Analox Limited - Period Ending 2019-12-31
Analox Limited - Period Ending 2019-12-31
Registration number:
Analox Limited
for the Year Ended 31 December 2019
Analox Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Income Statement |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Analox Limited
Company Information
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Directors |
W M Lewis I Batchelor K V Pigg E C Harbottle A Harbottle S A Minto |
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Company secretary |
J Harbottle |
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Registered office |
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Solicitors |
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Bankers |
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Auditor |
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Analox Limited
Strategic Report for the Year Ended 31 December 2019
The directors present their strategic report for the year ended 31 December 2019.
Principal activity
The principal activity of the company is supplying gas sensing products into harsh environments.
Strategy and business model
“To care for and inspire our people to push their boundaries so that together we can build a better future” is why Analox is in business. We are a niche gas sensing business and we define our niche as “collaboration to solve the total gas sensing need”.
In 2019, our chosen markets were:
● Submarine atmosphere monitoring & control
● Food & beverage
● Diving - SCUBA / Commercial
● Medical / Laboratories
● Gas quality measurement
● Custom solutions
Growth will come from geographic / market expansion through organic growth and a carefully targeted acquisition strategy.
Fair review of the business
Turnover in 2019 has Increased from £8,594 to £9,377k as a result of focus on our strategic markets. Margins in the business improved during the period. Net assets have increased from £3,834k to £4,396k.
During the year, Analox purchased the intellectual property of ADC Gas Analysis Ltd. and now has access to new gas sensing technology and additional markets.
During the year, the senior leadership team was reshaped to align with the future needs of the business and Emma Harbottle was brought in as Managing Director.
Key performance indicators
The company monitors its performance using a number of measures. The top level measures are:
Delivery (OTIF) - 2019: 94.8%, 2018: 93.6%
Quality (DRFT) - 2019: 99.8%, 2018: 99.8%
The Directors consider that these indicators are representative of the objectives we want to achieve.
Analox Limited
Strategic Report for the Year Ended 31 December 2019 (continued)
Principal risks and uncertainties
The directors have identified the following principal risks and uncertainties affecting the company:
Market risk:
The company is very clear on its target markets. In addition, market research is being conducted to look into the viability of newmarkets. An analysis of the markets we serve is:
● Diving - decreasing
● Food & Beverage - increasing
● Medical / Laboratories - increasing, but early phase for Analox
● Gas quality measurement - increasing, but early phase for Analox
● Custom solutions - increasing, but early phase for Analox
Legislative and regulatory risk:
BREXIT poses the single largest threat for Analox. Considerable time was spent in 2018 & 2019 preparing the company for possible new trading arrangements. WTO tariffs on Analox products are low at around 2%. The main threat to Analox is the uncertainty caused by BREXIT, which is affecting customer confidence.
Legislative changes in the US Beverage & Hospitality industry has been advantageous to Analox.
Global pandemic and subsequent economic impact risk:
COVID19 and the subsequent likelihood of a widespread recession presents a significant short term risk to growth. The company was successful in acquiring a CBILS loan and has made use of the UK Government Furlough Scheme to protect the company and staff during the period. Analox is managing legislative and resourcing requirements proactively and carefully. Analox’s operations have continued throughout the pandemic, albeit at a reduced level.
Actions of competitors:
We see strong threats from key competitors in the Beverage & Hospitality market, but so far we have been able to respond with a very flexible product offering.
Approved by the
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Analox Limited
Directors' Report for the Year Ended 31 December 2019
The directors present their report and the for the year ended 31 December 2019.
Directors of the group
The directors who held office during the year were as follows:
Future developments
Growth will come from geographic / market expansion through organic growth and a carefully targeted acquisition strategy.
Financial risk management policies and objectives
Objectives and policies
The company finances its activities with a combination of cash and short term deposits, bank loans, finance leases and hire purchase contracts. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the Company's operating activities.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
Price risk is the risk that changes in raw material prices have the potential to impact on the profitability of the company. The company does not consider that it is materially exposed to price risk.
