Company registration number 01604582 (England and Wales)
PELICANS MANUFACTURING CO. LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
PELICANS MANUFACTURING CO. LTD
COMPANY INFORMATION
Directors
Mr. A. N. Merchant
Mr. S. Maxton
Mrs. S. Merchant
Mr. C. Acharya
Ms. S. Merchant
Mr. P. Kabra
Secretary
Mrs. S Merchant
Company number
01604582
Registered office
Qualitas House
100 Elmgrove Road
Harrow
Middlesex
HA1 2RW
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Bankers
National Westminster Bank Plc
Hendon Central Circus Branch
5 Central Circus
Hendon
London
NW4 3LE
The Royal Bank of Scotland
Smith House
Elmwood Avenue
Feltham
MIddlesex
TW13 7QD
PELICANS MANUFACTURING CO. LTD
CONTENTS
Page
Strategic report
2 - 3
Directors' report
1
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
PELICANS MANUFACTURING CO. LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2022
- 1 -

The directors present their annual report and the audited financial statements for the year ended 31 May 2022.

Principal activities

The principal activity of the company is that of design, manufacturing and sale of business promotional gifts.

 

Results and dividends

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

Ordinary dividends were paid amounting to £3,375,000. The directors do not recommend payment of a final dividend.

Directors

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

Mr. A. N. Merchant
Mr. S. Maxton
Mrs. S. Merchant
Mr. C. Acharya
Ms. S. Merchant
Mr. P. Kabra
Auditor

RDP Newmans LLP were appointed auditors on 1 November 2021 and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as the directors are aware, there is no relevant audit information of which the the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.

On behalf of the board
Mr. A. N. Merchant
Director
5 October 2023
PELICANS MANUFACTURING CO. LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2022
- 2 -

The directors present the strategic report for the year ended 31 May 2022.

Review of the business

The company's principal activities are the design, manufacturing and sale of business promotional gifts. The directors are disappointed with the results for the year.

 

The turnover has reduced by 11% from £10.27 million to £9.11 million. The gross profit margin has gone down from 11.9% to 1.8%. This was largely due to when the company was moving to its new premises, it was deemed that much of the stock held by the company for many years was no longer deemed adequate for resale and was thus scrapped. Due to Brexit restrictions (several of the company's customers being based in Europe) this stock was not replenished. Despite the large write down in stock causing gross margin deterioration, the company generated a pre tax profit of of £4,649k for the year compared to a loss of £162k in 2021, driven by profit generated from the disposal of freehold property.

 

 

The company's debtor days have increased from 72 days to 81 days in 2022.

 

At 31 May 2022 the company's current ratio was 1.33 (2021: 2.13) and its quick ratio was 1.30 (2021: 1.79).

Principal risks and uncertainties

The directors believe that the key business risks are in respect of competition from both UK and international businesses and in ensuring product quality and development and timely deliveries to its customers. In view of these risks and uncertainties the directors regularly review their operations to mitigate impact of such risks and uncertainties.

 

Future developments:

The directors anticipate the business environment will remain challenging and competitive. They believe that the company is in a sound financial position and they remain confident that the company will be able to reverse the decline in sales revenue in future.

 

Research and development:

The company is continually undertaking research and development to improve its product range.

 

Treasury operations and financial instruments:

The company operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

 

Liquidity risk:

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the businesses.

 

Interest rate risk:

The company is exposed to cash flow interest rate risk on bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debts so as to reduce its exposure to changes in its interest rates.

 

Foreign currency risk:

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

 

Credit risk:

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on a regular basis and provision is made for doubtful debts where necessary.

PELICANS MANUFACTURING CO. LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 3 -

On behalf of the board

Mr. A. N. Merchant
Director
5 October 2023
PELICANS MANUFACTURING CO. LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2022
- 4 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PELICANS MANUFACTURING CO. LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PELICANS MANUFACTURING CO. LTD
- 5 -
Opinion

We have audited the financial statements of Pelicans Manufacturing Co. Ltd (the 'company') for the year ended 31 May 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

PELICANS MANUFACTURING CO. LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PELICANS MANUFACTURING CO. LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 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.

