Company registration number 11518944 (England and Wales)
ADMI Holdings Limited
Annual report and Financial Statements
For the year ended 31 December 2022
ADMI Holdings Limited
Company information
Directors
Mr M P Dickinson
Mr A Grecian
Company number
11518944
Registered office
Unit 2
Rosevale Business Park
Newcastle under Lyme
Staffordshire
ST5 7UB
Auditor
DJH Mitten Clarke Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
ADMI 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 - 11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
ADMI Holdings Limited
Strategic report
For the year ended 31 December 2022
- 1 -

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

Review of the business

We seek to present a balanced and comprehensive review of our business financial performance and position. This review is consistent with the size and non-complex nature of our business model with the aim to account for the risks and uncertainties we face. 

 

 The financial performance of the group has been consistent with that of 2020 results and Pre Covid. Consumer demand for products remains strong.

 

The Directors and Senior Management knowledge of the market has enabled the group to consolidate in 2022 with a plan to expand the business and increase its market share in 2023 and beyond. We have recruited further senior management to add to the experienced and dynamic team already in place.

The strategy remains in continuing to grow our reputation for being creators of gaming PC’s of unbeatable performance and value. Providing quality products and excellent customer service, and therefore gaining market share in the UK consumer market.

 

The consolidated position in 2022 resulted in a gross margin of £5.6m (2021 - £8.5m) and a net profit before taxation of £560k (2021 - £3.2m). Net assets at the year end were £4.2m (2021 - £4.1m).

Principal risks and uncertainties

The Directors are continually assessing risks and uncertainties and are confident that by continuing to work closely with its suppliers, listening to its customer base, identifying new channels and product opportunities; whilst drawing on its in depth knowledge of the market the business and investing in its infrastructure, the business will continue to enjoy profitable growth. The overall assessment of risk is that due to the non-complex nature of the business, we face a relatively low level of risk.

 

The online gaming PC market remains strong, and we are confident that that our products will very much remain in demand. Through new supply chains and expanding global markets, the group expect turnover and profitability to increase.

 

Financial instrument risk

 

Credit risk

The group manages its trade debtors and trade creditors to ensure sufficient cash is available to meet operational needs. Trade debtors and risk of bad debts are minimal due to the business model.  

 

Liquidity risk

The group funds its working capital needs through the generation and retention of profits and using traditional banking facilities.

ADMI Holdings Limited
Strategic report (continued)
For the year ended 31 December 2022
- 2 -
Development and performance

Future Developments

 

For the forthcoming year, the Directors are placing an emphasis on business consolidation with some expansion whilst maintaining existing gross margins. The Directors are targeting new and expanding global markets.

Other developments: -

We strive to continue to provide our customers with the highest level of service before, during and after their purchase - From click, to add, to tech support.

 

Key performance indicators

The group achieved a turnover of £28.9m (2021 - £41.3m), a gross profit of £5.6m (2021 - £8.4m) and a gross profit margin of 19.3% (2021 - 20.5%). 

 

On behalf of the board

Mr A Grecian
Director
1 February 2024
ADMI Holdings Limited
Directors' report
For the year ended 31 December 2022
- 3 -

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

Principal activities

The principal activity of the group continues to be that of online retailer of gaming PCs and affiliated products; selling through both our own website and third party e-commerce platforms.

 

Results and dividends

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

Ordinary dividends were paid amounting to £343,000 (2021: £1,395,000). The directors do not recommend payment of a further dividend.

Directors

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

Mr M P Dickinson
Mr A Grecian
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.

ADMI Holdings Limited
Directors' report (continued)
For the year ended 31 December 2022
- 4 -
On behalf of the board
Mr A Grecian
Director
1 February 2024
ADMI Holdings Limited
Independent auditor's report
To the members of ADMI Holdings Limited
- 5 -
Opinion

We have audited the financial statements of ADMI Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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 and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

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

 

We have nothing to report in this regard.

ADMI Holdings Limited
Independent auditor's report (continued)
To the members of ADMI Holdings Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

ADMI Holdings Limited
Independent auditor's report (continued)
To the members of ADMI Holdings Limited
- 7 -

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 company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

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:

 

 

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.

