Company Registration No. 04401654 (England and Wales)
RHENUS LOGISTICS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
RHENUS LOGISTICS LIMITED
COMPANY INFORMATION
Directors
D J Williams
G Dodsworth
G Hollington
(Appointed 18 March 2022)
S Davern
(Appointed 28 March 2022)
Company number
04401654
Registered office
Liverpool Road
Eccles
Manchester
Lancashire
United Kingdom
M30 7RF
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
Bankers
HSBC
St Annes Square
Manchester
United Kingdom
M2 7HD
Solicitors
Brabners LLP
1 Dale Street
Liverpool
United Kingdom
L2 2ET
RHENUS LOGISTICS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 31
RHENUS LOGISTICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The directors present the strategic report for the year ended 31 December 2021.

Introduction

The principal activity of the Group during the year continued to be that of freight forwarding agents.

 

In preparing the financial statements and associated strategic and directors’ reports, the board have fully considered the requirements (‘a’ – ‘f’) as set out in s172 of the Companies Act 2006 in the narrative and disclosures which follow.

Business review

The consolidated sales of the group increased by 4.3% or £4m compared to the prior year, the increase has been driven by organic growth.

 

Gross profit for the year increased by 16% compared to 2020 (or just over £3.3m) driven by the increase in sales mentioned above and an increase in the gross margin ratio from 21.7% (2020) to 24.2% (2021).

 

Administrative costs have remained stable year on year at £24m. Operating profit for the year was £337k (0.34% of sales).

 

As per 2020, the year was disrupted by the COVID 19 pandemic in terms of working locations and standard business practices. In addition, the introduction of the post Brexit Customs formalities had a significant impact in 2021. A period of interpretation of the new formalities, development of systems/processes and then stabilisation, to allow the company to adapt to the changing requirements, was experienced at the start of the year. Despite these challenges the company delivered positive and improved financial results in 2021.

 

The directors are optimistic about the coming year and expect the company to continue to deliver positive results. The group’s performance will allow it to continue support for other Rhenus Group Companies based in the UK.

 

Key performance indicators

 

In addition to the financial performance measures above, the directors consider and monitor the following key metrics when assessing business performance:

 

 

The directors remain satisfied with the performance of these key metrics.

 

 

 

RHENUS LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -

Stakeholders

 

The group continues to promote a close and positive working relationship with all of its key stakeholders. Some examples of how these relationships are managed are shown below:

Stakeholder

Action

Employees:

Employee engagement survey

 

Staff appraisals

Various structured training offers

Suppliers:

Standard payment policy consistently applied terms

 

Strong compliance culture, regular e-learning and training

Customers:

Regular customer visits and communications

 

Strong compliance culture, regular e-learning and training

 

 

The core values are outlined below, more details can be found on both the group and company website:

 

“CUSTOMER-FOCUSED SOLUTIONS - Understanding requirements I Providing solutions I Shaping the future  EMPLOYEE ORIENTATION - Being respectful I Valuing competence I Promoting development  ENTREPRENEURIAL SPIRIT - Developing ideas I Taking responsibility I Ensuring success  CONTINUITY - Acting for the long term I Connecting generations I Remaining independent”

 

 

The company, as a logistics provider, is acutely aware of its impact on the environment and seeks to mitigate this wherever possible. Some examples of how this is done are as follows:

 

 

The group employs a full time Quality and Compliance Manager who oversees all quality assurance accreditations and systems to ensure the group continues to offer the highest levels of service and quality upon which the group has developed its reputation.

 

RHENUS LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Other information and explanations

Current reporting year (Jan 21 – Dec 21), prior reporting year (Jan 20 – Dec 20)

 

2021

2020

 

Total energy consumption from gas and electricity

1,057,734

1,217,550

kWh

Scope 1 – All Direct Emissions from the activities of an organisation or under their control. Including fuel combustion on site such as gas boilers, fleet vehicles and air-conditioning leaks.

49

48

tCo2e

Scope 2 – Indirect Emissions from electricity purchased and used by the organisation. Emissions are created during the production of the energy and eventually used by the organisation.

166

260

tCo2e

Scope 3 – All Other Indirect Emissions from activities of the organisation, occuring from sources that they do not own or control. These are usually the greatest share of the carbon footprint, covering emissions associated with business travel, procurement (incl Subcontractor Transport), waste and water.

22,191

30,643

tCo2e

Total emissions

22,406

30,951

tCo2e

Turnover

100,196,554

96,041,879

£

Intensity Ratio

224

322

kgC02e per mil£ T/O

During 2021 we have worked on refining and improving the data collection processes and as a result have updated our reporting for 2020.

