KPI
|
2023
|
2022
|
|
£
|
£
|
||
Sales performance
|
£19.622m
|
£12.199m
|
|
Gross profit percentage
|
39.9%
|
38.3%
|
|
Net profit percentage before tax
|
31.3%
|
28.4%
|
Director
|
20th November 2023
|
|
|
Director
|
|
for and on behalf of
|
|
Unit 3, Building 2, The Colony
Wilmslow
Cheshire
SK9 4LY
|
2023 | 2022 | |||
---|---|---|---|---|
Notes | £ | £ | ||
TURNOVER |
|
|
||
Cost of sales |
( |
( |
||
GROSS PROFIT |
|
|
||
Administrative expenses |
( |
( |
||
OPERATING PROFIT | 3 |
|
|
|
Profit on disposal of fixed assets |
|
|
||
Other interest receivable and similar income | 8 |
|
|
|
Interest payable and similar charges | 9 |
( |
|
|
PROFIT BEFORE TAXATION |
|
|
||
Tax on Profit | 10 |
( |
( |
|
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
|
|
||
2023 | 2022 | ||||
---|---|---|---|---|---|
Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 11 |
|
|
||
Tangible Assets | 12 |
|
|
||
|
|
||||
CURRENT ASSETS | |||||
Stocks | 13 |
|
|
||
Debtors | 14 |
|
|
||
Cash at bank and in hand |
|
|
|||
|
|
||||
Creditors: Amounts Falling Due Within One Year | 15 |
( |
( |
||
NET CURRENT ASSETS (LIABILITIES) |
|
|
|||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
Creditors: Amounts Falling Due After More Than One Year | 16 |
|
( |
||
PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 18 |
( |
- | ||
NET ASSETS |
|
|
|||
CAPITAL AND RESERVES | |||||
Called up share capital | 19 |
|
|
||
Income Statement |
|
|
|||
SHAREHOLDERS' FUNDS | 10,001,088 | 5,998,828 | |||
Director
|
|
Share Capital | Income Statement | Total | |
---|---|---|---|
£ | £ | £ | |
As at 1 April 2021 |
|
|
3,678,239 |
Profit for the year and total comprehensive income | - |
|
2,809,513 |
Dividends paid | - | (488,926) | (488,926) |
Arising on shares issued during the period |
|
- | 2 |
As at 31 March 2022 and 1 April 2022 |
|
|
5,998,828 |
Profit for the year and total comprehensive income | - |
|
4,954,808 |
Dividends paid | - | (952,549) | (952,549) |
Arising on shares issued during the period |
|
- | 1 |
As at
|
|
|
10,001,088 |
2023 | 2022 | |||
---|---|---|---|---|
Notes | £ | £ | ||
Cash flows from operating activities | ||||
Net cash generated from operations | 1 |
|
|
|
Interest (paid)/refunded |
( |
|
||
Tax paid |
( |
( |
||
Net cash generated from operating activities |
|
|
||
Cash flows from investing activities | ||||
Purchase of tangible assets |
( |
( |
||
Proceeds from disposal of tangible assets |
|
|
||
Interest received |
|
|
||
Net cash used in investing activities |
( |
( |
||
Cash flows from financing activities | ||||
Proceeds from issue of share capital |
|
|
||
Equity dividends paid |
( |
( |
||
Repayment of finance leases |
( |
( |
||
Advance of new loans to directors |
( |
( |
||
Net cash used in financing activities |
( |
( |
||
Increase in cash and cash equivalents |
|
|
||
Cash and cash equivalents at beginning of year | 2 | 726,431 | 256,219 | |
Cash and cash equivalents at end of year | 2 |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Profit for the financial year |
|
|
|
Adjustments for: | |||
Tax on profit |
|
|
|
Interest expense |
|
( |
|
Interest income |
( |
( |
|
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
|
|
Loss on disposal of tangible assets | (6,007) | (5,983) | |
Movements in working capital: | |||
Increase in stocks |
( |
( |
|
Decrease/(increase) in trade and other debtors |
|
( |
|
(Decrease)/increase in trade and other creditors |
( |
|
|
Net cash generated from operations |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Cash at bank and in hand |
|
|
|
As at
|
Cash flows | As at
|
|
---|---|---|---|
£ | £ | £ | |
Cash at bank and in hand |
|
2,110,333 |
|
Finance leases | (16,092) | 16,092 | - |
710,339 | 2,126,425 | 2,836,764 | |
Leasehold |
|
Plant & Machinery |
|
Motor Vehicles |
|
Fixtures & Fittings |
|
Computer Equipment |
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Operating lease rentals |
|
|
|
Depreciation of tangible fixed assets |
|
|
|
