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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
2 |
Independent auditor's report to the members |
4 |
Consolidated statement of comprehensive income |
8 |
Consolidated statement of financial position |
9 |
Company statement of financial position |
10 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
16 |
|
Strategic Report |
|
Director |
Registered office: |
|
|
|
|
|
Directors' Report |
|
|
|
|
|
Director |
Registered office: |
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Suite 1, First floor |
1 Duchess Street |
London |
W1W 6AN |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
-------------- |
-------------- |
|
Gross profit |
|
|
Distribution costs |
|
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
------------- |
------------- |
||
Operating profit |
6 |
|
|
Other interest receivable and similar income |
10 |
|
|
Amounts written off investments |
|
|
|
Interest payable and similar expenses |
11 |
|
|
------------- |
------------- |
||
Profit before taxation |
|
|
|
Tax on profit |
12 |
|
|
------------ |
------------ |
||
Profit for the financial year and total comprehensive income |
|
|
|
------------ |
------------ |
||
|
Consolidated Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
14 |
|
|
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
------------ |
------------ |
||
|
|
||
Stocks |
17 |
|
|
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
------------- |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
20 |
|
|
------------- |
------------- |
||
Net current assets |
|
|
|
------------- |
------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
21 |
|
|
Provisions |
23 |
|
|
------------- |
------------- |
||
Net assets |
|
|
|
------------- |
------------- |
||
Called up share capital |
26 |
|
|
Capital redemption reserve |
27 |
|
|
Profit and loss account |
27 |
|
|
------------- |
------------ |
||
Shareholders funds |
|
|
|
------------- |
------------ |
||
|
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
– |
|
|
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
------------- |
------------- |
||
|
|
||
Stocks |
17 |
|
|
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
------------- |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
20 |
|
|
------------- |
------------- |
||
Net current assets |
|
|
|
------------- |
------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
21 |
|
|
Provisions |
23 |
|
|
------------- |
------------- |
||
Net assets |
|
|
|
------------- |
------------- |
||
Called up share capital |
26 |
|
|
Share premium account |
27 |
|
– |
Capital redemption reserve |
27 |
|
|
Profit and loss account |
27 |
|
|
------------- |
------------ |
||
Shareholders funds |
|
|
|
------------- |
------------ |
||
|
Company Statement of Financial Position (continued) |
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 July 2021 |
|
|
|
|
|
Profit for the year |
|
|
|||
---- |
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Issue of shares |
|
– |
– |
|
|
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 |
– |
– |
|
|
|
------- |
---- |
------------- |
------------- |
||
At 30 June 2023 |
|
|
|
|
|
------- |
---- |
------------- |
------------- |
||
|
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 |
– |
– |
– |
|
|
|
Issue of shares |
|
– |
– |
– |
|
|
Dividends paid and payable |
13 |
– |
– |
– |
(
|
(
|
------- |
---- |
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
|
– |
– |
(
|
(
|
|
At 30 June 2022 |
|
|
|
|
8,908,741
|
|
Profit for the year |
|
|
||||
------- |
------------ |
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
– |
|
|
|
------- |
------------ |
---- |
------------- |
------------- |
||
At 30 June 2023 |
|
|
|
|
|
|
------- |
------------ |
---- |
------------- |
------------- |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
Note |
£ |
£ |
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Amounts written off investments |
|
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
Tax on profit |
|
|
Accrued income |
– |
(
|
Other operating cash flow adjustment |
– |
(5,373,096) |
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
|
(
|
Trade and other creditors |
(
|
|
------------ |
------------- |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax (paid)/received |
(
|
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
|
Proceeds from sale of tangible assets |
|
|
Purchases of other investments |
(
|
(
|
------------ |
------------ |
|
Net cash (used in)/from investing activities |
(
|
|
------------ |
------------ |
|
Proceeds from issue of ordinary shares |
– |
|
Proceeds from borrowings |
– |
(
|
Repayments of borrowings |
(
|
– |
Proceeds from loans from group undertakings |
– |
(
|
Repayments of loans from participating interests |
(
|
– |
Payments of finance lease liabilities |
(
|
|
Dividends paid |
– |
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
|
Consolidated Statement of Cash Flows (continued) |
2023 |
2022 |
||
Note |
£ |
£ |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at beginning of year |
3,154,378 |
– |
|
------------ |
------------ |
||
Cash and cash equivalents at end of year |
19 |
|
|
------------ |
------------ |
||
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Land and buildings |
- |
|
|
Plant and machinery |
- |
Some 20% straight line and others 25% reducing balance
|
|
Fixtures, fittings and equipment |
- |
|
|
Motor vehicles |
- |
Some 25% straight line and others 25% reducing balance
|
|
Computer equipments |
- |
33
% straight line |
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
-------------- |
-------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Rental income |
|
|
Management charges receivable |
– |
|
Other operating income |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
Impairment of trade debtors |
109,990 |
241,819 |
Foreign exchange differences |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Distribution staff |