Credit risk
Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Company policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The company does not consider that it is materially exposed to credit risk.
Cash flow and liquidity risk
Cash flow and liquidity risk is the risk that a company's available cash will not be sufficient to meet its financial obligations. The company actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the Company is deemed sufficient to minimise the Company's exposure to cash flow and liquidity risk.
Foreign Exchange risk
Foreign exchange risk refers to the potential for loss from exposure to foreign exchange rate fluctuations. Company policies are aimed at minimising this risk. The company does not consider that it is materially exposed to foreign exchange risk.
Analox Limited
Directors' Report for the Year Ended 31 December 2019 (continued)
Going concern
The financial statements have been prepared on a going concern basis.
The group meets its day to day working capital requirements through cash generated from operations and external borrowings.
The group’s forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance and the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This also considers the effectiveness of available measures to assist in mitigating the impact.
In the directors assessment of possible changes they have considered a fall in demand and potential cost savings which are reflective of their business continuity plan. Key scenarios and assumptions are as follows:
• That the entities in the group will continue operating at reduced capacity for a number of months before returning to normal trading levels;
• That the entity will avail itself of available reliefs put forward by HM Government including:
- Delayed VAT payments
- Furloughing of underutilised staff
- Securing £1m of additional funding through government guaranteed business loans.
Although the forecast prepared taking account of the matters above support the ability of the group to remain a going concern and to be able to trade and meets its debts as they fall due, the full impact of COVID-19, the continued level of government support and the underlying trading assumptions used in forecasting are extremely judgemental and difficult to predict and could be subject to significant variation.
Based on the factors set out above the directors believe that there is no material uncertainty in relation to going concern and that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of MHA Tait Walker as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Analox Limited
Directors' Report for the Year Ended 31 December 2019 (continued)
Approved by the
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Director
Analox Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 parent company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company's transactions and disclose with reasonable accuracy at any time the financial position of the parent 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Analox Limited
Independent Auditor's Report to the Members of Analox Limited
Opinion
We have audited the financial statements of Analox Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2019, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2019 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Analox Limited
Independent Auditor's Report to the Members of Analox Limited (continued)
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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 group’s and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Analox Limited
Independent Auditor's Report to the Members of Analox Limited (continued)
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at 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.
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For and on behalf of
Chartered Accountants
Statutory Auditor
1 Massey Road
Thornaby
TS17 6DY
MHA Tait Walker is a trading name of Tait Walker LLP.
Analox Limited
Consolidated Income Statement for the Year Ended 31 December 2019
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Note |
2019 |
2018 |
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Turnover |
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Other operating income |
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Raw materials and consumables used |
( |
( |
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Employee benefits expense |
( |
( |
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Depreciation and amortisation expense |
( |
( |
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Other expenses |
( |
( |
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Operating profit |
|
|
|
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Income from other fixed asset investments |
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|
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Other interest receivable and similar income |
|
|
|
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Amounts written off investments |
- |
( |
|
|
Interest payable and similar expenses |
( |
( |
|
|
2,198 |
43,503 |
||
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Profit before tax |
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Taxation |
( |
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Profit for the year |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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|
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Non controlling interests |
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( |
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Analox Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2019
|
2019 |
2018 |
|
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Profit for the year |
|
|
|
Foreign currency translation gains/(losses) |
( |
|
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Total comprehensive income for the year |
|
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Total comprehensive income attributable to: |
||
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Owners of the company |
|
|
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Non-controlling interests |
5,208 |
(9,084) |
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Analox Limited
(Registration number: 03005200)
Consolidated Statement of Financial Position as at 31 December 2019
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Note |
2019 |
2018 |
|
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Fixed assets |
|||
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Intangible assets |
|
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Tangible assets |
|
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Other financial assets |
6,134 |
6,134 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
|
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Total assets less current liabilities |
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
( |
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Net assets |
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|
|
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Capital and reserves |
|||
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Called up share capital |
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|
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Share premium reserve |
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Profit and loss account |
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Equity attributable to owners of the company |
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Non controlling interests |
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Total equity |
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Analox Limited
(Registration number: 03005200)
Consolidated Statement of Financial Position as at 31 December 2019 (continued)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Approved and authorised by the
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Analox Limited
(Registration number: 03005200)
Statement of Financial Position as at 31 December 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
|
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Tangible assets |
|
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Investments |
|
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Other financial assets |
6,134 |
6,134 |
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||
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Current assets |
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Stocks |
|
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Debtors |
|
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Cash at bank and in hand |
|
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|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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The company made a profit after tax for the financial year of £1,116,754 (2018 - profit of £1,116,139).
