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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
Consolidated statement of income and retained earnings |
9 |
Company statement of income and retained earnings |
10 |
Consolidated statement of financial position |
11 |
Company statement of financial position |
12 |
Consolidated statement of cash flows |
13 |
Notes to the financial statements |
14 |
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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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Lyndhurst |
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1 Cranmer Street |
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Long Eaton |
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Nottingham |
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NG10 1NJ |
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Bankers |
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Strategic Report |
2023 | 2022 | ||
£ | £ | ||
Gross profit as percentage of sales | 16 | 17 | |
Operating profit as a percentage of sales | 7 | 7 | |
2023 | 2022 | ||
£ | £ | ||
Profit before taxation | 2,286,039 | 2,466,063 | |
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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 |
Lyndhurst |
1 Cranmer Street |
Long Eaton |
Nottingham |
NG10 1NJ |
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Consolidated Statement of Income and Retained Earnings |
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------- |
------------- |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
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------------ |
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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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Profit before taxation |
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Tax on profit |
12 |
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------------ |
------------ |
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Profit for the financial year and total comprehensive income |
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------------ |
------------ |
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Dividends paid and payable |
13 |
(
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(
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Retained earnings at the start of the year |
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------------ |
------------ |
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Retained earnings at the end of the year |
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------------ |
------------ |
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Company Statement of Income and Retained Earnings |
2023 |
2022 |
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Note |
£ |
£ |
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Profit for the financial year and total comprehensive income |
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Dividends paid and payable |
13 |
(
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(
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Retained earnings at the start of the year |
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------------ |
------------ |
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Retained earnings at the end of the year |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Tangible assets |
14 |
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Stocks |
16 |
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Debtors |
17 |
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Cash at bank and in hand |
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------------- |
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Creditors: amounts falling due within one year |
19 |
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------------- |
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Net current assets |
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------------ |
------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
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Provisions |
22 |
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------------ |
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Net assets |
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------------ |
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Called up share capital |
25 |
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Profit and loss account |
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Shareholders funds |
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------------ |
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Investments |
15 |
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Debtors |
17 |
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Cash at bank and in hand |
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--------- |
------------ |
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Creditors: amounts falling due within one year |
19 |
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--------- |
------------ |
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Net current assets |
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-------- |
-------- |
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Total assets less current liabilities |
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-------- |
-------- |
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Called up share capital |
25 |
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Profit and loss account |
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-------- |
-------- |
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Shareholders funds |
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-------- |
-------- |
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Director |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
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Note |
£ |
£ |
Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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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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(Gains)/loss on disposal of tangible assets |
(
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Tax on profit |
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Accrued expenses |
– |
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Changes in: |
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Stocks |
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(
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Trade and other debtors |
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(
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Trade and other creditors |
(
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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 |
(
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(
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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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Payments of finance lease liabilities |
(
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Dividends paid |
(
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(
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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 increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
3,910,577 |
3,388,435 |
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Cash and cash equivalents at end of year |
18 |
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Notes to the Financial Statements |
Freehold property |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
25% - 33.33% reducing balance |
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Motor vehicles |
- |
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2023 |
2022 |
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£ |
£ |
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Sale of goods |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Management charge receivable |
41,000 |
30,000 |
Other operating income |
– |
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-------- |
-------- |
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-------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Depreciation of tangible assets |
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(Gains)/loss on disposal of tangible assets |
(
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Impairment of trade debtors |
63,410 |
234,755 |
Foreign exchange differences |
– |
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--------- |
--------- |
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2023 |
2022 |
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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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2023 |
2022 |
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No. |
No. |
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Distribution staff |
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Administrative staff |
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Management staff |
3 |
3 |
---- |
---- |
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---- |
---- |
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2023 |
2022 |
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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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------------ |
------------ |
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2023 |
2022 |
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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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2023 |
2022 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Interest on cash and cash equivalents |
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-------- |
---- |
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2023 |
2022 |
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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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Other interest payable and similar charges |
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-------- |
-------- |
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-------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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UK current tax income |
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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 |
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--------- |
--------- |
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2023 |
2022 |
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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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Adjustment to tax charge in respect of prior periods |
– |
(
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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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(
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Rounding on tax charge |
(
3) |
– |
Group relief |
(62) |
(59) |
Effect of change in tax rates on deferred tax |
27,404 |
– |
------------ |
------------ |
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Tax on profit |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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------------ |
------------ |
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Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
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Cost |
|||||
At 1 July 2022 |
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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 30 June 2023 |
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------------ |
-------- |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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Disposals |
– |
– |
(
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– |
(
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------------ |
-------- |
-------- |
------------ |
------------ |
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At 30 June 2023 |
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------------ |
-------- |
-------- |
------------ |
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Carrying amount |
|||||
At 30 June 2023 |
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------------ |
-------- |
-------- |
------------ |
------------ |
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At 30 June 2022 |
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-------- |
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Group |
Motor vehicles |
£ |
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At 30 June 2023 |
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--------- |
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At 30 June 2022 |
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--------- |
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Company |
Shares in group undertakings |
£ |
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Cost |
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At 1 July 2022 and 30 June 2023 |
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-------- |
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Impairment |
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At 1 July 2022 and 30 June 2023 |
– |
-------- |
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Carrying amount |
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At 1 July 2022 and 30 June 2023 |
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-------- |
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At 30 June 2022 |
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Registered office |
Class of share |
Percentage of shares held |
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Subsidiary undertakings |
|||
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Heanor Road |
Ordinary |
100 |
Loscoe |
|||
Derbyshire |
|||
DE75 7JT |
|||
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Finished goods and goods for resale |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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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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------------ |
------------ |
--------- |
------------ |
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2023 |
2022 |
|
£ |
£ |
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Cash at bank and in hand |
|
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Bank overdrafts |
(
|
(
|
------------ |
------------ |
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------------ |
------------ |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
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 |
9,485 |
19,773 |
– |
– |
Pension scheme loan |
6,000 |
46,800 |
– |
– |
------------ |
------------ |
--------- |
------------ |
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------------ |
------------ |
--------- |
------------ |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
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– |
– |
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--------- |
--------- |
---- |
---- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
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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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– |
– |
-------- |
--------- |
---- |
---- |
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– |
– |
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-------- |
--------- |
---- |
---- |
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Group |
Deferred tax (note 23) |
£ |
|
At 1 July 2022 |
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Charge against provision |
(
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--------- |
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At 30 June 2023 |
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--------- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
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Included in provisions (note 22) |
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– |
– |
--------- |
--------- |
---- |
---- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
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– |
– |
--------- |
--------- |
---- |
---- |
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2023 |
2022 |
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No. |
£ |
No. |
£ |
|
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|
37,500 |
|
37,500 |
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|
12,500 |
|
12,500 |
-------- |
-------- |
-------- |
-------- |
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50,000 |
|
50,000 |
|
-------- |
-------- |
-------- |
-------- |
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At 1 Jul 2022 |
Cash flows |
At 30 Jun 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
214,073 |
|
Bank overdrafts |
(2,828) |
(5,792) |
(8,620) |
Debt due within one year |
(1,750,836) |
901,470 |
(849,366) |
Debt due after one year |
(775,634) |
511,337 |
(264,297) |
------------ |
------------ |
------------ |
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------------ |
------------ |
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Notes to the Financial Statements (continued) |
Transaction value |
Balance owed by/(owed to) |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Companies in which directors have an shareholding interest |
592,854 |
601,136 |
– |
185,880 |
Pension fund |
118,000 |
93,600 |
6,000 |
– |
--------- |
--------- |
------- |
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