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FINANCIAL STATEMENTS |
Contents |
Pages |
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OFFICERS AND PROFESSIONAL ADVISERS |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered Accountants & Statutory Auditor |
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35 Westgate |
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Huddersfield |
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HD1 1PA |
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Bankers |
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8 Market Place |
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Huddersfield |
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West Yorkshire |
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HD1 2AL |
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Solicitors |
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Oakley House |
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1 Hungerford Road |
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Huddersfield |
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HD3 3AL |
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STRATEGIC REPORT |
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DIRECTORS' REPORT |
K J Dare
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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 |
35 Westgate |
Huddersfield |
HD1 1PA |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2022 |
2021 |
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Note |
£ |
£ |
|
Turnover |
4 |
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Cost of sales |
(
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(
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------------- |
------------- |
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Gross profit |
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Distribution costs |
(
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(
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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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Share of profit of associates |
17 |
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Other interest receivable and similar income |
10 |
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Impairment of investments |
11 |
(
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– |
Interest payable and similar expenses |
12 |
(
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(
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------------- |
------------- |
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Profit before taxation |
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Tax on profit |
13 |
(
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(
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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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The owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
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The owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
------------ |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2022 |
2021 |
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Note |
£ |
£ |
Intangible assets |
15 |
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– |
Tangible assets |
16 |
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Investments: |
17 |
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Investments in associates |
2,245,818 |
1,371,514 |
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------------ |
------------ |
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Stocks |
18 |
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Debtors |
19 |
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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 |
20 |
(
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(
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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 |
21 |
(
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(
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Taxation including deferred tax |
23 |
(
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(
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) |
2022 |
2021 |
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Note |
£ |
£ |
Called up share capital |
28 |
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Revaluation reserve |
29 |
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Profit and loss account |
29 |
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------------- |
------------- |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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------------- |
------------- |
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------------- |
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BALANCE SHEET |
2022 |
2021 |
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Note |
£ |
£ |
Tangible assets |
16 |
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Investments |
17 |
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------------ |
------------ |
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Debtors |
19 |
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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 |
20 |
(
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(
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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 |
21 |
(
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(
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Taxation including deferred tax |
23 |
(
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(
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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BALANCE SHEET (continued) |
2022 |
2021 |
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Note |
£ |
£ |
Called up share capital |
28 |
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Revaluation reserve |
29 |
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Profit and loss account |
29 |
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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At 1 January 2021 |
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Profit for the year |
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Other comprehensive income for the year: |
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Reclassification from revaluation reserve to profit and loss account |
– |
(
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– |
– |
– |
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------------ |
------------ |
------------- |
------------- |
------------ |
------------- |
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Total comprehensive income for the year |
– |
(
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Dividends paid and payable |
14 |
– |
– |
(
|
(
|
(
|
(
