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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
3 |
Independent auditor's report to the member |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
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 |
15 |
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Officers and Professional Advisers |
Director |
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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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Carlyle House |
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78 Chorley New Road |
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Bolton |
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Lancashire |
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Bankers |
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5th Floor |
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1 Spinningfields Square |
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Deansgate |
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Manchester |
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M3 3AP |
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Solicitors |
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Farady Court |
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Faraday Drive |
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Fulwood |
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Preston |
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PR2 9NB |
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Strategic Report |
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Director |
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Trading address: |
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Director's Report |
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Director |
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Trading address: |
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Independent Auditor's Report to the Member of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Carlyle House |
78 Chorley New Road |
Bolton |
Lancashire |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
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 |
5 |
– |
|
------------ |
---------- |
||
Operating profit |
6 |
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Other interest receivable and similar income |
11 |
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Interest payable and similar expenses |
12 |
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------------ |
---------- |
||
Profit before taxation |
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Tax on profit |
13 |
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---------- |
---------- |
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Profit for the financial year and total comprehensive income |
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---------- |
---------- |
||
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
||
Tangible assets |
15 |
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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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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
25 |
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Capital redemption reserve |
26 |
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Profit and loss account |
26 |
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------------ |
---------- |
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Shareholder 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 |
£ |
£ |
||
Tangible assets |
15 |
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Investments |
16 |
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---------- |
---------- |
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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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------------ |
---------- |
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Net assets |
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------------ |
---------- |
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Called up share capital |
25 |
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Capital redemption reserve |
26 |
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Profit and loss account |
26 |
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---------- |
---------- |
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Shareholder funds |
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---------- |
---------- |
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Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 August 2021 |
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Profit for the year |
|
|
|||
------- |
------ |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
Reclassification from merger relief reserves to profit and loss account |
– |
– |
(
|
(
|
|
------- |
------ |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
At 31 July 2022 |
|
|
|
|
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Profit for the year |
|
|
|||
------- |
------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
Reclassification from merger relief reserves to profit and loss account |
– |
– |
(
|
(
|
|
--- |
--- |
---------- |
---------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
------- |
------ |
------------ |
------------ |
||
At 31 July 2023 |
|
|
|
|
|
------- |
------ |
------------ |
------------ |
||
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Company Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 August 2021 |
|
|
|
|
|
Profit for the year |
|
|
|||
------- |
------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
Reclassification from merger relief reserves to profit and loss account |
– |
– |
(
|
(
|
|
------- |
------ |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
At 31 July 2022 |
|
|
|
|
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Profit for the year |
|
|
|||
------- |
------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