Energy Efficient Actions

We are committed to responsible energy management and support energy efficiency actions throughout our organisation, where it is cost effective to do so. We will maintain the ISO 14001 certification.

We have taken the following actions to date

Future plans include

RHENUS LOGISTICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -

On behalf of the board

G Hollington
Director
9 August 2022
RHENUS LOGISTICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2021.

Directors

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

D J Williams
R Kennerley
(Resigned 30 September 2021)
G Dodsworth
G Hollington
(Appointed 18 March 2022)
S Davern
(Appointed 28 March 2022)
Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Disabled persons

The group recognises its responsibilities towards disabled persons and gives full and fair consideration to applicants in positions suited to their own particular needs where appropriate openings exists. Where employees become disables in the course of their employment, every effort is made to provide them continuing employment.

Employee involvement

The group's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

RHENUS LOGISTICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
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.

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
G Hollington
Director
9 August 2022
RHENUS LOGISTICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RHENUS LOGISTICS LIMITED
- 7 -
Opinion

We have audited the financial statements of Rhenus Logistics Limited ('the parent company') and its subsidiaries (the 'group') for the year ended 31 December 2019 which comprise the group statements 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 and notes to the financial statements including a summary of 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:

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 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.

RHENUS LOGISTICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHENUS LOGISTICS LIMITED
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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:

 

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.

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.

RHENUS LOGISTICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHENUS LOGISTICS LIMITED
- 9 -

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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

 

 

 

RHENUS LOGISTICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHENUS LOGISTICS LIMITED
- 10 -

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.

Graham Rigby (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
9 August 2022
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
RHENUS LOGISTICS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
2021
2020
Notes
£
£
Turnover
3
100,196,554
96,041,879
Cost of sales
(75,979,092)
(75,172,325)
Gross profit
24,217,462
20,869,554
Administrative expenses
(23,958,156)
(23,617,027)
Other operating income
77,774
1,061,122
Operating profit/(loss)
4
337,080
(1,686,351)
Interest receivable and similar income
21,354
40,334
Interest payable and similar expenses
(286,621)
(302,990)
Profit/(loss) before taxation
71,813
(1,949,007)
Tax on profit/(loss)
8
(249,358)
(48,115)
Loss for the financial year
(177,545)
(1,997,122)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
RHENUS LOGISTICS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 12 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
9
12,231,954
14,081,713
Tangible assets
10
6,937,506
6,717,233
19,169,460
20,798,946
Current assets
Debtors
13
24,628,737
23,082,742
Cash at bank and in hand
451,815
1,658,377
25,080,552
24,741,119
Creditors: amounts falling due within one year
14
(20,759,523)
(22,531,766)
Net current assets
4,321,029
2,209,353
Total assets less current liabilities
23,490,489
23,008,299
Creditors: amounts falling due after more than one year
15
(13,962,000)
(13,962,000)
Provisions for liabilities
Provisions
16
1,737,386
1,034,378
Deferred tax liability
17
138,821
182,094
(1,876,207)
(1,216,472)
Net assets
7,652,282
7,829,827
Capital and reserves
Called up share capital
19
172,001
172,001
Profit and loss reserves
7,480,281
7,657,826
Total equity
7,652,282
7,829,827
The financial statements were approved by the board of directors and authorised for issue on 9 August 2022 and are signed on its behalf by:
09 August 2022
G Hollington
Director
RHENUS LOGISTICS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 13 -
2021
2020
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
9
11,984,122
13,778,520
Tangible assets
10
6,881,780
6,706,368
Investments
11
4,177,704
4,177,704
23,043,606
24,662,592
Current assets
Debtors
13
23,352,659
21,815,843
Cash at bank and in hand
304,154
1,485,409
23,656,813
23,301,252
Creditors: amounts falling due within one year
14
(22,325,004)
(23,217,052)
Net current assets
1,331,809
84,200
Total assets less current liabilities
24,375,415
24,746,792
Creditors: amounts falling due after more than one year
15
(13,962,000)
(13,962,000)
Provisions for liabilities
Provisions
16
1,737,386
1,034,378
Deferred tax liability
17
139,559
181,613
(1,876,945)
(1,215,991)
Net assets
8,536,470
9,568,801
Capital and reserves
Called up share capital
19
172,001
172,001
Profit and loss reserves
8,364,469
9,396,800
Total equity
8,536,470
9,568,801

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,032,331 (2020 - £833,571 profit).

