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Financial Statements |
Contents |
Pages |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 to 4 |
Independent auditor's report to the members |
5 to 8 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 to 11 |
Company statement of financial position |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 to 31 |
|
Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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BSN Associates Limited |
|
3B Swallowfield Courtyard |
|
Wolverhampton Road |
|
Oldbury |
|
West Midlands |
|
B69 2JG |
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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 |
|
Chartered accountants & statutory auditor |
BSN Associates Limited |
3B Swallowfield Courtyard |
Wolverhampton Road |
Oldbury |
West Midlands |
B69 2JG |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
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|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
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Administrative expenses |
|
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Other operating income |
5 |
– |
|
------------ |
------------ |
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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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------------ |
------------ |
||
Profit before taxation |
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Tax on profit |
12 |
(
|
|
--------- |
------------ |
||
Profit for the financial year and total comprehensive income |
|
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|
--------- |
------------ |
||
The owners of the parent company |
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Non-controlling interests |
(
|
(
|
--------- |
--------- |
|
|
769,583
|
|
--------- |
--------- |
|
|
Consolidated Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
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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------------ |
------------ |
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Creditors: amounts falling due within one year |
19 |
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------------ |
------------ |
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Net current assets |
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------------ |
------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
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Taxation including deferred tax |
22 |
(
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Other provisions |
22 |
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|
-------- |
-------- |
|||
(51,861) |
24,047 |
|||
------------ |
------------ |
|||
Net assets |
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||
------------ |
------------ |
|||
Called up share capital |
26 |
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Share premium account |
27 |
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Capital redemption reserve |
27 |
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Other reserves, including the fair value reserve |
27 |
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Profit and loss account |
27 |
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------------ |
------------ |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
(
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(
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------------ |
------------ |
||
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||
------------ |
------------ |
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Consolidated Statement of Financial Position (continued) |
|
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Investments |
16 |
|
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Debtors |
18 |
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Cash at bank and in hand |
|
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||
--------- |
--------- |
|||
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Creditors: amounts falling due within one year |
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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Taxation including deferred tax |
22 |
(
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– |
|
------------ |
------------ |
|||
Net assets |
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||
------------ |
------------ |
|||
Called up share capital |
26 |
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|
Share premium account |
27 |
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Capital redemption reserve |
27 |
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Profit and loss account |
27 |
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|
------------ |
------------ |
|||
Shareholders funds |
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------------ |
------------ |
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|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Capital redemption reserve |
