|
|
|
|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
5 |
Independent auditor's report to the members |
7 |
Consolidated statement of comprehensive income |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Consolidated statement of changes in equity |
14 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 |
|
Officers and Professional Advisers |
The board of directors |
|
|
|
|
|
Registered office |
|
|
|
|
|
|
|
|
|
Auditor |
|
Chartered accountants & statutory auditor |
|
The Old Mill, |
|
9 Soar Lane |
|
Leicester |
|
LE3 5DE |
|
|
Strategic Report |
|
Director |
Registered office: |
|
|
|
|
|
|
Directors' Report |
|
|
|
|
|
(Appointed
|
|
Director |
Registered office: |
|
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
The Old Mill, |
9 Soar Lane |
Leicester |
LE3 5DE |
|
Consolidated Statement of Comprehensive Income |
2022 |
2021 |
||
(restated) |
|||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
– |
|
------------ |
------------ |
||
Operating profit |
6 |
|
|
Interest payable and similar expenses |
10 |
|
|
------------ |
------------ |
||
Profit before taxation |
|
|
|
Tax on profit |
11 |
|
(
|
------------ |
--------- |
||
Profit for the financial year and total comprehensive income |
|
|
|
------------ |
--------- |
||
|
Consolidated Statement of Financial Position |
2022 |
2021 |
|
(restated) |
||
Note |
£ |
£ |
Negative goodwill |
12 |
(
|
(
|
Tangible assets |
13 |
|
|
Investments |
14 |
|
|
------------ |
------------ |
||
|
|
||
Stocks |
15 |
|
|
Debtors |
16 |
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------ |
||
|
|
||
Creditors: amounts falling due within one year |
17 |
|
|
------------ |
------------ |
||
Net current liabilities |
|
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
18 |
|
|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
||
Called up share capital |
23 |
|
|
Profit and loss account |
|
|
|
------------ |
--------- |
||
Shareholders funds |
|
|
|
------------ |
--------- |
||
|
Director |
|
Company Statement of Financial Position |
2022 |
2021 |
|
Note |
£ |
£ |
Investments |
14 |
|
|
Debtors |
16 |
|
|
Cash at bank and in hand |
|
|
|
--------- |
--------- |
||
|
|
||
Creditors: amounts falling due within one year |
17 |
|
|
------------ |
------------ |
||
Net current liabilities |
|
|
|
------------ |
------------ |
||
Total assets less current liabilities |
(
|
(
|
|
--------- |
-------- |
||
Net liabilities |
(
|
(
|
|
--------- |
-------- |
||
Called up share capital |
23 |
|
|
Profit and loss account |
(
|
(
|
|
--------- |
--------- |
||
Shareholders deficit |
(
|
(
|
|
--------- |
--------- |
||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 28 March 2020 |
|
|
|
Profit for the year |
|
|
|
------- |
--------- |
--------- |
|
Total comprehensive income for the year |
– |
|
|
At 27 March 2021 |
|
|
|
Profit for the year |
|
|
|
------- |
------------ |
------------ |
|
Total comprehensive income for the year |
– |
|
|
Issue of shares |
|
– |
|
---- |
---- |
---- |
|
Total investments by and distributions to owners |
|
– |
|
------- |
------------ |
------------ |
|
At 29 March 2022 |
|
|
|
------- |
------------ |
------------ |
|
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 28 March 2020 |
|
(
|
(
|
Loss for the year |
(
|
(
|
|
------- |
-------- |
-------- |
|
Total comprehensive income for the year |
– |
(
|
(
|
At 27 March 2021 |
|
(
|
(
|
Loss for the year |
(
|
(
|
|
------- |
--------- |
-------- |
|
Total comprehensive income for the year |
– |
(
|
(
|
Issue of shares |
|
– |
|
---- |
---- |
---- |
|
Total investments by and distributions to owners |
|
– |
|
------- |
--------- |
--------- |
|
At 29 March 2022 |
|
(
|
(
|
------- |
--------- |
--------- |
|
|
Consolidated Statement of Cash Flows |
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
(
|
(
|
Government grant income |
– |
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Tax on loss |
– |
(68,367) |
Accrued expenses/(income) |
|
(
|
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
(
|
|
Trade and other creditors |
|
|
------------ |
--------- |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Tax received |
|
– |
------------ |
--------- |
|
Net cash from operating activities |
|
|
------------ |
--------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchase of intangible assets |
(
|
– |
Acquisition of subsidiaries |
(
|
– |
Purchases of other investments |
– |
(
|
Other investing cash flow adjustment |
(
|
– |
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from issue of ordinary shares |
|
– |
Proceeds from borrowings |
|
|
Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
|
------------ |
------------ |
|
Net cash (used in)/from financing activities |
(
|
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
319,770 |
138,760 |