|
|
Administrative staff |
|
|
Management staff |
3 |
3 |
Sale staff |
|
|
Yard staff |
42 |
39 |
Rail staff |
10 |
8 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
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 |
(
|
(620,639) |
Effect of expenses not deductible for tax purposes |
(
|
|
Effect of capital allowances and depreciation |
(
|
(
|
Effect of revenue exempt from tax |
|
|
Other tax adjustment to increase/(decrease) tax liability |
(137) |
(52,195) |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
– |
|
---- |
------------ |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 July 2022 and 30 June 2023 |
|
------------ |
|
Amortisation |
|
At 1 July 2022 |
|
Charge for the year |
|
------------ |
|
At 30 June 2023 |
|
------------ |
|
Carrying amount |
|
At 30 June 2023 |
|
------------ |
|
At 30 June 2022 |
|
------------ |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jul 2022 |
|
|
|
|
66,515 |
|
Additions |
|
|
|
|
20,929 |
|
Disposals |
(
|
(
|
(
|
(
|
(
5,075) |
(
|
Transfers |
– |
609,504 |
– |
(609,503) |
– |
1 |
--------- |
------------ |
--------- |
------------ |
-------- |
------------ |
|
At 30 Jun 2023 |
|
|
|
|
82,369 |
|
--------- |
------------ |
--------- |
------------ |
-------- |
------------ |
|
Depreciation |
||||||
At 1 Jul 2022 |
|
|
|
|
46,809 |
|
Charge for the year |
|
|
|
|
21,408 |
|
Disposals |
(
|
(
|
(
|
(
|
(
6,365) |
(
|
--------- |
------------ |
--------- |
------------ |
-------- |
------------ |
|
At 30 Jun 2023 |
|
|
|
|
61,852 |
|
--------- |
------------ |
--------- |
------------ |
-------- |
------------ |
|
Carrying amount |
||||||
At 30 Jun 2023 |
|
|
|
|
20,517 |
|
--------- |
------------ |
--------- |
------------ |
-------- |
------------ |
|
At 30 Jun 2022 |
|
|
|
|
19,706 |
|
--------- |
------------ |
--------- |
------------ |
-------- |
------------ |
|
Company |
Long leasehold property |
Plant and machinery |
Motor vehicles |
Equipment |
Computer equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jul 2022 |
|
|
|
95,572 |
66,515 |
|
Additions |
|
|
– |
9,253 |
20,929 |
|
Disposals |
(
|
(
|
(
|
(
4,059) |
(
5,075) |
(
|
--------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 30 Jun 2023 |
|
|
|
100,766 |
82,369 |
|
--------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
Depreciation |
||||||
At 1 Jul 2022 |
|
|
|
85,070 |
46,809 |
|
Charge for the year |
|
|
|
7,975 |
21,408 |
|
Disposals |
(
|
(
|
(
|
(
3,212) |
(
6,365) |
(
|
--------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 30 Jun 2023 |
|
|
|
89,833 |
61,852 |
|
--------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
Carrying amount |
||||||
At 30 Jun 2023 |
|
|
|
10,933 |
20,517 |
|
--------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 30 Jun 2022 |
|
|
|
10,502 |
19,706 |
|
--------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
Group |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 July 2022 |
|
|
|
Additions |
– |
|
|
--------- |
-------- |
--------- |
|
At 30 June 2023 |
|
|
|
--------- |
-------- |
--------- |
|
Impairment |
|||
At 1 July 2022 |
|
|
|
Revaluations |
– |
|
|
--------- |
-------- |
--------- |
|
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 |
|
|
|
Additions |
– |
|
|
------------- |
-------- |
------------- |
|
At 30 June 2023 |
|
|
|
------------- |
-------- |
------------- |
|
Impairment |
|||
At 1 July 2022 |
|
|
|
Revaluations |
– |
|
|
------------- |
-------- |
------------- |
|
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 |
|||
|
Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN |
Ordinary |
100 |
|
Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN |
Ordinary |
100 |
|
Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN |
Ordinary |
100 |
|
Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN |
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 undertakings in which the company has a participating interest |
|
|
– |
– |
Prepayments and accrued income |
|
|
|
|
Directors loan account |
|
– |
|
– |
Other debtors |
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
– |
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Payments received on account |
|
|
|
|
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 |
|
|
|
|
Other creditors |
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Amounts owed to group undertakings |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
|
|
Later than 1 year and not later than 5 years |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Deferred tax (note 24) |
£ |
|
At 1 July 2022 |
|
Additions |
|
Unused amounts reversed |
(
|
Movement during the year |
(47,622) |
--------- |
|
At 30 June 2023 |
|
--------- |
|
Company |
Deferred tax (note 24) |
£ |
|
At 1 July 2022 |
|
Movement during the year |
(47,622) |
--------- |
|
At 30 June 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 23) |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,500 |
|
1,500 |
-------- |
------- |
-------- |
------- |
|
At 1 Jul 2022 |
Cash flows |
At 30 Jun 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
2,605,904 |
|
Bank overdrafts |
– |
(2,384) |
(2,384) |
Debt due within one year |
(682,152) |
5,034 |
(677,118) |
Debt due after one year |
(1,431,375) |
250,806 |
(1,180,569) |
------------ |
------------ |
------------ |
|
|
|
|
|
------------ |
------------ |
------------ |
|
|
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 |
|
|
|
|
Later than 5 years |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
2023 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
– |
|
|
|
|
– |
|
|
|
---- |
------------ |
------------ |
||
– |
|
|
||
---- |
------------ |
------------ |
||
2022 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
– |
– |
– |
|
|
– |
– |
– |
|
---- |
---- |
---- |
||
– |
– |
– |
||
---- |
---- |
---- |
||
2023 | ||
£ | ||
Catalogue E UK Limited | 582,857 | |
Scott Parnell Water Mgt Limited | 30,616 | |