Company registration number 13084333 (England and Wales)
CLARENCE NO 2 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
CLARENCE NO 2 LIMITED
COMPANY INFORMATION
Directors
G S Butler
I Sherry
Company number
13084333
Registered office
Union
2-10 Albert Square
Manchester
M2 6LW
Auditor
Cowgill Holloway LLP
Regency House
45-53 Chorley New Road
Bolton
BL1 4QR
CLARENCE NO 2 LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
CLARENCE NO 2 LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 1 -

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

Fair review of the business

The principal activities of the group are property development, management and investment. The principal activity of the company is that of a holding company.

Our Business Model

The group operates complementary business units with the following business model:

 

 

Our core strength is built upon our approach to ‘Doing the right thing’. This applies across the company in how we engage with clients, partners, stakeholders, communities, our own people, and the places we make. It’s why we believe in sustainability, collaboration, and always delivering on our promises.

Business Review and Results

The group was formed in March 2021 following a re-organisation of the collective interests of the shareholders. The Group has a net worth of £6.5m and its key performance indicators for the 9 month period to 31st December 2021 are summarised below:

Turnover                £36.3m
Pre tax profit            £6.5m
GDV in construction        £75m
GDV pipeline            £433m
Assets Under Management    £34.6m

Development    

During the period we completed our VOX development in Castlefield, Manchester. VOX puts wellbeing first, offering residents a rooftop running track, yoga room, gym, and a beautiful lounge to relax in. The development completed in 2021 and sits adjacent to our Trilogy development. VOX comprises 280 apartments with a Co-Op store trading at the ground floor.

We commenced High Definition, a development for Latimer comprising two 14-17 storey towers located in the heart of Media City at Salford Quays. HD has a mix of 1, 2, and 3 bed apartments and will include access to a gym, resident’s lounge, and a communal garden.

On behalf of client we acquired the former Marks & Spencer building in Stockport in 2019. The building has been re-branded STOK, and will provide up to 64,000 sq ft of modern office accommodation.

The BTR sector remains buoyant and during the period the group benefited from the onward sale of earlier completed projects.

Investment

During the period our Investment team acquired £28m of assets and disposed of £29m assets achieving healthy levels of return for our investors. Assets Under Management were £34.6m at 31st December 2021.

CLARENCE NO 2 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 2 -
Principal risks and uncertainties

 

 

 

 

Future Developments

We have a healthy pipeline of developments :

 

 

 

We are in advanced discussions with a number of other partners for further projects throughout the UK, including looking further south to locations such as Birmingham, Milton Keynes and Southampton.

CLARENCE NO 2 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
Environmental Social & Governance

Like many others in the property industry, we are seeking ways to adapt and innovate in order to mitigate the impacts of climate change and an evolving policy agenda. We recognise that resilience related issues include not only the many prescient risks from climate change that we can be physically confronted with, but also often regulatory and reputational risks.

Our response is to evaluate the requirements of each development and investment we undertake to ensure, as a minimum, our projects are -or are made- resilient to flooding, extreme weather events and overheating, but also and wherever possible, to bring a progressive approach to protecting the environment, improving our communities, carbon neutrality and the energy performance of real assets.

To achieve this, we have developed an ‘ESG Options Matrix’ covering a range of options and solutions beneath our three pillars of ‘People, Planet and Place’. This enables our teams, clients and stakeholders to consider the potential latent within each opportunity and make informed decisions about actively implementing ESG initiatives.

The increasing focus on ESG also provides an opportunity to showcase attributes that have been part of the fabric of the Glenbrook business since the beginning. Whether this is ensuring the well-being of our employees with regular fitness challenges, walks and work place mental health sessions, championing women in property or supporting charities close to us (Wood Street Mission, Ronald McDonald House Charities and The Steve Burne Trust).

As a responsible property business, we continue to encourage good decision making in the journey to decarbonisation and longer term sustainability.

