Company Registration No. 13860914 (England and Wales)
Mastermelt Holdings Limited
Annual report and
group financial statements
for the period ended 26 August 2022
Mastermelt Holdings Limited
Company information
Directors
T Bransbury
J Conway-Baker
R Reidinger
R Davis
Company number
13860914
Registered office
30 City Road
London
EC1Y 2AB
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Mastermelt Holdings Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
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 - 38
Mastermelt Holdings Limited
Strategic report
For the period ended 26 August 2022
Page 1

The directors present the strategic report for the period ended 26 August 2022.

Review of the business

The company was incorporated on 20 January 2022.

 

On 5 April 2022, we completed the acquisition of Presman (Bullion) Limited, the consideration for which was 851 1p ordinary shares in Mastermelt Holdings Limited. Presman (Bullion) Limited is a buyer and seller of precious metals.

 

On 30 June 2022 we completed the acquisition of Mastermelt Limited, the consideration for which was 9,100 1p ordinary shares in Mastermelt Holdings Limited. Mastermelt Limited is a smelter and precious metal refiner.

 

The newly formed group has performed in line with expectations, showing healthy margins.

Principal risks and uncertainties

The principal risks associated with the group include the continuing need to monitor precious metal prices and maintain strong relationships with suppliers, metal refiners and metal banks.

 

The group's principal financial instruments compromise of currencies and metal balances.

 

The main purpose of these instruments is to provide liquidity for the group's operations.

 

In respect of bank balances, the liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through the use of metal pledging and leasing at contract set lease rates.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

 

Key performance indicators

The key financial highlights are as follows:

 

Period ended 26 August 2022
£
Turnover
43,554,184
Profit before taxation
8,424,501
Mastermelt Holdings Limited
Strategic report (continued)
For the period ended 26 August 2022
Page 2
Statement by the Directors in performance of their statutory duties in accordance with s172(1) companies Act 2006

The Board considers the impact of the company’s operations on the community and environment and our wider societal responsibilities. The company supports local charities, enables staff charity events and is an active corporate citizen.

 

Our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within a high standard of business conduct and good governance.

 

As a board of directors our intention is to behave responsibly towards our shareholders and treat them fairly and equally.

On behalf of the board

T Bransbury
Director
1 November 2023
Mastermelt Holdings Limited
Directors' report
For the period ended 26 August 2022
Page 3

The directors present their annual report and financial statements for the period ended 26 August 2022.

Principal activities

The principle activity of the group continued to be that of smelting and precious metal refining.

Results and dividends

Ordinary dividends were paid amounting to £2,930,200. The directors do not recommend payment of a final dividend.

Directors

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

T Bransbury
(Appointed 5 April 2022)
J Conway-Baker
(Appointed 5 April 2022)
R Reidinger
(Appointed 5 April 2022)
R Davis
(Appointed 20 January 2022)
Future developments

The group will continue to be engaged as smelters and precious metal refiners.

Auditor

Saffery LLP have expressed their willingness to continue in office.

Energy and carbon
Energy efficiency action

Energy consumption is routinely monitored as part of our ISO 14001 compliance and reviewed at Operational and Board Level as part of the ongoing ISO14001 compliance. Projects to reduce energy consumption and/or reduce our carbon footprint are a regular feature of the Company’s commitment to continuous improvement within the scope of this standard.

Mastermelt Holdings Limited
Directors' report (continued)
For the period ended 26 August 2022
Page 4
Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
T Bransbury
Director
1 November 2023
Mastermelt Holdings Limited
Independent auditor's report
To the members of Mastermelt Holdings Limited
Page 5
Opinion

We have audited the financial statements of Mastermelt Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 26 August 2022 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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.

Mastermelt Holdings Limited
Independent auditor's report (continued)
To the members of Mastermelt Holdings Limited
Page 6

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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 the 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.

