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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
Statement of comprehensive income |
10 |
Statement of financial position |
11 |
Statement of changes in equity |
12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 |
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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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146 New London Road |
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Chelmsford |
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Essex |
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CM2 0AW |
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Bankers |
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One Churchill Place |
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London |
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E14 5HP |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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J Daniel
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(Appointed
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R Beattie
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(Appointed
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D R Bovis
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(Resigned
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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 |
146 New London Road |
Chelmsford |
Essex |
CM2 0AW |
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Statement of Comprehensive Income |
2023 |
2022 |
||
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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Administrative expenses |
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Other operating income |
– |
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------------ |
------------ |
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Operating (loss)/profit |
5 |
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Interest payable and similar expenses |
9 |
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------------ |
------------ |
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(Loss)/profit before taxation |
(
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Tax on (loss)/profit |
10 |
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-------- |
-------- |
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(Loss)/profit for the financial year and total comprehensive income |
(
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-------- |
-------- |
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
£ |
Intangible assets |
11 |
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Tangible assets |
12 |
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------------ |
--------- |
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Stocks |
13 |
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Debtors |
14 |
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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 |
15 |
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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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Creditors: amounts falling due after more than one year |
16 |
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Taxation including deferred tax |
18 |
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------------ |
--------- |
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Net assets |
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------------ |
--------- |
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Called up share capital |
22 |
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Capital redemption reserve |
23 |
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Profit and loss account |
23 |
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--------- |
--------- |
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Shareholders funds |
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--------- |
--------- |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
|
At 1 June 2021 |
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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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Issue of shares |
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– |
– |
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Capital contributions to Employee Ownership Trust |
– |
– |
(780,000) |
(780,000) |
Capital contributions to Employee Benefit Trust |
– |
– |
(52,500) |
(52,500) |
---- |
---- |
------------ |
------------ |
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Total investments by and distributions to owners |
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– |
(
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(
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At 31 May 2022 |
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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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Capital contributions to Employee Benefit Trust |
– |
– |
(67,500) |
(67,500) |
---- |
---- |
-------- |
-------- |
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Total investments by and distributions to owners |
– |
– |
(
|
(
|
---- |
---- |
--------- |
--------- |
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At 31 May 2023 |
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---- |
---- |
--------- |
--------- |
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Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
(Loss)/profit for the financial year |
(
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Adjustments for: |
||
Depreciation of tangible assets |
|
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Amortisation of intangible assets |
|
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Government grant income |
– |
(
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Interest payable and similar expenses |
|
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(Gains)/loss on disposal of tangible assets |
(
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Tax on (loss)/profit |
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Accrued expenses/(income) |
|
(
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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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Tax paid |
(
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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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Proceeds from sale of tangible assets |
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Purchase of intangible assets |
(
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(
|
--------- |
--------- |
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Net cash used in investing activities |
(
|
(
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--------- |
--------- |
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Proceeds from issue of ordinary shares |
– |
|
Repayment of borrowings |
(
|
(
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Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
|
Capital contributions to Employee Ownership Trust |
– |
(780,000) |
Capital contribution to Employee Benefit Trust |
(67,500) |
(52,500) |
--------- |
--------- |
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Net cash used in financing activities |
