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Registered number: 00070808
DUBOIS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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DUBOIS LIMITED
COMPANY INFORMATION
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C Blackbourn (appointed 16 April 2020)
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E Mosafi (appointed 16 April 2020)
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J Tinsley (resigned 16 April 2020)
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A Blades (resigned 16 April 2020)
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Chartered Accountant & Statutory Auditor
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DUBOIS LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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DUBOIS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their strategic report on the company for the year ended 31 December 2020.
During the financial year the principal activity of the company consisted of the manufacture of plastic products for the media and non media industries, from a manufacturing facility in Corby Northamptonshire. The financial report has been prepared for the year ended 31 December 2020. The loss after tax for the year amounted to £6,814,293 (2019: £4,974,764). Overall trading performance has seen turnover decrease to £5,852,547 (2019: £14,285,269).
On 16 April 2020, Cable Capital Partners Limited ("Cable Capital") acquired the company. As part of the acquisition, the company's loan facilities with its lenders were restructured. The change in ownership and financial restructuring would have put the company in a strong position to capitalise on new work opportunities along with the potential to reduce both operational and funding costs in the future.
As a result of the Covid-19 pandemic in March 2020 the company had no option other than to temporarily cease manufacturing trading activities until the end of May 2020 before returning to work. Unfortunately the disruption to business operations during this time led to two of the company's largest non-media customers terminating their trading relationship with Dubois. The management team advised the directors that they no longer believed it would be possible to implement an operational turnaround and advised that manufacturing activities were no longer financially viable. During the summer months the company commenced an orderly wind down of its manufacturing activities and a program of asset disposals undertaken, which had mostly been completed by the year end.
The company also owns certain intellectual property assets which continue to receive license and royalty fee income from international partners. During the year a new licence agreement was entered into.
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DUBOIS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Principal risks and uncertainties
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The Company’s operations exposed it to a variety of financial risks that include the effects of changes in raw material market prices, credit risk, liquidity risk, interest rate risk and currency risk. Following the cessation of manufacturing activities these risks no longer apply.
Financial key performance indicators
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Following the cessation of manufacturing activities the Company does not have any financial key performance indicators.
Other key performance indicators
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Following the cessation of manufacturing activities the Company does not have any other key performance indicators.
This report was approved by the board and signed on its behalf.
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DUBOIS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The Company's principal activity was that of a highly automised, highly efficient, injection moulding business specialising in the manufacturing of plastic packaging, up until the point that the Company ceased to trade on 30/09/2020. After this date, the principal activity of the Company became that of receiving royalty income.
The directors who served during the year were:
C Blackbourn (appointed 16 April 2020)
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E Mosafi (appointed 16 April 2020)
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J Tinsley (resigned 16 April 2020)
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A Blades (resigned 16 April 2020)
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The loss for the year, after taxation, amounted to £6,814,293 (2019 - loss £4,974,764).
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director does not envisage any significant developments or changes affecting the Company.
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DUBOIS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditors, Berg Kaprow Lewis LLP, have been appointed auditors during the year in accordance with section 485 of the Companies Act 2006.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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Since the year end the Company disposed of its freehold property.
This report was approved by the board and signed on its behalf.
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DUBOIS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUBOIS LIMITED
We have audited the financial statements of DuBOIS Limited (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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 Company's affairs as at 31 December 2020 and of its loss 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.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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DUBOIS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUBOIS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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
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As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.
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DUBOIS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUBOIS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiring of management around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater, regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a
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DUBOIS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DUBOIS LIMITED (CONTINUED)
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Myfanwy Neville FCA (Senior Statutory Auditor)
for and on behalf of
Berg Kaprow Lewis LLP
Chartered Accountant & Statutory Auditor
6 September 2021
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DUBOIS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
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Interest payable and expenses
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Loss for the financial year
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There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of comprehensive income.
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The notes on pages 13 to 24 form part of these financial statements.
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DUBOIS LIMITED
REGISTERED NUMBER: 00070808
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/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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Capital redemption reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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DUBOIS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
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Capital redemption reserve
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At 1 January 2020 (as previously stated)
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At 1 January 2020 (as restated)
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Comprehensive income for the year
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The notes on pages 13 to 24 form part of these financial statements.
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DUBOIS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
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Capital redemption reserve
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At 1 January 2019 (as previously stated)
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At 1 January 2019 (as restated)
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Comprehensive income for the year
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The notes on pages 13 to 24 form part of these financial statements.
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Company's principal activity was that of a highly automatised, highly efficient, injection moulding business specialising in the manufacturing of plastic packaging, up until the point that the Company ceased to trade on 30/09/2020. After this date, the principal activity of the Company became that of receiving royalty income.
The Company is a private company limited by shares, incorporated in England and Wales.