The financial statements were approved by the board of directors and authorised for issue on 9 August 2022 and are signed on its behalf by:
09 August 2022
G Hollington
Director
Company Registration No. 04401654
RHENUS LOGISTICS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2020
172,001
9,266,845
9,438,846
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(1,997,122)
(1,997,122)
Balance at 31 December 2020
172,001
7,657,826
7,829,827
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(177,545)
(177,545)
Balance at 31 December 2021
172,001
7,480,281
7,652,282
RHENUS LOGISTICS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
172,001
10,159,265
10,331,266
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
833,571
833,571
Transfers (as restated)
21
-
(1,596,036)
(1,596,036)
Balance at 31 December 2020 (as restated)
172,001
9,396,800
9,568,801
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
(1,032,331)
(1,032,331)
Balance at 31 December 2021
172,001
8,364,469
8,536,470
RHENUS LOGISTICS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(883,992)
1,784,685
Interest paid
(286,621)
(302,990)
Income taxes refunded
93,640
164,525
Net cash (outflow)/inflow from operating activities
(1,076,973)
1,646,220
Investing activities
Purchase of tangible fixed assets
(155,374)
(262,802)
Proceeds on disposal of tangible fixed assets
4,431
10,653
Interest received
21,354
40,334
Net cash used in investing activities
(129,589)
(211,815)
Financing activities
Deferred consideration paid
-
(3,000,000)
Net cash used in financing activities
-
0
(3,000,000)
Net decrease in cash and cash equivalents
(1,206,562)
(1,565,595)
Cash and cash equivalents at beginning of year
1,658,377
3,223,972
Cash and cash equivalents at end of year
451,815
1,658,377
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
1
Accounting policies
Company information

Rhenus Logistics Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Liverpool Road, Eccles, Manchester, Lancashire, United Kingdom, M30 7RF.

 

The group consists of Rhenus Logistics 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. The principal accounting policies adopted are set out below.

The consolidated group financial statements consist of the financial statements of the parent company Rhenus Logistics 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.

1.2

Going concern

At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
1.4
Intangible fixed assets

 

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life being 10 years.

1.5
Tangible fixed assets

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

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

Freehold property
4% straight line
Short term leasehold property
over the remaining life of the leases
Plant & machinery
10% straight line
Computer equipment
20% 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.

1.6
Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The 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. Financial assets classified as receivable within one year are not amortised.

RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets 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.

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. 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 20 -
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.

1.11
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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.

1.15
Government grants

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants represent amounts claimed under Coronavirus Job Retention Scheme.

RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 21 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss for the period.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provision for doubtful debts

The directors have reviewed the trading balances owing to the group from its customers and made adequate provision in accordance with the ultimate parent group policy for any debts where it is considered probable that the amount will not be recovered.The amounts would otherwise have been recognised in trade debtors.

Dilapidation provision

The company recognises dilapidation provisions on the leasehold properties it occupies. The directors assess the level of provision required on a property by property basis based on past experience within the property portfolio along with professional advice from qualified surveyors where appropriate. These provisions are reviewed annually to ensure that they reflect the current best estimate of the provision required.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2021
2020
£
£
Freight services
100,196,554
96,041,879
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
4
Operating profit/(loss)
2021
2020
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
503
(16,150)
Government grants
(14,500)
(917,122)
Depreciation of owned tangible fixed assets
963,784
822,552
Amortisation of intangible assets
1,849,759
494,895
Operating lease charges
1,971,997
2,287,743
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
37,500
34,500
Audit of the financial statements of the company's subsidiaries
11,000
15,000
48,500
49,500
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
502,440
339,582
Company pension contributions to defined contribution schemes
26,198
24,750
528,638
364,332

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
306,708
238,099
Company pension contributions to defined contribution schemes
18,000
18,000
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
2021
2020
Number
Number
Administrative
35
41
Operational
347
351
382
392

Their aggregate remuneration comprised:

