Company registration number SC473188 (Scotland)
Kaydanic Solutions Limited
Annual report and consolidated financial statements
for the year ended 31 December 2023
Kaydanic Solutions Limited
Company information
Director
Mr J Dignan
Secretary
D Gray
Company number
SC473188
Registered office
Taxi Way
Hillend Industrial Estate
Dalgety Bay
Fife
KY11 9ET
Auditor
Henderson Loggie LLP
11 - 15 Thistle Street
Edinburgh
EH2 1DF
Solicitors
MacRoberts LLP
Capella
60 York Street
Glasgow
G2 8JX
Kaydanic Solutions Limited
Contents
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
Kaydanic Solutions Limited
Strategic report
for the year ended 31 December 2023
- 1 -

The Director presents the strategic report for the year ended 31 December 2023.

Review of the business

Turnover increased with a profit before tax of £336,189 (2022: £519,323).

 

The company anticipates similar levels of revenue and profitability in 2024 and the key performance indicators are:

- Profitable Revenue Growth

- Cash flow management

- EBITDA

- On time delivery to customer required date

- Zero returns under warranty

- Compliance as a minimum with employment, health & safety, and environmental legislation

Principal risks and uncertainties

Principal risks and uncertainties are:

 

The group has reacted to these risks by:

 

Kaydanic Solutions Limited
Strategic report (continued)
for the year ended 31 December 2023
- 2 -
Development and performance

Last year we reported the geopolitical events that created an extremely challenging environment. Whilst we have seen some encouraging signs in the global shortage of semiconductors, the performance of the company to December 2023 must be taken in context to reflect that challenging environment. That said the company grew 34% in revenue terms to £12.2M turnover with inventory lower than previous year at £2.4M.

Profitability suffered following implementation of a new ERP system but that has been addressed and we see profitability improving in the coming year.

Our current order book remains strong with new organic opportunities and exciting opportunities with innovative new clients in multiple sectors. The company has also gone through a period of ceasing activity with its less profitable clients, but retains the longevity of its core customer base, as it embarks on a period of longer term growth.

Having resiliently navigated our way through world events that impacted the business, the company is well positioned to perform strongly in the coming years.

Other information and explanations

The director of Kaydanic Solutions is satisfied that the accounts are prepared on a going concern basis. This is underpinned with a strong order book within Dynamic EMS as the business moves into the next financial accounting period, coupled with the sustainability of our diverse portfolio of customers and the emergence of developmental accounts maturing into volume revenue streams. The company has been developing customers in emerging technologies i.e. IoT, wearables, Agritech, Aquaculture as well as customers relating to critical infrastructure building confidence that the business will mature on solid foundations.

On behalf of the board

Mr J Dignan
Director
12 August 2024
Kaydanic Solutions Limited
Director's report
for the year ended 31 December 2023
- 3 -

The Director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the group continued to be that of the supply of electronic manufacturing services comprising of PCB assembly and high level (complete product) assembly and test. The principal activity of the company was that of a holding company.

Results and dividends

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

Ordinary dividends were paid amounting to £86,806 (2022 - £138,968). The Director does not recommend payment of a further dividend.

 

Director

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

Mr J Dignan
Auditor

The auditor, Henderson Loggie LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as the 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 director has taken all the necessary steps that he ought to have taken as director in order to make himself 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
Mr J Dignan
Director
12 August 2024
Kaydanic Solutions Limited
Director's responsibilities statement
for the year ended 31 December 2023
- 4 -

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

 

Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has 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 Director must not approve the financial statements unless he is 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 Director is required to:

 

 

The Director is 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. He is 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.

Kaydanic Solutions Limited
Independent auditor's report
to the members of Kaydanic Solutions Limited
- 5 -
Opinion

We have audited the financial statements of Kaydanic Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 Director's 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 Director 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 Director is 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.

Kaydanic Solutions Limited
Independent auditor's report (continued)
to the members of Kaydanic Solutions 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 Director's 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 Director

As explained more fully in the Director's responsibilities statement, the Director is 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 Director determines 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 Director is 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 Director either intends to liquidate the parent company or to cease operations, or has 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.