--------- |
--------- |
|
Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
|
|
Notes to the Financial Statements |
Goodwill |
- |
9-10 years straight line |
|
Plant and machinery |
- |
3-15 years straight line |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Sale of goods |
|
– |
Rendering of services |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
United Kingdom |
|
|
Overseas sales |
230,238 |
– |
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Government grant income |
– |
|
---- |
--------- |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Amortisation of intangible assets |
(
|
(
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
(82,763) |
36,000 |
--------- |
--------- |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2022 |
2021 |
|
No. |
No. |
|
Distribution staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Remuneration |
|
– |
--------- |
---- |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
Adjustments in respect of prior periods |
– |
(
|
Origination and reversal of timing differences |
|
(
|
--------- |
-------- |
|
Tax on loss |
|
(
|
--------- |
-------- |
|
2022 |
2021 |
|
(restated) |
||
£ |
£ |
|
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 |
|
(
|
Utilisation of tax losses |
– |
(
|
Effect of change in corporation tax rate |
(
|
– |
Other permanent differences |
– |
|
------------ |
-------- |
|
Tax on loss |
|
(
|
------------ |
-------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 28 March 2021 (as restated) |
(
|
Additions |
|
Acquisitions through business combinations |
|
------------ |
|
At 29 March 2022 |
(
|
------------ |
|
Amortisation |
|
At 28 March 2021 |
(
|
Charge for the year |
(
|
------------ |
|
At 29 March 2022 |
(
|
------------ |
|
Carrying amount |
|
At 29 March 2022 |
(
|
------------ |
|
At 27 March 2021 |
(
|
------------ |
|
Group |
Plant and machinery |
£ |
|
Cost |
|
At 28 March 2021 (as restated) |
|
Additions |
|
Disposals |
(
|
Transfers |
|
------------ |
|
At 29 March 2022 |
|
------------ |
|
Depreciation |
|
At 28 March 2021 |
|
Charge for the year |
|
Disposals |
(
|
------------ |
|
At 29 March 2022 |
|
------------ |
|
Carrying amount |
|
At 29 March 2022 |
|
------------ |
|
At 27 March 2021 |
|
------------ |
|
Group |
Plant and machinery |
£ |
|
At 29 March 2022 |
|
------------ |
|
At 27 March 2021 |
|
------------ |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 28 March 2021 as restated and 29 March 2022 |
|
--------- |
|
Impairment |
|
At 28 March 2021 as restated and 29 March 2022 |
– |
--------- |
|
Carrying amount |
|
At 28 March 2021 and 29 March 2022 |
|
--------- |
|
At 27 March 2021 |
|
--------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 28 March 2021 as restated |
|
|
|
Additions |
|
– |
|
------------ |
--------- |
------------ |
|
At 29 March 2022 |
|
|
|
------------ |
--------- |
------------ |
|
Impairment |
|||
At 28 March 2021 as restated and 29 March 2022 |
– |
– |
– |
------------ |
--------- |
------------ |
|
Carrying amount |
|||
At 29 March 2022 |
|
|
|
------------ |
--------- |
------------ |
|
At 27 March 2021 |
|
|
|
------------ |
--------- |
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Deferred tax asset |
|
|
|
|
Prepayments and accrued income |
|
|
– |
– |
Directors loan account |
– |
|
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
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 |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
--------- |
------------ |
---- |
---- |
|
|
|
– |
– |
|
--------- |
------------ |
---- |
---- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
Less: future finance charges |
(
|
(
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Present value of minimum lease payments |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Included in debtors (note 16) |
|
|
|
|
--------- |
--------- |
-------- |
-------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
(
|
|
– |
– |
Unused tax losses |
|
|
|
|
--------- |
--------- |
-------- |
-------- |
|
268,100 |
406,242 |
20,903 |
20,903 |
|
--------- |
--------- |
-------- |
-------- |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
--------- |
---- |
---- |
|
2022 |
2021 |
|||
(restated) |
||||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
------- |
---- |
------- |
---- |
|
At 28 Mar 2021 |
Cash flows |
At 29 Mar 2022 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
145,619 |
|
Debt due within one year |
(1,047,784) |
409,433 |
(638,351) |
Debt due after one year |
(1,165,593) |
294,394 |
(871,199) |
------------ |
--------- |
------------ |
|
(
|
|
(
|
|
------------ |
--------- |
------------ |
|
Group |
Company |
|||
2022 |
2021 |
2022 |
2021 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
Notes to the Financial Statements (continued) |