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

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

PELICANS MANUFACTURING CO. LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PELICANS MANUFACTURING CO. LTD
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Paresh Radia FCA
Senior Statutory Auditor
For and on behalf of RDP Newmans LLP
6 October 2023
Chartered Accountants
Statutory Auditor
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
PELICANS MANUFACTURING CO. LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2022
- 8 -
2022
2021
Notes
£
£
Turnover
4
9,114,627
10,273,111
Cost of sales
(8,950,263)
(9,047,455)
Gross profit
164,364
1,225,656
Administrative expenses
(4,103,462)
(1,606,437)
Other operating income
8,615,795
276,720
Operating profit/(loss)
5
4,676,697
(104,061)
Interest receivable and similar income
6
14,773
73,746
Interest payable and similar expenses
7
(42,702)
(131,754)
Profit/(loss) before taxation
4,648,768
(162,069)
Tax on profit/(loss)
8
(619,778)
(5,044)
Profit/(loss) for the financial year
4,028,990
(167,113)

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

PELICANS MANUFACTURING CO. LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2022
- 9 -
2022
2021
£
£
Profit/(loss) for the year
4,028,990
(167,113)
Other comprehensive income
Tax relating to other comprehensive income
-
0
17,170
Total comprehensive income for the year
4,028,990
(149,943)
PELICANS MANUFACTURING CO. LTD
BALANCE SHEET
AS AT
31 MAY 2022
31 May 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
10
298,854
7,151,350
Investments
11
-
0
125,000
298,854
7,276,350
Current assets
Stocks
12
166,021
818,830
Debtors
13
6,524,047
3,988,245
Investments
14
-
0
685
Cash at bank and in hand
181,539
392,832
6,871,607
5,200,592
Creditors: amounts falling due within one year
15
(5,174,820)
(2,443,880)
Net current assets
1,696,787
2,756,712
Total assets less current liabilities
1,995,641
10,033,062
Creditors: amounts falling due after more than one year
16
-
0
(3,584,940)
Provisions for liabilities
Deferred tax liability
20
35,213
776,592
(35,213)
(776,592)
Net assets
1,960,428
5,671,530
Capital and reserves
Called up share capital
19
117,000
117,000
Revaluation reserve
22
-
0
4,365,092
Capital redemption reserve
24
100,000
100,000
Profit and loss reserves
23
1,743,428
1,089,438
Total equity
1,960,428
5,671,530
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr. A. N. Merchant
Director
Company Registration No. 01604582
PELICANS MANUFACTURING CO. LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2022
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2020
117,000
4,347,922
100,000
1,256,551
5,821,473
Year ended 31 May 2021:
Loss for the year
-
-
-
(167,113)
(167,113)
Other comprehensive income:
Tax relating to other comprehensive income
-
17,170
-
-
0
17,170
Total comprehensive income for the year
-
17,170
-
(167,113)
(149,943)
Balance at 31 May 2021
117,000
4,365,092
100,000
1,089,438
5,671,530
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
-
-
4,028,990
4,028,990
Dividends
9
-
-
-
(3,375,000)
(3,375,000)
Amouts written off
-
(4,347,922)
-
-
(4,347,922)
Other movements
-
(17,170)
-
-
(17,170)
Balance at 31 May 2022
117,000
-
0
100,000
1,743,428
1,960,428
PELICANS MANUFACTURING CO. LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2022
- 12 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
32
3,143,405
(525,435)
Interest paid
(42,702)
(131,754)
Income taxes paid
(747,887)
-
0
Net cash inflow/(outflow) from operating activities
2,352,816
(657,189)
Investing activities
Purchase of tangible fixed assets
(114,611)
(60,789)
Proceeds from disposal of tangible fixed assets
6,776,923
48,000
Proceeds from disposal of investments
125,685
-
0
Repayment of loans
(1,671,282)
(149,386)
Interest received
14,773
73,746
Net cash generated from/(used in) investing activities
5,131,488
(88,429)
Financing activities
Repayment of bank loans
(3,937,907)
362,469
Payment of finance leases obligations
(12,792)
7,619
Dividends paid
(3,375,000)
-
0
Net cash (used in)/generated from financing activities
(7,325,699)
370,088
Net increase/(decrease) in cash and cash equivalents
158,605
(375,530)
Cash and cash equivalents at beginning of year
(386,450)
(10,920)
Cash and cash equivalents at end of year
(227,845)
(386,450)
Relating to:
Cash at bank and in hand
181,539
392,832
Bank overdrafts included in creditors payable within one year
(409,384)
(779,282)
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 13 -
1
Accounting policies
Company information