Mastermelt Holdings Limited
Independent auditor's report (continued)
To the members of Mastermelt Holdings Limited
Page 7
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

Mastermelt Holdings Limited
Independent auditor's report (continued)
To the members of Mastermelt Holdings Limited
Page 8

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Michael Di Leto (Senior Statutory Auditor)
For and on behalf of Saffery LLP
1 November 2023
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Mastermelt Holdings Limited
Group statement of comprehensive income
For the period ended 26 August 2022
Page 9
Period
ended
26 August
2022
Notes
£
Turnover
3
43,554,184
Cost of sales
(27,793,241)
Gross profit
15,760,943
Administrative expenses
(7,399,003)
Operating profit
4
8,361,940
Share of profits of associates
1,362,325
Interest receivable and similar income
7
472,908
Interest payable and similar expenses
8
(147,024)
Other gains and losses
9
(1,625,648)
Profit before taxation
8,424,501
Tax on profit
10
(1,372,594)
Profit for the financial period
7,051,907
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
Mastermelt Holdings Limited
Group statement of financial position
As at 26 August 2022
Page 10
2022
Notes
£
£
Fixed assets
Goodwill
12
15,572,057
Tangible assets
13
6,315,681
Investments
14
20,083,277
41,971,015
Current assets
Stocks
17
30,314,095
Debtors
18
9,606,224
Cash at bank and in hand
8,814,860
48,735,179
Creditors: amounts falling due within one year
19
(19,926,573)
Net current assets
28,808,606
Total assets less current liabilities
70,779,621
Creditors: amounts falling due after more than one year
20
(1,950,000)
Provisions for liabilities
Deferred tax liability
23
270,047
(270,047)
Net assets
68,559,574
Capital and reserves
Called up share capital
25
101
Other reserves
64,437,766
Profit and loss reserves
4,121,707
Total equity
68,559,574
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
01 November 2023
T Bransbury
Director
Company Registration No. 13860914 (England and Wales)
Mastermelt Holdings Limited
Company statement of financial position
As at 26 August 2022
26 August 2022
Page 11
2022
Notes
£
£
Fixed assets
Investments
14
64,437,866
Current assets
Debtors
18
1
Creditors: amounts falling due within one year
19
(60,200)
Net current liabilities
(60,199)
Net assets
64,377,667
Capital and reserves
Called up share capital
25
101
Merger relief reserve
64,437,766
Profit and loss reserves
(60,200)
Total equity
64,377,667

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 £2,870,000.

The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
01 November 2023
T Bransbury
Director
Company Registration No. 13860914 (England and Wales)
Mastermelt Holdings Limited
Group statement of changes in equity
For the period ended 26 August 2022
Page 12
Share capital
Merger relief reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 20 January 2022
-
-
-
-
Period ended 26 August 2022:
Profit and total comprehensive income
-
-
7,051,907
7,051,907
Issue of share capital
25
101
-
-
101
Dividends
11
-
-
(2,930,200)
(2,930,200)
Fair value on acquisition of subsidiaries
-
64,437,766
-
64,437,766
Balance at 26 August 2022
101
64,437,766
4,121,707
68,559,574
Mastermelt Holdings Limited
Company statement of changes in equity
For the period ended 26 August 2022
Page 13
Share capital
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 20 January 2022
-
-
-
-
Period ended 26 August 2022:
Profit and total comprehensive income
-
-
2,870,000
2,870,000
Issue of share capital
25
101
-
-
101
Dividends
11
-
-
(2,930,200)
(2,930,200)
Fair value on acquisition of subsidiaries
-
64,437,766
-
64,437,766
Balance at 26 August 2022
101
64,437,766
(60,200)
64,377,667
Mastermelt Holdings Limited
Group statement of cash flows
For the period ended 26 August 2022
Page 14
2022
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(1,621,477)
Interest paid
(147,024)
Income taxes refunded
391,072
Net cash outflow from operating activities
(1,377,429)
Investing activities
Purchase of tangible fixed assets
(229,734)
Dividends received from associates
1,002,304
Loss on derivative contracts
(409,848)
Interest received
472,908
Net cash generated from/(used in) investing activities
835,630
Financing activities
Repayment of borrowings
(75,000)
Cash acquired as part of business combination
12,361,859
Dividends paid to equity shareholders
(2,930,200)
Net cash generated from/(used in) financing activities
9,356,659
Net increase in cash and cash equivalents
8,814,860
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
8,814,860
Mastermelt Holdings Limited
Company statement of cash flows
For the period ended 26 August 2022
Page 15
2022
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
60,199
Investing activities
Dividends received
2,870,000
Net cash generated from/(used in) investing activities
2,870,000
Financing activities
Proceeds from issue of shares
1
Dividends paid to equity shareholders
(2,930,200)
Net cash used in financing activities
(2,930,199)
Net increase in cash and cash equivalents
-
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
-
0
Mastermelt Holdings Limited
Notes to the group financial statements
For the period ended 26 August 2022
Page 16
1
Accounting policies
Company information

Mastermelt Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 30 City Road, London, EC1Y 2AB.

