Armatile Limited 30/06/2021 iXBRL
Armatile Limited 30/06/2021 iXBRL
Company registration number:
NI018558
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Directors and other information
Directors |
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(Appointed 1 April 2021) | ||
Secretary |
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Company number |
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Registered office |
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Business address |
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Auditor |
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22 Great Victoria Street | |||
Belfast | |||
Co. Antrim | |||
BT2 7BA | |||
Bankers |
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18-20 Scotch Street | ||
Dungannon | ||
Co. Tyrone | ||
BT70 1AZ | ||
Strategic report
Year ended 30 June 2021
Review of the business
The company is a trading company and the principal activity of the company is that of the distribution, design and manufacture of tiles for the wholesale, retail and specification markets.
Both the level of business and the year-end financial position were as expected. The company has seen turnover increase by 32% from last year largely due to the economic impact of the relaxation of restrictions imposed by the Government to manage the impact of Covid-19.
Key performance indicators (KPI's)
The company has the key performance indicators (KPI's) of developing new sales markets to increase sales, maintain gross profit margins and the control of overheads. The directors believe the company can meet the KPI's in the medium term.
Environment
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health and Safety
The company is committed to achieving the highest possible standards in health and safety management and strives to make all our premises safe environments for employees and customers.
Principal risks and uncertainties
The core risks associated with the company's operations are identified below.
Events in Ukraine
The current events in Ukraine are leading to an unprecedented increase in energy and raw material costs. The costs of all components of ceramic production, namely gas, electricity, clay, glazing, packaging, and transport are escalating rapidly. The full impact of these increases on our trade is difficult to quantify at this stage and the situation will be constantly reviewed by management.
Foreign exchange risk
The company is exposed to some foreign exchange risk in the normal course of business, principally on purchases in euros. While the company has not used financial instruments to hedge foreign exchange exposure, this position is kept constantly under review.
Liquidity Risk
The company maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.
Interest Rate Risk
The company has both interest bearing assets and interest bearing liabilities which bear interest at both fixed and variable rates. The future cashflows of the company's operations are not significantly at risk due to interest rate changes in the short term. The appropriateness of this policy will be revisited should the company's operations change in nature or size.
Credit Risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure is constantly reviewed.
Brexit
The company also has exposure to the impact of Brexit and the free trade agreement negotiated between the UK and the European Union. The implementation of the Northern Ireland protocol which aims to avoid the introduction of a hard border on the island of Ireland has not had a material impact on the supply of goods from GB. The directors are constantly monitoring this area to manage the exposure of the company
This report was approved by the board of directors on 30 March 2022 and signed on behalf of the board by:
Director
Directors report
Year ended 30 June 2021
The directors present their report and the financial statements of the company for the year ended 30 June 2021.
Directors
The directors who served the company during the year were as follows:
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(Appointed 1 April 2021) | |||
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The risks to the UK economic growth still remain and may be influenced by developments within the eurozone. The directors are working on the development of new markets within the UK that are seen to be more resilient against the eurozone uncertainties.
Financial instruments
The directors' objectives are to minimise the financial risks that the company is exposed to and they have implemented policies to achieve this. The main financial risks are seen as interest rates and foreign exchange. The company has entered into floating rate loans and the directors are satisfied that this is adequate for the company. The directors have inflows and outflows in Euros and will match these inflows and outflows to minimise currency risk and also use foreign exchange forward contracts.
Disclosure of information in the strategic report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and accounting estimates that are reasonable and prudent; and
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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 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
30 March 2022
and signed on behalf of the board by:
Director
Independent auditor's report to the members of
Year ended 30 June 2021
Opinion
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
Opinions on other matters 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 the 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 the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of directors
Auditor's responsibilities for the audit of the financial statements
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 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.
For and on behalf of
Chartered Accountants and Statutory Auditor
22 Great Victoria Street
Belfast
Co. Antrim
BT2 7BA
Statement of income and retained earnings
Year ended 30 June 2021
2021 | 2020 | |||||
Note | £ | £ | ||||
Turnover | 4 |
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Cost of sales |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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Other operating income | 5 |
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Operating profit | 6 |
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Other interest receivable and similar income | 9 |
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Interest payable and similar expenses | 10 |
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Profit before taxation |
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Tax on profit | 11 |
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Profit for the financial year and total comprehensive income |
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Dividends declared and paid or payable during the year | 12 |
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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All the activities of the company are from continuing operations.