Kaydanic Solutions Limited
Independent auditor's report (continued)
to the members of Kaydanic Solutions Limited
- 7 -

As part of our planning process:

 

 

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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.

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.

Diana Penny (Senior Statutory Auditor)
For and on behalf of Henderson Loggie LLP
12 August 2024
Chartered Accountants
Statutory Auditor
11 - 15 Thistle Street
Edinburgh
EH2 1DF
Kaydanic Solutions Limited
Group statement of comprehensive income
for the year ended 31 December 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
12,211,816
9,090,304
Cost of sales
(10,590,940)
(7,625,071)
Gross profit
1,620,876
1,465,233
Administrative expenses
(1,113,550)
(883,215)
Operating profit
4
507,326
582,018
Interest receivable and similar income
8
4
-
0
Interest payable and similar expenses
9
(171,141)
(62,695)
Profit before taxation
336,189
519,323
Tax on profit
10
(81,011)
(96,639)
Profit for the financial year
255,178
422,684
Other comprehensive income
Revaluation of tangible fixed assets
-
0
291,936
Tax relating to other comprehensive income
-
0
(35,552)
Total comprehensive income for the year
255,178
679,068
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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Kaydanic Solutions Limited
Group balance sheet
as at 31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Negative goodwill
12
(263,702)
(292,378)
Tangible assets
13
1,866,122
1,452,235
Current assets
Stocks
16
2,447,564
2,873,587
Debtors
17
3,315,085
2,614,940
Cash at bank and in hand
282,612
45,958
6,045,261
5,534,485
Creditors: amounts falling due within one year
18
(4,567,813)
(4,091,331)
Net current assets
1,477,448
1,443,154
Total assets less current liabilities
3,079,868
2,603,011
Creditors: amounts falling due after more than one year
19
(465,096)
(275,556)
Provisions for liabilities
Deferred tax liability
22
151,816
58,145
(151,816)
(58,145)
Net assets
2,462,956
2,269,310
Capital and reserves
Called up share capital
24
100
100
Revaluation reserve
592,317
592,317
Profit and loss reserves
1,870,539
1,676,893
Total equity
2,462,956
2,269,310
The financial statements were approved and signed by the director and authorised for issue on 12 August 2024
12 August 2024
Mr J Dignan
Director
Company registration number SC473188 (Scotland)
Kaydanic Solutions Limited
Company balance sheet
as at 31 December 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
1,200,880
1,200,880
Current assets
Debtors
17
169,360
169,360
Cash at bank and in hand
2,411
542
171,771
169,902
Creditors: amounts falling due within one year
18
(1,129,601)
(1,095,126)
Net current liabilities
(957,830)
(925,224)
Total assets less current liabilities
243,050
275,656
Creditors: amounts falling due after more than one year
19
(242,950)
(275,556)
Net assets
100
100
Capital and reserves
Called up share capital
24
100
100

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 £61,532 (2022 - £138,968).

