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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 28 |
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OFFICERS AND PROFESSIONAL ADVISERS |
THE BOARD OF DIRECTORS |
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REGISTERED OFFICE |
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AUDITOR |
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Chartered accountants & statutory auditor |
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Headlands House |
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1 Kings Court |
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Kettering Parkway |
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Kettering |
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NN15 6WJ |
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STRATEGIC REPORT |
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Director |
Registered office: |
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DIRECTORS' REPORT |
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Director |
Registered office: |
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Headlands House |
1 Kings Court |
Kettering Parkway |
Kettering |
NN15 6WJ |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2023 |
2022 |
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Note |
£ |
£ |
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TURNOVER |
4 |
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Cost of sales |
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------------- |
------------- |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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Other operating income |
5 |
– |
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------------ |
------------ |
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OPERATING PROFIT |
6 |
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Other interest receivable and similar income |
10 |
– |
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Interest payable and similar expenses |
11 |
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------------ |
------------ |
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PROFIT BEFORE TAXATION |
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Tax on profit |
12 |
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------------ |
--------- |
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PROFIT FOR THE FINANCIAL YEAR |
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------------ |
--------- |
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Transfer on acquisition |
– |
151,033 |
--------- |
--------- |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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--------- |
--------- |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
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Note |
£ |
£ |
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Intangible assets |
14 |
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Tangible assets |
15 |
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------------ |
------------ |
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Stocks |
17 |
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Debtors |
18 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
19 |
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------------ |
------------ |
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NET CURRENT ASSETS/(LIABILITIES) |
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(
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------------ |
------------ |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: amounts falling due after more than one year |
20 |
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PROVISIONS |
21 |
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------------ |
------------ |
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NET ASSETS |
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------------ |
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Called up share capital |
25 |
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Share premium account |
26 |
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Revaluation reserve |
26 |
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Profit and loss account |
26 |
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------------ |
------------ |
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SHAREHOLDERS FUNDS |
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------------ |
------------ |
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Director |
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COMPANY STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
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Note |
£ |
£ |
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Investments |
16 |
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Debtors |
18 |
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CREDITORS: amounts falling due within one year |
19 |
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--------- |
--------- |
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NET CURRENT LIABILITIES |
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------------ |
------------ |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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------------ |
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Called up share capital |
25 |
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Share premium account |
26 |
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Profit and loss account |
26 |
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(
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------------ |
------------ |
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SHAREHOLDERS FUNDS |
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------------ |
------------ |
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Director |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Revaluation reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
£ |
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AT 27 FEBRUARY 2021 |
– |
– |
– |
– |
– |
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Profit for the year |
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Other comprehensive income for the year: |
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Transfer on acquisition |
– |
– |
151,033
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– |
151,033
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Reclassification from revaluation reserve to profit and loss account |
– |
– |
(94,255)
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94,255
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– |
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---- |
---- |
--------- |
--------- |
--------- |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
– |
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Issue of shares |
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– |
– |
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Dividends paid and payable |
13 |
– |
– |
– |
(
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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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AT 28 FEBRUARY 2022 |
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Profit for the year |
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---- |
------------ |
--------- |
--------- |
------------ |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
– |
– |
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Dividends paid and payable |
13 |
– |
– |
– |
(
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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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AT 28 FEBRUARY 2023 |
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---- |
------------ |
-------- |
------------ |
------------ |
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COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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AT 27 FEBRUARY 2021 |
– |
– |
– |
– |
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Loss for the year |
(
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(
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|||
---- |
---- |
-------- |
-------- |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
– |
(
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(
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Issue of shares |
|
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– |
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Dividends paid and payable |
13 |
– |
– |
(
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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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AT 28 FEBRUARY 2022 |
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(
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Profit for the year |
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---- |
------------ |
--------- |
------------ |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
– |
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Dividends paid and payable |
13 |
– |
– |
(
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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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AT 28 FEBRUARY 2023 |
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---- |
------------ |
--------- |
------------ |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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Government grant income |
– |
(
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Other interest receivable and similar income |
– |
(
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Interest payable and similar expenses |
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Loss on disposal of tangible assets |
– |
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Tax on profit |
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Accrued expenses |
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Changes in: |
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Stocks |
(
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(
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Trade and other debtors |
(
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(
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Trade and other creditors |
(
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--------- |
------------ |
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
– |
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Tax paid |
(
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(
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--------- |
------------ |
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Net cash from operating activities |
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--------- |
------------ |
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Purchase of tangible assets |
(
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(
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Purchase of intangible assets |
(
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(
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Acquisition of subsidiaries |
– |
(
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--------- |
------------ |
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Net cash used in investing activities |
(
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(
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--------- |
------------ |
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Proceeds from borrowings |
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– |
Repayments of borrowings |
(
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(
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Government grant income |
– |
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Dividends paid |
(
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(
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--------- |
------------ |
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Net cash used in financing activities |
(
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(
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--------- |
------------ |
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NET INCREASE IN CASH AND CASH EQUIVALENTS |
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CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
122,219 |
– |
--------- |
--------- |
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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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Intellectual property |
- |
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Leasehold improvements |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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Equipment |
- |
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2023 |
2022 |
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£ |
£ |
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Sale of goods and services |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Government grant income |
– |
|
---- |
------- |
|
2023 |
2022 |
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£ |
£ |
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Amortisation of intangible assets |
|
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Depreciation of tangible assets |
|
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Loss on disposal of tangible assets |
– |
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Impairment of trade debtors |
66,481 |
106,547 |
Foreign exchange differences |
|
– |
--------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
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2023 |
2022 |
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No. |
No. |
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Production staff |
|
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Administrative staff |
|
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Management staff |
10 |
6 |
---- |
---- |
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---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Wages and salaries |
|
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Social security costs |
|
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Other pension costs |
|
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Remuneration |
|
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Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
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--------- |
--------- |
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2023 |
2022 |
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No. |
No. |
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Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
– |
--------- |
--------- |
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|
|
--------- |
--------- |
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2023 |
2022 |
|
£ |
£ |
|
Interest on bank deposits |
– |
|
---- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
|
-------- |
-------- |
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|
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|
-------- |
-------- |
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2023 |
2022 |
|
£ |
£ |
|
UK current tax income |
|
|
Origination and reversal of timing differences |
|
|
--------- |
--------- |
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Tax on profit |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
--------- |
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Profit on ordinary activities by rate of tax |
|
|
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 |
– |
37,297 |
Utilisation of tax losses |
|
|
R&D expenditure relief |
(
|
(
|
Other adjustments |
|
(
|
------------ |
--------- |
|
Tax on profit/(loss) |
|
|
------------ |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
--------- |
-------- |
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Group |
Goodwill |
Intellectual property |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 March 2022 |
|
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3,048,034
|
Additions |
|
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------------ |
-------- |
------------ |
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At 28 February 2023 |
|
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------------ |
-------- |
------------ |
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Amortisation |
|||
At 1 March 2022 |
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276,451
|
Charge for the year |
|
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------------ |
-------- |
------------ |
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At 28 February 2023 |
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581,266
|
------------ |
-------- |
------------ |
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Carrying amount |
|||
At 28 February 2023 |
|
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------------ |
-------- |
------------ |
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At 28 February 2022 |
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------------ |
-------- |
------------ |
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Group |
Leasehold improvements |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Mar 2022 |
|
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– |
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826,248
|
Additions |
|
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|
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Disposals |
– |
– |
(
|
– |
– |
(
|
--------- |
--------- |
-------- |
-------- |
-------- |
------------ |
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At 28 Feb 2023 |
|
|
|
|
35,539
|
1,087,553
|
--------- |
--------- |
-------- |
-------- |
-------- |
------------ |
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Depreciation |
||||||
At 1 Mar 2022 |
|
|
|
– |
|
129,841
|
Charge for the year |
|
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|
|
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Disposals |
– |
– |
(
|
– |
– |
(
|
--------- |
--------- |
-------- |
-------- |
-------- |
------------ |
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At 28 Feb 2023 |
|
|
|
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17,015
|
288,647
|
--------- |
--------- |
-------- |
-------- |
-------- |
------------ |
|
Carrying amount |
||||||
At 28 Feb 2023 |
|
|
|
|
18,524
|
798,906
|
--------- |
--------- |
-------- |
-------- |
-------- |
------------ |
|
At 28 Feb 2022 |
|
|
|
– |
17,457
|
696,407
|
--------- |
--------- |
-------- |
-------- |
-------- |
------------ |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 March 2022 and 28 February 2023 |
|
------------ |
|
Impairment |
|
At 1 March 2022 and 28 February 2023 |
|
------------ |
|
Carrying amount |
|
At 1 March 2022 and 28 February 2023 |
|
------------ |
|
At 28 February 2022 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
– |
Amounts owed by customers on construction contracts |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
|
|
------------ |
------------ |
-------- |
---- |
|
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|
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|
------------ |
------------ |
-------- |
---- |
|
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 |
|
|
– |
– |
Amounts owed to customers on construction contracts |
15,378 |
52,762 |
– |
– |
Director loan accounts |
|
|
– |
– |
Other creditors |
|
|
– |
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 March 2022 |
|
Additions |
|
Charge against provision |
|
--------- |
|
At 28 February 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
300 |
|
300 |
---- |
---- |
---- |
---- |
|
At 1 Mar 2022 |
Cash flows |
At 28 Feb 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
83,183 |
|
Debt due within one year |
(549,119) |
46,082 |
(503,037) |
Debt due after one year |
(305,897) |
94,284 |
(211,613) |
--------- |
--------- |
--------- |
|
(
|
|
(
|
|
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
Later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued) |