Contents of the Financial Statements

for the Period Ended 31 December 2019

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2019

The directors present their report with the financial statements of the company for the period ended 31 December 2019

Directors

The directors shown below have held office during the whole of the period from
1 January 2019 to 31 December 2019

L P McGill
L Moraes
M Tenbrink

The director shown below has held office during the period of
1 January 2019 to 31 August 2019

C Posluszny

The director shown below has held office during the period of
31 August 2019 to 31 December 2019

C Smith

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
17 December 2020

And signed on behalf of the board by:
Name: L P McGill
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2019

	2019	2018
	£	£
Turnover:	3,450,000	3,158,000
Cost of sales:	( 1,788,000 )	( 1,549,000 )
Gross profit(or loss):	1,662,000	1,609,000
Distribution costs:	( 1,063,000 )	( 987,000 )
Administrative expenses:	( 103,000 )	( 94,000 )
Other operating income:	397,000	413,000
Operating profit(or loss):	893,000	941,000
Interest receivable and similar income:	8,326,000	6,000
Profit(or loss) before tax:	9,219,000	947,000
Tax:	( 589,000 )	( 184,000 )
Profit(or loss) for the financial year:	8,630,000	763,000

Balance sheet

As at 31 December 2019

	Notes	2019	2018
		£	£
Fixed assets
Intangible assets:	3	4,753,000	4,761,000
Tangible assets:	4	54,000	4,000
Investments:	5	162,000	162,000
Total fixed assets:		4,969,000	4,927,000
Current assets
Stocks:	6	129,000	56,000
Debtors:	7	6,644,000	529,000
Total current assets:		6,773,000	585,000
Creditors: amounts falling due within one year:	8	( 468,000 )	( 621,000 )
Net current assets (liabilities):		6,305,000	(36,000)
Total assets less current liabilities:		11,274,000	4,891,000
Creditors: amounts falling due after more than one year:	9	( 25,000 )
Total net assets (liabilities):		11,249,000	4,891,000
Capital and reserves
Called up share capital:		162,000	162,000
Profit and loss account:		11,087,000	4,729,000
Total Shareholders' funds:		11,249,000	4,891,000

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  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.

  Tangible fixed assets depreciation policy

  Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset and includes costs directly attributable to making the asset capable of operating as intended. Borrowing costs directly attributable to assets under construction and which meet the recognition criteria in IAS 23 are capitalised as part of the cost of that asset.

  Intangible fixed assets amortisation policy

  Goodwill, being the amount paid on the acquisition of a business in 2004. Under IFRS 3 Business Combinations goodwill is not amortised. Consequently, the company does not amortise goodwill, but reviews it for impairment on an annual basis or whenever there are indicators of impairment. The company is therefore invoking a ‘true and fair view override’ to overcome the prohibition on the non-amortisation of goodwill in the Companies Act. The company is not able to reliably estimate the impact on the financial statements of the true and fair override on the basis that the useful life of goodwill cannot be predicted with a satisfactory level of reliability, nor can the pattern in which goodwill diminishes be known.

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 2. Employees

  	2019	2018
  Average number of employees during the period	5	5