Group
2021
2020
£
£
Wages and salaries
11,955,645
11,287,921
Social security costs
1,129,602
1,173,130
Pension costs
589,824
428,054
13,675,071
13,035,869
8
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
417,091
121,099
Adjustments in respect of prior periods
(124,460)
(376,629)
Total current tax
292,631
(255,530)
Deferred tax
Origination and reversal of timing differences
16,528
303,645
Adjustment in respect of prior periods
(59,801)
-
0
Total deferred tax
(43,273)
303,645
Total tax charge
249,358
48,115
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2021
2020
£
£
Profit/(loss) before taxation
71,813
(1,949,007)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
13,644
(370,311)
Tax effect of expenses that are not deductible in determining taxable profit
348,786
254,663
Adjustments in respect of prior years
(124,586)
-
0
Permanent capital allowances in excess of depreciation
-
0
75,764
Depreciation on assets not qualifying for tax allowances
71,546
-
Deferred tax adjustments in respect of prior years
(59,801)
307,169
Difference in tax rates
3,966
(82,646)
Deferred tax not recognised
-
0
276,659
Current and previous years' losses carried back
-
(413,183)
Super deductions allowance
(4,197)
-
Taxation charge
249,358
48,115
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
19,522,469
Amortisation and impairment
At 1 January 2021
5,440,756
Amortisation charged for the year
1,849,759
At 31 December 2021
7,290,515
Carrying amount
At 31 December 2021
12,231,954
At 31 December 2020
14,081,713
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9
Intangible fixed assets
(Continued)
- 25 -
Company
Goodwill (as restated)
£
Cost
At 1 January 2021 and 31 December 2021
17,943,973
Amortisation and impairment
At 1 January 2021
4,165,453
Amortisation charged for the year
1,794,398
At 31 December 2021
5,959,851
Carrying amount
At 31 December 2021
11,984,122
At 31 December 2020
13,778,520
10
Tangible fixed assets
Group
Freehold property
Short term leasehold property
Plant & machinery
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2021
6,505,672
3,166,994
845,627
2,352,385
12,870,678
Additions
-
0
1,127,800
60,552
71,010
1,259,362
Disposals
-
0
(478,398)
(199,747)
(760,234)
(1,438,379)
At 31 December 2021
6,505,672
3,816,396
706,432
1,663,161
12,691,661
Depreciation and impairment
At 1 January 2021
1,942,337
1,857,898
681,393
1,671,817
6,153,445
Depreciation charged in the year
315,052
376,016
78,490
194,226
963,784
Eliminated in respect of disposals
-
0
(453,457)
(183,152)
(726,465)
(1,363,074)
At 31 December 2021
2,257,389
1,780,457
576,731
1,139,578
5,754,155
Carrying amount
At 31 December 2021
4,248,283
2,035,939
129,701
523,583
6,937,506
At 31 December 2020
4,563,335
1,309,096
164,234
680,568
6,717,233
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Tangible fixed assets
(Continued)
- 26 -
Company
Freehold property
Short term leasehold property
Plant & machinery
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2021
6,505,672
3,163,420
842,076
2,339,232
12,850,400
Additions
-
0
1,119,361
14,477
71,010
1,204,848
Disposals
-
0
(478,398)
(194,442)
(760,234)
(1,433,074)
At 31 December 2021
6,505,672
3,804,383
662,111
1,650,008
12,622,174
Depreciation and impairment
At 1 January 2021
1,942,337
1,886,248
576,147
1,739,300
6,144,032
Depreciation charged in the year
315,052
375,426
71,010
194,226
955,714
Eliminated in respect of disposals
-
0
(453,457)
(179,430)
(726,465)
(1,359,352)
At 31 December 2021
2,257,389
1,808,217
467,727
1,207,061
5,740,394
Carrying amount
At 31 December 2021
4,248,283
1,996,166
194,384
442,947
6,881,780
At 31 December 2020
4,563,335
1,277,172
265,929
599,932
6,706,368

 

11
Fixed asset investments
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
4,177,704
4,177,704

 

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021 and 31 December 2021
4,177,704
Carrying amount
At 31 December 2021
4,177,704
At 31 December 2020
4,177,704
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
12
Subsidiaries