ADMI Holdings Limited
Independent auditor's report (continued)
To the members of ADMI Holdings Limited
- 8 -
Stacey Parr FCCA (Senior Statutory Auditor)
For and on behalf of DJH Mitten Clarke Audit Limited
2 February 2024
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
ADMI Holdings Limited
Group statement of comprehensive income
For the year ended 31 December 2022
- 9 -
2022
2021
as restated
Notes
£
£
Turnover
3
28,978,862
41,327,394
Cost of sales
(23,378,129)
(32,832,090)
Gross profit
5,600,733
8,495,304
Distribution costs
(3,972,717)
(4,556,978)
Administrative expenses
(1,083,758)
(681,845)
Other operating income
33,428
7,574
Operating profit
4
577,686
3,264,055
Interest payable and similar expenses
8
(17,208)
162
Profit before taxation
560,478
3,264,217
Tax on profit
9
(142,296)
(644,356)
Profit for the financial year
26
418,182
2,619,861
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ADMI Holdings Limited
Group statement of financial position
As at 31 December 2022
31 December 2022
- 10 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
680,578
794,007
Other intangible assets
11
41,020
45,593
Total intangible assets
721,598
839,600
Tangible assets
12
580,257
493,974
Investment property
13
213,828
213,828
1,515,683
1,547,402
Current assets
Stocks
16
4,599,401
4,999,034
Debtors
17
1,993,514
1,161,384
Cash at bank and in hand
284,040
1,577,367
6,876,955
7,737,785
Creditors: amounts falling due within one year
18
(3,785,619)
(4,826,493)
Net current assets
3,091,336
2,911,292
Total assets less current liabilities
4,607,019
4,458,694
Creditors: amounts falling due after more than one year
19
(307,628)
(363,233)
Provisions for liabilities
Provisions
22
110,052
-
0
Deferred tax liability
23
21,880
3,184
(131,932)
(3,184)
Net assets
4,167,459
4,092,277
Capital and reserves
Called up share capital
25
136
136
Share premium account
26
1,750,000
1,750,000
Profit and loss reserves
26
2,417,323
2,342,141
Total equity
4,167,459
4,092,277
ADMI Holdings Limited
Group statement of financial position (continued)
As at 31 December 2022
31 December 2022
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
01 February 2024
Mr M P Dickinson
Mr A Grecian
Director
Director
Company registration number 11518944 (England and Wales)
ADMI Holdings Limited
Company statement of financial position
As at 31 December 2022
31 December 2022
- 12 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Investments
14
1,750,000
1,750,000
Current assets
Debtors
17
1,000,136
1,000,136
Net current assets
1,000,136
1,000,136
Net assets
2,750,136
2,750,136
Capital and reserves
Called up share capital
25
136
136
Share premium account
26
1,750,000
1,750,000
Profit and loss reserves
26
1,000,000
1,000,000
Total equity
2,750,136
2,750,136

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 £343,000 (2021 - £1,395,000 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
01 February 2024
Mr M P Dickinson
Mr A Grecian
Director
Director
Company registration number 11518944 (England and Wales)
ADMI Holdings Limited
Group statement of changes in equity
For the year ended 31 December 2022
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2021:
Balance at 1 January 2021
136
1,750,000
117,280
1,867,416
Year ended 31 December 2021:
Profit and total comprehensive income
-
-
2,619,861
2,619,861
Dividends
10
-
-
(395,000)
(395,000)
Balance at 31 December 2021
136
1,750,000
2,342,141
4,092,277
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
418,182
418,182
Dividends
10
-
-
(343,000)
(343,000)
Balance at 31 December 2022
136
1,750,000
2,417,323
4,167,459
ADMI Holdings Limited
Company statement of changes in equity
For the year ended 31 December 2022
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2021:
Balance at 1 January 2021
136
1,750,000
-
0
1,750,136
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
1,395,000
1,395,000
Dividends
10
-
-
(395,000)
(395,000)
Balance at 31 December 2021
136
1,750,000
1,000,000
2,750,136
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
343,000
343,000
Dividends
10
-
-
(343,000)
(343,000)
Balance at 31 December 2022
136
1,750,000
1,000,000
2,750,136
ADMI Holdings Limited
Group statement of cash flows
For the year ended 31 December 2022
- 15 -
2022
2021
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(302,586)
1,085,894
Interest paid
(17,208)
162
Income taxes paid
(440,941)
(133,072)
Net cash (outflow)/inflow from operating activities
(760,735)
952,984
Investing activities
Purchase of intangible assets
(17,943)
(49,336)
Purchase of tangible fixed assets
(129,906)
(7,758)
Repayment of loans
2,627
-
Net cash used in investing activities
(145,222)
(57,094)
Financing activities
Repayment of bank loans
(53,492)
(66,500)
Payment of finance leases obligations
9,122
-
Dividends paid to equity shareholders
(343,000)
(395,000)
Net cash used in financing activities
(387,370)
(461,500)
Net (decrease)/increase in cash and cash equivalents
(1,293,327)
434,390
Cash and cash equivalents at beginning of year
1,577,367
1,142,977
Cash and cash equivalents at end of year
284,040
1,577,367
ADMI Holdings Limited
Notes to the group financial statements
For the year ended 31 December 2022
- 16 -
1
Accounting policies
Company information