(
|
(
|
--------- |
--------- |
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Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
38,978 |
462,265 |
--------- |
--------- |
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Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
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Notes to the Financial Statements |
Goodwill |
- |
5 years |
|
Patents, trademarks and licences |
- |
5 years |
|
Website |
- |
|
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Leasehold property |
- |
over the period of the lease |
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Plant and machinery |
- |
10-33% straight line & 25% reducing balance |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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Livestock |
- |
20
% straight line |
|
2023 |
2022 |
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£ |
£ |
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Sale of goods |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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United Kingdom |
19,864,410 |
20,632,542 |
|
Europe |
1,997 |
25,279 |
|
Rest of the World |
149,117 |
133,077 |
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------------- |
------------- |
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Sales |
20,015,524 |
20,790,898 |
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------------- |
------------- |
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2023 |
2022 |
|
£ |
£ |
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Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Impairment of trade debtors |
17,309 |
21,308 |
Foreign exchange differences |
(
|
(
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
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Other non-audit services |
|
|
-------- |
-------- |
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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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---- |
---- |
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---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
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------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
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Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
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--------- |
--------- |
|
2023 |
2022 |
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No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
-------- |
--------- |
|
|
|
|
-------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Factoring interest |
70,813 |
25,358 |
--------- |
-------- |
|
|
|
|
--------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
– |
|
Adjustments in respect of prior periods |
– |
(
|
---- |
-------- |
|
Total current tax |
– |
(
|
---- |
-------- |
|
Origination and reversal of timing differences |
|
|
-------- |
-------- |
|
Tax on (loss)/profit |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
(Loss)/profit on ordinary activities before taxation |
(
|
|
-------- |
-------- |
|
(Loss)/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 |
(
|
(
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Unused tax losses |
|
– |
Short term timing differences |
33,258 |
58,078 |
--------- |
-------- |
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Tax on (loss)/profit |
|
|
--------- |
-------- |
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Goodwill |
Patents, trademarks and licences |
Website |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 June 2022 |
|
|
– |
|
Additions |
– |
– |
68,500 |
|
--------- |
-------- |
-------- |
--------- |
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At 31 May 2023 |
|
|
68,500 |
|
--------- |
-------- |
-------- |
--------- |
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Amortisation |
||||
At 1 June 2022 |
|
|
– |
|
Charge for the year |
|
|
13,319 |
|
--------- |
-------- |
-------- |
--------- |
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At 31 May 2023 |
|
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13,319 |
|
--------- |
-------- |
-------- |
--------- |
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Carrying amount |
||||
At 31 May 2023 |
|
– |
55,181 |
|
--------- |
-------- |
-------- |
--------- |
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At 31 May 2022 |
|
|
– |
|
--------- |
-------- |
-------- |
--------- |
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Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Livestock |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jun 2022 |
|
|
|
|
57,174 |
|
Additions |
– |
|
|
|
1,260 |
|
Disposals |
– |
– |
– |
(
|
– |
(
|
-------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 31 May 2023 |
|
|
|
|
58,434 |
|
-------- |
------------ |
------------ |
--------- |
-------- |
------------ |
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Depreciation |
||||||
At 1 Jun 2022 |
|
|
|
|
29,070 |
|
Charge for the year |
– |
|
|
|
11,476 |
|
Disposals |
– |
– |
– |
(
|
– |
(
|
-------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 31 May 2023 |
|
|
|
|
40,546 |
|
-------- |
------------ |
------------ |
--------- |
-------- |
------------ |
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Carrying amount |
||||||
At 31 May 2023 |
– |
|
|
|
17,888 |
|
-------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
At 31 May 2022 |
– |
|
|
|
28,104 |
|
-------- |
------------ |
------------ |
--------- |
-------- |
------------ |
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
|
At 31 May 2023 |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
At 31 May 2022 |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Raw materials and consumables |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Accruals and deferred income |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
Other creditors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
Other creditors |
– |
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
|
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Later than 1 year and not later than 5 years |
|
|
Later than 5 years |
|
– |
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Deferred tax (note 19) |
|
£ |
|
At 1 June 2022 |
|
Additions |
|
--------- |
|
At 31 May 2023 |
|
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Included in provisions (note 18) |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
Unused tax losses |
(
|
– |
--------- |
--------- |
|
144,328 |
111,071 |
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Government grants recognised directly in income |
– |
|
---- |
-------- |
|
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
102 |
|
102 |
|
|
33 |
|
33 |
---- |
---- |
---- |
---- |
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---- |
---- |
---- |
---- |
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At 1 Jun 2022 |
Cash flows |
At 31 May 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
63,959 |
|
Debt due within one year |
(92,056) |
(125,466) |
(217,522) |
Debt due after one year |
(209,570) |
(597,209) |
(806,779) |
--------- |
--------- |
--------- |
|
(
|
(
|
(
|
|
--------- |
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
Later than 5 years |
|
|
------------ |
------------ |
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------------ |
------------ |
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