 

The group consists of Mastermelt Holdings Limited and all of its subsidiaries.

1.1
Reporting period

This is the group's first period of reporting, The period under review is 20 January 2022, being the date of incorporation of the parent company, to 26 August 2022.

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, modified to include the revaluation of certain financial instruments at fair value. 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. 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.

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
1
Accounting policies (continued)
Page 17
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Mastermelt Holdings 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 26 August 2022. 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.

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 statement of financial position 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.

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
1
Accounting policies (continued)
Page 18
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
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

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

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

Freehold land and buildings
1% - 10% reducing balance
Leasehold land and buildings
10% reducing balance
Plant and equipment
20% - 25% reducing balance
Fixtures and fittings
15%  - 33% reducing balance
Motor vehicles
25% straight line
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
1
Accounting policies (continued)
Page 19

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 income statement.

1.9
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.

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
1
Accounting policies (continued)
Page 20
1.10
Impairment of fixed assets

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

 

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

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

 

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

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.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value. Cost is based on the first in first out principle and includes expenditure incurred in acquiring the stock, production or conversion costs and other costs in bringing them to their existing 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.

1.12
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.

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
1
Accounting policies (continued)
Page 21
1.13
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 statement of financial position 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, 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.

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
1
Accounting policies (continued)
Page 22
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
1
Accounting policies (continued)
Page 23
1.14
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.

1.15
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 income statement 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.16
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.

1.17
Retirement benefits

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

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
1
Accounting policies (continued)
Page 24
1.18
Leases

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

1.19
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
Critical accounting judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2022
£
Turnover analysed by class of business
Precious metal refining activities and sales
43,554,184
2022
£
Turnover analysed by geographical market
United Kingdom
43,554,184
2022
£
Other revenue
Interest income
472,908
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 25
4
Operating profit
2022
£
Operating profit for the period is stated after charging/(crediting):
Exchange gains
(241,869)
Depreciation of owned tangible fixed assets
143,692
Amortisation of intangible assets
293,824
Operating lease charges
294,020
5
Auditor's remuneration
2022
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
43,000
Audit of the financial statements of the company's subsidiaries
103,000
146,000
For other services
Taxation compliance services
10,500
For services in respect of associated pension schemes
All other non-audit services
4,000
6
Employees

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

Group
Company
2022
2022
Number
Number
Directors
2
-
Administration
48
-
Total
50
-
0
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
6
Employees (continued)
Page 26

Their aggregate remuneration comprised:

Group
Company
2022
2022
£
£
Wages and salaries
6,126,653
-
0
Social security costs
1,015,949
-
0
Pension costs
57,405
-
0
5,770,220
-
0
7
Interest receivable and similar income
2022
£
Interest income
Interest on bank deposits
472,908
2022
Investment income includes the following:
£
Interest on financial assets not measured at fair value through profit or loss
472,908
8
Interest payable and similar expenses
2022
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
37,741
Other finance costs:
Interest on finance leases and hire purchase contracts
109,283
Total finance costs
147,024
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 27
9
Other gains and losses
2022
£
Fair value gains/(losses) on financial instruments
Loss on derivative contracts (metal hedging)
(409,848)
Change in value of borrowed metal payable
(1,215,800)
(1,625,648)
10
Taxation
2022
£
Current tax
UK corporation tax on profits for the current period
1,252,640
Deferred tax
Origination and reversal of timing differences
119,954
Total tax charge
1,372,594

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:

2022
£
Profit before taxation
8,424,501
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00%
1,600,655
Tax effect of expenses that are not deductible in determining taxable profit
30,542
Tax effect of income not taxable in determining taxable profit
(258,841)
Adjustments in respect of prior years
(80,543)
Permanent capital allowances in excess of depreciation
(132,539)
Depreciation on assets not qualifying for tax allowances
54,516
Other permanent differences
38,850
Deferred taxation movements
119,954
Taxation charge
1,372,594
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 28
11
Dividends
2022
Recognised as distributions to equity holders:
£
Interim paid - Company
2,930,200
12
Intangible fixed assets
Group
Goodwill
£
Cost
Additions
15,865,881
At 26 August 2022
15,865,881
Amortisation and impairment
Amortisation charged for the period
293,824
At 26 August 2022
293,824
Carrying amount
At 26 August 2022
15,572,057
The company had no intangible fixed assets at 26 August 2022.