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------------ |
------------ |
------------- |
------------- |
------------ |
------------- |
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Total investments by and distributions to owners |
– |
– |
(
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(
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(
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(
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At 31 December 2021 |
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Profit for the year |
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Other comprehensive income for the year: |
||||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
|
– |
– |
– |
||
------------ |
------------ |
------------- |
------------- |
------------ |
------------- |
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Total comprehensive income for the year |
– |
(
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Dividends paid and payable |
14 |
– |
– |
(
|
(
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(
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(
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------------ |
------------ |
------------ |
------------ |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
– |
(
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(
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(
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(
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------------ |
------------ |
------------- |
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At 31 December 2022 |
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------------ |
------------ |
------------- |
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STATEMENT OF CHANGES IN SHAREHOLDERS FUNDS |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
|||
At 1 January 2021 |
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Profit for the year |
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Other comprehensive income for the year: |
||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
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– |
||
------------ |
------------ |
------------ |
------------ |
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Total comprehensive income for the year |
– |
(
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Dividends paid and payable |
14 |
– |
– |
(
|
(
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------------ |
------------ |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
– |
(
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(
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At 31 December 2021 |
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Profit for the year |
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Other comprehensive income for the year: |
||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
|
– |
||
------------ |
------------ |
------------ |
------------ |
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Total comprehensive income for the year |
– |
(
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Dividends paid and payable |
14 |
– |
– |
(
|
(
|
|
------------ |
------------ |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
------------ |
------------ |
------------ |
------------ |
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At 31 December 2022 |
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------------ |
------------ |
------------ |
------------ |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2022 |
2021 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Impairment of investments |
|
– |
Government grant income |
– |
(
|
Share of profit of associates |
(
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
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Tax on profit |
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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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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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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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Acquisition of subsidiaries |
(
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– |
Acquisition of interests in associates and joint ventures |
(
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– |
------------ |
------------ |
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Net cash used in investing activities |
(
|
(
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------------ |
------------ |
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Repayments of borrowings |
(
|
(
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Proceeds from loans from participating interests |
|
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Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
(
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Dividends paid |
(
|
(
|
------------ |
------------ |
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Net cash used in financing activities |
(
|
(
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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 |
5,848,770 |
4,572,372 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
|
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------------ |
------------ |
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NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
|
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Patents |
- |
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Freehold Property |
- |
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Plant and Machinery |
- |
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Fixtures and Fittings |
- |
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Motor Vehilcles |
- |
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Computer Equipment |
- |
|
|
2022 |
2021 |
|
£ |
£ |
|
Rendering of services |
|
|
------------- |
------------- |
|
2022 |
2021 |
|
£ |
£ |
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Government grant income |
– |
|
Other operating income |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
327,861 |
16,283 |
Foreign exchange differences |
(
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
------------ |
------------ |
|
2022 |
2021 |
|
No. |
No. |
|
Number of employees |
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
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|
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2022 |
2021 |
|
No. |
No. |
|
Defined contribution plans |
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Interest on loans and receivables |
20,505 |
40,515 |
Interest on cash and cash equivalents |
|
|
Interest on over payment of corporation tax |
|
– |
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Impairment of investments in associates |
|
– |
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
(
|
– |
------------ |
