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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Statement of comprehensive income |
9 |
Statement of financial position |
10 |
Statement of changes in equity |
11 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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Director |
Registered office: |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Hallswelle House |
1 Hallswelle Road |
London |
NW11 0DH |
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Statement of Comprehensive Income |
Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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Gross profit |
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Property outgoings |
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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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------------ |
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Profit before taxation |
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Tax on profit |
11 |
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(
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--------- |
--------- |
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Profit after taxation |
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Other taxes not shown under the above |
– |
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--------- |
--------- |
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Profit for the financial period |
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--------- |
--------- |
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Revaluation of tangible assets |
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– |
------------ |
--------- |
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Total comprehensive income for the period |
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--------- |
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Statement of Financial Position |
31 Dec 21 |
28 Feb 21 |
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Note |
£ |
£ |
£ |
Tangible assets |
12 |
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Stocks |
13 |
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Debtors |
14 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
15 |
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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 |
16 |
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Taxation including deferred tax |
18 |
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Net assets |
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Called up share capital |
22 |
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Revaluation reserve |
23 |
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Profit and loss account |
23 |
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Shareholders funds |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
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Note |
£ |
£ |
£ |
£ |
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At 1 March 2020 |
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Profit for the period |
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---- |
--------- |
------------ |
------------ |
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Total comprehensive income for the period |
– |
– |
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At 28 February 2021 |
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Profit for the period |
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Other comprehensive income for the period: |
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Revaluation of tangible assets |
12 |
– |
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– |
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Total comprehensive income for the period |
– |
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---- |
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At 31 December 2021 |
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Statement of Cash Flows |
31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Profit for the financial period |
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Adjustments for: |
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Depreciation of tangible assets |
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Government grant income |
– |
(
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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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Loss on disposal of tangible assets |
– |
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Tax on profit |
35,227
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(157,805) |
Accrued expenses/(income) |
|
(
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Changes in: |
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Stocks |
(
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Trade and other debtors |
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Trade and other creditors |
(
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(
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--------- |
--------- |
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
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Tax (paid)/received |
(
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--------- |
--------- |
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Net cash from operating activities |
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--------- |
--------- |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
– |
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--------- |
--------- |
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Net cash used in investing activities |
(
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(
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--------- |
--------- |
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Proceeds from borrowings |
(
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(
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Government grant income |
– |
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Payments of finance lease liabilities |
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– |
--------- |
--------- |
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Net cash used in financing activities |
(
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(
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--------- |
--------- |
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of period |
80,403 |
78,497 |
-------- |
-------- |
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Cash and cash equivalents at end of period |
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-------- |
-------- |
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Notes to the Financial Statements |
Plant and machinery |
- |
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Fixtures, fittings and equipment |
- |
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Motor vehicles |
- |
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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Sale of goods |
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Rendering of services |
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Other income |
– |
270,000 |
------------ |
------------ |
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------------ |
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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Rental income |
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Government grant income |
– |
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-------- |
--------- |
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-------- |
--------- |
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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Depreciation of tangible assets |
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Loss on disposal of tangible assets |
– |
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--------- |
--------- |
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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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-------- |
-------- |
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31 Dec 21 |
28 Feb 21 |
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No. |
No. |
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Production staff |
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Administrative staff |
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---- |
---- |
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---- |
---- |
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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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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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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Interest on loans and receivables |
32,138 |
36,714 |
Interest on bank deposits |
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-------- |
-------- |
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-------- |
-------- |
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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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Interest on obligations under finance leases and hire purchase contracts |
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– |
Interest payable - other loans |
14,436 |
39,138 |
Other interest payable and similar charges |
– |
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--------- |
--------- |
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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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UK current tax expense |
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Adjustments in respect of prior periods |
– |
(
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-------- |
-------- |
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Total current tax |
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-------- |
-------- |
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Origination and reversal of timing differences |
|
(
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-------- |
--------- |
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Tax on profit |
35,227
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(157,805) |
-------- |
--------- |
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Period from |
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1 Mar 21 to |
Year to |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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--------- |
--------- |
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Profit on ordinary activities 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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Unused tax losses |
– |
(
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--------- |
--------- |
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Tax on profit |
22,627
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32,117
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--------- |
--------- |
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Freehold properties |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost/valuation |
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At 1 March 2021 |
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Additions |
– |
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Revaluations |
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– |
– |
– |
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------------- |
------------ |
--------- |
-------- |
------------- |
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At 31 December 2021 |
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------------- |
------------ |
--------- |
-------- |
------------- |
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Depreciation |
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At 1 March 2021 |
– |
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Charge for the period |
– |
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------------- |
------------ |
--------- |
-------- |
------------- |
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At 31 December 2021 |
– |
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------------- |
------------ |
--------- |
-------- |
------------- |
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Carrying amount |
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At 31 December 2021 |
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------------- |
------------ |
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-------- |
------------- |
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At 28 February 2021 |
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------------- |
------------ |
--------- |
-------- |
------------- |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Finished goods and goods for resale |
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--------- |
--------- |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Sundry loans |
830,042 |
794,726 |
Amounts owed by related undertakings |
682,779 |
643,972 |
Other debtors |
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------------ |
------------ |
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------------ |
------------ |
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31 Dec 21 |
28 Feb 21 |
|
£ |
£ |
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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 and hire purchase contracts |
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– |
Director loan accounts |
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Other creditors |
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------------ |
------------ |
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------------ |
------------ |
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31 Dec 21 |
28 Feb 21 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Obligations under finance leases and hire purchase contracts |
|
– |
------------ |
------------ |
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------------ |
------------ |
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31 Dec 21 |
28 Feb 21 |
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£ |
£ |
|
Not later than 1 year |
|
– |
Later than 1 year and not later than 5 years |
|
– |
-------- |
---- |
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– |
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-------- |
---- |
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Deferred tax (note 19) |
|
£ |
|
At 1 March 2021 |
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Additions |
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--------- |
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At 31 December 2021 |
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--------- |
|
31 Dec 21 |
28 Feb 21 |
|
£ |
£ |
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Included in provisions (note 18) |
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--------- |
-------- |
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31 Dec 21 |
28 Feb 21 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
Revaluation of tangible assets |
|
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--------- |
--------- |
|
771,043 |
240,008 |
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--------- |
--------- |
|
31 Dec 21 |
28 Feb 21 |
|
£ |
£ |
|
Government grants recognised directly in income |
– |
|
---- |
--------- |
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31 Dec 21 |
28 Feb 21 |
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No. |
£ |
No. |
£ |
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|
50,000 |
50,000 |
50,000 |
50,000 |
|
50,000 |
50,000 |
50,000 |
50,000 |
--------- |
--------- |
--------- |
--------- |
|
100,000 |
100,000 |
100,000 |
100,000 |
|
--------- |
--------- |
--------- |
--------- |
|
31 Dec 21 |
28 Feb 21 |
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No. |
£ |
No. |
£ |
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|
1 |
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1 |
---- |
---- |
---- |
---- |
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At 1 Mar 2021 |
Cash flows |
At 31 Dec 2021 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(37,238) |
|
Debt due within one year |
(364,619) |
(265,758) |
(630,377) |
Debt due after one year |
(4,878,960) |
483,644 |
(4,395,316) |
------------ |
--------- |
------------ |
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(
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(
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------------ |
--------- |
------------ |
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31 Dec 21 |
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Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
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£ |
£ |
£ |
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|
(
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--------- |
-------- |
--------- |
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28 Feb 21 |
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Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
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£ |
£ |
£ |
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(
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--------- |
--------- |
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Notes to the Financial Statements (continued) |