The financial statements were approved and signed by the director and authorised for issue on 12 August 2024
12 August 2024
Mr J Dignan
Director
Company registration number SC473188 (Scotland)
Kaydanic Solutions Limited
Group statement of changes in equity
for the year ended 31 December 2023
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
335,933
1,393,177
1,729,210
Year ended 31 December 2022:
Profit for the year
-
-
422,684
422,684
Other comprehensive income:
Revaluation of tangible fixed assets
-
291,936
-
291,936
Tax relating to other comprehensive income
-
(35,552)
-
0
(35,552)
Total comprehensive income for the year
-
256,384
422,684
679,068
Dividends
11
-
-
(138,968)
(138,968)
Balance at 31 December 2022
100
592,317
1,676,893
2,269,310
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
255,178
255,178
Dividends
11
-
-
(61,532)
(61,532)
Balance at 31 December 2023
100
592,317
1,870,539
2,462,956
Kaydanic Solutions Limited
Company statement of changes in equity
for the year ended 31 December 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
-
0
100
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
138,968
138,968
Dividends
11
-
(138,968)
(138,968)
Balance at 31 December 2022
100
-
0
100
Year ended 31 December 2023:
Profit and total comprehensive income
-
61,532
61,532
Dividends
11
-
(61,532)
(61,532)
Balance at 31 December 2023
100
-
0
100
Kaydanic Solutions Limited
Group statement of cash flows
for the year ended 31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
463,759
(956,463)
Interest paid
(171,141)
(62,695)
Income taxes paid
(82,093)
(22)
Net cash inflow/(outflow) from operating activities
210,525
(1,019,180)
Investing activities
Purchase of tangible fixed assets
(563,936)
(4,927)
Dividends received
4
-
0
Net cash used in investing activities
(563,932)
(4,927)
Financing activities
Repayment of bank loans
(40,368)
(46,042)
Payment of finance leases obligations
310,194
-
Dividends paid to equity shareholders
(61,532)
(138,968)
Net cash generated from/(used in) financing activities
208,294
(185,010)
Net decrease in cash and cash equivalents
(145,113)
(1,209,117)
Cash and cash equivalents at beginning of year
(1,594,362)
(385,245)
Cash and cash equivalents at end of year
(1,739,475)
(1,594,362)
Relating to:
Cash at bank and in hand
282,612
45,958
Bank overdrafts included in creditors payable within one year
(2,022,087)
(1,640,320)
Kaydanic Solutions Limited
Notes to the group financial statements
for the year ended 31 December 2023
- 14 -
1
Accounting policies
Company information

Kaydanic Solutions Limited (“the company”) is a private company limited by shares domiciled and incorporated in Scotland. The registered office is Taxi Way, Hillend Industrial Estate, Dalgety Bay, Fife, KY11 9ET.

 

The group consists of Kaydanic Solutions Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments 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
Basis of consolidation

The consolidated financial statements incorporate those of Kaydanic Solutions Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 December 2023. 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.

 

Negative goodwill arising on acquisitions is written off in equal annual instalments over the estimated useful economic life of the non-monetary assets acquired, being 25 years.

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 15 -
1.3
Going concern

At the time of approving the financial statements, the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has considered the impact of the Covid-19 pandemic on the global economy and considers it appropriate to prepare the financial statements on a going concern basis of preparation for the reasons as set out in the Strategic Report.

1.4
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 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.

1.5
Tangible fixed assets

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

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

Freehold land and buildings
straight line over 20 years
Plant and equipment
straight line over 5-10 years

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

1.6
Fixed asset investments

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.

1.7
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.

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 16 -
1.8
Stocks

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

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

1.9
Cash and cash equivalents

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

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

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

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.

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 17 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

1.11
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.

1.12
Taxation

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

Current tax

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

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
- 18 -
Deferred tax

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

 

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

1.13
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.

1.14
Retirement benefits

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

1.15
Leases

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

 

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

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.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange periodically set by management based on prevailing rates in market. At each reporting end date, bank balances 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.

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 19 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Land and buildings valuation

In the year the directors have considered whether the value of land and buildings as stated in the accounts remains appropriate. They do not consider there to be any indications of impairment and as such the valuation of land and buildings is considered appropriate.

Valuation of fixed asset investments

The Director has considered the carrying value of investments at the year end and they do not consider there to be any indications of impairment.

Intangible asset amortisation

In the year the directors have considered whether the carrying amount of intangible assets as stated in the accounts remains appropriate. They do not consider there to be any indications of impairment and as such the valuation of intangible assets is considered appropriate.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock valuation

In arriving at the valuation of stock it may be necessary for management to make an assessment over the carrying value of stock items and where applicable apply a provision to amend this carrying value to a more accurate level. These provisions are arrived at using management's knowledge and understanding of the business and the industry in which it operates and focuses on potentially obsolete or old items for which the full value may no longer be recoverable.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Product sales
12,162,130
9,108,741
Foreign exchange movements
49,686
(18,437)
12,211,816
9,090,304
Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
3
Turnover and other revenue (continued)
- 20 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
11,968,817
8,927,852
Other
242,999
162,452
12,211,816
9,090,304
2023
2022
£
£
Other revenue
Dividends received
4
-
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
150,049
92,837
Amortisation of intangible assets
(28,676)
(28,676)
Operating lease charges
16,026
17,683
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,500
3,720
Audit of the financial statements of the company's subsidiaries
13,500
12,280
18,000
16,000
Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 21 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
79
67
-
-
Administration and marketing
16
15
-
-
Total
95
82
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,543,524
1,964,410
-
0
-
0
Social security costs
217,131
174,693
-
-
Pension costs
104,811
104,865
-
0
-
0
2,865,466
2,243,968
-
0
-
0
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
18,786
17,127
Company pension contributions to defined contribution schemes
10,620
10,620
29,406
27,747

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022: 1).