Other reserves, including the fair value reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 July 2021 |
|
|
|
|
|
|
– |
|
|
Profit for the year |
|
|
(
|
799,583
|
|||||
------- |
-------- |
---- |
------------ |
------------ |
------------ |
-------- |
------------ |
||
Total comprehensive income for the year |
– |
– |
– |
– |
|
|
(
|
799,583
|
|
Dividends paid and payable |
13 |
– |
– |
– |
– |
(
|
(
|
– |
(
|
------- |
-------- |
---- |
------------ |
------------ |
------------ |
-------- |
------------ |
||
Total investments by and distributions to owners |
– |
– |
– |
– |
(
|
(
|
– |
(
|
|
At 30 June 2022 |
|
|
|
|
|
|
(
|
|
|
Profit for the year |
|
|
(
|
|
|||||
------- |
-------- |
---- |
------------ |
------------ |
------------ |
--------- |
------------ |
||
Total comprehensive income for the year |
– |
– |
– |
– |
|
|
(
|
|
|
Dividends paid and payable |
13 |
– |
– |
– |
– |
(
|
(
|
– |
(
|
---- |
---- |
---- |
---- |
--------- |
--------- |
---- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
– |
– |
(
|
(
|
– |
(
|
|
------- |
-------- |
---- |
------------ |
------------ |
------------ |
--------- |
------------ |
||
At 30 June 2023 |
|
|
|
|
|
|
(
|
|
|
------- |
-------- |
---- |
------------ |
------------ |
------------ |
--------- |
------------ |
||
|
Company Statement of Changes in Equity |
|
Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Capital redemption reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 1 July 2021 |
|
|
|
|
|
|
Profit for the year |
|
|
||||
------- |
-------- |
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
– |
(
|
(
|
------- |
-------- |
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
– |
(
|
(
|
|
At 30 June 2022 |
|
|
|
|
|
|
Profit for the year |
|
|
||||
------- |
-------- |
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
– |
(
|
(
|
---- |
---- |
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
– |
(
|
(
|
|
------- |
-------- |
---- |
------------ |
------------ |
||
At 30 June 2023 |
|
|
|
|
|
|
------- |
-------- |
---- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
769,583
|
Adjustments for: |
||
Depreciation of tangible assets |
88,040 |
76,721 |
Amortisation of intangible assets |
69,114 |
72,272 |
Government grant income |
– |
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Tax on profit |
(
|
|
Accrued expenses |
– |
|
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
|
|
Trade and other creditors |
(
|
(
|
Provisions and employee benefits |
– |
|
--------- |
--------- |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
--------- |
--------- |
|
Net cash from operating activities |
|
|
--------- |
--------- |
|
Purchase of tangible assets |
(
|
(
|
Purchase of intangible assets |
– |
(
|
--------- |
--------- |
|
Net cash used in investing activities |
(
|
(
|
--------- |
--------- |
|
Proceeds from issue of ordinary shares |
– |
|
Proceeds from borrowings |
|
(
|
Repayments of borrowings |
(
|
– |
Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
– |
Dividends paid |
(
|
(
|
--------- |
--------- |
|
Net cash used in financing activities |
(
|
(
|
--------- |
--------- |
|
Net decrease in cash and cash equivalents |
(
|
(
|
Cash and cash equivalents at beginning of year |
563,719 |
1,228,799 |
--------- |
------------ |
|
Cash and cash equivalents at end of year |
|
|
--------- |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
Over 5 years |
|
Computer software |
- |
3 years straight line |
|
Freehold & leasehold property |
- |
|
|
Leasehold property |
- |
|
|
Plant & machinery |
- |
15% to 33.3% p.a. striaght line basis |
|
Fixtures, fittings and equipment |
- |
15% to 33.3% p.a. straight line basis/25% Reducing balance |
|
Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Government grant income |
– |
|
---- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Administrative expenses |
51,715 |
51,715 |
|
Research and development expenditure written off |
|
|
|
Operating lease costs |
66,367 |
104,241 |
|
Bad Debts Written Off |
– |
8,957 |
|
Foreign exchange differences |
4,400 |
(3,640) |
|
-------- |
--------- |
||
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Distribution staff |
|
|
Administrative staff |
|
|
Management staff |
5 |
5 |
---- |
---- |
|
|
|
|
---- |
---- |
|
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 |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
Interest on bank deposits |
|
– |
Other interest received |
286 |
– |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
------- |
------- |
|
|
|
|
------- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
(
|
– |
-------- |
--------- |
|
Total current tax |
|
|
-------- |
--------- |
|
Origination and reversal of timing differences |
(
|
(
|
-------- |
--------- |
|
Tax on profit |
(
|
|
-------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
--------- |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
– |
(
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
(
|
Utilisation of tax losses |
(
|
|