Analox Limited
(Registration number: 03005200)
Statement of Financial Position as at 31 December 2019 (continued)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Approved and authorised by the
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Analox Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2019
Equity attributable to the parent company
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Share capital |
Share premium |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
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At 1 January 2018 |
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Profit for the year |
- |
- |
1,150,616 |
1,150,616 |
- |
1,150,616 |
|
Other comprehensive income |
- |
- |
|
|
( |
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Total comprehensive income |
- |
- |
|
|
( |
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Dividends |
- |
- |
( |
( |
- |
( |
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At 31 December 2018 |
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Share capital |
Share premium |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
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At 1 January 2019 |
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|
|
|
|
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Profit for the year |
- |
- |
1,101,230 |
1,101,230 |
- |
1,101,230 |
|
Other comprehensive income |
- |
- |
( |
( |
|
( |
|
Total comprehensive income |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
( |
( |
- |
( |
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At 31 December 2019 |
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Analox Limited
Statement of Changes in Equity for the Year Ended 31 December 2019
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 January 2018 |
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Profit for the year |
- |
- |
|
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Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2018 |
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|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 January 2019 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2019 |
|
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Analox Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2019
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Note |
2019 |
2018 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
|
Foreign exchange difference arising on translation of foreign subsidiary |
( |
|
|
|
Loss on disposal of tangible assets |
- |
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
( |
|
|
|
|
||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
|
|
Decrease/(increase) in debtors |
|
( |
|
|
(Decrease)/increase in creditors |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes received/(paid) |
|
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
( |
|
|
Acquisition of intangible assets |
- |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
- |
|
|
|
Repayment of bank borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
Analox Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2019 (continued)
|
Note |
2019 |
2018 |
|
|
Cash and cash equivalents at 31 December |
1,022,813 |
907,070 |
|
|
Out of balance to Cash and cash equivalents category (adjusted for overdrafts) |
1 |
- |
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in sterling which is the functional currency of the entity.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2019.
No Income Statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £1,116,754 (2018 - profit of £1,116,139).
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
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2 |
Accounting policies (continued) |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
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2 |
Accounting policies (continued) |
Going concern
The financial statements have been prepared on a going concern basis.
The group meets its day to day working capital requirements through cash generated from operations and external borrowings.
The group’s forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance and the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This also considers the effectiveness of available measures to assist in mitigating the impact.
In the directors assessment of possible changes they have considered a fall in demand and potential cost savings which are reflective of their business continuity plan. Key scenarios and assumptions are as follows:
• That the entities in the group will continue operating at reduced capacity for several months before returning to normal trading levels;
• That the entity will avail itself of available reliefs put forward by HM Government including:
- Delayed VAT payments
- Furloughing of underutilised staff
- Securing £1m of additional funding through government guaranteed business loans
Although the forecast prepared taking account of the matters above support the ability of the group to remain a going concern and to be able to trade and meets its debts as they fall due, the full impact of COVID-19, the continued level of government support and the underlying trading assumptions used in forecasting are extremely judgemental and difficult to predict and could be subject to significant variation.