Pelicans Manufacturing Co. Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Qualitas House, 100 Elmgrove Road, Harrow, Middlesex, HA1 2RW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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

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

1.4
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 buildings
2% on straight line basis
Land and buildings leasehold
10 years straight line basis
Plant and machinery
12.5% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 14 -

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

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

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

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

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

 

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

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

1.7
Stocks

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

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

1.8
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.

PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

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

 

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

 

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

Basic financial assets

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

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.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

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

 

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

PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 17 -
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
Pension contributions are paid to an outside Scheme and payments are charged to the profit and loss account as incurred.
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Exceptional item
2022
2021
£
£
Income
Profit on disposal of property
8,600,316
-
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 18 -
4
Turnover and other revenue

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

2022
2021
£
£
Turnover analysed by class of business
Goods
9,114,627
10,273,111
2022
2021
£
£
Turnover analysed by geographical market
Europe
7,202,206
7,751,144
UK
1,912,421
2,026,345
Rest of the world
-
495,622
9,114,627
10,273,111
2022
2021
£
£
Other revenue
Interest income
14,773
73,746
5
Operating profit/(loss)
2022
2021
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses
72,666
15,183
Fees payable to the company's auditor for the audit of the company's financial statements
45,000
45,000
Depreciation of owned tangible fixed assets
55,569
159,339
Depreciation of tangible fixed assets held under finance leases
8,930
10,642
Loss/(profit) on disposal of tangible fixed assets
125,685
(9,147)
6
Interest receivable and similar income
2022
2021
£
£
Interest income
Other interest income
14,773
73,746
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 19 -
7
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
40,185
128,263
Other finance costs:
Interest on finance leases and hire purchase contracts
1,721
3,491
Other interest
796
-
0
42,702
131,754
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
613,270
-
0
Deferred tax
Origination and reversal of timing differences
6,508
5,044
Total tax charge
619,778
5,044

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:

2022
2021
£
£
Profit/(loss) before taxation
4,648,768
(162,069)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
883,266
(30,793)
Tax effect of expenses that are not deductible in determining taxable profit
19,936
3,412
Tax effect of utilisation of tax losses not previously recognised
(171,000)
-
0
Unutilised tax losses carried forward
-
0
788
Depreciation on assets not qualifying for tax allowances
11,724
31,947
Capital allowances
(62,269)
(5,354)
Indexation allowance
(68,387)
-
0
Deferred tax movement
6,508
5,044
Taxation charge for the year
619,778
5,044
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
8
Taxation
(Continued)
- 20 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2022
2021
£
£
Deferred tax arising on:
Revaluation of property
-
(17,170)
9
Dividends
2022
2021
£
£
Interim paid
3,375,000
-
0
10
Tangible fixed assets
Freehold buildings
Land and buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 June 2021
7,250,000
-
0
1,023,694
444,146
86,627
8,804,467
Additions
-
0
27,919
9,415
-
0
77,277
114,611
Disposals
(7,250,000)
-
0
-
0
(424,100)
-
0
(7,674,100)
At 31 May 2022
-
0
27,919
1,033,109
20,046
163,904
1,244,978
Depreciation and impairment
At 1 June 2021
404,000
-
0
830,790
384,863
33,464
1,653,117
Depreciation charged in the year
-
0
2,792
28,561
536
32,610
64,499
Eliminated in respect of disposals
(404,000)
-
0
-
0
(367,492)
-
0
(771,492)
At 31 May 2022
-
0
2,792
859,351
17,907
66,074
946,124
Carrying amount
At 31 May 2022
-
0
25,127
173,758
2,139
97,830
298,854
At 31 May 2021
6,846,000
-
0
192,904
59,283
53,163
7,151,350