Reclassification from merger relief reserves to profit and loss account |
– |
– |
(
|
(
|
|
--- |
--- |
---------- |
---------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
------- |
------ |
---------- |
---------- |
||
At 31 July 2023 |
|
|
|
|
|
------- |
------ |
---------- |
---------- |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
Tax on profit |
1,507,427
|
599,599
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
(
|
|
Trade and other debtors |
|
(
|
Trade and other creditors |
|
|
---------- |
---------- |
|
Cash generated from operations |
|
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Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
---------- |
---------- |
|
Net cash from operating activities |
|
|
---------- |
---------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Cash advances and loans granted |
(
|
(
|
---------- |
---------- |
|
Net cash used in investing activities |
(
|
(
|
---------- |
---------- |
|
Proceeds from borrowings |
(
|
(
|
Proceeds from loans from participating interests |
|
– |
Payments of finance lease liabilities |
|
|
Dividends paid |
(
|
(
|
---------- |
---------- |
|
Net cash used in financing activities |
(
|
(
|
---------- |
---------- |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
3,530,031 |
6,243,391 |
---------- |
---------- |
|
Cash and cash equivalents at end of year |
|
|
---------- |
---------- |
|
|
Notes to the Financial Statements |
Plant & machinery |
- |
|
|
Fixtures & fittings |
- |
|
|
2023 |
2022 |
||
£ |
£ |
||
Lease charges |
|
|
|
Construction contracts |
|
|
|
------------ |
------------ |
||
|
|
||
------------ |
------------ |
||
2023 |
2022 |
||
£ |
£ |
||
Government grants |
– |
44,733
|
|
--- |
------- |
||
2023 |
2022 |
||
£ |
£ |
||
Depreciation of tangible assets |
|
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
|
Impairment of trade debtors |
1,448,105 |
(5) |
|
Operating lease rentals: other |
|
|
|
---------- |
-------- |
||
2023 |
2022 |
||
£ |
£ |
||
Fees payable for the audit of the financial statements |
|
|
|
------- |
------- |
||
2023 |
2022 |
||
No. |
No. |
||
Production staff |
|
|
|
Administrative staff |
|
|
|
Management staff |
14 |
14 |
|
--- |
--- |
||
|
|
||
--- |
--- |
||
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 |
||
£ |
£ |
||
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 |
1,507,427
|
599,599
|
|
---------- |
-------- |
||
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 |
(
|
(
|
|
---------- |
---------- |
||
Tax on profit |
1,411,579
|
536,682
|
|
---------- |
---------- |
||
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
-------- |
-------- |
|
Group |
Plant and machinery |
Fixtures and fittings |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 August 2022 |
|
|
|
Additions |
|
– |
|
Disposals |
(
|
– |
(
|
---------- |
------- |
---------- |
|
At 31 July 2023 |
|
|
|
---------- |
------- |
---------- |
|
Depreciation |
|||
At 1 August 2022 |
|
|
|
Charge for the year |
|
|
|
Disposals |
(
|
– |
(
|
---------- |
------- |
---------- |
|
At 31 July 2023 |
|
|
|
---------- |
------- |
---------- |
|
Carrying amount |
|||
At 31 July 2023 |
|
|
|
---------- |
------- |
---------- |
|
At 31 July 2022 |
|
|
|
---------- |
------- |
---------- |
|
Company |
Plant and machinery |
Total |
£ |
£ |
|
Cost |
||
At 1 August 2022 |
|
|
Additions |
|
|
Disposals |
(
|
(
|
---------- |
---------- |
|
At 31 July 2023 |
|
|
---------- |
---------- |
|
Depreciation |
||
At 1 August 2022 |
|
|
Charge for the year |
|
|
Disposals |
(
|
(
|
---------- |
---------- |
|
At 31 July 2023 |
|
|
---------- |
---------- |
|
Carrying amount |
||
At 31 July 2023 |
|
|
---------- |
---------- |
|
At 31 July 2022 |
|
|
---------- |
---------- |
|
Group and company |
Plant and machinery |
£ |
|
At 31 July 2023 |
|
-------- |
|
At 31 July 2022 |
|
-------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 August 2022 and 31 July 2023 |
|
------- |
|
Impairment |
|
At 1 August 2022 and 31 July 2023 |
– |
------- |
|
Carrying amount |
|
At 1 August 2022 and 31 July 2023 |
|
------- |
|
At 31 July 2022 |
|
------- |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
The Moorings, Dane Road Industrial Estate, Dane Road, Sale, Cheshire M33 7BH |
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Work in progress |
|
|
– |
– |
-------- |
-------- |
--- |
--- |
|
|
|
– |
– |
|
-------- |
-------- |
--- |
--- |
|
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 |
|
|
|
– |
Director's loan account |
|
|
|
|
Other debtors |
|
|
|
|
---------- |
------------ |
---------- |
---------- |
|
|
|
|
|
|
---------- |
------------ |
---------- |
---------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
-------- |
-------- |
--- |
--- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
– |
Amounts owed to undertakings in which the company has a participating interest |
|
– |
– |
– |
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 |
|
£ |
£ |
£ |
£ |
|
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 |
|
|
|
|
Later than 5 years |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 August 2022 |
|
Additions |
|
-------- |
|
At 31 July 2023 |
|
-------- |
|
Company |
Deferred tax (note 23) |
£ |
|
At 1 August 2022 |
|
Additions |
|
-------- |
|
At 31 July 2023 |
|
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in (note 22) |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,000 |
|
10,000 |
------- |
------- |
------- |
------- |
|
At 1 Aug 2022 |
Cash flows |
At 31 Jul 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
5,326,310 |
|
Debt due within one year |
(201,605) |
(98,917) |
(300,522) |
Debt due after one year |
(571,949) |
56,660 |
(515,289) |
---------- |
---------- |
---------- |
|
|
|
|
|
---------- |
---------- |
---------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Later than 1 year and not later than 5 years |
|
– |
– |
– |
Later than 5 years |
– |
|
– |
– |
-------- |
-------- |
--- |
--- |
|
|
|
– |
– |
|
-------- |
-------- |
--- |
--- |
|
Balance brought forward and outstanding |
||
2023 |
2022 |
|
£ |
£ |
|
|
|
|
------- |
------- |
|
|
Notes to the Financial Statements (continued) |