ADMI Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2, Rosevale Business Park, Newcastle under Lyme, Staffordshire, ST5 7UB.

 

The group consists of ADMI Holdings Limited and its subsidiary.

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 investment properties at fair value. The principal accounting policies adopted are set out below.

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

 

1.2
Business combinations

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

 

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

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company ADMI Holdings Limited together with all entities controlled by the parent company (its subsidiary).

 

All financial statements are made up to 31 December 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.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

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 delivery 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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets 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.

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
- 18 -
1.7
Intangible fixed assets other than goodwill

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Trademark
10% on cost per annum
Website
33% on cost per annum
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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
2% on cost per annum
Leasehold improvements
33% on net book value
Plant and equipment
15% on net book value
Fixtures and fittings
15% on net book value

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 Statement of Comprehensive Income.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.10
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 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.

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
- 19 -

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

 

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

 

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

 

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

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

1.11
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 the Statement of Comprehensive Income, 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 the Statement of Comprehensive Income, 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.

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
- 20 -
1.12
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.13
Cash and cash equivalents

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

1.14
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 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.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
- 21 -
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 and amounts due to fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Derecognition of financial liabilities

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

1.15
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.

1.16
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.

 

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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
- 22 -
1.17
Provisions

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

 

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

1.18
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.

1.19
Retirement benefits

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

1.20
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 statement of financial position 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.

Rentals payable under operating leases, including any lease incentives received, are charged to the Statement of Comprehensive Income 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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.21
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 the Statement of Comprehensive Income.

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
- 23 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

The directors consider that there are no critical judgements, key estimates or assumptions used in preparing the financial statements.

 

3
Turnover
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
24,862,260
40,481,534
European Union
4,116,602
845,860
28,978,862
41,327,394
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging:
Exchange losses
59,843
26,197
Depreciation of owned tangible fixed assets
42,205
16,524
Depreciation of tangible fixed assets held under finance leases
1,418
-
Amortisation of intangible assets
135,945
117,634
Operating lease charges
107,178
27,055
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,500
4,000
Audit of the financial statements of the company's subsidiaries
17,700
18,000
22,200
22,000
ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
- 24 -
6
Employees

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

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Direct
37
42
-
-
Admin
6
5
-
-
Directors
2
2
-
-
Total
45
49
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
927,505
946,919
-
0
-
0
Social security costs
64,114
58,987
-
-
Pension costs
15,179
14,474
-
0
-
0
1,006,798
1,020,380
-
0
-
0
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
22,740
16,740
8
Interest payable and similar expenses
2022
2021
£
£
Interest on bank overdrafts and loans
13,997
(162)
Other interest
3,211
-
Total finance costs
17,208
(162)
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
123,600
644,356
ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
9
Taxation
2022
2021
£
£
(Continued)
- 25 -
Deferred tax
Origination and reversal of timing differences
18,696
-
0
Total tax charge
142,296
644,356