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2022
2021
£
£
Motor vehicles
26,789
45,722
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
10
Tangible fixed assets
(Continued)
- 21 -

 

11
Fixed asset investments
2022
2021
£
£
Unlisted investments
-
0
125,000
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2021 & 31 May 2022
125,000
Impairment
At 1 June 2021
-
Disposals
125,000
At 31 May 2022
125,000
Carrying amount
At 31 May 2022
-
At 31 May 2021
125,000
12
Stocks
2022
2021
£
£
Finished goods and goods for resale
166,021
818,830
13
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,252,613
2,014,628
Corporation tax recoverable
294,161
1,900
Amounts owed by group undertakings
-
0
1,500,573
Other debtors
3,916,465
410,619
Prepayments and accrued income
60,808
60,525
6,524,047
3,988,245
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 22 -
14
Current asset investments
2022
2021
£
£
Listed investments
-
0
685
15
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans and overdrafts
17
409,384
1,132,249
Obligations under finance leases
18
28,673
41,465
Trade creditors
315,417
65,207
Corporation tax
905,531
-
0
Other taxation and social security
39,991
89,823
Other creditors
3,391,999
987,997
Accruals and deferred income
83,825
127,139
5,174,820
2,443,880

Creditors amounting to £438,057 (£4,758,654) were secured by way of fixed and floating charges over the company's assets.

16
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
17
-
0
3,584,940
17
Loans and overdrafts
2022
2021
£
£
Bank loans
-
0
3,937,907
Bank overdrafts
409,384
779,282
409,384
4,717,189
Payable within one year
409,384
1,132,249
Payable after one year
-
0
3,584,940
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 23 -
18
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
14,069
14,069
In two to five years
14,604
27,396
28,673
41,465

Finance lease payments represent rentals payable by the company for certain items of plant and machinery as well as motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts £28,673 (2021: £41,465). The depreciation charge in respect of such assets amounted to £8,930 (2021: £10,642).

 

19
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
117,000
117,000
117,000
117,000
20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
35,213
776,592
2022
Movements in the year:
£
Liability at 1 June 2021
776,592
Charge to profit or loss
6,508
Transfer on disposal
(747,887)
Liability at 31 May 2022
35,213

The deferred tax liability set out above in respect of capital allowances is expected to reverse within 12 months.

PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 24 -
21
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,885
33,222

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Revaluation reserve
2022
2021
£
£
At the beginning of the year
4,365,092
4,347,922
Deferred tax on revaluation of tangible assets
-
17,170
Other movements
(4,365,092)
-
At the end of the year
-
0
4,365,092
23
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
1,089,438
1,256,551
Profit/(loss) for the year
4,028,990
(167,113)
Dividends declared and paid in the year
(3,375,000)
-
At the end of the year
1,743,428
1,089,438
24
Capital redemption reserve
2022
2021
£
£
At the beginning and end of the year
100,000
100,000
25
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
422,608
374,666
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
25
Directors' remuneration
(Continued)
- 25 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
114,625
114,625
26
Operating lease commitments

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

2022
2021
£
£
Within one year
218,609
-
0
In over five years
2,623,302
-
0
2,841,911
-
0
27
Employees

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

2022
2021
Number
Number
Selling and distribution
1
1
Administration
12
8
Production
27
34
Total
40
43

Their aggregate remuneration comprised:

2022
2021
£
£
Wages and salaries
1,580,709
1,519,040
Pension costs
26,885
33,222
1,607,594
1,552,262
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 26 -
28
Directors' transactions

 

Loan have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Amounts written off
Closing balance
£
£
£
£
£
£
2.00
202,305
2,200,943
14,773
(522,062)
-
1,895,959
-
20,730
7
-
-
(20,737)
-
223,035
2,200,950
14,773
(522,062)
(20,737)
1,895,959

Post year-end a further £1.03m of the directors' loans were repaid.

PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 27 -
29
Related party transactions

During the year the company purchased goods worth £6,520,330 (2021: £6,843,821) from Pelicans Automotive & Promotional Products (Pvt.) Limited, a company registered in India, in which Mr A N Merchant and Mrs S Merchant are directors and shareholders and Miss S Merchant is a director. These transactions were carried out at arms length and on normal commercial terms. At the year end balance due to Pelicans Automotive & Promotional Products (Pvt.) Limited was £1,533,776 (2021: £987,997).

 

Included within other debtors are amounts of £2,255,740 (2021: £nil) due from various associated companies, in which Mr A N Merchant is a common director.

 

During the year, amounts of £1,379,895 (2021: £nil) owing from The Collective Holdco Jersey Limited, a company incorporated in Jersey, was deemed irrecoverable and written off. Mr R M Merchant, the son of Mr A N Merchant, is a director and beneficial owner in The Collective Holdco Jersey Limited.

 

During the year, amounts of £456,809 (2021: £nil) owing from 14 Bedford Square Ltd was deemed irrecoverable and written off. Mr R M Merchant, the son of Mr A N Merchant, is a director and beneficial owner of 14 Bedford Square Ltd.

 

 

During the year an amount of £20,737 (2021: £nil) owing from the director, Mr P Kabra, was written off.

 

At the year end the balance due to the parent undertaking, Pelicans Limited, was £1,858,223 (2021: £490,527 debtor).

30
Ultimate controlling party

The ultimate parent company is Al-Noor Investments Limited, a company registered in Jersey, Channel Islands. Al-Noor Investments Limited is not required to prepare consolidated financial statements.

The company's immediate parent company is Pelicans Limited, a company registered in England & Wales.

 