On behalf of the board

G S Butler
Director
12 September 2022
CLARENCE NO 2 LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 4 -

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

Principal activities

The principal activity of the company and group is that of property development.

Results and dividends

The results for the period are set out on page 9.

Ordinary dividends were paid amounting to £6,000,000. The directors do not recommend payment of a further dividend.

Directors

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

G S Butler
I Sherry
Auditor

Cowgill Holloway LLP were appointed as auditor to the group and is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

CLARENCE NO 2 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 5 -
On behalf of the board
G S Butler
Director
12 September 2022
CLARENCE NO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLARENCE NO 2 LIMITED
- 6 -
Opinion

We have audited the financial statements of Clarence No 2 Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2021 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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.

CLARENCE NO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLARENCE NO 2 LIMITED
- 7 -

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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the Directors (as required by auditing standards) and discussed with the Directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

CLARENCE NO 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLARENCE NO 2 LIMITED
- 8 -

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect; laws related to Health and Safety, Employment, UK Companies Act, Pension Legislation, Tax Legislation and Construction Regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

 

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.

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.

Stuart Stead (Senior Statutory Auditor)
For and on behalf of Cowgill Holloway LLP
12 September 2022
Chartered Accountants
Statutory Auditor
Regency House
45-53 Chorley New Road
Bolton
BL1 4QR
CLARENCE NO 2 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 9 -
Period
ended
31 December
2021
Notes
£
Turnover
3
36,341,018
Cost of sales
(27,893,236)
Gross profit
8,447,782
Administrative expenses
(2,167,094)
Other operating income
23,767
Operating profit
4
6,304,455
Interest receivable and similar income
8
245,527
Interest payable and similar expenses
9
(62,272)
Profit before taxation
6,487,710
Tax on profit
10
(1,264,185)
Profit for the financial period
5,223,525
Profit for the financial period is attributable to:
- Owners of the parent company
5,187,301
- Non-controlling interests
36,224
5,223,525
Total comprehensive income for the period is attributable to:
- Owners of the parent company
5,187,301
- Non-controlling interests
36,224
5,223,525
CLARENCE NO 2 LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 10 -
2021
Notes
£
£
Fixed assets
Tangible assets
12
83,540
Investments
13
792,633
876,173
Current assets
Stocks
15
7,390,424
Debtors
16
5,258,747
Investments
17
1
Cash at bank and in hand
4,291,708
16,940,880
Creditors: amounts falling due within one year
18
(10,972,982)
Net current assets
5,967,898
Total assets less current liabilities
6,844,071
Creditors: amounts falling due after more than one year
19
(228,000)
Provisions for liabilities
Deferred tax liability
21
13,925
(13,925)
Net assets
6,602,146
Capital and reserves
Called up share capital
23
1,000
Other reserves
7,377,621
Profit and loss reserves
(812,699)
Equity attributable to owners of the parent company
6,565,922
Non-controlling interests
36,224
6,602,146
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
12 September 2022
G S Butler
Director
CLARENCE NO 2 LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 11 -
2021
Notes
£
£
Fixed assets
Investments
13
1,300
Current assets
Debtors
16
3,792,840
Cash at bank and in hand
685,344
4,478,184
Creditors: amounts falling due within one year
18
(232,000)
Net current assets
4,246,184
Net assets
4,247,484
Capital and reserves
Called up share capital
23
1,000
Profit and loss reserves
4,246,484
Total equity
4,247,484

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 £10,246,484.