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

Name of undertaking
Registered
Nature
Class of
% Held
office
of business
shares held
Direct
Indirect
ABC Freight Forwarding Limited
United Kingdom
Dormant
Ordinary
100.00
0
Gen Logistics Limited
United Kingdom
Dormant
Ordinary
100.00
0
Rhenus Hauser Forwarding Limited
United Kingdom
Dormant
Ordinary
0
100.00
Rhenus Hauser Limited
United Kingdom
Dormant
Ordinary
100.00
0
Rhenus Hauser London Limited
United Kingdom
Dormant
Ordinary
0
100.00
Rhenus Hauser Midlands Limited
United Kingdom
Dormant
Ordinary
0
100.00
Rhenus Hauser Yorkshire Limited
United Kingdom
Dormant
Ordinary
0
100.00
Staples International Shipping Limited
United Kingdom
Dormant
Ordinary
100.00
0
The PSL Group Limited
United Kingdom
Freight and Logistics
Ordianry
100.00
0
PSL Freight Limited
United Kingdom
Freight and Logistics
Ordinary
0
100.00
Skantrans-PSL LImited
United Kingdom
Freight and Logistics
Ordinary
0
100.00
13
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
19,070,866
15,004,479
18,524,226
14,802,649
Corporation tax recoverable
211,655
417,501
-
0
218,215
Amounts owed by group undertakings
3,497,021
6,315,654
3,004,056
5,513,407
Other debtors
1,049,948
220,218
1,049,948
170,218
Prepayments and accrued income
799,247
1,124,890
774,429
1,111,354
24,628,737
23,082,742
23,352,659
21,815,843
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
14
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Trade creditors
11,142,877
13,868,523
11,051,537
13,748,472
Amounts due to group undertakings
5,630,079
3,673,156
7,867,424
5,434,140
Corporation tax payable
180,425
-
0
180,425
-
0
Other taxation and social security
743,232
3,405,945
437,114
2,569,566
Other creditors
37,380
23,065
37,380
23,065
Accruals and deferred income
3,025,530
1,561,077
2,751,124
1,441,809
20,759,523
22,531,766
22,325,004
23,217,052

 

 

15
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Amounts owed to group undertakings
13,962,000
13,962,000
13,962,000
13,962,000
16
Provisions for liabilities
Group
Company
2021
2020
2021
2020
£
£
£
£
Provision for dilapidation costs
1,737,386
1,034,378
1,737,386
1,034,378
17
Deferred taxation

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

Liabilities
Liabilities
2021
2020
Group
£
£
Accelerated capital allowances
294,321
287,589
Short term timing differences
(155,500)
(105,495)
138,821
182,094
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
17
Deferred taxation
(Continued)
- 29 -
Liabilities
Liabilities
2021
2020
Company
£
£
Accelerated capital allowances
282,222
282,224
Short term timing differences
(142,663)
(100,611)
139,559
181,613
Group
Company
2021
2021
Movements in the year:
£
£
Liability at 1 January 2021
182,094
181,613
Credit to profit or loss
(43,273)
(42,054)
Liability at 31 December 2021
138,821
139,559
18
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
559,824
548,054

A defined contribution pension scheme is operated by the group for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Included within accruals and deferred income are unpaid amounts with respect to the defined contribution scheme totalling £141,155 (2020: £15,839).

19
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary shares of £1 each
172,001
172,001
172,001
172,001
RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 30 -
20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2021
2020
2021
2020
£
£
£
£
Within one year
1,726,067
1,719,706
1,720,799
1,719,706
Between two and five years
3,047,356
4,512,045
3,029,305
4,512,045
In over five years
4,598,891
11,169,872
4,598,891
11,169,872
9,372,314
17,401,623
9,348,995
17,401,623
21
Prior year restatement

The prior year company only balance sheet has been restated to recognise the accumulated amortisation that would have been incurred on the value of investments transferred to goodwill in the previous year from the date of acquisition. The effect of this adjustment is to reduce distributable reserves by £1,596,036 and resultant company only net assets by £1,596,036. Reported profit of loss for the prior year remains unchanged.

22
Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 "Related party disclosures" and has not disclosed transactions with group undertakings.    

Year end balances with group undertakings have been aggregated and disclosed in notes 13 and 15.

 

In addition to the above, the group owes the parent company Rhenus SE & Co.KG £13,962,000. Interest of £281,644 (2020: £281,055) was paid in respect of this advance.

RHENUS LOGISTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 31 -
23
Cash (absorbed by)/generated from group operations
2021
2020
£
£
Loss for the year after tax
(177,545)
(1,997,122)
Adjustments for:
Taxation charged
249,358
48,115
Finance costs
286,621
302,990
Investment income
(21,354)
(40,334)
(Gain)/loss on disposal of tangible fixed assets
(330,106)
245
Amortisation and impairment of intangible assets
1,849,759
1,849,759
Depreciation and impairment of tangible fixed assets
963,784
822,552
Decrease in provisions
-
(330,148)
Fair value movement of goodwill
-
(22,006)
Movements in working capital:
Increase in debtors
(1,751,841)
(1,972,913)
(Decrease)/increase in creditors
(1,952,668)
3,123,547
Cash (absorbed by)/generated from operations
(883,992)
1,784,685
24
Analysis of changes in net funds - group
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
1,658,377
(1,206,562)
451,815
2021-12-312021-01-01falseCCH SoftwareCCH Accounts Production 2022.100No description of principal activityD J WilliamsD J WilliamsG DodsworthR KennerleyG 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