31
Analysis of changes in net debt
1 June 2021
Cash flows
31 May 2022
£
£
£
Cash at bank and in hand
392,832
(211,293)
181,539
Bank overdrafts
(779,282)
369,898
(409,384)
(386,450)
158,605
(227,845)
Borrowings excluding overdrafts
(3,937,907)
3,937,907
-
Obligations under finance leases
(41,465)
12,792
(28,673)
(4,365,822)
4,109,304
(256,518)
PELICANS MANUFACTURING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 28 -
32
Cash generated from/(absorbed by) operations
2022
2021
£
£
Profit/(loss) for the year after tax
4,028,990
(167,113)
Adjustments for:
Taxation charged
619,778
5,044
Finance costs
42,702
131,754
Investment income
(14,773)
(73,746)
Loss/(gain) on disposal of tangible fixed assets
125,685
(9,147)
Depreciation and impairment of tangible fixed assets
64,499
169,981
Decrease in provisions
(4,365,092)
-
Movements in working capital:
Decrease in stocks
652,809
178,805
Increase in debtors
(572,259)
(755,357)
Increase/(decrease) in creditors
2,561,066
(5,656)
Cash generated from/(absorbed by) operations
3,143,405
(525,435)
2022-05-312021-06-01falseCCH SoftwareCCH Accounts Production 2023.300Mr. A. N. MerchantMr. S. MaxtonMrs. S. MerchantMr. C. AcharyaMs. S. MerchantMr. P. KabraMrs. S Merchantfalse016045822021-06-012022-05-3101604582bus:Director12021-06-012022-05-3101604582bus:Director22021-06-012022-05-3101604582bus:Director32021-06-012022-05-3101604582bus:Director42021-06-012022-05-3101604582bus:Director52021-06-012022-05-3101604582bus:Director62021-06-012022-05-3101604582bus:CompanySecretary12021-06-012022-05-3101604582bus:RegisteredOffice2021-06-012022-05-3101604582bus:Agent12021-06-012022-05-31016045822022-05-31016045822020-06-012021-05-3101604582core:RetainedEarningsAccumulatedLosses2020-06-012021-05-3101604582core:RetainedEarningsAccumulatedLosses2021-06-012022-05-3101604582core:RevaluationReserve2020-06-012021-05-3101604582core:RevenueReservesInvestmentFundsOnly2020-06-012021-05-31016045822021-05-3101604582core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-3101604582core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-05-3101604582core:PlantMachinery2022-05-3101604582core:FurnitureFittings2022-05-3101604582core:MotorVehicles2022-05-3101604582core:LandBuildingscore:OwnedOrFreeholdAssets2021-05-3101604582core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-05-3101604582core:PlantMachinery2021-05-3101604582core:FurnitureFittings2021-05-3101604582core:MotorVehicles2021-05-3101604582core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3101604582core:CurrentFinancialInstrumentscore:WithinOneYear2021-05-3101604582core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3101604582core:Non-currentFinancialInstrumentscore:AfterOneYear2021-05-3101604582core:CurrentFinancialInstruments2022-05-3101604582core:CurrentFinancialInstruments2021-05-3101604582core:ShareCapital2022-05-3101604582core:ShareCapital2021-05-3101604582core:RevaluationReserve2022-05-3101604582core:RevaluationReserve2021-05-3101604582core:CapitalRedemptionReserve2022-05-3101604582core:CapitalRedemptionReserve2021-05-3101604582core:RetainedEarningsAccumulatedLosses2022-05-3101604582core:RetainedEarningsAccumulatedLosses2021-05-3101604582core:ShareCapital2020-05-3101604582core:RevaluationReserve2020-05-3101604582core:CapitalRedemptionReserve2020-05-3101604582core:RetainedEarningsAccumulatedLosses2020-05-3101604582core:RevaluationReserve2021-05-3101604582core:RetainedEarningsAccumulatedLosses2021-05-310160458212021-06-012022-05-310160458212020-06-012021-05-31016045822021-05-31016045822020-05-3101604582core:WithinOneYear2022-05-3101604582core:WithinOneYear2021-05-3101604582core:LandBuildingscore:OwnedOrFreeholdAssets2021-06-012022-05-3101604582core:LandBuildingscore:LongLeaseholdAssets2021-06-012022-05-3101604582core:PlantMachinery2021-06-012022-05-3101604582core:FurnitureFittings2021-06-012022-05-3101604582core:MotorVehicles2021-06-012022-05-3101604582core:UKTax2021-06-012022-05-3101604582core:UKTax2020-06-012021-05-310160458222021-06-012022-05-310160458222020-06-012021-05-310160458232021-06-012022-05-310160458232020-06-012021-05-310160458242021-06-012022-05-310160458242020-06-012021-05-3101604582core:LandBuildingscore:OwnedOrFreeholdAssets2021-05-3101604582core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-05-3101604582core:PlantMachinery2021-05-3101604582core:FurnitureFittings2021-05-3101604582core:MotorVehicles2021-05-3101604582core:LandBuildingscore:LeasedAssetsHeldAsLessee2021-06-012022-05-3101604582core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-05-3101604582core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2021-05-3101604582core:CurrentFinancialInstrumentscore:ListedExchangeTraded2022-05-3101604582core:CurrentFinancialInstrumentscore:ListedExchangeTraded2021-05-3101604582core:Non-currentFinancialInstruments2022-05-3101604582core:Non-currentFinancialInstruments2021-05-3101604582core:BetweenTwoFiveYears2022-05-3101604582core:BetweenTwoFiveYears2021-05-3101604582core:MoreThanFiveYears2022-05-3101604582core:MoreThanFiveYears2021-05-3101604582bus:PrivateLimitedCompanyLtd2021-06-012022-05-3101604582bus:FRS1022021-06-012022-05-3101604582bus:Audited2021-06-012022-05-3101604582bus:FullAccounts2021-06-012022-05-31xbrli:purexbrli:sharesiso4217:GBP