ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
COMPANY INFORMATION
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BRISTOL & LONDON PLC
CONTENTS
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BRISTOL & LONDON PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
Bristol & London PLC's principal objective remains to be a prominent provider of prestige cars to drivers involved in non-fault road traffic accidents whilst their own vehicle is being repaired. Within this service we are also able to provide a comprehensive accident management programme including credit repair.
Our pricing for credit hire is mainly determined by the General Terms of Agreement of the Association of British Insurers and as a result has remained static for some time. Referring volumes in 2019 were down on 2018 levels which resulted in lower fleet utilisation levels. This caused gross margins to fall from 21% to 19%. A plan was put in place to reduce fleet volumes during 2020 to bring utilisation levels back up and increase the gross margin.
The company recognises revenue, claims in progress and trade receivables under the terms of the ABI General Terms of Agreement ("GTA") after allowing for discounts that are expected to arise. This judgement is made on the basis of historical and expected net recovery from the settled claims. The ultimate settlement agreed with at fault parties may be higher or lower to that which has been estimated in the preparation of the financial statements.
The company's revenue is dependent on its ability to have fleet available with the appropriate mix of vehicle brands and models. If the company was not able to acquire sufficient fleet this would affect the company's ability to generate revenue. If the costs of operating its fleet increased significantly, this would have a detrimental effect on the company's profitability.
Covid-19
As with many business, since the year end the company has been significantly impacted by the Covid-19 pandemic. Although vehicle hire is a permitted activity under the Government lockdown rules, the enforced restrictions have caused a reduction in hire volumes because of reduced road traffic volumes.
We have undertaken detailed cashflow and performance forecast reviews to take into account the reduced volumes to ensure the company is able to meet its covenants and continue to trade as a going concern. Despite the reduction in hire volumes the Company’s cash flow has been bolstered due to the significant debtor book continuing to perform in terms of cash receipts. We have also taken robust steps to mitigate the impact of the pandemic and improve cashflow by taking advantage of the Government’s Corona Virus Job retention scheme, obtaining a ‘Time to Pay’ arrangement with HMRC, reducing capital expenditure and obtaining a £150,000 CBILS loan.
We remain of the view that the forecasted results are achievable and that these results should be sufficient to enable the company to operate and meet its liabilities as they fall due. The company has additionally undertaken a refinancing exercise and has obtained a new financing facility of £400,000 to generate additional cash headroom. The company is also able to liquidate assets at short notice to generate additional funds should trading results be worse than expected.
Whilst we are confident regarding future trading and that the company has sufficient funds to trade for the foreseeable future, there is still an inherent risk of significant disruption to the company due to Covid-19. These conditions indicate that a material uncertainty exists which may cause doubt on the company’s ability to trade as a going concern and meet the financial covenants on its financing facility.
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BRISTOL & LONDON PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors also monitor the staff turnover rate as a key non-financial performance indicator.
The directors act in good faith to continually balance the success of the company and the rewards to its shareholders against many other factors, including ensuring that:
∙Business is conducted morally and ethically, in line with Company’s values and purpose;
∙Short-term gains do not have an adverse consequence on the Company’s long-term strategy, success and benefits;
∙Employee welfare, training and interests are taken care of;
∙Customer and supplier relationships are strong, mutually beneficial and comply with the Company’s policies (such as anti-bribery and corruption, anti-slavery and human trafficking and corporate social responsibility); and
∙Any community and environmental impacts as a result of the Company’s operations are considered.
During the financial year, the Company continued to build and maintain customer and supplier relationships, ensuring employee welfare and training was maintained at all times.
This report was approved by the board and signed on its behalf.
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BRISTOL & LONDON PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The Directors present their report and the financial statements for the year ended 31 December 2019.
The loss for the year, after taxation, amounted to £487,685 (2018: profit £40,998).
Dividends of £nil (2018: £40,192) were declared and paid during the year.
The Directors who served during the year were:
All future developments are contained within the Strategic Report.
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
Details of the impact of the Covid19 pandemic have been included within the Strategic Report. There have been no other significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
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BRISTOL & LONDON PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
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.