The goodwill arises on consolidation in respect of the acquisitions of Presman (Bullion) Limited and Mastermelt Limited. The directors have assessed the useful economic life to be 10 years.

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 29
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
Additions
24,364
-
191,408
13,962
-
229,734
Business combinations
6,313,476
88,221
1,870,763
1,423,783
26,000
9,722,243
At 26 August 2022
6,337,840
88,221
2,062,171
1,437,745
26,000
9,951,977
Depreciation
Business combinations
953,196
61,359
1,297,865
1,173,243
6,941
3,492,604
Charge for year
48,673
2,697
56,207
34,298
1,817
143,692
At 26 August 2022
1,001,869
64,056
1,354,072
1,207,541
8,758
3,636,296
Carrying amount
At 26 August 2022
5,335,971
24,165
708,099
230,204
17,242
6,315,681
The company had no tangible fixed assets at 26 August 2022.
14
Fixed asset investments
Group
Company
2022
2022
Notes
£
£
Investments in subsidiaries
15
-
0
64,437,866
Investments in associates
16
20,083,277
-
0
20,083,277
64,437,866
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
14
Fixed asset investments (continued)
Page 30
Movements in fixed asset investments
Group
investment in associates
£
Cost or valuation
At 20 January 2022
-
At fair value on acquisition
19,723,281
Group's share of associates profits for the period
1,362,325
Dividends received
(1,002,329)
At 26 August 2022
20,083,277
15
Subsidiaries

Details of the company's subsidiaries at 26 August 2022 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Mastermelt Limited
United Kingdom
Smelters and precious metal refiners
Ordinary
100.00
Presman (Bullion) Limited
United Kingdom
Buying and selling precious metals
Ordinary
100.00
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 31
16
Associates

Details of associates at 26 August 2022 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Indirect
Mastermelt Refining Services Limited
United Kingdom
Precious metal refining services
Ordinary
27
Gold Pop Limited
United Kingdom
Wholesale of waste and scrap
Ordinary
25
Eco-Mastermelt Pte Ltd
Singapore
Agency for precious metal refining services
Ordinary
50
Mastermelt(Thailand) Co. Ltd
Thailand
Agency for precious metal refining services
Ordinary
49
17
Stocks
Group
Company
2022
2022
£
£
Metals for resale (Company owned stock)
17,001,255
-
0
Metals for resale (Borrowed Stock*)
13,312,841
-
0
30,314,095
-
0

*These stock represent metal borrowed from an individual lender that are used in the normal course of business. Refer to notes 21 and 22 for more details.

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 32
18
Debtors
Group
Company
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
2,997,363
-
0
Amounts owed by associated undertakings
15,582
-
Other debtors
500,383
1
Prepayments and accrued income
272,739
-
0
3,786,067
1
Amounts falling due after more than one year:
Other debtors
5,820,157
-
0
Total debtors
9,606,224
1
19
Creditors: amounts falling due within one year
Group
Company
2022
2022
Notes
£
£
Bank loans
21
300,000
-
0
Other borrowings
21
13,312,841
-
0
Trade creditors
107,546
-
0
Amounts owed to group undertakings
-
0
60,200
Amounts owed to associated undertakings
1,937,531
-
0
Corporation tax payable
877,877
-
0
Other taxation and social security
252,127
-
Other creditors
23,141
-
0
Accruals and deferred income
3,115,510
-
0
19,926,573
60,200
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 33
20
Creditors: amounts falling due after more than one year
Group
Company
2022
2022
Notes
£
£
Bank loans and overdrafts
21
1,950,000
-
0
21
Loans and overdrafts
Group
Company
2022
2022
£
£
Bank loans
2,250,000
-
0
Loans from related parties
13,312,841
-
0
15,562,841
-
Payable within one year
13,612,841
-
0
Payable after one year
1,950,000
-
0

The bank loan relates to mortgage loan obtained from Coutts & Co bank and includes financial covenants attached, being 12 months rolling EBITDA to Debt Service Liability Ratio tested quarterly and consolidated annual Cash Flow less Capital expenditure to Debt Service liability tested annually. Entity was in compliance with both covenants throughout the year. The mortgage has a nominal interest rate of 3.00% over LIBOR and a year of maturity in 2024. This loan repayment schedule is quarterly.