8
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from shares in group undertakings
4
-
0
Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 22 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
25,278
14,948
Interest on invoice finance arrangements
136,449
47,747
Interest on finance leases and hire purchase contracts
9,414
-
Total finance costs
171,141
62,695
Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 23 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
102,829
Adjustments in respect of prior periods
(12,660)
22
Total current tax
(12,660)
102,851
Deferred tax
Origination and reversal of timing differences
93,671
(6,212)
Total tax charge
81,011
96,639

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:

2023
2022
£
£
Profit before taxation
336,189
519,323
Expected tax charge based on the standard rate of corporation tax in the UK of 24% (2022: 19%)
79,072
98,671
Tax effect of expenses that are not deductible in determining taxable profit
4,737
3,197
Chargeable gains
-
0
28,500
Adjustments in respect of prior years
(25,320)
22
Effect of change in corporation tax rate
7,547
7,510
Group relief
(6,020)
(5,167)
Depreciation on assets not qualifying for tax allowances
(5,466)
7,355
Amortisation on assets not qualifying for tax allowances
-
0
(5,448)
Super-deduction adjustment
-
0
(499)
Revaluation gain adjustment
-
0
(35,552)
Movements in deferred tax not recognised
-
0
(1,950)
Other tax adjustments, reliefs and transfers
26,461
-
Taxation charge
81,011
96,639
2023
2022
£
£
Deferred tax arising on:
Revaluation of property
-
35,552
Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
10
Taxation (continued)
- 24 -

 

11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
61,532
138,968
12
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 January 2023 and 31 December 2023
(921,748)
Amortisation and impairment
At 1 January 2023
(629,370)
Amortisation charged for the year
(28,676)
At 31 December 2023
(658,046)
Carrying amount
At 31 December 2023
(263,702)
At 31 December 2022
(292,378)
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 25 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 January 2023
1,350,000
2,956,376
4,306,376
Additions
-
0
563,936
563,936
At 31 December 2023
1,350,000
3,520,312
4,870,312
Depreciation and impairment
At 1 January 2023
-
0
2,854,141
2,854,141
Depreciation charged in the year
45,000
105,049
150,049
At 31 December 2023
45,000
2,959,190
3,004,190
Carrying amount
At 31 December 2023
1,305,000
561,122
1,866,122
At 31 December 2022
1,350,000
102,235
1,452,235
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

No depreciation is provided in respect of freehold land, which is valued at:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
450,000
450,000
-
0
-
0

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
2023
2022
2023
2022
£
£
£
£
Plant and equipment
418,762
-
0
-
0
-
0

The freehold land and buildings were valued at £1,350,000 at 21 March 2023 by Graham and Sibbald, independent valuers not connected with the company on the basis of market value. There were no differences in the value between 31 December 2022 and 21 March 2023 that would impact the valuation and therefore the directors have assessed the value at 31 December 2023 to be £1,350,000. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors are not aware of any subsequent material change in the value of freehold land and buildings on a depreciated replacement cost basis.

If revalued assets were measured using the cost model, the carrying amounts would be as follows:

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
13
Tangible fixed assets (continued)
- 26 -
2023
2022
£
£
Group
Cost
846,980
846,980
Accumulated depreciation
(601,523)
(594,399)
Carrying value
245,457
252,581
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,200,880
1,200,880

The company holds the entire share capital, 95,000 ordinary shares of HW Manufacturing Limited, a company registered in Scotland.

Through its shareholding in HW Manufacturing, the company also holds a 100% shareholding in Dynamic EMS Limited, a company incorporated in England and Wales.