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

2022
2021
£
£
Profit before taxation
560,478
3,264,217
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
106,491
620,201
Tax effect of expenses that are not deductible in determining taxable profit
30,886
-
0
Effect of change in corporation tax rate
5,252
-
Depreciation on assets not qualifying for tax allowances
4,350
-
0
Under/(over) provided in prior years
-
0
204
Deferred tax adjustments in respect of prior years
(17)
-
0
Depreciation
-
0
3,140
Amortisation
-
0
22,351
Capital allowances
-
0
(1,540)
Enhanced allowances
(4,666)
-
0
Taxation charge
142,296
644,356

Factors that may affect future tax charges:

 

Legislation introduced in the Finance Act 2021 (enacted 10 June 2021) increased the main rate of corporation tax from 19% to 25% with effect from 1 April 2023. Given the imminent change to the main corporation tax rate, deferred tax has been provided for at 25% where appropriate.

10
Dividends
2022
2021
Recognised as distributions to equity holders:
£
£
Interim paid
343,000
395,000
ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
- 26 -
11
Intangible fixed assets
Group
Goodwill
Trademark
Website
Total
£
£
£
£
Cost
At 1 January 2022
1,134,294
56,786
922
1,192,002
Additions
-
0
17,943
-
0
17,943
At 31 December 2022
1,134,294
74,729
922
1,209,945
Amortisation and impairment
At 1 January 2022
340,287
11,563
552
352,402
Amortisation charged for the year
113,429
22,424
92
135,945
At 31 December 2022
453,716
33,987
644
488,347
Carrying amount
At 31 December 2022
680,578
40,742
278
721,598
At 31 December 2021
794,007
45,223
370
839,600
The company had no intangible fixed assets at 31 December 2022 or 31 December 2021.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2022
507,907
-
0
24,061
7,585
539,553
Additions
-
0
62,466
67,440
-
0
129,906
At 31 December 2022
507,907
62,466
91,501
7,585
669,459
Depreciation and impairment
At 1 January 2022
32,165
-
0
7,988
5,426
45,579
Depreciation charged in the year
10,158
20,614
12,527
324
43,623
At 31 December 2022
42,323
20,614
20,515
5,750
89,202
Carrying amount
At 31 December 2022
465,584
41,852
70,986
1,835
580,257
At 31 December 2021
475,742
-
0
16,073
2,159
493,974
The company had no tangible fixed assets at 31 December 2022 or 31 December 2021.
ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
12
Tangible fixed assets
(Continued)
- 27 -

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

Group
Company
2022
2021
2022
2021
£
£
£
£
Plant and equipment
8,034
-
0
-
0
-
0

Freehold land and buildings with a carrying amount of £465,584 (2021 - £475,742) have been pledged to secure borrowings of the group. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

13
Investment property
Group
Company
2022
2022
£
£
Fair value
At 1 January 2022 and 31 December 2022
213,828
-

Investment property comprises of commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

14
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,750,000
1,750,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 and 31 December 2022
1,750,000
Carrying amount
At 31 December 2022
1,750,000
At 31 December 2021
1,750,000
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
15
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
ADMI Limited
England and Wales
Ordinary
100.00
16
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Finished goods and goods for resale
4,599,401
4,999,034
-
-
17
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,251,518
939,036
-
0
-
0
Amounts owed by group undertakings
-
-
1,000,000
1,000,000
Other debtors
556,633
184,470
136
136
Prepayments and accrued income
185,363
37,878
-
0
-
0
1,993,514
1,161,384
1,000,136
1,000,136

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

18
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans
20
51,313
49,200
-
0
-
0
Obligations under finance leases
21
9,122
-
0
-
0
-
0
Trade creditors
3,317,133
3,168,790
-
0
-
0
Corporation tax payable
326,934
644,275
-
0
-
0
Other taxation and social security
18,334
375,350
-
-
Other creditors
8,551
436,525
-
0
-
0
Accruals and deferred income
54,232
152,353
-
0
-
0
3,785,619
4,826,493
-
0
-
0
ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
18
Creditors: amounts falling due within one year
(Continued)
- 29 -

The bank loan is secured by fixed and floating charges over the assets of the group.

 

Obligations under finance leases are secured by the assets to which they relate. See "Finance Lease Obligations" for further information.

 

 

19
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
20
307,628
363,233
-
0
-
0

The bank loan is secured by fixed and floating charges over the assets of the group.