 

Coutts & Co hold security for the mortgage, dated 2 December 2019, over the freehold property at Hatton Garden. A mortgage debenture has also been provided by Mastermelt Limited dated 2 December 2019.

22
Liability on borrowed metal

The group has borrowed metal from an individual lender, a related party, on which it pays metal leasing charges based at agreed rates. The liability is accounted at the fair value of the metal borrowed as at the reporting date and changes in the fair value is accounted in income statement.

Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 34
23
Deferred taxation

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

Liabilities
2022
Group
£
Accelerated capital allowances
270,047
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the period:
£
£
Asset at 20 January 2022
-
-
Acquired on business combination
139,442
Charge to profit or loss
130,605
-
Liability at 26 August 2022
270,047
-

.

24
Retirement benefit schemes
2022
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
105,883

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.

25
Share capital
Group and company
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of 1p each
10,051
101
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 35
26
Acquisition of a business

On 30 June 2022 the group acquired 100 percent of the issued capital of Mastermelt Limited, by way of share for share exchange.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
6,161,729
-
6,161,729
Investments
664,335
-
664,335
Inventories
15,750,398
-
15,750,398
Trade and other receivables
8,438,025
-
8,438,025
Cash and cash equivalents
9,375,564
-
9,375,564
Fair value uplift for investments in associates
-
19,186,897
19,186,897
Borrowings
(2,325,000)
-
(2,325,000)
Trade and other payables
(16,734,172)
(85,036)
(16,819,208)
Corporation tax debtor
947,188
-
947,188
Deferred tax
(132,034)
-
(132,034)
Total identifiable net assets
22,146,033
19,101,861
41,247,894
Goodwill
13,911,212
Total consideration
55,159,106
The consideration was satisfied by:
£
Issue of shares
91
Fair value uplift of shares
55,159,015
55,159,106
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
31,812,633
Profit after tax
6,774,022
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
26
Acquisition of a business (continued)
Page 36

On 5 April 2022 the group acquired 100 percent of the issued capital of Presman (Bullion) Limited, by way of share for share exchange.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
67,910
-
67,910
Inventories
4,650,759
-
4,650,759
Trade and other receivables
154,820
-
154,820
Cash and cash equivalents
2,986,294
-
2,986,294
Trade and other payables
(363,119)
26,839
(336,280)
Tax liabilities
(22,105)
(177,307)
(199,412)
Total identifiable net assets
7,474,559
(150,468)
7,324,091
Goodwill
1,954,669
Total consideration
9,278,760
The consideration was satisfied by:
£
Issue of shares
9
Fair value uplift of shares
9,278,751
9,278,760
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
12,091,502
Profit after tax
211,714
27
Controlling party
The ultimate controlling party is Mr R Davis by virtue of his majority shareholding.
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 37
28
Cash absorbed by group operations
2022
£
Profit for the period after tax
7,051,907
Adjustments for:
Share of results of associates and joint ventures
(1,362,325)
Taxation charged
1,372,594
Finance costs
147,024
Investment income
(472,908)
Amortisation and impairment of intangible assets
293,824
Depreciation and impairment of tangible fixed assets
143,692
Other gains and losses
1,625,648
Movements in working capital:
Increase in stocks
(11,128,739)
Increase in debtors
(885,402)
Increase in creditors
1,593,208
Cash absorbed by operations
(1,621,477)
29
Cash generated from/(absorbed by) operations - company
2022
£
Profit for the period after tax
2,870,000
Adjustments for:
Investment income
(2,870,000)
Movements in working capital:
Increase in debtors
(1)
Increase in creditors
60,200
Cash generated from/(absorbed by) operations
60,199
Mastermelt Holdings Limited
Notes to the group financial statements (continued)
For the period ended 26 August 2022
Page 38
30
Analysis of changes in net debt - group
20 January 2022
Cash flows
Acquisitions and disposals
Market value movements
26 August 2022
£
£
£
£
£
Cash at bank and in hand
-
8,814,860
-
-
8,814,860
Borrowings
-
75,000
(14,422,041)
(1,215,800)
(15,562,841)
-
8,889,860
(14,422,041)
(1,215,800)
(6,747,981)
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