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

 

 

 

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,200,880
Carrying amount
At 31 December 2023
1,200,880
At 31 December 2022
1,200,880
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered Country
Class of
% Held
shares held
Direct
Indirect
Dynamic EMS Limited
England & Wales
Ordinary
-
100
HW Manufacturing Limited
Scotland
Ordinary
100
-
Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
15
Subsidiaries (continued)
- 27 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Dynamic EMS Limited
5,388,415
251,775
HW Manufacturing Limited
95,000
86,806
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,809,567
2,222,420
-
-
Work in progress
637,997
651,167
-
-
2,447,564
2,873,587
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,273,367
2,581,805
-
0
-
0
Amounts owed by group undertakings
-
-
169,360
169,360
Prepayments and accrued income
41,718
33,135
-
0
-
0
3,315,085
2,614,940
169,360
169,360
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
2,064,974
1,690,969
42,887
50,649
Obligations under finance leases
21
88,048
-
0
-
0
-
0
Trade creditors
1,609,616
1,865,036
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,086,714
1,044,477
Corporation tax payable
(12,638)
82,115
-
0
-
0
Other taxation and social security
428,348
228,268
-
-
Accruals and deferred income
389,465
224,943
-
0
-
0
4,567,813
4,091,331
1,129,601
1,095,126
Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 28 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
242,950
275,556
242,950
275,556
Obligations under finance leases
21
222,146
-
0
-
0
-
0
465,096
275,556
242,950
275,556

 

20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
285,837
326,205
285,837
326,205
Bank overdrafts
2,022,087
1,640,320
-
0
-
0
2,307,924
1,966,525
285,837
326,205
Payable within one year
2,064,974
1,690,969
42,887
50,649
Payable after one year
242,950
275,556
242,950
275,556

Bank loans and overdrafts are secured by a debenture and standard security over the assets of the group. They include £1,995,823 (2022: £1,640,320) of debts drawn down against factored debts. The bank loan is secured by a bond and floating charge over the assets of the group. It is repayable monthly and is fully repayable by 31 May 2029. Interest is charged at 3% over the Bank of England base rate.

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Difference remains - please check
310,194
-
-
-

Finance lease payments represent rentals payable by the company or 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. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 29 -
22
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
151,816
58,145
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
58,145
-
Charge to profit or loss
93,671
-
Liability at 31 December 2023
151,816
-

 

23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
104,811
104,865

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.

 

 

 

 

 

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

The company has one class of shares which carry full voting rights and entitlement to dividends.

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 30 -
25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
19,970
24,063
-
-
Between two and five years
8,776
25,593
-
-
28,746
49,656
-
-
26
Related party transactions
Transactions with related parties

A guarantee for £285,837 (2022: £326,205) has been provided by Dynamic EMS to the group's bankers in respect of Kaydanic Solutions Limited's loan funding. Dividends totalling £61,532 (2022: £68,202) were paid to persons with joint control over the group.

27
Controlling party

The group is controlled by J Dignan.

28
Directors' transactions

Dividends totalling £30,766 (2022 - £68,202) were paid in the year in respect of shares held by the company's directors.

