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Annual Report and Audited Financial Statements |
Contents |
Page |
Members' report |
1 |
Members' responsibilities statement |
3 |
Independent auditor's report to the members |
4 |
Statement of income and retained earnings |
8 |
Statement of financial position |
9 |
Reconciliation of members' interests |
10 |
Statement of cash flows |
12 |
Notes to the annual report and audited financial statements |
13 |
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Members' Report |
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Members' Responsibilities Statement |
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Certified Accountants & statutory auditor |
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Statement of Income and Retained Earnings |
2022 |
2021 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
------------ |
--------- |
|
Gross profit |
|
|
Administrative expenses |
(
|
(
|
|
Other operating income |
5 |
|
|
------------ |
--------- |
||
Operating profit |
8 |
|
|
------------ |
--------- |
|
Profit for the financial year before members' remuneration and profit shares |
675,708 |
403,060 |
Members' remuneration charged as an expense |
9 |
(484,205) |
(485,542) |
--------- |
--------- |
||
Profit/(loss) for the financial year available for discretionary division among members |
191,503 |
(82,482) |
|
--------- |
--------- |
||
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Statement of Financial Position |
2022 |
2021 |
||
Note |
£ |
£ |
£ |
Tangible assets |
10 |
|
|
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Debtors |
11 |
|
|
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Cash at bank and in hand |
|
|
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--------- |
--------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
12 |
|
|
|
--------- |
--------- |
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Net current assets |
|
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--------- |
--------- |
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Total assets less current liabilities |
|
|
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--------- |
--------- |
|||
Net assets |
|
|
||
--------- |
--------- |
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Other amounts |
15 |
609,520 |
417,696 |
|
Members' capital classified as equity |
90,669 |
90,669 |
|
Other reserves, including the fair value reserve |
– |
– |
|
--------- |
--------- |
||
700,189 |
508,365 |
||
--------- |
--------- |
||
Amounts due from members |
(27,245) |
(32,500) |
||
Loans and other debts due to members |
15 |
609,520 |
417,696 |
|
Members' other interests |
90,669 |
90,669 |
||
--------- |
--------- |
|||
672,944 |
475,865 |
|||
--------- |
--------- |
|||
|
Reconciliation of Members' Interests |
Members' other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests |
||||
Members' capital (classified as equity) |
Other reserves, including the fair value reserve |
Total |
Other amounts |
Total |
Total 2022 |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Amounts due to members |
417,696 |
417,696 |
||||
Amounts due from members |
(32,500) |
(32,500) |
||||
--------- |
--------- |
|||||
Balance at 1 April 2021 |
90,669 |
– |
90,669 |
385,196 |
385,196 |
475,865 |
Profit for the financial year available for discretionary division among members |
191,503 |
191,503 |
191,503 |
|||
-------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Members' interests after profit for the year |
90,669 |
191,503 |
282,172 |
385,196 |
385,196 |
667,368 |
Other division of profits |
(191,503) |
(191,503) |
191,503 |
191,503 |
– |
|
Introduced by members |
– |
– |
5,576 |
5,576 |
5,576 |
|
--------- |
--------- |
|||||
Amounts due to members |
609,520 |
609,520 |
||||
Amounts due from members |
(27,245) |
(27,245) |
||||
-------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Balance at 31 March 2022 |
90,669 |
– |
90,669 |
582,275 |
582,275 |
672,944 |
-------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
|
Reconciliation of Members' Interests (continued) |
Members' other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests |
||||
Members' capital (classified as equity) |
Other reserves, including the fair value reserve |
Total |
Other amounts |
Total |
Total 2021 |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Amounts due to members |
500,178 |
500,178 |
||||
Amounts due from members |
(32,500) |
(32,500) |
||||
--------- |
--------- |
|||||
Balance at 1 April 2020 |
90,669 |
– |
90,669 |
467,678 |
467,678 |
558,347 |
Loss for the financial year available for discretionary division among members |
(82,482) |
(82,482) |
(82,482) |
|||
-------- |
-------- |
-------- |
--------- |
--------- |
--------- |
|
Members' interests after loss for the year |
90,669 |
(82,482) |
8,187 |
467,678 |
467,678 |
475,865 |
Other division of profits |
82,482 |
82,482 |
(82,482) |
(82,482) |
– |
|
Introduced by members |
– |
– |
– |
– |
– |
|
--------- |
--------- |
|||||
Amounts due to members |
417,696 |
417,696 |
||||
Amounts due from members |
(32,500) |
(32,500) |
||||
-------- |
-------- |
-------- |
--------- |
--------- |
--------- |
|
Balance at 31 March 2021 |
90,669 |
– |
