|
|
|
|
FINANCIAL STATEMENTS |
CONTENTS |
PAGES |
Officers and professional advisers |
1 |
Strategic report |
2 to 3 |
Directors' report |
4 to 5 |
Independent auditor's report to the members |
6 to 9 |
Consolidated statement of comprehensive income |
10 |
Consolidated statement of financial position |
11 |
Company statement of financial position |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 to 24 |
|
OFFICERS AND PROFESSIONAL ADVISERS |
THE BOARD OF DIRECTORS |
|
|
|
|
|
COMPANY SECRETARY |
|
REGISTERED OFFICE |
|
|
|
|
|
|
|
|
|
AUDITOR |
|
Chartered accountants & statutory auditor |
|
Headlands House |
|
1 Kings Court |
|
Kettering Parkway |
|
Kettering |
|
NN15 6WJ |
|
|
STRATEGIC REPORT |
|
Director |
Registered office: |
|
|
|
|
|
|
DIRECTORS' REPORT |
|
|
|
|
|
|
|
Director |
Registered office: |
|
|
|
|
|
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Headlands House |
1 Kings Court |
Kettering Parkway |
Kettering |
NN15 6WJ |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2023 |
2022 |
||
Note |
£ |
£ |
|
TURNOVER |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
GROSS PROFIT |
|
|
Administrative expenses |
|
|
|
------------ |
------------ |
||
OPERATING PROFIT |
5 |
|
|
Interest payable and similar expenses |
9 |
|
(
|
------------ |
------------ |
||
PROFIT BEFORE TAXATION |
|
|
|
Tax on profit |
10 |
|
|
--------- |
------------ |
||
PROFIT FOR THE FINANCIAL YEAR |
|
|
|
--------- |
------------ |
||
Sale of own shares |
– |
24,000 |
Purchase of own shares |
– |
(48,000)
|
---- |
-------- |
|
OTHER COMPREHENSIVE INCOME FOR THE YEAR |
– |
(
|
--------- |
--------- |
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
|
|
--------- |
--------- |
|
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
|||
Note |
£ |
£ |
||
Intangible assets |
12 |
|
|
||
Tangible assets |
13 |
|
|
||
------------ |
------------ |
||||
|
|
||||
Debtors |
15 |
|
|
||
Cash at bank and in hand |
|
|
|||
------------ |
------------ |
||||
|
|
||||
CREDITORS: amounts falling due within one year |
16 |
|
|
||
------------ |
------------ |
||||
NET CURRENT LIABILITIES |
|
|
|||
------------ |
------------ |
||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
------------ |
------------ |
||||
NET ASSETS |
|
|
|||
------------ |
------------ |
||||
Called up share capital |
18 |
|
|
||
Reserve for own shares |
19 |
|
|
||
Profit and loss account |
19 |
|
|
||
------------ |
------------ |
||||
SHAREHOLDERS FUNDS |
|
|
|||
------------ |
------------ |
||||
|
Director |
|
COMPANY STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
|||
Note |
£ |
£ |
||
Investments |
14 |
|
|
||
Cash at bank and in hand |
|
|
||
CREDITORS: amounts falling due within one year |
16 |
|
|
||
------------ |
------------ |
||||
NET CURRENT LIABILITIES |
|
|
|||
------------ |
------------ |
||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
------------ |
------------ |
||||
NET ASSETS |
|
|
|||
------------ |
------------ |
||||
Called up share capital |
18 |
|
|
||
Reserve for own shares |
19 |
|
|
||
Profit and loss account |
19 |
|
|
||
------------ |
------------ |
||||
SHAREHOLDERS FUNDS |
|
|
|||
------------ |
------------ |
||||
|
Director |
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Reserve for own shares |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
|||
AT 1 JUNE 2021 |
|
– |
|
|
||
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Sale of own shares |
– |
– |
24,000
|
24,000
|
||
Purchase of own shares |
– |
– |
(48,000)
|
(48,000)
|
||
--------- |
---- |
------------ |
------------ |
|||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
– |
|
|
||
Dividends paid and payable |
11 |
– |
– |
(
|
(
|
|
Purchase of own shares |
(4,000)
|
4,000
|
– |
– |
||
Sale of own shares |
2,000
|
(2,000)
|
– |
– |
||
--------- |
------- |
------------ |
------------ |
|||
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS |
(
|
|
(
|
(
|
||
AT 31 MAY 2022 |
|
|
|
|
||
Profit for the year |
|
|
||||
--------- |
------- |
------------ |
------------ |
|||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
– |
|
|
||
Dividends paid and payable |
11 |
– |
– |
(
|
(
|
|
---- |
---- |
--------- |
--------- |
|||
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS |
– |
– |
(
|
(
|
||
--------- |
------- |
------------ |
------------ |
|||
AT 31 MAY 2023 |
|
|
|
|
||
--------- |
------- |
------------ |
------------ |
|||
|
COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Reserve for own shares |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
|||
AT 1 JUNE 2021 |
|
– |
|
|
||
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Sale of own shares |
– |
– |
24,000
|
24,000
|
||
Purchase of own shares |
– |
– |
(48,000)
|
(48,000)
|
||
--------- |
---- |
------------ |
------------ |
|||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
– |
|
|
||
Dividends paid and payable |
11 |
– |
– |
(
|
(
|
|
Purchase of own shares |
(4,000)
|
4,000
|
– |
– |
||
Sale of own shares |
2,000
|
(2,000)
|
– |
– |
||
--------- |
------- |
------------ |
------------ |
|||
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS |
(
|
|
(
|
(
|
||
AT 31 MAY 2022 |
|
|
|
|
||
Profit for the year |
|
|
||||
--------- |
------- |
------------ |
------------ |
|||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
