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FINANCIAL STATEMENTS |
CONTENTS |
PAGE |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
6 |
Independent auditor's report to the members |
9 |
Statement of comprehensive income |
13 |
Statement of financial position |
14 |
Statement of changes in equity |
16 |
Notes to the financial statements |
17 |
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OFFICERS AND PROFESSIONAL ADVISERS |
THE BOARD OF DIRECTORS |
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REGISTERED OFFICE |
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AUDITOR |
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Chartered accountants & statutory auditor |
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Equitable House |
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55 Pellon Lane |
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Halifax |
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West Yorkshire |
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HX1 5SP |
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BANKERS |
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PO Box 51, 7 Hustlergate |
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Bradford |
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West Yorkshire |
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BD1 1PP |
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5th Floor |
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111 Old Broard Street |
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London |
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EC2N 1BR |
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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 |
Equitable House |
55 Pellon Lane |
Halifax |
West Yorkshire |
HX1 5SP |
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STATEMENT OF COMPREHENSIVE INCOME |
2022 |
2021 |
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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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Administrative expenses |
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Other operating income |
5 |
– |
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OPERATING PROFIT/(LOSS) |
6 |
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(
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Other interest receivable and similar income |
10 |
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PROFIT/(LOSS) BEFORE TAXATION |
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(
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Tax on profit/(loss) |
11 |
– |
– |
---------- |
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PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
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(
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---------- |
---------- |
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Remeasurement of net defined benefit liability |
(
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---------- |
---------- |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(
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(
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---------- |
---------- |
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STATEMENT OF FINANCIAL POSITION |
2022 |
2021 |
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Note |
£ |
£ |
£ |
£ |
Intangible assets |
12 |
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Tangible assets |
13 |
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Stocks |
14 |
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Debtors |
15 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
16 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
(
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(
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---------- |
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NET LIABILITIES EXCLUDING DEFINED BENEFIT PENSION PLAN ASSET |
(576,409) |
(679,734) |
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Defined benefit pension plan asset |
19 |
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NET ASSETS INCLUDING DEFINED BENEFIT PENSION PLAN ASSET |
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STATEMENT OF FINANCIAL POSITION (continued) |
2022 |
2021 |
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Note |
£ |
£ |
£ |
£ |
Called up share capital |
21 |
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Profit and loss account |
23 |
(
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(
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SHAREHOLDERS FUNDS |
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Director |
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STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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AT 1 JANUARY 2021 |
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(
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Loss for the year |
(
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(
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Other comprehensive income for the year: |
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Remeasurement of net defined benefit liability |
– |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
(
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(
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AT 31 DECEMBER 2021 |
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(
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Profit for the year |
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Other comprehensive income for the year: |
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Remeasurement of net defined benefit liability |
– |
(
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(
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
(
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(
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AT 31 DECEMBER 2022 |
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(
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NOTES TO THE FINANCIAL STATEMENTS |
Software/Website |
- |
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Alterations to leasehold property |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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Equipment |
- |
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2022 |
2021 |
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£ |
£ |
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Sale of goods |
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--------------- |
--------------- |
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2022 |
2021 |
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£ |
£ |
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Government grant income |
– |
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---- |
--------- |
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2022 |
2021 |
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£ |
£ |
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Amortisation of intangible assets |
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Depreciation of tangible assets |
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Gains on disposal of tangible assets |
(
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– |
Impairment of trade debtors |
37,414 |
568 |
Operating lease rentals |
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Foreign exchange differences |
(
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(
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Amortisation of pattern books |
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Amortisation of promotional videos |
71,521
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69,636
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------------- |
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2022 |
2021 |
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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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Taxation advisory services |
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Other non-audit services |
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------- |
------- |
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7,000 |
6,400 |
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------- |
------- |
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2022 |
2021 |
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No. |
No. |
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Administrative staff |
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Sales and marketing |
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---- |
---- |
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---- |
---- |
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2022 |
2021 |
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£ |
£ |
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Wages and salaries |
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Other pension costs |
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------------- |
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2022 |
2021 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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---------- |
---------- |
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---------- |
---------- |
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2022 |
2021 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2022 |
2021 |
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£ |
£ |
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Aggregate remuneration |
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Company contributions to defined contribution pension plans |
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---------- |
---------- |
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---------- |
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2022 |
2021 |
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£ |
£ |
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Interest on cash and cash equivalents |
– |
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Net finance income in respect of defined benefit pension plans |
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--------- |
------- |
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--------- |
------- |
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2022 |
2021 |
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£ |
£ |
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Profit/(loss) on ordinary activities before taxation |
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(
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---------- |
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Profit/(loss) on ordinary activities by rate of tax |
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(