Amortisation of intangible fixed assets |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Audit Services | |||
Audit of the company's financial statements |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Wages and salaries |
|
|
|
Other pension costs |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Emoluments |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
Money purchase pension schemes |
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Bank interest receivable |
|
|
|
Other interest receivable |
|
|
|
10,256 | 5,948 | ||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Finance charges payable under finance leases | 885 | (1,073) | |
885 | (1,073) | ||
The tax charge on the profit for the year was as follows:
|
|||||
Tax Rate | 2023 | 2022 | |||
---|---|---|---|---|---|
2023 | 2022 | £ | £ | ||
Current tax | |||||
UK Corporation Tax | 19.0% | 19.0% |
|
|
|
Prior period adjustment |
|
|
|||
|
|
||||
Deferred Tax | |||||
Deferred taxation |
|
|
|||
Total tax charge for the period |
|
|
|||
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
|
|||||
2023 | 2022 | ||||
£ | £ | ||||
Profit before tax | 6,145,533 | 3,469,715 | |||
Tax on profit at 19% (UK standard rate) |
|
|
|||
Goodwill/depreciation not allowed for tax |
|
|
|||
Expenses not deductible for tax purposes |
|
|
|||
Capital allowances |
( |
( |
|||
Short term timing differences |
|
|
|||
Prior period adjustment |
|
|
|||
Total tax charge for the period | 1,190,725 | 660,202 | |||
A rise in the UK corporation tax rate from 19% to 25% was announced in the Chancellor's Budget on 3 March 2021 and this tax rate will apply from 1 April 2023. Deferred tax has therefore been calculated using a rate of 25%.
|
Goodwill | Other | Total | |
---|---|---|---|
£ | £ | £ | |
Cost | |||
As at
|
|
|
|
As at
|
|
|
|
Amortisation | |||
As at
|
|
|
|
Provided during the period |
|
|
|
As at
|
|
|
|
Net Book Value | |||
As at
|
|
|
|
As at
|
|
|
|
Land & Property | ||||
---|---|---|---|---|
Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
£ | £ | £ | £ | |
Cost | ||||
As at
|
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
|
As at
|
|
|
|
|
Depreciation | ||||
As at
|
|
|
|
|
Provided during the period |
|
|
|
|
Disposals |
|
|
( |
|
As at
|
|
|
|
|
Net Book Value | ||||
As at
|
|
|
|
|
As at
|
|
|
|
|
Computer Equipment | Total | |
---|---|---|
£ | £ | |
Cost | ||
As at
|
|
|
Additions |
|
|
Disposals |
|
( |
As at
|
|
|
Depreciation | ||
As at
|
|
|
Provided during the period |
|
|
Disposals |
|
( |
As at
|
|
|
Net Book Value | ||
As at
|
|
|
As at
|
|
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Motor Vehicles |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Goods for resale |
|
|
|
|
|
||
2023
|
2022
|
||
£
|
£
|
||
Provisions as at 1 April
|
57,253
|
37,536
|
|
Increase in provisions
|
223,258
|
19,717
|
|
Reversal of provisions
|
-
|
-
|
|
Provisions as at 31 March
|
280,511
|
57,253
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Due within one year | |||
Trade debtors |
|
|
|
Other debtors | 912,041 | 391,860 | |
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Net obligations under finance leases |
|
|
|
Trade creditors |
|
|
|
Other creditors | 141,571 | 381,275 | |
Corporation tax |
|
|
|
Taxation and social security | 376,752 | 1,144,031 | |
Accruals and deferred income |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Net obligations under finance leases |
|
|
|
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
The future minimum finance lease payments are as follows: | |||
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
||
|
|
||
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Accelerated capital allowances |
|
- | |
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
||
As at
|
Amounts advanced | Amounts repaid | Amounts written off | As at
|
|
---|---|---|---|---|---|
£ | £ | £ | £ | £ | |
Mr Wayne Loughlin |
|
|
|
- |
|
Mr Christopher Loughlin |
|
|
|
- |
|
2023 | 2022 | ||
---|---|---|---|
£ | £ | ||
On equity shares: | |||
Interim dividend paid |
|
|
|
952,549 | 488,926 | ||