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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Director's report |
2 |
Independent auditor's report to the members |
4 |
Consolidated statement of income and retained earnings |
8 |
Company statement of income and retained earnings |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Strategic Report |
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Director |
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Registered office: |
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Director's Report |
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Director |
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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 |
22 Great Victoria Street |
Belfast |
BT2 7BA |
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Consolidated Statement of Income and Retained Earnings |
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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Administrative expenses |
(
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(
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Other operating income |
5 |
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------------ |
------------ |
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Operating (loss)/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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------------ |
------------ |
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(Loss)/profit before taxation |
(
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Tax on (loss)/profit |
12 |
(
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(
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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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Dividends paid and payable |
13 |
(
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– |
Retained earnings at the start of the year |
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------------ |
------------ |
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Retained earnings at the end of the year |
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------------ |
------------ |
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Company Statement of Income and Retained Earnings |
2023 |
2022 |
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Note |
£ |
£ |
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(Loss)/profit for the financial year and total comprehensive income |
(
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Dividends paid and payable |
13 |
(
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– |
Retained earnings at the start of the year |
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------------ |
------------ |
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Retained earnings at the end of the year |
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------------ |
------------ |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Intangible assets |
14 |
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Tangible assets |
15 |
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Investments |
16 |
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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 |
20 |
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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 |
21 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
24 |
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Profit and loss account |
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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 |
£ |
£ |
Intangible assets |
14 |
|
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Tangible assets |
15 |
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Investments |
16 |
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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 |
20 |
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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 |
21 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
24 |
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Profit and loss account |
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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 Cash Flows |
2023 |
2022 |
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Note |
£ |
£ |
(Loss)/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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(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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(
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Tax on (loss)/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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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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Proceeds from sale of tangible assets |
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Proceeds from sale of other investments |
|
– |
--------- |
------------ |
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Net cash used in investing activities |
(
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(
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--------- |
------------ |
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Repayments of borrowings |
(
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(
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Government grant income |
– |
|
Dividends paid |
(
|
– |
------------ |
------------ |
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Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
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Net (decrease)/increase in cash and cash equivalents |
(
|
|
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Cash and cash equivalents at beginning of year |
2,844,470 |
979,196 |
|
------------ |
------------ |
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Cash and cash equivalents at end of year |
19 |
|
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------------ |
------------ |
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Notes to the Financial Statements |
Patents, trademarks and licences |
- |
|
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Freehold property |
- |
|
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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 |
- |
50
%
straight line |
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
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Rendering of services |
|
|
------------ |
------------- |
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------------ |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Government grant income |
– |
|
Other operating income |
|
|
--------- |
--------- |
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|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
(25) |
1 |
Foreign exchange differences |
– |
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Distribution staff |
|
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Administrative staff |
|
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Management staff |
1 |
1 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Other pension costs |
|
|
------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Other interest receivable and similar income |
|
|
------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Other interest payable and similar charges |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Tax on (loss)/profit |
|
|
------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
(Loss)/profit on ordinary activities before taxation |
(
|
|
--------- |
------------ |
|
(Loss)/profit on ordinary activities by rate of tax |
(
|
|
Effect of expenses not deductible for tax purposes |
– |
(
|
Effect of capital allowances and depreciation |
|
(
|
--------- |
------------ |
|
Tax on (loss)/profit |
|
|
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
– |
-------- |
---- |
|
Group and company |
Patents, trademarks and licences |
£ |
|
Cost |
|
At 1 June 2022 and 31 May 2023 |
|
-------- |
|
Amortisation |
|
At 1 June 2022 |
|
Charge for the year |
|
-------- |
|
At 31 May 2023 |
|
-------- |
|
Carrying amount |
|
At 31 May 2023 |
|
-------- |
|
At 31 May 2022 |
|
-------- |
|
Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jun 2022 |
|
|
|
|
296,437 |
|
Additions |
|
|
|
|
1,177 |
|
Disposals |
– |
(
|
(
|
(
|
(
76,119) |
(
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
At 31 May 2023 |
|
|
|
|
221,495 |
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
Depreciation |
||||||
At 1 Jun 2022 |
|
|
|
|
286,043 |
|
Charge for the year |
|
|
|
|
3,448 |
|
Disposals |
– |
(
|
(
|
(
|
(
76,119) |
(
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
At 31 May 2023 |
|
|
|
|
213,372 |
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
Carrying amount |
||||||
At 31 May 2023 |
|
|
|
|
8,123 |
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
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At 31 May 2022 |
|
|
|
|
10,394 |
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
Company |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jun 2022 |
|
|
|
|
296,438 |
|
Additions |
|
|
– |
|
1,177 |
|
Disposals |
– |
(
|
(
|
– |
(
76,119) |
(
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
At 31 May 2023 |
|
|
|
|
221,496 |
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
Depreciation |
||||||
At 1 Jun 2022 |
|
|
|
|
286,043 |
|
Charge for the year |
|
|
|
|
3,448 |
|
Disposals |
– |
(
|
(
|
– |
(
76,119) |
(
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
At 31 May 2023 |
|
|
|
|
213,372 |
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
Carrying amount |
||||||
At 31 May 2023 |
|
|
|
|
8,124 |
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
At 31 May 2022 |
|
|
|
|
10,395 |
|
------------- |
------------ |
------------ |
-------- |
--------- |
------------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 June 2022 |
|
Disposals |
(
|
--------- |
|
At 31 May 2023 |
|
--------- |
|
Impairment |
|
At 1 June 2022 and 31 May 2023 |
– |
--------- |
|
Carrying amount |
|
At 31 May 2023 |
|
--------- |
|
At 31 May 2022 |
|
--------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 June 2022 |
|
|
|
Disposals |
– |
(
|
(
|
---- |
--------- |
--------- |
|
At 31 May 2023 |
|
|
|
---- |
--------- |
--------- |
|
Impairment |
|||
At 1 June 2022 and 31 May 2023 |
– |
– |
– |
---- |
--------- |
--------- |
|
Carrying amount |
|||
At 31 May 2023 |
|
|
|
---- |
--------- |
--------- |
|
At 31 May 2022 |
|
|
|
---- |
--------- |
--------- |
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Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
Yorkgate Complex |
Ordinary |
100 |
100-150 York Street |
|||
Belfast |
|||
BT15 1WA |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Finished goods and goods for resale |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
(
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
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 |
|
|
|
|
Director loan accounts |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Accruals and deferred income |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Deferred government grants due after more than one year |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Government grants recognised directly in income |
– |
|
– |
|
---- |
--------- |
---- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
70,000 |
|
70,000 |
-------- |
-------- |
-------- |
-------- |
|
At 1 Jun 2022 |
Cash flows |
At 31 May 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(1,233,255) |
|
Bank overdrafts |
(4,177,332) |
(626,547) |
(4,803,879) |
Debt due within one year |
(1,878,215) |
800,451 |
(1,077,764) |
Debt due after one year |
(2,677,296) |
1,194,499 |
(1,482,797) |
------------ |
------------ |
------------ |
|
(
|
|
(
|
|
------------ |
------------ |
------------ |
|
|
Notes to the Financial Statements (continued) |
2023 |
||||
Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
|
(
|
|
-------- |
---- |
-------- |
||
2022 |
||||
Balance brought forward |
Advances/ (credits) to the director |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
|
(
|
|
-------- |
-------- |
-------- |
||