The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
12 September 2022
G S Butler
Director
Company Registration No. 13084333
CLARENCE NO 2 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 9 March 2021
-
-
-
-
-
-
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
-
5,187,301
5,187,301
36,224
5,223,525
Issue of share capital
23
1,000
-
-
1,000
-
1,000
Dividends
11
-
-
(6,000,000)
(6,000,000)
-
(6,000,000)
Transfers
-
7,377,621
-
7,377,621
-
7,377,621
Balance at 31 December 2021
1,000
7,377,621
(812,699)
6,565,922
36,224
6,602,146
CLARENCE NO 2 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 9 March 2021
-
-
-
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
10,246,484
10,246,484
Issue of share capital
23
1,000
-
1,000
Dividends
11
-
(6,000,000)
(6,000,000)
Balance at 31 December 2021
1,000
4,246,484
4,247,484
CLARENCE NO 2 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 14 -
2021
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(1,285,962)
Interest paid
(62,272)
Income taxes paid
(711,769)
Net cash outflow from operating activities
(2,060,003)
Investing activities
Purchase of tangible fixed assets
(21,726)
Receipts from associates
(419,487)
Receipts arising from loans made
963,709
Interest received
91,691
Dividends received
153,836
Net cash generated from/(used in) investing activities
768,023
Financing activities
Proceeds from issue of shares
1,000
Cash acquired on acquisition
6,104,688
Proceeds from borrowings
5,478,000
Dividends paid to equity shareholders
(6,000,000)
Net cash generated from/(used in) financing activities
5,583,688
Net increase in cash and cash equivalents
4,291,708
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
4,291,708
CLARENCE NO 2 LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 15 -
2021
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(3,564,386)
Investing activities
Proceeds on disposal of subsidiaries
(1,300)
Interest received
30
Dividends received
10,250,000
Net cash generated from/(used in) investing activities
10,248,730
Financing activities
Proceeds from issue of shares
1,000
Dividends paid to equity shareholders
(6,000,000)
Net cash used in financing activities
(5,999,000)
Net increase in cash and cash equivalents
685,344
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
685,344
CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 16 -
1
Accounting policies
Company information

Clarence No 2 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Union, 2-10 Albert Square, Manchester, M2 6LW.

 

The group consists of Clarence No 2 Limited and all of its subsidiaries.

1.1
Reporting period

These consolidated accounts are for the a short period due to the group only being formed on the 9 March 2021.

1.2
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.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Clarence No 2 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.

CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

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.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Tangible fixed assets

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

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

Fixtures, fittings & equipment
over 6 years / term of the lease
Computer equipment
over 4 years
Motor vehicles
over 4 years

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.

CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Work in progress

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 21 -
Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 22 -
3
Turnover and other revenue
2021
£
Turnover analysed by class of business
Turnover
36,341,018
2021
£
Other revenue
Interest income
91,691
Dividends received
153,836
4
Operating profit
2021
£
Operating profit for the period is stated after charging:
Depreciation of owned tangible fixed assets
24,752
Operating lease charges
48,690
5
Auditor's remuneration
2021
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
3,500
Audit of the financial statements of the company's subsidiaries
59,130
62,630
6
Employees

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

Group
Company
2021
2021
Number
Number
9
2
CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2021
2021
£
£
Wages and salaries
446,312
-
0
Social security costs
44,781
-
0
Pension costs
15,511
-
0
506,604
-
0
7
Directors' remuneration

No director's remuneration has been paid during the period.

8
Interest receivable and similar income
2021
£
Interest income
Interest on bank deposits
78
Other interest income
91,613
Total interest revenue
91,691
Other income from investments
Dividends received
153,836
Total income
245,527

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
78
9
Interest payable and similar expenses
2021
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,068
Other interest on financial liabilities
47,440
55,508
Other finance costs:
Other interest
6,764
Total finance costs
62,272
CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 24 -
10
Taxation
2021
£
Current tax
UK corporation tax on profits for the current period
1,268,431
Deferred tax
Origination and reversal of timing differences
(4,246)
Total tax charge
1,264,185