20
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
358,941
412,433
-
0
-
0
Payable within one year
51,313
49,200
-
0
-
0
Payable after one year
307,628
363,233
-
0
-
0

The bank loan bears variable interest at the Bank of England base rate plus 2.65% and is payable in monthly instalments. The loan matures in November 2023.

21
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
9,122
-
0
-
0
-
0

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases are secured by the assets to which they relate.

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
- 30 -
22
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£
£
£
£
Warranty
110,052
-
-
-
Movements on provisions:
Warranty
Group
£
At 1 January 2022
410,052
Utilisation of provision
(300,000)
At 31 December 2022
110,052
23
Deferred taxation

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

Liabilities
Liabilities
2022
2021
Group
£
£
Accelerated capital allowances
21,880
3,184
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 January 2022
3,184
-
Charge to profit or loss
18,696
-
Liability at 31 December 2022
21,880
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
- 31 -
24
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,179
14,474

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
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
104
104
104
104
Ordinary-A shares of £1 each
16
16
16
16
Ordinary-B shares of £1 each
16
16
16
16
136
136
136
136

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

 

Ordinary A and B shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.y shares have no spec

26
Reserves
Share premium

The share premium reserve represents the premium on the issue of new shares.

Profit and loss reserves

The retained earnings reserve holds the retained earnings of the group, after the deduction of any dividends paid in the period.

27
Operating lease commitments

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

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
274,730
33,000
-
-
Between two and five years
915,151
39,690
-
-
1,189,881
72,690
-
-
ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
- 32 -
28
Events after the reporting date

On 2nd October 2023 the premises of AMDI Limited, were broken into and just over £1 Million of stock was stolen. The Directors have been working closely with the police and have thus far managed to recover just under £300,000. Investigations are ongoing and the company is hopeful that they will be able to recover more.

The group's busiest period of the year is quarter 4 and trading in 2023 in this period was excellent. The group has recovered well from the loss of stock and cash-flow is much improved and back to normal.

 

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
- 33 -
29
Prior period adjustment
Changes to the statement of financial position - group
As previously reported
Adjustment
As restated at 31 Dec 2021
£
£
£
Net assets
4,092,277
-
4,092,277
Capital and reserves
Total equity
4,092,277
-
4,092,277
Changes to the income statement - group
As previously reported
Adjustment
As restated
Period ended 31 December 2021
£
£
£
Cost of sales
(37,349,918)
4,517,828
(32,832,090)
Distribution costs
-
(4,556,978)
(4,556,978)
Administrative expenses
(720,995)
39,150
(681,845)
Profit after taxation
2,619,861
-
2,619,861
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2021
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
1,395,000
Profit as adjusted
1,395,000
Notes to reconciliation

During the year the directors reviewed the classification of sales expenditure and determined it was more appropriate to include a proportion of costs previously classified as cost of sales to distribution costs. The directors also reviewed the classification of wages costs and determined a different cost split. This has not impacted the net asset value or the profits already reported.

30
Directors' transactions

Dividends totalling £171,500 (2021 - £180,000) were paid in the year in respect of shares held by the group's directors.

ADMI Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2022
- 34 -
31
Cash (absorbed by)/generated from group operations
2022
2021
£
£
Profit for the year after tax
418,182
2,619,861
Adjustments for:
Taxation charged
142,296
644,356
Finance costs
17,208
(162)
Amortisation and impairment of intangible assets
135,945
117,634
Depreciation and impairment of tangible fixed assets
43,623
16,524
Increase in provisions
110,052
-
Movements in working capital:
Decrease/(increase) in stocks
399,633
(3,149,016)
(Increase)/decrease in debtors
(834,757)
508,532
(Decrease)/increase in creditors
(734,768)
328,165
Cash (absorbed by)/generated from operations
(302,586)
1,085,894
32
Analysis of changes in net funds/(debt) - group
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
1,577,367
(1,293,327)
284,040
Borrowings excluding overdrafts
(412,433)
53,492
(358,941)
Obligations under finance leases
-
(9,122)
(9,122)
1,164,934
(1,248,957)
(84,023)
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300Mr M P DickinsonMr A 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