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BRISTOL & LONDON PLC
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BRISTOL & LONDON PLC
We have audited the financial statements of Bristol & London PLC (the 'Company') for the year ended 31 December 2019, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows 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:
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.
We draw attention to note 2.2 in the financial statements which sets out the directors' consideration over the going concern of the company. As stated in note 2.2, the significant challenges and uncertainties caused by the Covid-19 pandemic indicate that a material uncertainty exists which may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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 Auditors' 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.
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.
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BRISTOL & LONDON PLC
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BRISTOL & LONDON PLC (CONTINUED)
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.
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:
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.
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.
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 Auditors' Report.
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BRISTOL & LONDON PLC
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF BRISTOL & LONDON PLC (CONTINUED)
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
Statutory Auditors
10 Temple Back
BS1 6FL
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BRISTOL & LONDON PLC
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
REGISTERED NUMBER:03662032
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 26 form part of these financial statements.
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BRISTOL & LONDON PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Bristol & London PLC is a public company, limited by shares, incorporated in England and Wales. The registered office is Harbour Place, Serbert Road, Portishead, Bristol, BS20 7GF.
Bristol & London PLC is an accident management company specialising in prestige vehicles. The Company offers credit hire and credit repair services to clients involved in non-fault accidents.
2.ACCOUNTING POLICIES
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.
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 financial statements are prepared in Sterling which is the functional currency of the Company.
The following principal accounting policies have been applied:
As with many businesses, since the year end the company has been significantly impacted by the Covid-19 pandemic. Although vehicle hire is a permitted activity under the Government lockdown rules, the enforced restrictions have caused a reduction in hire volumes because of reduced road traffic volumes. The Directors have taken robust steps to mitigate the impact of the pandemic, however the future impact on the company and wider economic environment remains unclear.
The Directors remain of the view that the forecasted results are achievable and that these results should be sufficient to enable the company to operate and meet its liabilities as they fall due. The company has undertaken a refinancing exercise and has obtained a new financing facility for £400,000 to generate additional cash headroom. The company is also able to liquidate assets at short notice to generate additional funds should trading results be worse than expected.
Whilst the Directors are confident regarding future trading and that the company has sufficient funds to trade for the foreseeable future, there is still an inherent risk of significant disruption to the company due to Covid-19. These conditions indicate that a material uncertainty exists which may cause doubt on the company’s ability to trade as a going concern and meet the financial covenants on its financing facility.
The financial statements have been prepared on a going concern basis. The financial statements therefore do not reflect the adjustments that would be necessary should the company be unable to continue as a going concern and be unable to realise its assets and discharge its liabilities in the normal course of business.
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.ACCOUNTING POLICIES (continued)
Revenue comprises income recognised by the company in respect of the supply of goods and the rendering of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue relating to car hire claims management services is measured at fair value of consideration receivable net of VAT. Revenue is recognised when services are provided, including an appropriate proportion of any services that are in progress at the reporting date. The rates used are based on estimated daily commercial tariffs for particular categories of vehicle and are accrued on a daily basis. Credit repair revenue represents income from the recovery of the costs of repairs to customers' vehicles carried out by third party body shops. Credit repair revenue is recorded net of an estimation of the expected adjustment arising on settlement of claims when repairs are completed by third party body shops.
Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals under operating leases are charged to income on a straight-line basis over the term of the relevant lease.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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 profit or loss 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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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.ACCOUNTING POLICIES (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
The estimated useful lives range as follows:
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.ACCOUNTING POLICIES (continued)
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 and on a reducing balance 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 profit or loss.
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.
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.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
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.
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.ACCOUNTING POLICIES (continued)
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The Directors are required to make judgements, estimations and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimations and assumptions are reviewed on an ongoing basis.
The critical judgements affecting the Company's financial statements are depreciation of the vehicle fleet and expected adjustments arising on the settlement of claims.
The whole of the turnover is attributable to accident management services.
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
9.TAXATION (CONTINUED)
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Share premium account
costs associated with the issuing of shares are deducted from share premium.
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,237 (2018: £8,582) . Contributions totalling £
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BRISTOL & LONDON PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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