------------ |
|
Total current tax |
|
|
------------ |
------------ |
|
Origination and reversal of timing differences |
|
(
|
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
(
|
(
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
(
|
Effect of revenue exempt from tax |
(
|
(
|
Effect of different UK tax rates on some earnings |
8,917 |
42,352 |
Unused tax losses |
|
– |
Rounding on tax charge |
(
504) |
(
148) |
Foreign profits taxed at different rate to UK corporation tax |
(
|
|
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Equity dividends on ordinary shares |
|
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------------ |
------------ |
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Group |
Goodwill |
Patents |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2022 |
|
|
|
Acquisitions through business combinations |
|
– |
|
------------ |
------------ |
------------ |
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At 31 December 2022 |
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------------ |
------------ |
------------ |
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Amortisation |
|||
At 1 January 2022 and 31 December 2022 |
|
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|
------------ |
------------ |
------------ |
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Carrying amount |
|||
At 31 December 2022 |
|
– |
|
------------ |
------------ |
------------ |
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At 31 December 2021 |
– |
– |
– |
------------ |
------------ |
------------ |
|
Company |
Patents |
£ |
|
Cost |
|
At 1 January 2022 and 31 December 2022 |
|
------------ |
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Amortisation |
|
At 1 January 2022 and 31 December 2022 |
|
------------ |
|
Carrying amount |
|
At 1 January 2022 and 31 December 2022 |
– |
------------ |
|
At 31 December 2021 |
– |
------------ |
|
Group |
Freehold Property |
Plant and Machinery |
Fixtures and Fittings |
Motor vehicles |
Computer Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jan 2022 |
|
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|
|
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Additions |
– |
|
– |
|
|
|
Disposals |
– |
(
|
– |
– |
– |
(
|
------------ |
------------ |
------------ |
------------ |
------------ |
------------ |
|
At 31 Dec 2022 |
|
|
|
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|
------------ |
------------ |
------------ |
------------ |
------------ |
------------ |
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Depreciation |
||||||
At 1 Jan 2022 |
|
|
|
|
|
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Charge for the year |
|
|
|
|
|
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Disposals |
– |
(
|
– |
– |
– |
(
|
------------ |
------------ |
------------ |
------------ |
------------ |
------------ |
|
At 31 Dec 2022 |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
------------ |
|
Carrying amount |
||||||
At 31 Dec 2022 |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
------------ |
|
At 31 Dec 2021 |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
------------ |
|
Company |
Freehold Property |
Plant and Machinery |
Fixtures and Fittings |
Computer Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2022 |
|
|
|
|
|
Additions |
– |
|
– |
– |
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
At 31 December 2022 |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
Depreciation |
|||||
At 1 January 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
At 31 December 2022 |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
Carrying amount |
|||||
At 31 December 2022 |
|
|
|
– |
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
At 31 December 2021 |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
Group and company |
Freehold property |
£ |
|
At 31 December 2022 |
|
Aggregate cost |
930,154 |
Aggregate depreciation |
(372,120) |
------------ |
|
Carrying value |
|
------------ |
|
At 31 December 2021 |
|
Aggregate cost |
465,077 |
Aggregate depreciation |
(176,760) |
------------ |
|
Carrying value |
|
------------ |
|
Group |
Plant and Machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
|
At 31 December 2022 |
– |
|
|
------------ |
------------ |
------------ |
|
At 31 December 2021 |
|
|
|
------------ |
------------ |
------------ |
|
Group |
Interests in associates |
£ |
|
Share of net assets/cost |
|
At 1 January 2022 |
|
Additions |
|
Share of profit or loss |
|
Dividends received |
(
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Impairment |
|
At 1 January 2022 |
– |
Impairment losses |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Carrying amount |
|
At 31 December 2022 |
|
------------ |
|
At 31 December 2021 |
|
------------ |
|
Company |
Fixed asset investments |
£ |
|
Cost |
|
At 1 January 2022 |
|
Additions |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Impairment |
|
At 1 January 2022 and 31 December 2022 |
– |
------------ |
|
Carrying amount |
|
At 31 December 2022 |
|
------------ |
|
At 31 December 2021 |
|
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings (note 32) |
– |
– |
|
|
Prepayments and accrued income |
|
|
|
|
Corporation tax recoverable |
|
|
|
|
Amounts owed by associated undertakings (note 32) |
|
|
|
|
Other debtors |
|
|
|
– |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to associated undertakings (note 32) |
|
|
– |
– |
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
– |
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Director loan accounts |
|
|
– |
– |
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
|
|
– |
– |
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Deferred tax (note 25) |
£ |
|
At 1 January 2022 |
|
Additions |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Company |
Deferred tax (note 25) |
£ |
|
At 1 January 2022 |
|
Additions |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
2022 |
2021 |
|||
£ |
£ |
|||
Aggregate amount of secured liabilities |
552,274 |
413,421 |
||
------------ |
------------ |
|||
2022 |
2021 |
||
£ |
£ |
||
Aggregate amount of secured liabilities |
314,933 |
376,043 |
|
------------ |
------------ |
||
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 23) |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Other revaluations |
(
|
(
|
– |
– |
Other timing differences |
(
|
(
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
222,300 |
122,977 |
120,000 |
110,000 |
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
------------ |
------------ |
------------ |
------------ |
|
At 1 Jan 2022 |
Cash flows |
At 31 Dec 2022 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
2,586,430 |
|
Debt due within one year |
(170,985) |
14,656 |
(156,329) |
Debt due after one year |
(319,072) |
(113,376) |
(432,448) |
------------ |
------------ |
------------ |
|
|
|
|
|
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
|
|
– |
– |
|
------------ |
------------ |
------------ |
------------ |
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued) |