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

2021
£
Profit before taxation
6,487,710
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00%
1,232,665
Tax effect of expenses that are not deductible in determining taxable profit
7,595
Tax effect of income not taxable in determining taxable profit
(29,229)
Unutilised tax losses carried forward
13,432
Other permanent differences
3,227
Excess depreciation over capital allowances
1,490
Pre group profits
35,005
Taxation charge
1,264,185
11
Dividends
2021
Recognised as distributions to equity holders:
£
Final paid
6,000,000
CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 25 -
12
Tangible fixed assets
Group
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 9 March 2021
-
0
-
0
-
0
-
0
Additions
94,347
13,944
1
108,292
At 31 December 2021
94,347
13,944
1
108,292
Depreciation and impairment
At 9 March 2021
-
0
-
0
-
0
-
0
Depreciation charged in the period
20,641
4,110
1
24,752
At 31 December 2021
20,641
4,110
1
24,752
Carrying amount
At 31 December 2021
73,706
9,834
-
0
83,540
The company had no tangible fixed assets at 31 December 2021.
13
Fixed asset investments
Group
Company
2021
2021
Notes
£
£
Investments in subsidiaries
14
75
1,300
Investments in associates
1,223
-
0
Loans to associates
418,264
-
0
Investments in joint ventures
5
-
0
Unlisted investments
7
-
0
Loans
373,059
-
0
792,633
1,300
CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Group
Shares in subsidiaries, associates and joint ventures
Loans to associates
Other investments
Other loans
Total
£
£
£
£
£
Cost or valuation
At 9 March 2021
-
-
-
-
-
Additions
1,303
418,264
11
373,059
792,637
Disposals
-
-
(4)
-
(4)
At 31 December 2021
1,303
418,264
7
373,059
792,633
Carrying amount
At 31 December 2021
1,303
418,264
7
373,059
792,633
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 9 March 2021
-
Additions
1,300
At 31 December 2021
1,300
Carrying amount
At 31 December 2021
1,300
14
Subsidiaries

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

CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
14
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Glenbrook Assets Limited
United Kingdom
Ordinary
100.00
Glenbrook Project Management Limited
United Kingdom
Ordinary
90.00
Glenbrook Advisors Limited
United Kingdom
Ordinary
100.00
Asset & Property Management Limited
United Kingdom
Ordinary
100.00
Glenbrook DM Limited
United Kingdom
Ordinary
100.00
Glenbrook BB Limited
United Kingdom
Ordinary
100.00
Glenbrook BD Limited
United Kingdom
Ordinary
100.00
Glenbrook CHD Limited
United Kingdom
Ordinary
100.00
Glenbrook SQ Limited
United Kingdom
Ordinary
100.00
Glenbrook RIL Limited
United Kingdom
Ordinary
100.00
Glenbrook CB Limited
United Kingdom
Ordinary
100.00
Glenbrook MC Limited
United Kingdom
Ordinary
100.00
Glenbrook KS Limited
United Kingdom
Ordinary
100.00
Glenbrook MK Limited
United Kingdom
Ordinary
100.00
Glenbrook GI Limited
United Kingdom
Ordinary
100.00
Glenbrook KR Limited
United Kingdom
Ordinary
100.00
Glenbrook HD Limited
United Kingdom
Ordinary
75.00
Glenbrook Investments Limited
United Kingdom
Ordinary
100.00
15
Stocks
Group
Company
2021
2021
£
£
Work in progress
7,390,424
-
16
Debtors
Group
Company
2021
2021
Amounts falling due within one year:
£
£
Trade debtors
4,638,303
-
0
Amounts owed by group undertakings
-
3,710,004
Other debtors
353,806
82,836
Prepayments and accrued income
116,995
-
0
5,109,104
3,792,840
Amounts falling due after more than one year:
Deferred tax asset (note 21)
149,643
-
0
Total debtors
5,258,747
3,792,840
CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 28 -
17
Current asset investments
Group
Company
2021
2021
Notes
£
£
Investments in joint ventures
1
-
0
18
Creditors: amounts falling due within one year
Group
Company
2021
2021
Notes
£
£
Other borrowings
20
5,250,000
-
0
Trade creditors
2,183,577
-
0
Amounts owed to group undertakings
-
0
228,500
Corporation tax payable
1,268,316
-
0
Other taxation and social security
479,407
-
Other creditors
1,028,907
-
0
Accruals and deferred income
762,775
3,500
10,972,982
232,000
19
Creditors: amounts falling due after more than one year
Group
Company
2021
2021
Notes
£
£
Other borrowings
20
228,000
-
0
20
Loans and overdrafts
Group
Company
2021
2021
£
£
Other loans
5,478,000
-
0
Payable within one year
5,250,000
-
0
Payable after one year
228,000
-
0