Unused tax losses |
|
– |
Effect of change in tax rate |
(7,430) |
– |
Tax refunded |
(115,830) |
– |
--------- |
------------ |
|
Tax on profit |
(
|
|
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends on equity shares Class A |
363,706
|
450,564
|
Dividends on preference shares |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Group |
Goodwill |
Computer software |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 July 2022 and 30 June 2023 |
|
56,932 |
|
--------- |
-------- |
--------- |
|
Amortisation |
|||
At 1 July 2022 |
|
41,114 |
|
Charge for the year |
|
17,399 |
|
--------- |
-------- |
--------- |
|
At 30 June 2023 |
|
58,513 |
|
--------- |
-------- |
--------- |
|
Carrying amount |
|||
At 30 June 2023 |
|
(
1,581) |
|
--------- |
-------- |
--------- |
|
At 30 June 2022 |
|
15,818 |
|
--------- |
-------- |
--------- |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 July 2022 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
(
|
– |
(
|
– |
(
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 30 June 2023 |
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
Depreciation |
|||||
At 1 July 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
(
|
– |
(
|
– |
(
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 30 June 2023 |
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
Carrying amount |
|||||
At 30 June 2023 |
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 30 June 2022 |
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 July 2022 and 30 June 2023 |
|
|
|
-------- |
------------ |
------------ |
|
Impairment |
|||
At 1 July 2022 |
– |
– |
– |
Impairment losses |
|
– |
|
-------- |
------------ |
------------ |
|
At 30 June 2023 |
|
– |
|
-------- |
------------ |
------------ |
|
Carrying amount |
|||
At 30 June 2023 |
|
|
|
-------- |
------------ |
------------ |
|
At 30 June 2022 |
|
|
|
-------- |
------------ |
------------ |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
Stafford Park 5 |
Ordinary |
100 |
Telford |
|||
Shropshire |
|||
TF3 3AS |
|||
|
Stafford Park 5 |
Ordinary |
100 |
Telford |
|||
Shropshire |
|||
TF3 3AS |
|||
|
Stafford Park 5 |
Ordinary |
100 |
Telford |
|||
Shropshire |
|||
TF3 3AS |
|||
|
Stafford Park 5 |
Ordinary |
100 |
Telford |
|||
Shropshire |
|||
TF3 3AS |
|||
|
Stafford Park 5 |
Ordinary |
100 |
Telford |
|||
Shropshire |
|||
TF3 3AS |
|||
|
Stafford Park 5 |
Ordinary |
100 |
Telford |
|||
Shropshire |
|||
TF3 3AS |
|||
|
Stafford Park 5 |
Ordinary |
100 |
Telford |
|||
Shropshire |
|||
TF3 3AS |
|||
|
Unit 6 Station Drive |
Ordinary |
100 |
Bredon |
|||
Tewkesbury |
|||
Gloucestershire |
|||
GL20 7HH |
|||
|
Stafford Park 5 |
Ordinary |
70 |
Telford |
|||
United Kingdom |
|||
TF3 3AS |
|||
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Work in progress |
|
|
– |
– |
Finished goods and goods for resale |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Deferred tax asset |
|
|
– |
– |
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 |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
– |
– |
– |
Director loan accounts |
|
– |
|
– |
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
--------- |
|
|
|
|
|
|
------------ |
------------ |
------------ |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
– |
– |
– |
-------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
– |
– |
– |
Later than 1 year and not later than 5 years |
|
– |
– |
– |
-------- |
---- |
---- |
---- |
|
|
– |
– |
– |
|
-------- |
---- |
---- |
---- |
|
Group |
Warranties |
Deferred tax (note 23) |
Total |
£ |
£ |
£ |
|
At 1 July 2022 |
|
|
|
Additions |
– |
(
|
(
|
-------- |
-------- |
-------- |
|
At 30 June 2023 |
|
(
|
(
|
-------- |
-------- |
-------- |
|
Company |
Deferred tax (note 23) |
£ |
|
At 1 July 2022 |
– |
Additions |
(
|
-------- |
|
At 30 June 2023 |
(
|
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in debtors (note 18) |
|
|
– |
– |
Included in provisions (note 22) |
|
(
|
|
– |
--------- |
-------- |
-------- |
---- |
|
|
|
|
– |
|
--------- |
-------- |
-------- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Fair value adjustment of investment property |
(
|
– |
(
|
– |
Unused tax losses |
(
|
(
|
– |
– |
Pension plan obligations |
|
(
|
– |
– |
--------- |
-------- |
-------- |
---- |
|
(104,617) |
(24,945) |
(85,921) |
– |
|
--------- |
-------- |
-------- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
250 |
|
250 |
|
|
400 |
|
400 |
|
|
400 |
|
400 |
------- |
------- |
------- |
------- |
|
|
1,050 |
|
1,050 |
|
------- |
------- |
------- |
------- |
|
At 1 Jul 2022 |
Cash flows |
New finance leases |
At 30 Jun 2023 |
|
£ |
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(358,243) |
|
|
Debt due within one year |
(66,676) |
(732,034) |
(3,351) |
(802,061) |
Debt due after one year |
(66,666) |
69,169 |
(18,259) |
(15,756) |
--------- |
------------ |
-------- |
--------- |
|
|
(
|
(
|
(
|
|
--------- |
------------ |
-------- |
--------- |
|
|
Notes to the Financial Statements (continued) |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|