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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/(loss) |
– |
– |
---------- |
---------- |
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Website and software |
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£ |
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Cost |
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At 1 January 2022 |
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Additions |
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---------- |
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At 31 December 2022 |
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---------- |
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Amortisation |
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At 1 January 2022 |
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Charge for the year |
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---------- |
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At 31 December 2022 |
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---------- |
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Carrying amount |
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At 31 December 2022 |
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---------- |
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At 31 December 2021 |
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Alterations to leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Jan 2022 |
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– |
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Additions |
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– |
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Disposals |
– |
– |
– |
– |
(
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(
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---------- |
------------- |
---------- |
--------- |
---------- |
------------- |
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At 31 Dec 2022 |
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---------- |
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Depreciation |
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At 1 Jan 2022 |
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– |
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Charge for the year |
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– |
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Disposals |
– |
– |
– |
– |
(
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(
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---------- |
------------- |
---------- |
--------- |
---------- |
------------- |
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At 31 Dec 2022 |
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– |
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---------- |
------------- |
---------- |
--------- |
---------- |
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Carrying amount |
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At 31 Dec 2022 |
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– |
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---------- |
------------- |
---------- |
--------- |
---------- |
------------- |
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At 31 Dec 2021 |
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– |
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---------- |
------------- |
---------- |
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---------- |
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2022 |
2021 |
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£ |
£ |
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Raw materials and consumables |
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------------- |
------------- |
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2022 |
2021 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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------------- |
--------------- |
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2022 | 2021 | ||
£ | £ | ||
Net prepayments at 1 January | 1,238,524 | 1,350,854 | |
Additions | 1,608,544 | 1,057,114 | |
Amortisation | (1,185,281) | (1,169,444) | |
------------- | ------------- | ||
Net prepayments at 31 December | 1,661,787 | 1,238,524 | |
------------- | ------------- | ||
2022 | 2020 | ||
£ | £ | ||
Net prepayment at 1 January | 149,994 | 208,320 | |
Additions | – | 11,310 | |
Amortisation | (71,521) | (69,636) | |
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Net prepayment at 31 December | 78,473 | 149,994 | |
---------- | ---------- |
2022 |
2021 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Social security and other taxes |
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Amounts owed to recourse debt factor |
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– |
Import duty |
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Other creditors |
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--------------- |
--------------- |
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--------------- |
--------------- |
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Deferred tax (note 18) |
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£ |
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At 1 January 2022 |
– |
Additions |
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Covered by tax losses |
(
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---------- |
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At 31 December 2022 |
– |
---------- |
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2022 |
2021 |
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£ |
£ |
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Accelerated capital allowances |
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Pension plan obligations |
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Deferred tax - covered by losses |
(659,447) |
(232,936) |
---------- |
---------- |
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– |
– |
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---------- |
---------- |
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2022 |
2021 |
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£ |
£ |
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Present value of defined benefit obligations |
(
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(
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Fair value of plan assets |
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------------- |
------------- |
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---------- |
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2022 |
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£ |
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At 1 January 2022 |
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Interest expense |
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Benefits paid |
(208,000) |
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Remeasurements: |
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Actuarial gains and losses |
(
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------------- |
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At 31 December 2022 |
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------------- |
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2022 |
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£ |
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At 1 January 2022 |
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Interest income |
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Benefits paid |
(
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Remeasurements: |
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Return on plan assets, excluding amount included in interest income |
(
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------------- |
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At 31 December 2022 |
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------------- |
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2022 |
2021 |
|
£ |
£ |
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Net interest income |
(
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--------- |
------- |
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Actuarial gains and losses |
(
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Return on plan assets, excluding amounts included in net interest |
1,862,000 |
87,000 |
------------- |
---------- |
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385,000 |
358,000 |
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------------- |
---------- |
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2022 |
2021 |
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£ |
£ |
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Equity instruments |
– |
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Cash and cash equivalents |
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Bonds |
2,191,000 |
1,132,000 |
Gilts |
1,094,000 |
1,824,000 |
Annuities |
689,000 |
865,000 |
------------- |
------------- |
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------------- |
------------- |
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2022 |
2021 |
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£ |
£ |
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Return on assets of benefit plan |
(
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---------- |
---------- |
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2022 |
2021 |
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% |
% |
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Discount rate |
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Inflation assumption |
2.40 |
2.90 |
Current pensioners at 65 - male |
21.80 |
21.70 |
Current pensioners at 65 - female |
24.10 |
24.10 |
Future pensioners at 65 - male |
22.70 |
22.70 |
Future pensioners at 65 - female |
25.30 |
25.20 |
------- |
------- |
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2022 | 2021 | ||
£ | £ | ||
Mortality (Pre retirement) | |||
Mortality (Post retirement) | |||
2022 |
2021 |
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£ |
£ |
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Government grants recognised directly in income |
– |
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---- |
--------- |
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2022 |
2021 |
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No. |
£ |
No. |
£ |
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1,000,000 |
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1,000,000 |
------------- |
------------- |
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2022 |
2021 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Later than 5 years |
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