Based on the factors set out above the directors believe that there is no material uncertainty in relation to going concern and that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
2 |
Accounting policies (continued) |
Judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
Assessing indicators of impairment - In assessing whether there have been indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. |
Assessing nature of lease - The Company has entered into commercial leases and as a lessee it obtains use of property, plant and equipment. The classification as operating or finance lease requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet. |
Taxation - Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. |
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Useful economic lives of tangible assets - The annual depreciation charge is sensitive to changes in the estimated useful lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, future investments and economic utilisation. The carrying amount is £1,374,423 (2018 - £1,288,300).
Stock provision - The group has made an assumption of writing down the value of stock on items in which they expect the cost to exceed the net realisable value before it is fully sold/utilised. This assumption has involved looking at the historic sales patterns and expected sales in future years. The carrying amount is £44,801 (2018 - £47,621).
Impairment of debtors - The group makes an estimate of the recoverable value of the trade and other debtors. When assessing impairment of trade and other debtor, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £Nil (2018 - £5,948).
Revenue recognition
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
2 |
Accounting policies (continued) |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Contract revenue recognition
The directors account for long term contracts using the stage of completion method as the contract progresses. The method requires judgement to accurately estimate the extent of progress towards contract completion and may involve estimates of total contract costs to completion, total revenues, contract risks and other judgements.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
|
Land and buildings |
2% straight line |
|
|
Property Improvements |
Over the life of the lease |
|
|
Plant & Machinery |
10% to 33% straight line |
|
|
Website Design |
20% to 33% straight line |
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
2 |
Accounting policies (continued) |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Intellectual property |
10% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
2 |
Accounting policies (continued) |
Inventories
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
2 |
Accounting policies (continued) |
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2019 |
2018 |
|
|
Government grants |
|
|
|
Miscellaneous other operating income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2019 |
2018 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Research and development cost |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
- |
|
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
Income from sale of investment |
Income from the sale of investment relates to monies received in respect of an earn out arrangement on Analox Sensor Technology Limited's sale of it's investment in Divex Limited in 2013.
|
Interest payable and similar expenses |
|
2019 |
2018 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
( |
( |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2019 |
2018 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year:
|
2019 |
2018 |
|
|
Average number of employees |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
8 |
Directors' remuneration (continued) |
|
2019 |
2018 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
595,275 |
384,229 |
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
8 |
Directors' remuneration (continued) |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2019 |
2018 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2019 |
2018 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2019 |
2018 |
|
|
Audit of these financial statements |
6,500 |
6,450 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
12,500 |
9,650 |
|
|
|
|
Taxation |
Tax charged/(credited) in the income statement
|
2019 |
2018 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
20,069 |
(27,708) |
|
|
Foreign tax |
|
( |
|
Total current income tax |
|
( |
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense/(receipt) in the income statement |
|
( |
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
10 |
Taxation (continued) |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2018 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2019 |
2018 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of foreign tax rates |
|
|
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Chargeable gains |
|
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
( |
|
Total tax charge/(credit) |
|
( |
Deferred tax
Group
Deferred tax assets and liabilities
|
2019 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
R&D tax credits |
|
- |
|
Other short term tining differences |
|
- |
|
|
|
|
2018 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
R&D tax credits |
- |
- |
|
Other short term tining differences |
|
- |
|
|
|
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
10 |
Taxation (continued) |
Company
Deferred tax assets and liabilities
|
2019 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
R&D tax credits |
|
- |
|
|
|
|
2018 |
Liability |
|
Accelerated capital allowances |
|
|
R&D tax credits |
- |
|
|
|
Intangible assets |
Group
|
Intellectual property |
|
|
Cost or valuation |
|
|
At 1 January 2019 |
|
|
At 31 December 2019 |
|
|
Amortisation |
|
|
At 1 January 2019 |
|
|
Amortisation charge |
|
|
At 31 December 2019 |
|
|
Carrying amount |
|
|
At 31 December 2019 |
|
|
At 31 December 2018 |
|
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
11 |
Intangible assets (continued) |
Company
|
Intellectual property |
|
|
Cost or valuation |
|
|
At 1 January 2019 |
|
|
At 31 December 2019 |
|
|
Amortisation |
|
|
At 1 January 2019 |
|
|
Amortisation charge |
|
|
At 31 December 2019 |
|
|
Carrying amount |
|
|
At 31 December 2019 |
|
|
At 31 December 2018 |
|
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
Tangible assets |
Group
|
Land and buildings |
Plant and machinery |
Website Design |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2019 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
At 31 December 2019 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2019 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2019 |
|
|
|
|
|
At 31 December 2018 |
|
|
|
|
Included within land and buildings is freehold land of £232,143 (2018: £232,143). Freehold land is not depreciated.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
12 |
Tangible assets (continued) |
Company
|
Land and buildings |
Plant and machinery |
Website Design |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2019 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
At 31 December 2019 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2019 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2019 |
|
|
|
|
|
At 31 December 2018 |
|
|
|
|
Included in land and buildings is freehold land of £232,143 (2018: £232,143). Freehold land is not depreciated.