Kaydanic Solutions Limited
Notes to the group financial statements (continued)
for the year ended 31 December 2023
- 31 -
29
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
255,178
422,684
Adjustments for:
Taxation charged
81,011
96,639
Finance costs
171,141
62,695
Investment income
(4)
-
0
Amortisation and impairment of intangible assets
(28,676)
(28,676)
Depreciation and impairment of tangible fixed assets
150,049
92,837
Movements in working capital:
Decrease/(increase) in stocks
426,023
(1,163,411)
Increase in debtors
(700,145)
(948,515)
Increase in creditors
109,182
509,284
Cash generated from/(absorbed by) operations
463,759
(956,463)
30
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
45,958
236,654
282,612
Bank overdrafts
(1,640,320)
(381,767)
(2,022,087)
(1,594,362)
(145,113)
(1,739,475)
Borrowings excluding overdrafts
(326,205)
40,368
(285,837)
Obligations under finance leases
-
(310,194)
(310,194)
(1,920,567)
(414,939)
(2,335,506)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr J DignanD GrayfalsefalseSC473188bus:Consolidated2023-01-012023-12-31SC4731882023-01-012023-12-31SC473188bus:Director12023-01-012023-12-31SC473188bus:CompanySecretary12023-01-012023-12-31SC473188bus:RegisteredOffice2023-01-012023-12-31SC473188bus:Agent12023-01-012023-12-31SC473188bus:Consolidated2023-12-31SC4731882023-12-31SC473188bus:Consolidated2022-01-012022-12-31SC4731882022-01-012022-12-31SC473188core:RevaluationReservebus:Consolidated2022-01-012022-12-31SC473188core:RevenueReservesInvestmentFundsOnlybus:Consolidated2022-01-012022-12-31SC473188core:NegativeGoodwillbus:Consolidated2023-12-31SC473188core:NegativeGoodwillbus:Consolidated2022-12-31SC473188bus:Consolidated2022-12-31SC473188core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-31SC473188core:PlantMachinerybus:Consolidated2023-12-31SC473188core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-31SC473188core:PlantMachinerybus:Consolidated2022-12-31SC4731882022-12-31SC473188core:ShareCapitalbus:Consolidated2023-12-31SC473188core:ShareCapitalbus:Consolidated2022-12-31SC473188core:RevaluationReservebus:Consolidated2023-12-31SC473188core:RevaluationReservebus:Consolidated2022-12-31SC473188core:ShareCapital2023-12-31SC473188core:ShareCapital2022-12-31SC473188core:ShareCapitalbus:Consolidated2021-12-31SC473188core:SharePremiumbus:Consolidated2021-12-31SC473188core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-31SC473188core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-31SC473188core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-31SC473188core:ShareCapital2021-12-31SC473188core:RetainedEarningsAccumulatedLosses2021-12-31SC473188core:RetainedEarningsAccumulatedLosses2022-12-31SC473188core:RetainedEarningsAccumulatedLosses2023-12-31SC473188bus:Consolidated2021-12-31SC473188core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-31SC473188core:PlantMachinery2023-01-012023-12-31SC473188core:UKTaxbus:Consolidated2023-01-012023-12-31SC473188core:UKTaxbus:Consolidated2022-01-012022-12-31SC473188bus:Consolidated12023-01-012023-12-31SC473188bus:Consolidated12022-01-012022-12-31SC473188bus:Consolidated22023-01-012023-12-31SC473188bus:Consolidated22022-01-012022-12-31SC473188bus:Consolidated32023-01-012023-12-31SC473188bus:Consolidated32022-01-012022-12-31SC473188bus:Consolidated42023-01-012023-12-31SC473188bus:Consolidated42022-01-012022-12-31SC473188bus:Consolidated52023-01-012023-12-31SC473188bus:Consolidated52022-01-012022-12-31SC473188core:NegativeGoodwillbus:Consolidated2022-12-31SC473188core:NegativeGoodwillbus:Consolidated2023-01-012023-12-31SC473188core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-31SC473188core:PlantMachinerybus:Consolidated2022-12-31SC473188bus:Consolidated2022-12-31SC473188core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-31SC473188core:PlantMachinerybus:Consolidated2023-01-012023-12-31SC473188core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-31SC473188core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-31SC473188core:PlantMachinery2023-12-31SC473188core:PlantMachinery2022-12-31SC473188core:CurrentFinancialInstrumentsbus:Consolidated2023-12-31SC473188core:CurrentFinancialInstrumentsbus:Consolidated2022-12-31SC473188core:CurrentFinancialInstruments2023-12-31SC473188core:CurrentFinancialInstruments2022-12-31SC473188core:WithinOneYearbus:Consolidated2023-12-31SC473188core:WithinOneYearbus:Consolidated2022-12-31SC473188core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC473188core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC473188core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-31SC473188core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-31SC473188core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC473188core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC473188core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-31SC473188core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-31SC473188core:Non-currentFinancialInstruments2023-12-31SC473188core:Non-currentFinancialInstruments2022-12-31SC473188core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-31SC473188core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-31SC473188bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC473188bus:FRS1022023-01-012023-12-31SC473188bus:Audited2023-01-012023-12-31SC473188bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-31SC473188bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP