Company Registration No. 14174350 (England and Wales)
MYEE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
MYEE LIMITED
COMPANY INFORMATION
Directors
C Caunce
(Appointed 15 June 2022)
M Patel
(Appointed 15 June 2022)
M Patel
(Appointed 1 February 2023)
Company number
14174350
Registered office
Lynstock House
Lynstock Way
Lostock
Bolton
England
BL6 4SA
Auditor
TC Group
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
MYEE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 9
Group profit and loss
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 36
MYEE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the period ended 31 December 2022.

Fair review of the business

The business has been through significant changes during this period. Wholesale to grocery and convenience has seen significant growth and the acquisition of Ecigw LTD and Electronic Cigarettes Ltd has seen the company significantly improve it's strength in e-commerce with a number of high performing websites added to the company portfolio. The acquisition of Electronic Cigarettes has seen the business enter the retail space with 27 branded stores.

 

The business achieved ISO 9001, ISO 14001 & ISO 45001 certification in April 2022 which will improve efficiency and reduce administrative errors within the business. With ISO 14001 the business has committed to reduce its impact on the environment and with ISO 45001 a significant amount of effort has been placed on Health & Safety within the workplace

 

The trading activities of the business are now split across the three trading entities with AQL focused on Wholesale, Distribution and Manufacturing. EcigW focused on e-commerce and Electronic Cigarettes focused on retail.

 

AQL will be the primary stock holding entity and will supply product either to or on behalf of the other two entities.

 

Using the combined strengths of both AQL and EcigW the business has focused on consolidation. In September 2022 all dispatch & logistics were migrated from the Peterborough Location to the AQL headquarters in Bolton. In January 2023 the manufacturing of AQL will be relocated to the Peterborough location. This will put the business in a strong position with significant dispatch capacity in Bolton and significant manufacturing capacity in Peterborough.

 

The AQL owned websites will be transferred to EcigW where the company has a strong team to focus on the continued growth of the portfolio. In 2023 all websites will be migrated over to to the same platform so there is a unified experience across each site. This will significantly streamline the management and customer services of each of the sites.

 

Overall the business has performed incredibly well during this period and seen significant growth.

Principal risks and uncertainties

During this financial period the industry received some negative press on the quantity of liquid in some 3rd party disposable devices. This resulted in mass recalls of some of the businesses key lines. The company worked with the manufacturers to resolve the issues. Due to the rapid growth of the disposable market and a shift of the industry from independent stores to the grocery and convenience sector, the industry has been under continued pressure from the press and some of the negatives of vaping in general. The company has adopted a strict testing process to independently verify the quality of the products it is selling under the Tobacco and Related Products legislation. The business will need to continue to adapt to trends in the market as products are evolving at an incredible pace.

 

 

MYEE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
Key performance indicators

The group's key financial and other performance indicators during the period were:

 

2023

 

Sales             £52,491,463

 

Gross margin         20%

 

Profit before tax         £4,142,447                

On behalf of the board

M Patel
Director
20 November 2023
MYEE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and financial statements for the period ended 31 December 2022.

Principal activities

The principal activity of the company continued to be that of activities of head offices. The principle activity of the group is that of the sale of E-cigarette devices, accessories and fluids.

Results and dividends

The results for the period are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

C Caunce
(Appointed 15 June 2022)
M Patel
(Appointed 15 June 2022)
M Patel
(Appointed 1 February 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M Patel
Director
20 November 2023
MYEE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MYEE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MYEE LIMITED
- 5 -

Qualified Opinion

We have audited the financial statements of Myee Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effect of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

The evidence available to us was limited in respect of the subsidiary companies, we were not appointed as auditor of the group until 13 December 2022 and in consequence it was not possible for us to observe the counting of physical inventories at the 31 July 2021 for AQL International Limited and 31 December 2021 for ECIGW Limited & Electronic Cigarettes Limited. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at the opening balance sheet position, which in total are £3,288,979, by using other audit procedures.

 

Consequently we were unable to determine whether any adjustment to this amount was necessary or whether there was any consequential effect on the cost of sales for the period ended 31 December 2022.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

MYEE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MYEE LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Arising solely from the limitation of the scope of our work related to the subsidiaries inventory held at the 31 July 2021 and 31 December 2021, referred to above:

 

 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

MYEE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MYEE LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

MYEE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MYEE LIMITED
- 8 -

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MYEE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MYEE LIMITED
- 9 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mitchell Burden (Senior Statutory Auditor)
For and on behalf of TC Group
23 November 2023
Office: Peterborough
MYEE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 10 -
Period
ended
31 December
2022
Notes
£
Turnover
3
52,491,463
Cost of sales
(41,981,141)
Gross profit
10,510,322
Administrative expenses
(6,370,700)
Operating profit
4
4,139,622
Interest receivable and similar income
8
2,825
Profit before taxation
4,142,447
Tax on profit
9
(531,517)
Profit for the financial period
22
3,610,930
Profit for the financial period is all attributable to the owners of the parent company.
MYEE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 11 -
Period
ended
31 December
2022
£
Profit for the period
3,610,930
Other comprehensive income
-
Total comprehensive income for the period
3,610,930
Total comprehensive income for the period is all attributable to the owners of the parent company.
MYEE LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 12 -
2022
Notes
£
£
Fixed assets
Goodwill
10
2,036,421
Other intangible assets
10
43,125
Total intangible assets
2,079,546
Tangible assets
11
1,539,759
3,619,305
Current assets
Stocks
15
16,117,004
Debtors
16
12,352,266
Cash at bank and in hand
2,206,855
30,676,125
Creditors: amounts falling due within one year
17
(19,490,915)
Net current assets
11,185,210
Total assets less current liabilities
14,804,515
Provisions for liabilities
Deferred tax liability
19
218,490
(218,490)
Net assets
14,586,025
Capital and reserves
Called up share capital
21
190
Share premium account
22
2,474,905
Merger reserve
22
8,500,000
Profit and loss reserves
22
3,610,930
Total equity
14,586,025
MYEE LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
20 November 2023
M Patel
Director
MYEE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 14 -
2022
Notes
£
£
Fixed assets
Investments
12
10,975,000
Current assets
Debtors
16
94
Cash at bank and in hand
1,070
1,164
Creditors: amounts falling due within one year
17
(5,000)
Net current liabilities
(3,836)
Net assets
10,971,164
Capital and reserves
Called up share capital
21
190
Share premium account
22
2,474,905
Merger reserve
22
8,500,000
Profit and loss reserves
22
(3,931)
Total equity
10,971,164

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £3,931.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
20 November 2023
M Patel
Director
Company Registration No. 14174350
MYEE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 15 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 15 June 2022
-
-
-
-
-
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
-
-
3,610,930
3,610,930
Issue of share capital
21
190
2,474,905
-
-
2,475,095
Merger reserve movement
-
-
8,500,000
-
8,500,000
Balance at 31 December 2022
190
2,474,905
8,500,000
3,610,930
14,586,025
MYEE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 16 -
Share capital
Share premium account
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 15 June 2022
-
-
-
-
-
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
-
-
(3,931)
(3,931)
Issue of share capital
21
190
2,474,905
-
-
2,475,095
Merger reserve movement
-
-
8,500,000
-
8,500,000
Balance at 31 December 2022
190
2,474,905
8,500,000
(3,931)
10,971,164
MYEE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 17 -
2022
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(259,225)
Income taxes paid
(300,602)
Net cash outflow from operating activities
(559,827)
Investing activities
Purchase of tangible fixed assets
(314,113)
Purchase of subsidiaries
(2,475,000)
Cash acquired on business combination
3,077,970
Interest received
2,825
Net cash generated from/(used in) investing activities
291,682
Financing activities
Proceeds from issue of shares
2,475,000
Net cash generated from/(used in) financing activities
2,475,000
Net increase in cash and cash equivalents
2,206,855
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
2,206,855
MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 18 -
1
Accounting policies
Company information

Myee Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Lynstock House, Lynstock Way, Lostock, Bolton, England, BL6 4SA.

 

The group consists of Myee Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Myee Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs
25% straight line per annum
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
25% straight line per annum
Leasehold land and buildings
20% straight line and 20% reducing balance per annum
Plant and equipment
15-25% straight line and 10-25% reducing balance per annum
Fixtures and fittings
15-25% straight line and 25% reducing balance per annum
Computer equipment
25% straight line per annum
Motor vehicles
20-25% straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 22 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 23 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 24 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 25 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 26 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

The revenue and profit before taxation are attributable to the principle activities of the group.