On 1 January 2018 property, plant and equipment were transferred from a subsidiary company, Analox Sensor Technology Limited, at book value.
|
Investments |
Company
|
2019 |
2018 |
|
|
Investments in subsidiaries |
|
|
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
13 |
Investments (continued) |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2019 |
|
|
At 31 December 2019 |
|
|
Provision |
|
|
At 1 January 2019 |
- |
|
At 31 December 2019 |
- |
|
Carrying amount |
|
|
At 31 December 2019 |
|
|
At 31 December 2018 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2019 |
2018 |
|||
|
Subsidiary undertakings |
||||
|
|
15 Ellerbeck Court,
|
Ordinary shares |
|
|
|
|
15 Ellerbeck Court,
|
Ordinary shares |
|
|
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
13 |
Investments (continued) |
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
15 Ellerbeck Court,
|
Ordianry shares |
|
|
|
|
15121 Graham Street #B106,
|
Ordinary shares |
|
|
|
USA |
||||
The principal activity of all the above undertakings is supplying gas sensing products into harsh environments.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
Other financial assets |
Group
|
Financial assets at cost less impairment |
|
|
Non-current financial assets |
|
|
Cost or valuation |
|
|
At 1 January 2019 |
19,916 |
|
At 31 December 2019 |
19,916 |
|
Impairment |
|
|
At 1 January 2019 |
13,782 |
|
At 31 December 2019 |
13,782 |
|
Carrying amount |
|
|
At 31 December 2019 |
|
Company
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
14 |
Other financial assets (continued) |
|
Financial assets at cost less impairment |
|
|
Non-current financial assets |
|
|
Cost or valuation |
|
|
At 1 January 2019 |
19,916 |
|
At 31 December 2019 |
19,916 |
|
Impairment |
|
|
At 1 January 2019 |
13,782 |
|
At 31 December 2019 |
13,782 |
|
Carrying amount |
|
|
At 31 December 2019 |
|
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
Stocks |
|
Group |
Company |
|||
|
2019 |
2018 |
2019 |
2018 |
|
|
Raw materials and consumables |
|
|
|
|
|
Work in progress |
|
|
|
|
|
|
|
|
|
|
|
Debtors |
|
Group |
Company |
||||
|
Note |
2019 |
2018 |
2019 |
2018 |
|
|
Trade debtors |
1,336,316 |
1,532,717 |
- |
- |
|
|
Amounts owed by group companies |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Corporation tax asset |
|
|
|
- |
|
|
Directors loan accounts |
32,873 |
222,122 |
32,873 |
222,122 |
|
|
|
|
|
|
||
|
Less non-current portion |
- |
( |
- |
( |
|
|
|
|
|
|
||
Details of non-current trade and other debtors
Group
£Nil (2018 - £161,636) of Directors loan account is classified as non current.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
Creditors |
|
Group |
Company |
||||
|
Note |
2019 |
2018 |
2019 |
2018 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to group companies |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
101,061 |
- |
- |
7,936 |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Loans and borrowings |
|
Group |
Company |
|||
|
2019 |
2018 |
2019 |
2018 |
|
|
Current loans and borrowings |
||||
|
Bank borrowings |
|
|
|
|
|
Bank overdrafts |
|
|
|
|
|
Hire Purchase and finance lease liabilities |
29,617 |
17,635 |
29,617 |
17,635 |
|
|
|
|
|
|
Hire purchase and finance lease liabilities are secured on the assets to which they relate.
