Rouse
Secretary
Mrs M Dale
Company number
08784330
Registered office
Wheal Rose
Scorrier
Redruth
Cornwall
TR16 5BX
Auditor
Phillips Frith LLP
9 Tregarne Terrace
St Austell
Cornwall
PL25 4DD
DCM (CORNWALL) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of income and retained earnings
8
Group balance sheet
9
Company balance sheet
10
Group statement of cash flows
11
Notes to the financial statements
12 - 25
DCM (CORNWALL) 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 impact of Covid continued to be felt in 2021. For the first 3 months we were in lockdown, but the work completed in 2020 allowed us to continue trading, initially through fully manned workshops and then through our renewed online presence with sales. Once again, our proactive approach meant that when the dealerships were opened in April, we were able to take advantage of all the opportunities.

 

Through 2021 the supply of both new and used cars was challenging. While this had an impact on the volume of sales, we benefited from rising prices in the used car market. Despite the disruption and stock issues our results were very positive with an increase in turnover and profit before tax within the group.

 

The electrification process commenced in 2020 and continued into 2021. From the continuing increase in sales of electric cars in 2021, we believe that our facilities will continue to require upgrading in the coming years.

 

2021 threw many challenges at us with the ongoing Covid pandemic, further showroom closures in the first 3 months of the year, vehicle and parts supply and staff recruitment being the major challenges faced and these were all met with steely determination. However, procedures implemented in 2020 meant that the companies could continue to trade during the closure and as a result turnover increased by 31.5% on 2020s figure to £62.7 million. Profit before tax as a percentage of turnover increased to 3.8% from 3.2% in 2020.

 

2022 has already shown new challenges with the war in Ukraine, record inflation and some turbulent politics, but we are confident that we will ride these out once more.

Principal risks and uncertainties

The principle risks and uncertainties to the business are monitored by the directors and are considered to be:

 

The group depends on the vehicle manufacturers’ financial condition, marketing, vehicle design, production and distribution capabilities, reputation, management and industrial relations. A failure by the manufacturer in the areas noted could lead to losses. The manufacturers (Renault, Vauxhall, SEAT, Cupra, Suzuki and Dacia) provide a wide variety of sales incentives, warranties and other programmes that are intended to promote and support new vehicle sales at our dealerships. If the manufacturers reduce or discontinue incentive programmes, this could have an adverse impact on our business.

 

Used vehicle prices can vary significantly and as a significant proportion of our business comprises of used vehicle sales these variations can have a material impact on our business. Whilst currently experiencing a buoyant market as a result of the suppressed new car production the impact of any future declines in used vehicle prices could result in reduced profits on sales and also write-downs in the value of used vehicle stock.

 

The group has invested heavily in its people and its reputation over a number of years. It is therefore reliant on these individuals to a degree in delivering the company result and reinforcing the underlying Dales brand. The group undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.

 

The group competes with other franchised vehicle dealerships, independent used vehicle sellers, private buyers and sellers, internet based dealers, independent service and repair shops and vehicle manufacturers who have entered the retail market. We compete for the sale of new and used vehicles, the performance of warranty repairs, non-warranty repairs, routine maintenance business and for the provision of spare parts. The principle competitive factors in service and parts sales are price, familiarity with a manufacturer’s brands and models and the quality of customer service.

 

 

DCM (CORNWALL) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -

The success of the business is reliant on consumer spending. An economic downturn, resulting in reduction of consumer spending power will have a direct impact on the income achieved by the group and is a very real risk in the current uncertain market.

 

In response to this risk, senior management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies are modified to reflect the new market conditions.

 

The outbreak of Covid-19 remains a worldwide humanitarian and economic event continuing to impact many countries and businesses. With the pandemic ongoing there is still supply chain disruption (particularly within the new car market), reduced consumer confidence and reduced disposable income. Interest rates are rising, which is pushing up finance company rates, and the UK economy is likely to enter a recession in the latter stages of 2022.

 

In this period of enormous uncertainty it is extremely difficult to make future predictions but we are reassured by the continuing growth in trade and as directors we believe this will continue for the foreseeable future

Key performance indicators

The directors have monitored the overall group strategy and the individual strategic elements by reference to gross margin and operating profit. Monthly management accounts produced by the trading companies are analysed in order to ensure the group continues to trade profitably.

 

On behalf of the board

Mr D E Cadge
Director
10 August 2022
DCM (CORNWALL) 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 the operation of a motor dealership along with commercial property investment.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £755,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T Dale
Mrs M Dale
Mrs S L Cadge
Mrs C J Peters
Mr D E Cadge
Mr S S Peters
Mr J S Rouse
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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:

 

 

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.