Part of the £5,250,000 loan balance is secured by fixed charges over the land owned by the Glenbrook KR Limited and the £228,000 loan is secured by way of floating charges over the property or undertaking of Glenbrook HD Limited.

CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 29 -
21
Deferred taxation

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

Liabilities
Assets
2021
2021
Group
£
£
Accelerated capital allowances
13,925
-
Tax losses
-
149,643
13,925
149,643
The company has no deferred tax assets or liabilities.
Group
Company
2021
2021
Movements in the period:
£
£
Asset at 9 March 2021
-
-
Charge to profit or loss
4,246
-
Credit to equity
(139,964)
-
Asset at 31 December 2021
(135,718)
-
22
Retirement benefit schemes
2021
Defined contribution schemes
£
Charge to profit and loss in respect of defined contribution schemes
15,511

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.

23
Share capital
Group and company
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
A Ordinary shares of £1 each
200
200
B Ordinary shares of £1 each
200
200
C Ordinary shares of £1 each
300
300
D Ordinary shares of £1 each
300
300
1,000
1,000
CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
23
Share capital
(Continued)
- 30 -

The rights attached to the shares are as detailed in the Articles of Association.

24
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
2021
£
£
Within one year
28,808
-
28,808
-
25
Cash absorbed by group operations
2021
£
Profit for the period after tax
5,223,525
Adjustments for:
Taxation charged
1,264,185
Finance costs
62,272
Investment income
(245,527)
Depreciation and impairment of tangible fixed assets
24,752
Movements in working capital:
Increase in stocks
(7,337,174)
Decrease in debtors
1,022,001
Decrease in creditors
(1,299,996)
Cash absorbed by operations
(1,285,962)
CLARENCE NO 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 31 -
26
Cash absorbed by operations - company
2021
£
Profit for the period after tax
10,246,484
Adjustments for:
Dividends and interest received
(10,250,030)
Movements in working capital:
Increase in debtors
(3,792,840)
Increase in creditors
232,000
Cash absorbed by operations
(3,564,386)
27
Analysis of changes in net debt - group
9 March 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
-
4,291,708
4,291,708
Borrowings excluding overdrafts
-
(5,478,000)
(5,478,000)
-
(1,186,292)
(1,186,292)
28
Analysis of changes in net funds - company
9 March 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
-
685,344
685,344
2021-12-312021-03-09falseCCH SoftwareCCH Accounts Production 2022.100G S ButlerI Sherry13084333bus:Consolidated2021-03-092021-12-31130843332021-03-092021-12-3113084333bus:Director12021-03-092021-12-3113084333bus:Director22021-03-092021-12-3113084333bus:RegisteredOffice2021-03-092021-12-3113084333bus:Consolidated2021-12-31130843332021-12-3113084333core:FurnitureFittingsbus:Consolidated2021-12-3113084333core:ComputerEquipmentbus:Consolidated2021-12-3113084333core:MotorVehiclesbus:Consolidated2021-12-3113084333core:ShareCapitalbus:Consolidated2021-12-3113084333core:OtherMiscellaneousReservebus:Consolidated2021-12-3113084333core:ShareCapital2021-12-3113084333core:ShareCapitalbus:Consolidated2021-03-092021-12-3113084333core:ShareCapital2021-03-092021-12-3113084333core