2022
£
Other significant revenue
Interest income
2,825
MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 27 -
4
Operating profit
2022
£
Operating profit for the period is stated after charging:
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
5,727
Depreciation of owned tangible fixed assets
128,854
Loss on disposal of tangible fixed assets
27,142
Amortisation of intangible assets
188,004
Operating lease charges
21,659
5
Auditor's remuneration
2022
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
3,000
Audit of the financial statements of the company's subsidiaries
37,250
40,250
For other services
All other non-audit services
12,540
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2022
2022
Number
Number
154
-
0
MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
6
Employees
(Continued)
- 28 -

Their aggregate remuneration comprised:

Group
Company
2022
2022
£
£
Wages and salaries
1,978,466
-
0
Social security costs
173,854
-
Pension costs
25,895
-
0
2,178,215
-
0
7
Directors' remuneration
2022
£
Remuneration for qualifying services
20,833
8
Interest receivable and similar income
2022
£
Interest income
Interest on bank deposits
2,825
9
Taxation
2022
£
Current tax
UK corporation tax on profits for the current period
564,543
Deferred tax
Origination and reversal of timing differences
(33,026)
Total tax charge
531,517
MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
9
Taxation
(Continued)
- 29 -

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2022
£
Profit before taxation
4,142,447
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00%
787,065
Tax effect of expenses that are not deductible in determining taxable profit
(14,633)
Permanent capital allowances in excess of depreciation
(276,090)
Amortisation on assets not qualifying for tax allowances
35,175
Taxation charge
531,517
10
Intangible fixed assets
Group
Goodwill
Website costs
Total
£
£
£
Cost
At 15 June 2022
-
0
-
0
-
0
Additions - separately acquired
2,221,550
-
0
2,221,550
Additions - business combinations
-
0
46,000
46,000
At 31 December 2022
2,221,550
46,000
2,267,550
Amortisation and impairment
At 15 June 2022
-
0
-
0
-
0
Amortisation charged for the period
185,129
2,875
188,004
At 31 December 2022
185,129
2,875
188,004
Carrying amount
At 31 December 2022
2,036,421
43,125
2,079,546
The company had no intangible fixed assets at 31 December 2022.
MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 30 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 15 June 2022
-
0
-
0
-
0
-
0
-
0
-
0
-
0
Additions
-
0
-
0
294,652
19,461
-
0
-
0
314,113
Business combinations
470,000
771,887
841,034
296,659
6,937
42,201
2,428,718
Disposals
-
0
(32,857)
-
0
(4,166)
-
0
-
0
(37,023)
At 31 December 2022
470,000
739,030
1,135,686
311,954
6,937
42,201
2,705,808
Depreciation and impairment
Business combinations
-
0
555,918
276,654
180,391
5,876
42,201
1,061,040
Depreciation charged in the period
9,400
44,148
52,390
22,583
333
-
0
128,854
Eliminated in respect of disposals
-
0
(21,197)
-
0
(2,648)
-
0
-
0
(23,845)
At 31 December 2022
9,400
578,869
329,044
200,326
6,209
42,201
1,166,049
Carrying amount
At 31 December 2022
460,600
160,161
806,642
111,628
728
-
0
1,539,759
The company had no tangible fixed assets at 31 December 2022.
MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 31 -
12
Fixed asset investments
Group
Company
2022
2022
Notes
£
£
Investments in subsidiaries
13
-
0
10,975,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 15 June 2022
-
Additions
10,975,000
At 31 December 2022
10,975,000
Carrying amount
At 31 December 2022
10,975,000
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Electronic Cigarettes Limited
2 Bramhall Place, Storeys Bar Road, Peterborough, PE1 5YS
Ordinary
100.00
ECIGW Limited
2 Bramhall Place, Storeys Bar Road, Peterborough, PE1 5YS
Ordinary
100.00
Electronic Cigarettes Holdings Limited
2 Bramhall Place, Storeys Bar Road, Peterborough, PE1 5YS
Ordinary
100.00
Tayburton Holdings Limited
2 Bramhall Place, Storeys Bar Road, Peterborough, PE1 5YS
Ordinary
100.00
Evaporiser Limited
Bolton North Business Park, Unit 52, 1st Floor, Rossini Street, Bolton, Egland, BL1 8DL
Ordinary
100.00
AQL International Limited
Bolton North Business Park, Unit 52, 1st Floor, Rossini Street, Bolton, Egland, BL1 8DL
Ordinary
100.00
UK E-Labs Limited
Unit 7 Peaks Place Business Park, Rossini Street, Bolton, England, BL1 8GJ
Ordinary
100.00