The Registered Office address is 41 - 44 Great Queen Street, London, England, WC2B 5AD
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
In 2019, the Company's financial statements were prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The change in the applied reporting standard in 2020 occurred in order to align the Company's financial statements and accounting policies with those of the wider group following acquisition by Cable Capital Partners Ltd in April 2020. The changes in accounting policies and the effects of this change on the comparative information presented within these financial statements are disclosed in note 18.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial reporting standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Cable Capital Holdings Ltd as at 31 December 2020 and these financial statements may be obtained from the registered office.
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for at least 12 months from the date of approval of these financial
statements, and will be able to meet its liabilities as they fall due.
The business discontinued its manufacturing activities during the year, disposing of all fixtures and fittings and had no employees at the year-end. Post year-end, the directors approved the sale of the freehold property, which cleared all liabilities of the business. The ongoing royalty business does not incur any ongoing costs, and so the intention of the directors is to continue to operate the remaining royalties business as a going concern.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sales of goods
The company manufactures and sells a range of plastic products. The Company considers contracts to be single orders from customers only. Each order is considered to have one performance obligation only. Sales of goods are recognised when the Company has fulfilled the order to the customer, being on despatch of the goods. Revenue is recognised at the point the order is dispatched.
Royalty income
Royalty income is recognised when it is probable that the company will receive the economic benefits and the amounts can be measured reliably. In this way, revenue accrues with the terms of the relevant agreement and is usually recognised on that basis, unless it is more appropriate to recognise revenue on some other systematic basis.
During the year revenue generated from sales of goods had been discontinued and royalty income is the only continuing revenue stream.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight line basis over the lease term.
In previous years operating leases have been accounted for in accordance with IFRS 16. The impact of the changes in accounting policy is detailed in note 18 of these financial statements.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Tax is recognised in Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 Company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Comprehensive Income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Comprehensive Income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. For more details about how the items referred to are shown in the financial statements, please see the notes to the financial statements.
Income taxes
Significant judgement is required in determining the company’s provision for income tax. There are many transactions and calculations for which the ultimate tax determination is uncertain. The company recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the year in which such determination is made.
Property, Plant and Equipment
The accounting policy is shown in note 2.9. Estimates are made when performing impairment reviews on the Property, Plant and Equipment. Assessments of the carrying value are made through both external valuation and internal value-in-use models.
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At the year end, product revenue is discontinued and royalty revenue is continuing.
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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The operating loss is stated after charging:
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Impairment of fixed assets
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Inventory recognised as expenses
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Foreign exchange difference
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Loss on disposal of fixed assets
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Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Sales, general and administrative
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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During the year, no retirement benefits accrued to the directors (2019 - 1) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £27,071 (2019 - £524,000).
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The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2019 - £11,000).
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The company did not recharge any Directors remuneration during the year (2019: £524,000 recharged to AGI Global Holdings Coöperatief U.A)
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Interest payable and similar expenses
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Mortgage interest payable
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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At 1 January 2020 (as previously stated)
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At 1 January 2020 (as restated)
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Charge for the year on owned assets
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At 31 December 2019 as Restated.
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Property, plant and equipment with a net book value of £4,393,359 (2019: £7,174,995) have been pledged as security for borrowings.
The adjustments to prior year figures relate to the change in accounting framework from IFRS to FRS102 as detailed in note 18.
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Stocks are stated after provisions for impairment of £nil (2019: £171,000).
All stock items during the year related to discontinued activities and there was no closing stock held at the year end.
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Amounts owed by group undertakings
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Prepayments and accrued income
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The amounts owed by group undertakings are interest free and repayable on demand.
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Cash and cash equivalents
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The bank loans are secured against the company's freehold property.
The loan of £3,641,896 (2019: £3,840,000) is a mortgage with Shawbrook Bank, has an interest rate of 5.65% + LIBOR and was repaid in full since the year end.
Included within other creditors is an unsecured loan of £1,437,312 with an interest rate of 2% above the Bank of England base rate and was repaid in full since the year end.
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Creditors: Amounts falling due after more than one year
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Allotted, called up and fully paid
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5,236,750 (2019 - 5,236,750) Ordinary Share shares of £0.20 each
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DUBOIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Share premium account
Included in the share premium account are all amounts paid for shares above their nominal value.
Profit and loss account
Comprises current and previous years retained profits and losses.
During the year to 31 December 2020, the company changed its reporting framework from the International Reporting Standards (IFRS) to Financial Reporting Standard 102 (FRS102). This was done in order to align this Company's financial statements with the group's consolidated financial statements.
This change has resulted in the following adjustments to the previously reported figures:
∙As at 1 January 2019, liabilities decreased by £9k, retained earnings and net assets increased by £9k.
∙As at 31 December 2019, fixed assets decreased by £45k, liabilities decreased by £74k and Loss for the year decreased by £20k.
The above adjustments had cumulatively increased opening net assets as at 1 January 2020 by £29k.
The immediate parent undertaking is Cable Capital Partners Ltd. The ultimate parent undertaking is Cable Capital Holdings Ltd.
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