Statement of financial position
30 June 2021
2021 | 2020 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 13 |
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Investments | 14 |
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Current assets | |||||||||
Stocks | 15 |
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Debtors | 16 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 17 |
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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 | 18 |
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Provisions for liabilities | 20 |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital | 24 |
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Profit and loss account | 25 |
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Shareholders funds |
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These financial statements were approved by the
board of directors
and authorised for issue on
30 March 2022
, and are signed on behalf of the board by:
Director
Company registration number:
NI018558
Statement of cash flows
Year ended 30 June 2021
2021 | 2020 | ||||
Note | £ | £ | |||
Cash flows from operating activities | |||||
Cash generated from operations | 26 |
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Interest paid |
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Interest received |
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Tax paid |
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Net cash from operating activities |
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Cash flows from investing activities | |||||
Purchase of tangible assets |
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Acquisition of subsidiaries | - |
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Net cash used in investing activities |
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Cash flows from financing activities | |||||
Proceeds from borrowings |
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Repayments of borrowings |
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Government grant income |
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Payment of finance lease liabilities |
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Equity dividends paid |
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Net cash (used in)/from financing activities |
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Net increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning of year | 1,549,437 | 957,986 | |||
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Cash and cash equivalents at end of year |
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Notes to the financial statements
Year ended 30 June 2021
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Station Road, Armagh, Co. Armagh, BT61 7NP.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Consolidation
Judgements and key sources of estimation uncertainty
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Foreign currencies
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings | - |
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Leasehold properties | - |
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Plant and machinery | - |
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Fittings fixtures and equipment | - |
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Motor vehicles | - |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
Stocks
Hire purchase and finance leases
Government grants
Provisions
Financial instruments
Defined contribution plans
4.
Turnover
Turnover arises from:
2021 | 2020 | |||
£ | £ | |||
Sale of goods |
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The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2021 | 2020 | |||
£ | £ | |||
UK |
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Europe |
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Rest of world |
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_________ | _________ | |||
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5.
Other operating income
2021 | 2020 | |||
£ | £ | |||
Rental income |
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Government grant income |
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Other operating income |
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6.
Operating profit
Operating profit is stated after charging/(crediting):
2021 | 2020 | ||||
£ | £ | ||||
Depreciation of tangible assets |
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Impairment of trade debtors | 65,292 | 54,139 | |||
Foreign exchange differences |
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Fees payable for the audit of the financial statements |
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7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2021 | 2020 | |||
Manufacturing staff |
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Office and management |
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Sales and distribution staff |
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_________ | _________ | |||
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The aggregate payroll costs incurred during the year were:
2021 | 2020 | |||
£ | £ | |||
Wages and salaries |
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Social security costs |
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Other pension costs |
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_________ | _________ | |||
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8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2021 | 2020 | |||
£ | £ | |||
Remuneration |
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Company contributions to pension schemes in respect of qualifying services |
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_________ | _________ | |||
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9.
Other interest receivable and similar income
2021 | 2020 | |||
£ | £ | |||
Bank deposits |
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_________ | _________ | |||
10.
Interest payable and similar expenses
2021 | 2020 | ||||
£ | £ | ||||
Other loans made to the company: | |||||
Finance leases and hire purchase contracts |
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Other interest payable and similar expenses |
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_________ | _________ | ||||
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11.
Tax on profit
Major components of tax expense
2021 | 2020 | |||
£ | £ | |||
Current tax: | ||||
UK current tax expense |
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_________ | _________ | |||
Deferred tax: | ||||
Origination and reversal of timing differences |
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Impact of change in tax rate |
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Total deferred tax |
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Tax on profit |
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_________ | _________ | |||
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2020: higher than) the
standard rate of corporation tax in the UK
of
19.00
% (2020: 19.00%).
2021 | 2020 | |||
£ | £ | |||
Profit before taxation |
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Profit multiplied by rate of tax |
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Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
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Effect of revenue exempt from tax |
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Effect of research and development credits |
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Tax on profit |
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12.
Dividends
Equity dividends
2021 | 2020 | |||
£ | £ | |||
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
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13.
Tangible assets
Freehold property | Long leasehold property | Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Total | ||
£ | £ | £ | £ | £ | £ | ||
Cost | |||||||
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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_________ | _________ | _________ | _________ | _________ | _________ | ||
Depreciation | |||||||
At 1 July 2020 |
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Charge for the year |
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At 30 June 2021 |
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Carrying amount | |||||||
At 30 June 2021 |
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At 30 June 2020 |
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Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery | Motor vehicles | ||
£ | £ | ||
At 30 June 2021 |
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At 30 June 2020 |
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14.
Investments
Shares in group undertakings | Total | ||
£ | £ | ||
Cost | |||
At 1 July 2020 and 30 June 2021 |
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_________ | _________ | ||
Impairment | |||
At 1 July 2020 and 30 June 2021 | - | - | |
_________ | _________ | ||
Carrying amount | |||
At 30 June 2021 |
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At 30 June 2020 |
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Investments in group undertakings | |||||
Registered office | Class of share | Percentage of shares held | |||
Subsidiary undertakings | |||||
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74 Saint Assam's Park, Raheny, Dublin 5 | Ordinary | 100 | ||
15.
Stocks
2021 | 2020 | |||
£ | £ | |||
Work in progress |
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Finished goods |
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_________ | _________ | |||
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16.
Debtors
2021 | 2020 | |||
£ | £ | |||
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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Other debtors |
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_________ | _________ | |||
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_________ | _________ | |||
17.