UK E-Labs Limited was exempt from requirements of an audit in accordance with Section 479A of the Companies Act 2006.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 32 -
14
Acquisition of subsidiaries

On 27 July 23, Myee Limited purchased Evaporiser (and its subsidiaries Electronic Cigarettes Holdings Limited, Tayburton Holdings Limited, ECIGW Limited, Electronic Cigarettes Limited) for £4,250,000 of non-cash consideration.

 

On 11 August 23, Myee Limited purchased AQL International Limited for £1,856,250 cash and £3,187,500 of non-cash consideration.

 

On 11 August 23, Myee Limited purchased UK E-Labs Limited for £618,750 cash and £1,062,500 of non-cash consideration.

 

All acquisitions of Myee Limited have been accounted for under the acquisition method of accounting.

15
Stocks
Group
Company
2022
2022
£
£
Inventory
16,117,004
-
0
16
Debtors
Group
Company
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
11,805,047
-
0
Other debtors
328,675
94
Prepayments and accrued income
218,544
-
0
12,352,266
94
MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 33 -
17
Creditors: amounts falling due within one year
Group
Company
2022
2022
Notes
£
£
Other borrowings
18
1,036,210
-
0
Trade creditors
6,563,663
-
0
Corporation tax payable
2,127,401
-
0
Other taxation and social security
2,723,179
-
Other creditors
5,958,401
1,000
Accruals and deferred income
1,082,061
4,000
19,490,915
5,000
18
Loans and overdrafts
Group
Company
2022
2022
£
£
Other loans
1,036,210
-
0
Payable within one year
1,036,210
-
0
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2022
Group
£
Accelerated capital allowances
218,490
The company has no deferred tax assets or liabilities.
MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
19
Deferred taxation
(Continued)
- 34 -
Group
Company
2022
2022
Movements in the period:
£
£
Asset at 15 June 2022
-
-
Credit to profit or loss
(33,026)
-
Acquired on acquisition
251,516
-
Liability at 31 December 2022
218,490
-

The reversal of deferred taxation timing differences is not expected to be significant in the forthcoming year.

20
Retirement benefit schemes
2022
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
25,895

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
190
190
22
Reserves
Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value.

 

Merger reserve

The merger reserve represents the difference between the cost of investment and the fair value of consideration paid for business combinations.

 

Profit and loss reserve

The profit and loss account includes all retained profits of the Group.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 35 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2022
£
£
Within one year
345,719
-
Between two and five years
353,282
-
699,001
-
24
Related party transactions

Summary of transactions with key management

At the balance sheet date the amount due from key management was £182,940.

 

Summary of transactions with related parties

At the balance sheet date the group owed Dawood Holdings Limited £1,500,000 in the form of an interest free loan.

 

At the balance sheet date the group owed Makan Investments Limited £3,001,000 in the form of an interest free loan.

 

At the balance sheet date the group owed Northwold Investments Limited £1,036,210 in the form of an interest free loan.

25
Controlling party

The ultimate controlling party is both Mehrunnisha Patel and Mubarak Patel by virtue of their equal shareholding in Myee Limited.

MYEE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 36 -
26
Cash absorbed by group operations
2022
£
Profit for the period after tax
3,610,930
Adjustments for:
Taxation charged
531,517
Investment income
(2,825)
Loss on disposal of tangible fixed assets
13,178
Amortisation and impairment of intangible assets
188,004
Depreciation and impairment of tangible fixed assets
128,854
Movements in working capital:
Increase in stocks
(7,972,602)
Increase in debtors
(3,346,610)
Increase in creditors
6,590,329
Cash absorbed by operations
(259,225)
27
Analysis of changes in net funds - group
15 June 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
-
2,206,855
2,206,855
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