90,669 |
385,196 |
385,196 |
475,865 |
-------- |
-------- |
-------- |
--------- |
--------- |
--------- |
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Statement of Cash Flows |
2022 |
2021 |
||
Note |
£ |
£ |
|
Cash generated from operations |
16 |
|
(
|
--------- |
-------- |
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Net cash from/(used in) operating activities |
|
(
|
|
--------- |
-------- |
||
Purchase of tangible assets |
(
|
(
|
--------- |
-------- |
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Net cash used in investing activities |
(
|
(
|
--------- |
-------- |
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Capital introduced by members |
5,576 |
– |
--------- |
-------- |
|
Net cash from financing activities |
|
– |
--------- |
-------- |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
101,948 |
136,312 |
--------- |
--------- |
|
Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
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Notes to the Annual Report and Audited Financial Statements |
1. |
General information |
2. |
Statement of compliance |
3. |
Accounting policies |
Plant and Machinery |
- |
|
|
4. |
Turnover |
2022 |
2021 |
|
£ |
£ |
|
Advisory fees |
|
|
------------ |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Overseas |
|
|
------------ |
--------- |
|
5. |
Other operating income |
2022 |
2021 |
|
£ |
£ |
|
Other operating income |
|
|
-------- |
------- |
|
6. |
Staff costs |
2022 |
2021 |
|
No. |
No. |
|
Administrative |
|
– |
Management |
2 |
2 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2022 |
2021 |
|
£ |
£ |
|
Wages and salaries |
|
– |
Social security costs |
|
– |
Other pension costs |
|
– |
-------- |
---- |
|
|
– |
|
-------- |
---- |
|
7. |
Auditor's remuneration |
2022 |
2021 |
|
£ |
£ |
|
Fees payable for the audit of the annual report and audited financial statements |
|
|
------- |
------- |
|
Other non-audit services |
|
|
-------- |
-------- |
|
8. |
Operating profit |
2022 |
2021 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Foreign exchange differences |
|
|
-------- |
------- |
|
9. |
Information in relation to members |
2022 |
2021 |
|
£ |
£ |
|
Highest paid members remuneration |
215,000 |
215,000 |
---- |
---- |
|
2022 |
2021 |
|
No. |
No. |
|
Average number of members |
2 |
2 |
---- |
---- |
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10. |
Tangible assets |
Plant and machinery |
Total |
|
£ |
£ |
|
Cost |
||
At 1 April 2021 |
|
|
Additions |
|
|
--------- |
--------- |
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At 31 March 2022 |
|
|
--------- |
--------- |
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Depreciation |
||
At 1 April 2021 |
|
|
Charge for the year |
|
|
--------- |
--------- |
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At 31 March 2022 |
|
|
--------- |
--------- |
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Carrying amount |
||
At 31 March 2022 |
|
|
--------- |
--------- |
|
At 31 March 2021 |
|
|
--------- |
--------- |
|
11. |
Debtors |
2022 |
2021 |
|
£ |
£ |
|
Amounts owed by group undertakings |
|
|
Prepayments and accrued income |
|
|
Amounts due from members |
27,245 |
32,500 |
Other debtors |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Trade creditors |
|
|
Accruals and deferred income |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
-------- |
--------- |
|
|
|
|
-------- |
--------- |
|
13. |
Employee benefits |
14. |
Financial instruments |
2022 |
2021 |
|
£ |
£ |
|
Financial assets that are debt instruments measured at amortised cost |
482,452 |
338,844 |
--------- |
--------- |
|
Financial liabilities measured at amortised cost |
5,650 |
100,210 |
------- |
--------- |
|
15. |
Loans and other debts due to members |
2022 |
2021 |
|
£ |
£ |
|
Amounts owed to members in respect of profits |
609,520 |
417,696 |
--------- |
--------- |
|
16. |
Cash generated from operations |
2022 |
2021 |
|
£ |
£ |
|
Profit/(loss) for the financial year |
|
(82,482) |
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Accrued expenses |
|
|
Members' non-discretionary profit allocations |
321 |
– |
Changes in: |
||
Trade and other debtors |
(
|
(
|
Trade and other creditors |
(
|
|
--------- |
--------- |
|
|
(
|
|
--------- |
--------- |
|
17. |
Analysis of changes in net debt |
At 1 Apr 2021 |
Cash flows |
At 31 Mar 2022 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
142,951 |
|
--------- |
--------- |
--------- |
|
Net debt (before members' debt) |
101,948 |
142,951 |
244,899 |
--------- |
--------- |
--------- |
|
Loans and other debts due to members |
|||
Other amounts |
(417,696) |
(191,824) |
(609,520) |
--------- |
--------- |
--------- |
|
Net debt |
(
|
(
|
(
|
--------- |
--------- |
--------- |
|
|
Notes to the Annual Report and Audited Financial Statements (continued) |
18. |
Events after the end of the reporting period |
19. |
Related party transactions |
2022 | 2021 | ||
£ | £ | ||
Sales | 1,183,152 | 634,334 | |
------------ | --------- | ||
2022 | 2021 | ||
£ | £ | ||
Amounts due from related party | 22,644 | 22,644 | |
-------- | -------- | ||
2022 | 2021 | ||
£ | £ | ||
Loan given to related Party | 364,798 | 188,907 | |
--------- | --------- | ||
20. |
Controlling party |