Creditors: amounts falling due within one year
2021 | 2020 | |||
£ | £ | |||
Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Obligations under finance leases |
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Director loan accounts |
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Other creditors |
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_________ | _________ | |||
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_________ | _________ | |||
The bank overdraft and loans are secured on the following: Mortgage debenture incorporating a fixed and floating charge over all company assets present and future; Legal mortgages over properties at Boucher Crescent, Belfast, Ballinacraig Way, Greenbank Industrial Estate, Newry, 11/12 Merchants Quay, Newry and Station Road Industrial Estate, Armagh, all registered in the name of
Armatile Limited
; A first ranking legal charge over the property situated at 105 Grange Way, Baldoyle Industrial Estate, Baldoyle, Dublin; and A first ranking legal charge over the company's property situated at 16 Boucher Way, Belfast.
18.
Creditors: amounts falling due after more than one year
2021 | 2020 | |||
£ | £ | |||
Bank loans and overdrafts |
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Accruals and deferred income |
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Obligations under finance leases | - |
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Other creditors |
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_________ | _________ | |||
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_________ | _________ | |||
The bank loans are secured on the following: Mortgage debenture incorporating a fixed and floating charge over all company assets present and future; Legal mortgages over properties at Boucher Crescent, Belfast, Ballinacraig Way, Greenbank Industrial Estate, Newry, 11/12 Merchants Quay, Newry and Station Road Industrial Estate, Armagh, all registered in the name of
Armatile Limited
; A first ranking legal charge over the property situated at 105 Grange Way, Baldoyle Industrial Estate, Baldoyle, Dublin; and A first ranking legal charge over the company's property situated at 16 Boucher Way, Belfast.
Included within creditors: amounts falling due after more than one year is an amount of £ 813,622
(2020 £ 908,718 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans repayable in five years or more are repaid by monthly instalments and interest is charged at a margin over the AIB (NI) base rate.
19.
Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2021 | 2020 | |||
£ | £ | |||
Not later than 1 year |
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Later than 1 year and not later than 5 years | - |
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_________ | _________ | |||
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_________ | _________ | |||
Present value of minimum lease payments |
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_________ | _________ | |||
20.
Provisions
Deferred tax (note 21) | Other provisions | Total | ||
£ | £ | £ | ||
At 1 July 2020 |
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Additions |
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_________ | _________ | _________ | ||
At 30 June 2021 |
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_________ | _________ | _________ | ||
21.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 | 2020 | |||
£ | £ | |||
Included in provisions (note 20) |
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_________ | _________ | |||
The deferred tax account consists of the tax effect of timing differences in respect of:
2021 | 2020 | |||
£ | £ | |||
Accelerated capital allowances |
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_________ | _________ | |||
22.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
226,423
(2020: £
170,753
).
23.
Government grants
2021 | 2020 | |||
£ | £ | |||
At start of period | 10,972 | 11,692 | ||
Grants received or receivable | (-) | (-) | ||
Released to the profit or loss | (720) | (720) | ||
_________ | _________ | |||
At end of period |
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_________ | _________ | |||
The amounts recognised in the financial statements for government grants are as follows:
2021 | 2020 | |||
£ | £ | |||
Recognised in creditors: | ||||
Deferred government grants due after more than one year |
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_________ | _________ | |||
Recognised in other operating income: | ||||
Government grants recognised directly in income |
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_________ | _________ | |||
24.
Called up share capital
Issued, called up and fully paid
2021 | 2020 | ||||||||
No | £ | No | £ | ||||||
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100,002 | 100,002 | 100,002 | 100,002 | |||||
_________ | _________ | _________ | _________ | ||||||
25.
Reserves
26.
Cash generated from operations
£ | £ | |
Cash flows from operating activities | ||
Profit for the financial year |
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Depreciation of tangible assets |
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Government grant income | (
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(
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Other interest receivable and similar income | (
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(
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Interest payable and similar expenses |
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Tax on profit |
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Accrued expenses/(income) | (
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Changes in: | ||
Stocks |
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Trade and other receivables | (
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Trade and other payables |
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(
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Provisions and employee benefits |
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(
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_________ | _________ | |
Cash generated from operations |
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_________ | _________ | |
27.
Analysis of changes in net debt
At 1 July 2020 | Cash flows | Other changes | At 30 June 2021 | ||
£ | £ | £ | £ | ||
Cash and cash equivalents |
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1,228,795 | - |
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Debt due within one year | (458,940) | 410,993 | (441,858) | (489,805) | |
Debt due after one year | (1,890,798) | (199,267) | 441,858 | (1,648,207) | |
_________ | _________ | _________ | _________ | ||
(
|
|
- |
|
||
_________ | _________ | _________ | _________ | ||
28.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ | £ | |
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
Later than 5 years |
|
|
_________ | _________ | |
|
|
|
_________ | _________ | |
29.
Limitation of auditors liability
The company has entered into a liability limitation agreement with the company's auditor which was approved on 15 June 2021. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
30.
Related party transactions
31.
Controlling party
The company is controlled by
Mr & Mrs McCann
.