DCM (CORNWALL) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
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
Mr D E Cadge
Director
10 August 2022
DCM (CORNWALL) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DCM (CORNWALL) LIMITED
- 5 -
Opinion

We have audited the financial statements of DCM (Cornwall) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group 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:

Basis for opinion

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 group and parent 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.

Other information

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:

DCM (CORNWALL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DCM (CORNWALL) 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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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:

 

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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We consider that the group's financial statements have a low susceptibility of material misstatement as a result of fraud. The main trading subsidiary is a motor dealership and the opportunity for fraud to occur would be limited due to the strict regulations in place for registering new vehicles with the manufacturer and the DVLA and the internal controls over used vehicle stock. There is minimal cash handling by nature of the type of transactions and therefore any fraud from misappropriation of cash would be trivial.

The main laws and regulations of significance to the group would be those of the main subsidiary trading company. These are: FCA compliance, health and safety regulations, employment law, tax and accounting law, etc.

Our audit work in response to the risks identified included but was not limited to:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing legal fee invoices for any evidence of non-compliance.

- 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, and evaluating the business rationale of significant transactions outside the normal course of business.

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.

DCM (CORNWALL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DCM (CORNWALL) LIMITED
- 7 -

Use of our 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.

Amy Sole (Senior Statutory Auditor)
10 August 2022
For and on behalf of Phillips Frith LLP
Chartered Accountants
Statutory Auditor
9 Tregarne Terrace
St Austell
Cornwall
PL25 4DD
DCM (CORNWALL) LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
2021
2020
Notes
£
£
Turnover
3
62,439,528
47,496,997
Cost of sales
(54,099,480)
(40,483,329)
Gross profit
8,340,048
7,013,668
Administrative expenses
(5,867,228)
(5,817,847)
Other operating income
92,532
508,510
Operating profit
4
2,565,352
1,704,331
Interest receivable and similar income
7
10,195
65,430
Interest payable and similar expenses
8
(183,097)
(227,271)
Profit before taxation
2,392,450
1,542,490
Tax on profit
9
(454,234)
(308,417)
Profit for the financial year
25
1,938,216
1,234,073
Retained earnings brought forward
6,119,623
5,449,050
Dividends
(908,000)
(563,500)
Retained earnings carried forward
7,149,839
6,119,623
Profit for the financial year is attributable to:
- Owners of the parent company
1,845,774
1,177,142
- Non-controlling interests
92,442
56,931
1,938,216
1,234,073
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,845,774
1,177,142
- Non-controlling interests
92,442
56,931
1,938,216
1,234,073
DCM (CORNWALL) LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 9 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
11
5,465
5,465
Tangible assets
12
5,282,228
5,387,026
5,287,693
5,392,491
Current assets
Stocks
16
6,156,445
6,959,544
Debtors
17
1,412,842
1,085,818
Cash at bank and in hand
2,355,368
1,295,827
9,924,655
9,341,189
Creditors: amounts falling due within one year
18
(6,883,581)
(7,353,945)
Net current assets
3,041,074
1,987,244
Total assets less current liabilities
8,328,767
7,379,735
Creditors: amounts falling due after more than one year
19
(1,126,905)
(1,189,746)
Provisions for liabilities
Deferred tax liability
21
52,023
70,366
(52,023)
(70,366)
Net assets
7,149,839
6,119,623
Capital and reserves
Called up share capital
22
10,000
10,000
Profit and loss reserves
25
7,363,245
6,272,472
Equity attributable to owners of the parent company
7,373,245
6,282,472
Non-controlling interests
(223,406)
(162,849)
7,149,839
6,119,623
The financial statements were approved by the board of directors and authorised for issue on 10 August 2022 and are signed on its behalf by:
10 August 2022
Mr D E Cadge
Director
DCM (CORNWALL) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
13
4,700,206
4,700,206
Investments
14
10,950
10,950
4,711,156
4,711,156
Current assets
Debtors
17
3,347
3,347
Cash at bank and in hand
511,500
416,283
514,847
419,630
Creditors: amounts falling due within one year
18
(279,364)
(2,436,450)
Net current assets/(liabilities)
235,483
(2,016,820)
Total assets less current liabilities
4,946,639
2,694,336
Creditors: amounts falling due after more than one year
19
(1,126,905)
(1,189,745)
Net assets
3,819,734
1,504,591
Capital and reserves
Called up share capital
22
10,000
10,000
Profit and loss reserves
25
3,809,734
1,494,591
Total equity
3,819,734
1,504,591

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 £3,070,143 (2020 - £1,503,409 profit).