Bank borrowings are secured by a legal charge over the Company's land and buildings which have a carrying value of £997,342 (2018: £953,318).
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
18 |
Loans and borrowings (continued) |
|
Group |
Company |
|||
|
2019 |
2018 |
2019 |
2018 |
|
|
Non-current loans and borrowings |
||||
|
Bank borrowings |
|
|
|
|
|
Hire purchase and finance lease liabilities |
64,800 |
36,361 |
64,800 |
36,361 |
|
|
|
|
|
|
Hire purchase and finance lease liabilities are secured on the assets to which they relate.
Bank borrowings are secured by a legal charge over the Company's land and buildings which have a carrying value of £997,342 (2018: £953,318).
|
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2018 - £
|
Pension commitments |
Other financial commitments
The total amount of other financial commitments not provided in the financial statements was £
|
Contingent liabilities |
Group
A cross guarantee exists between the company and its subsidiary undertakings, Analox Sensor Technology Limited, Analox Military Systems Limited and Genius Gas Innovations Limited in respect of bank borrowings and debenture. At the balance sheet date, total bank borrowings of subsidiary undertakings amounted to £nil (2018: £nil).
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
Related party transactions |
Group
During the year, the group paid rent to Mr A Harbottle, the company chairman, of £2,400 (2018: £2,400) in respect of a research and development workshop owned by him.
|
Transactions with directors |
|
2019 |
At 1 January 2019 |
Advances to directors |
Repayments by director |
At 31 December 2019 |
|
A Harbottle |
||||
|
Director's loan |
222,122 |
|
( |
|
|
2018 |
At 1 January 2018 |
Advances to directors |
Repayments by director |
At 31 December 2018 |
|
A Harbottle |
||||
|
Director's loan |
196,956 |
|
( |
|
Company
The company has taken advantage of the exemptions contained in section 33.1A of FRS 102 not to disclose transactions and balances with wholly owned members of the same group.
Included within current assets is an amount of £722,715 (2018: £1,435,827) due from Amoxtec Inc. Amoxtec Inc. is an 80% subsidiary of the parent company, Analox Limited.
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
Analysis of changes in net debt |
Group
|
At 1 January 2019 |
Financing activities |
Operating activities |
Investing activities |
New finance leases |
Other non-cash changes |
At 31 December 2019 |
|
|
Cash and cash equivalents |
|||||||
|
Cash |
907,078 |
(621,746) |
932,428 |
(194,757) |
- |
- |
1,023,003 |
|
Overdrafts |
(8) |
- |
(183) |
- |
- |
- |
(191) |
|
907,070 |
(621,746) |
932,245 |
(194,757) |
- |
- |
1,022,812 |
|
|
Borrowings |
|||||||
|
Long term borrowings |
(579,900) |
- |
- |
- |
- |
35,500 |
(544,400) |
|
Short term borrowings |
(35,120) |
35,500 |
- |
- |
- |
(35,500) |
(35,120) |
|
Lease liabilities |
(53,996) |
36,385 |
- |
- |
(76,806) |
- |
(94,417) |
|
(669,016) |
71,885 |
- |
- |
(76,806) |
- |
(673,937) |
|
|
|
( |
|
( |
( |
- |
|
|
Analox Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
|
Ultimate controlling party |
The company is controlled by Mr A Harbottle by virtue of his majority shareholding.