– |
|
|
||
Dividends paid and payable |
11 |
– |
– |
(
|
(
|
|
---- |
---- |
--------- |
--------- |
|||
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS |
– |
– |
(
|
(
|
||
--------- |
------- |
------------ |
------------ |
|||
AT 31 MAY 2023 |
|
|
|
|
||
--------- |
------- |
------------ |
------------ |
|||
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Interest payable and similar expenses |
|
(
|
Loss on disposal of tangible assets |
– |
|
Tax on profit |
|
|
Accrued income |
(
|
(
|
Changes in: |
||
Trade and other debtors |
|
(
|
Trade and other creditors |
(
|
|
--------- |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
|
Tax paid |
(
|
(
|
--------- |
------------ |
|
Net cash from operating activities |
|
|
--------- |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
– |
|
--------- |
------------ |
|
Net cash (used in)/from investing activities |
(
|
|
--------- |
------------ |
|
Purchase of own shares |
– |
(
|
Proceeds from borrowings |
|
(
|
Dividends paid |
(
|
(
|
--------- |
------------ |
|
Net cash from/(used in) financing activities |
|
(
|
--------- |
------------ |
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
2,429,307 |
2,382,954 |
------------ |
------------ |
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
|
|
------------ |
------------ |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
|
|
Land, Buildings & Leasehold Improvements |
- |
|
|
Office Equipment, Fixtures & Fittings |
- |
|
|
2023 |
2022 |
||
£ |
£ |
||
IT supply, support and system development |
|
|
|
------------- |
------------- |
||
2023 |
2022 |
||
£ |
£ |
||
United Kingdom |
|
|
|
Overseas |
|
|
|
------------- |
------------- |
||
|
|
||
------------- |
------------- |
||
2023 |
2022 |
||
£ |
£ |
||
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
|
|
Loss on disposal of tangible assets |
– |
|
|
--------- |
--------- |
||
2023 |
2022 |
||
£ |
£ |
||
Fees payable for the audit of the financial statements |
|
|
|
-------- |
-------- |
||
2023 |
2022 |
||
No. |
No. |
||
Technical staff |
|
|
|
Sales staff |
|
|
|
Administration staff |
|
|
|
Management staff |
7
|
7
|
|
Marketing staff |
|
|
|
---- |
---- |
||
|
|
||
---- |
---- |
||
2023 |
2022 |
||
£ |
£ |
||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
||
|
|
||
------------ |
------------ |
||
2023 |
2022 |
||
£ |
£ |
||
Remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
--------- |
--------- |
||
|
|
||
--------- |
--------- |
||
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
||
£ |
£ |
||
Aggregate remuneration |
|
|
|
--------- |
--------- |
||
2023 |
2022 |
||
£ |
£ |
||
Interest on banks loans and overdrafts |
– |
(
|
|
Other interest payable and similar charges |
|
|
|
------- |
------- |
||
|
(
|
||
------- |
------- |
||
2023 |
2022 |
||
£ |
£ |
||
UK current tax income |
|
|
|
Tax on profit |
|
|
|
--------- |
--------- |
||
2023 |
2022 |
||
£ |
£ |
||
Profit on ordinary activities before taxation |
|
|
|
--------- |
------------ |
||
Profit on ordinary activities by rate of tax |
|
|
|
Effect of expenses not deductible for tax purposes |
|
|
|
Effect of capital allowances and depreciation |
|
|
|
Rounding on tax charge |
25 |
– |
|
--------- |
------------ |
||
Tax on profit |
|
|
|
--------- |
------------ |
||
2023 |
2022 |
|
£ |
£ |
|
Dividends on ordinary shares |
|
|
--------- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 June 2022 and 31 May 2023 |
|
------------ |
|
Amortisation |
|
At 1 June 2022 |
|
Charge for the year |
|
------------ |
|
At 31 May 2023 |
|
------------ |
|
Carrying amount |
|
At 31 May 2023 |
|
------------ |
|
At 31 May 2022 |
|
------------ |
|
Group |
Land, Buildings & Leasehold Improvements |
Office Equipment, Fixtures & Fittings |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 June 2022 |
|
|
|
Additions |
– |
|
|
--------- |
-------- |
--------- |
|
At 31 May 2023 |
|
|
|
--------- |
-------- |
--------- |
|
Depreciation |
|||
At 1 June 2022 |
|
|
|
Charge for the year |
|
|
|
--------- |
-------- |
--------- |
|
At 31 May 2023 |
|
|
|
--------- |
-------- |
--------- |
|
Carrying amount |
|||
At 31 May 2023 |
|
|
|
--------- |
-------- |
--------- |
|
At 31 May 2022 |
|
|
|
--------- |
-------- |
--------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 June 2022 and 31 May 2023 |
|
------------ |
|
Impairment |
|
At 1 June 2022 and 31 May 2023 |
– |
------------ |
|
Carrying amount |
|
At 1 June 2022 and 31 May 2023 |
|
------------ |
|
At 31 May 2022 |
|
------------ |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
2 Northfield Point, Cunliffe Drive, Kettering, Northamptonshire, NN16 9QJ |
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Other creditors |
9,792
|
127,121
|
– |
118,800
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
198,000 |
|
198,000 |
--------- |
--------- |
--------- |
--------- |
|
At 1 Jun 2022 |
Cash flows |
At 31 May 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
174,141 |
|
Debt due within one year |
(531,117) |
(448,308) |
(979,425) |
------------ |
--------- |
------------ |
|
|
(
|
|
|
------------ |
--------- |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
-------- |
---- |
---- |
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued) |