The financial statements were approved by the board of directors and authorised for issue on 10 August 2022 and are signed on its behalf by:
10 August 2022
Mr D E Cadge
Director
Company Registration No. 08784330
DCM (CORNWALL) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,732,506
1,284,587
Interest paid
(183,097)
(227,271)
Income taxes paid
(360,876)
(191,370)
Net cash inflow from operating activities
2,188,533
865,946
Investing activities
Purchase of tangible fixed assets
(131,343)
(869,574)
Interest received
10,195
65,430
Net cash used in investing activities
(121,148)
(804,144)
Financing activities
Repayment of bank loans
(99,844)
(51,212)
Dividends paid to equity shareholders
(755,000)
(474,500)
Dividends paid to non-controlling interests
(153,000)
(89,000)
Net cash used in financing activities
(1,007,844)
(614,712)
Net increase/(decrease) in cash and cash equivalents
1,059,541
(552,910)
Cash and cash equivalents at beginning of year
1,295,827
1,848,737
Cash and cash equivalents at end of year
2,355,368
1,295,827
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
1
Accounting policies
Company information

DCM (Cornwall) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Wheal Rose, Scorrier, Redruth, Cornwall, TR16 5BX.

 

The group consists of DCM (Cornwall) 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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from certain disclosure requirements for parent company information presented within the consolidated financial statements.

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company DCM (Cornwall) 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

The impact of Covid-19 continues to cause widespread economic disruption in the supply of vehicles and shortage of staff, however based on current bank balances and facilities and current trading, 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.

1.4
Turnover

Turnover is recognised in the consolidated Statement of Income and Retained Earnings at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on handover of the vehicle or in the case of workshop services, when the work is complete).It 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.

DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Cherished registrations are not amortised as the directors believe their residual value to equate to at least cost.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Land -nil, buildings 2% on cost
Leasehold land and buildings
Over the period of the lease
Plant and equipment
20% - 33% on the straight line method
Fixtures and fittings
20% - 33% on the straight line method
Computers
25% - 33% on the straight line method
Motor vehicles
25% on cost

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.

1.7
Fixed asset investments

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.

1.8
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).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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. 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.

DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
1.9
Stocks

Stock and work in progress are stated at the lower of cost and estimated selling price, after making due allowances for obsolete and slow-moving stock.

 

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

 

The group has applied the accounting treatment required by FRS 102 Section 13 to its vehicle consignment stock. Where the interest free consignment period has expired, vehicles are included in the statement of financial position as stock with a matching liability for the purchase price included in trade creditors.

 

Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of the relevant provision is performed.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include only cash in hand

1.11
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. Financial assets are all receivable within one year and are therefore not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors,bank and other loans are initially recognised at transaction price. Financial liabilities are all potentially payable within one year and are therefore not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts are all classified as current liabilities as payment is due within one year or less.

1.12
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.

1.13
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.

DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
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.

1.14
Retirement benefits

The group operates a defined contribution plan for its employees. The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

1.15
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.

 

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.

 

The judgements which have the most significant impact on the financial statements are those related to stock valuations, which is regularly monitored against age profile and market demand using CAP valuation guides. Any provision is reviewed on a monthly basis.

3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Sale of goods
55,925,903
45,047,659
Provision of services
2,910,840
1,725,931
Bonuses received
3,602,785
723,407
62,439,528
47,496,997
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Turnover and other revenue
(Continued)
- 16 -
2021
2020
£
£
Other revenue
Interest income
10,195
65,430
Grants received
92,532
508,510

Government grants comprise of Coronavirus Job Retention Scheme receipts of £92,532 (2020: £505,510) and Local Authority Covid-19 support grants of £Nil (2020: £3,000).

4
Operating profit
2021
2020
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(92,532)
(508,510)
Depreciation of owned tangible fixed assets
236,141
222,567
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
-
-
Audit of the financial statements of the company's subsidiaries
25,775
19,600
For other services
All other non-audit services
-
5,153
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
60
50
-
-
15
17
-
-
44
58
-
-
Total
119
125
-
0
-
0
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

Group
Company
2021
2020
2021
2020
£
£
£
£
Wages and salaries
3,508,734
3,611,793
-
0
-
0
Social security costs
344,210
345,145
-
0
-
0
Pension costs
398,376
217,120
-
0
-
0
4,251,320
4,174,058
-
0
-
0
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
10,195
65,430
8
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
49,649
44,452
Other interest on financial liabilities
133,448
182,819
Total finance costs
183,097
227,271
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
472,577
263,305
Deferred tax
Origination and reversal of timing differences
(18,343)
45,112
Total tax charge
454,234
308,417
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9
Taxation
(Continued)
- 18 -

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
2,392,450
1,542,490
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
454,566
293,073
Tax effect of expenses that are not deductible in determining taxable profit
196
-
0
Depreciation in excess of capital allowances on consolidation of freehold property
9,125
15,344
Depreciation in excess of capital allowances
8,690
-
0
Deferred tax adjustment
(18,343)
-
0
Taxation charge
454,234
308,417
10
Dividends
2021
2020
Recognised as distributions to equity holders:
£
£
Final paid
755,000
474,500
11
Intangible fixed assets
Group
Cherished registrations
£
Cost
At 1 January 2021 and 31 December 2021
5,465
Amortisation and impairment
At 1 January 2021 and 31 December 2021
-
0
Carrying amount
At 31 December 2021
5,465
At 31 December 2020
5,465
The company had no intangible fixed assets at 31 December 2021 or 31 December 2020.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2021
5,351,913
24,064
1,149,465
459,701
712,642
24,410
7,722,195
Additions
61,834
-
0
42,140
848
26,521
-
0
131,343
At 31 December 2021
5,413,747
24,064
1,191,605
460,549
739,163
24,410
7,853,538
Depreciation and impairment
At 1 January 2021
420,946
24,064
1,011,426
223,946
630,377
24,410
2,335,169
Depreciation charged in the year
82,811
-
0
52,697
61,509
39,124
-
0
236,141
At 31 December 2021
503,757
24,064
1,064,123
285,455
669,501
24,410
2,571,310
Carrying amount
At 31 December 2021
4,909,990
-
0
127,482
175,094
69,662
-
0
5,282,228
At 31 December 2020
4,930,967
-
0
138,039
235,755
82,265
-
0
5,387,026
The company had no tangible fixed assets at 31 December 2021 or 31 December 2020.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
12
Tangible fixed assets
(Continued)
- 20 -

Included in the cost of freehold property is freehold land amounting to £1,286,531 which is not depreciated.

13
Investment property
Group
Company
2021
2021
£
£
Fair value
At 1 January 2021 and 31 December 2021
-
4,700,206

Investment property comprises of commercial buildings used for trading purposes by group companies. The year end market value of the investment properties equated to cost in the opinion of the directors and was considered by reference to market evidence.

14
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
10,950
10,950
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021 and 31 December 2021
10,950
Carrying amount
At 31 December 2021
10,950
At 31 December 2020
10,950
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2021 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Dale's Central Motors Limited
Wheal Rose, Scorrier, Redruth, Cornwall TR16 5BX
Motor vehicle dealership
Ordinary
95.00
5.00
Dales Cornwall Limited
Wheal Rose, Scorrier, Redruth, Cornwall TR16 5BX
Motor vehicle dealership
Ordinary
95.00
5.00
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
16
Stocks
Group
Company
2021
2020
2021
2020
£
£
£
£
Parts and accessories
205,809
182,131
-
0
-
0
Work in progress
42,544
46,757
-
-
Vehicle stock
5,908,092
6,730,656
-
0
-
0
6,156,445
6,959,544
-
0
-
0

Excluded from stocks at the year end are vehicles received on consignment costing £937,177 (2020: £nil) which are not accruing interest and are therefore not considered to be in substance assets of the group as at the balance sheet date.

17
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,312,415
638,754
-
0
-
0
Other debtors
169
129,779
-
0
-
0
Prepayments and accrued income
96,911
313,938
-
0
-
0
1,409,495
1,082,471
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 21)
3,347
3,347
3,347
3,347
Total debtors
1,412,842
1,085,818
3,347
3,347
18
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans
20
110,400
147,403
110,400
147,403
Other borrowings
20
500,000
500,000
-
0
-
0
Trade creditors
5,340,862
6,035,209
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
126,693
2,225,034
Corporation tax payable
293,069
181,368
32,166
59,908
Other taxation and social security
234,295
70,684
-
-
Other creditors
271,560
105,527
10,105
4,105
Accruals and deferred income
133,395
313,754
-
0
-
0
6,883,581
7,353,945
279,364
2,436,450
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
19
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans
20
1,126,905
1,189,746
1,126,905
1,189,745

 

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
143,359
115,681
-
-
20
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
1,237,305
1,337,149
1,237,305
1,337,148
Other loans
500,000
500,000
-
0
-
0
1,737,305
1,837,149
1,237,305
1,337,148
Payable within one year
610,400
647,403
110,400
147,403
Payable after one year
1,126,905
1,189,746
1,126,905
1,189,745

Included within bank loans are the following:

 

1) A loan amounting to £910,069 repayable in equal monthly instalments of £7,099. This loan carries an interest rate of 2.5% above the Bank of England base rate.