:FurnitureFittings2021-03-092021-12-3113084333core:ComputerEquipment2021-03-092021-12-3113084333core:MotorVehicles2021-03-092021-12-3113084333core:UKTaxbus:Consolidated2021-03-092021-12-3113084333bus:Consolidated12021-03-092021-12-3113084333bus:Consolidated22021-03-092021-12-3113084333bus:Consolidated32021-03-092021-12-3113084333core:FurnitureFittingsbus:Consolidated2021-03-0813084333core:ComputerEquipmentbus:Consolidated2021-03-0813084333core:MotorVehiclesbus:Consolidated2021-03-0813084333bus:Consolidated2021-03-0813084333core:FurnitureFittingsbus:Consolidated2021-03-092021-12-3113084333core:ComputerEquipmentbus:Consolidated2021-03-092021-12-3113084333core:MotorVehiclesbus:Consolidated2021-03-092021-12-3113084333core:CurrentFinancialInstrumentsbus:Consolidated2021-12-3113084333core:CurrentFinancialInstruments2021-12-3113084333core:UnlistedNon-exchangeTradedbus:Consolidated2021-12-3113084333core:UnlistedNon-exchangeTraded2021-12-3113084333core:Subsidiary12021-03-092021-12-3113084333core:Subsidiary22021-03-092021-12-3113084333core:Subsidiary32021-03-092021-12-3113084333core:Subsidiary42021-03-092021-12-3113084333core:Subsidiary52021-03-092021-12-3113084333core:Subsidiary62021-03-092021-12-3113084333core:Subsidiary72021-03-092021-12-3113084333core:Subsidiary82021-03-092021-12-3113084333core:Subsidiary92021-03-092021-12-3113084333core:Subsidiary102021-03-092021-12-3113084333core:Subsidiary112021-03-092021-12-3113084333core:Subsidiary122021-03-092021-12-3113084333core:Subsidiary132021-03-092021-12-3113084333core:Subsidiary142021-03-092021-12-3113084333core:Subsidiary152021-03-092021-12-3113084333core:Subsidiary162021-03-092021-12-3113084333core:Subsidiary172021-03-092021-12-3113084333core:Subsidiary182021-03-092021-12-3113084333core:Subsidiary112021-03-092021-12-3113084333core:Subsidiary222021-03-092021-12-3113084333core:Subsidiary332021-03-092021-12-3113084333core:Subsidiary442021-03-092021-12-3113084333core:Subsidiary552021-03-092021-12-3113084333core:Subsidiary662021-03-092021-12-3113084333core:Subsidiary772021-03-092021-12-3113084333core:Subsidiary882021-03-092021-12-3113084333core:Subsidiary992021-03-092021-12-3113084333core:Subsidiary10102021-03-092021-12-3113084333core:Subsidiary11112021-03-092021-12-3113084333core:Subsidiary12122021-03-092021-12-3113084333core:Subsidiary13132021-03-092021-12-3113084333core:Subsidiary14142021-03-092021-12-3113084333core:Subsidiary15152021-03-092021-12-3113084333core:Subsidiary16162021-03-092021-12-3113084333core:Subsidiary17172021-03-092021-12-3113084333core:Subsidiary18182021-03-092021-12-3113084333core:Non-currentFinancialInstrumentsbus:Consolidated2021-12-3113084333core:Non-currentFinancialInstruments2021-12-3113084333core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2021-12-3113084333core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3113084333core:WithinOneYearbus:Consolidated2021-12-3113084333core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2021-12-3113084333core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3113084333bus:PrivateLimitedCompanyLtd2021-03-092021-12-3113084333bus:FRS1022021-03-092021-12-3113084333bus:Audited2021-03-092021-12-3113084333bus:ConsolidatedGroupCompanyAccounts2021-03-092021-12-3113084333bus:FullAccounts2021-03-092021-12-31xbrli:purexbrli:sharesiso4217:GBP