 

2) A loan amounting to £427,078 repayable in equal monthly instalments £5,191. This loan also carries a fixed interest rate of 4.32%.

 

The bank loans are secured by way of a first legal charge over all of the freehold properties owned by the company and a cross guarantee with Dale's Central Motors Limited and Dales Cornwall Limited.

The other loan is secured by a floating charge over all the assets of Dale's Central Motors Limited.

DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Group
£
£
£
£
Accelerated capital allowances
47,078
70,531
3,347
3,347
Short term timing difference
4,945
(165)
-
-
52,023
70,366
3,347
3,347
Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Company
£
£
£
£
Accelerated capital allowances
-
-
3,347
3,347
Group
Company
2021
2021
Movements in the year:
£
£
Liability/(Asset) at 1 January 2021
67,019
(3,347)
Credit to profit or loss
(18,343)
-
Liability/(Asset) at 31 December 2021
48,676
(3,347)
22
Share capital
Group and company
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
2700 A Ordinary shares of £1 each
2,700
2,700
2,700
2,700
2300 B Ordinary shares of £1 each
2,300
2,300
2,300
2,300
200 C Ordinary shares of £1 each
200
200
200
200
1200 D Ordinary shares of £1 each
1,200
1,200
1,200
1,200
1200 E Ordinary shares of £1 each
1,200
1,200
1,200
1,200
1200 F Ordinary shares of £1 each
1,200
1,200
1,200
1,200
1200 G Ordinary shares of £1 each
1,200
1,200
1,200
1,200
10,000
10,000
10,000
10,000

All shares have equal voting and distribution rights on winding up, but dividends are calculated separately.

DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
23
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
398,376
217,120

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. There were no amounts outstanding at the year end.

 

On 8th December 2005, the Dale's Central Motors Limited Discretionary Pension Scheme was established. This is a Small Self Administered Scheme (SSAS), the trustees and members of which are the directors of the group. The group's contributions are charged against profit in the year in which they accrue. The group made payments to the SSAS of £240,000 (2020: £85,000) during the year. There were no amounts outstanding at the year end.

24
Contingent Liabilities

Barclays Bank PLC holds an unlimited multi lateral guarantee over the assets of DCM (Cornwall) Limited, Dales Cornwall Limited and Dale's Central Motors Limited for security over the overdraft facility and bank loan. At 31 December 2021 and 2020 the bank borrowings of Dales Cornwall Limited and Dale's Central Motors Limited were nil.

25
Reserves
Group
Company
2021
2020
2021
2020
£
£
£
£
At the beginning of the year
6,272,472
5,569,830
1,494,591
465,682
Profit for the year
1,845,774
1,177,142
3,070,143
1,503,409
Dividends
(755,000)
(474,500)
(755,000)
(474,500)
At the end of the year
7,363,246
6,272,472
3,809,734
1,494,591
26
Related party transactions

The company has taken advantage of the exemption under FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 33, not to disclose related party transactions with the subsidiary companies, which meet the definition of "wholly owned" by way of the fact that all shareholders act only behalf of the entities within the group.

Mr T Dale and Mrs M Dale have personally guaranteed the other loan of £500,000 (2020: £500,000).

27
Controlling party

The ultimate controlling party is Mr T Dale and his wife Mrs M Dale who are both directors and shareholders of the company.

DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
28
Cash generated from group operations
2021
2020
£
£
Profit for the year after tax
1,938,216
1,234,073
Adjustments for:
Taxation charged
454,234
308,417
Finance costs
183,097
227,271
Investment income
(10,195)
(65,430)
Depreciation and impairment of tangible fixed assets
236,141
222,567
Movements in working capital:
Decrease in stocks
803,099
1,375,992
(Increase)/decrease in debtors
(327,024)
31,850
Decrease in creditors
(545,062)
(2,050,152)
Cash generated from operations
2,732,506
1,284,588
29
Analysis of changes in net funds/(debt) - group
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
1,295,827
1,059,541
2,355,368
Borrowings excluding overdrafts
(1,837,149)
99,844
(1,737,305)
(541,322)
1,159,385
618,063
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