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For the year ended |
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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 |
7 |
Consolidated statement of comprehensive income |
12 |
Consolidated statement of financial position |
13 |
Company statement of financial position |
14 |
Consolidated statement of changes in equity |
15 |
Company statement of changes in equity |
16 |
Consolidated statement of cash flows |
17 |
Notes to the financial statements |
18 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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United Kingdom |
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Auditor |
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Chartered accountants & statutory auditor |
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Enterprise House |
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38 Tyndall Court |
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Commerce Road |
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Lynch Wood |
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Peterborough |
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Cambridgeshire |
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PE2 6LR |
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Bankers |
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HSBC House |
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1 Bond Court |
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Leeds |
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United Kingdom |
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LS1 2JZ |
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Strategic Report |
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Director |
Registered office: |
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United Kingdom |
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Directors' Report |
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Director |
Registered office: |
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United Kingdom |
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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 |
Enterprise House |
38 Tyndall Court |
Commerce Road |
Lynch Wood |
Peterborough |
Cambridgeshire |
PE2 6LR |
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Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£000 |
£000 |
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Turnover |
4 |
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Change in stocks of finished goods and in work in progress |
(
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Other operating income |
5 |
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--------- |
--------- |
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11,444 |
17,970 |
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Raw material and consumables |
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Staff costs |
8 |
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Depreciation and other amounts written off tangible and intangible fixed assets |
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Other operating expenses |
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Other external charges |
1,886 |
4,826 |
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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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(Loss)/profit before taxation |
(
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12 |
(
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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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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£000 |
£000 |
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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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Provisions |
21 |
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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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Share premium account |
26 |
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Profit and loss account |
26 |
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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 |
£000 |
£000 |
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Investments |
16 |
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Creditors: amounts falling due within one year |
19 |
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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 |
20 |
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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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Share premium account |
26 |
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Profit and loss account |
26 |
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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 Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£000 |
£000 |
£000 |
£000 |
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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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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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(
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Dividends paid and payable |
13 |
– |
– |
(
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(
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---- |
---- |
---- |
---- |
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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 2023 |
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---- |
------- |
------- |
------- |
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Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£000 |
£000 |
£000 |
£000 |
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At 1 June 2021 |
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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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(
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At 31 May 2022 |
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Loss for the year |
(
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(
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|||
---- |
------- |
------- |
------- |
||
Total comprehensive income for the year |
– |
– |
(
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(
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Dividends paid and payable |
13 |
– |
– |
(
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(
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---- |
---- |
---- |
---- |
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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 2023 |
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---- |
------- |
------- |
------- |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
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Note |
£000 |
£000 |
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Cash generated from operations |
27 |
(
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Interest paid |
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– |
Interest received |
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– |
Tax received/(paid) |
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(
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---- |
---- |
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Net cash (used in)/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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---- |
---- |
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Net cash from/(used in) investing activities |
|
(
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---- |
---- |
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Interest paid |
(
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(
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Dividends paid |
(
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– |
---- |
---- |
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Net cash used in financing activities |
(
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(
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---- |
---- |
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
1,544 |
1,314 |
------- |
------- |
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Cash and cash equivalents at end of year |
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------- |
------- |
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Notes to the Financial Statements |
Goodwill |
- |
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Long leasehold property |
- |
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Plant, equipment and vehicles |
- |
20-33% straight line |
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2023 |
2022 |
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£000 |
£000 |
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Sale of goods |
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Warehousing and logistics income |
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--------- |
--------- |
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--------- |
--------- |
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2023 |
2022 |
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£000 |
£000 |
|
United Kingdom |
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Overseas sales |
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--------- |
--------- |
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--------- |
--------- |
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2023 |
2022 |
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£000 |
£000 |
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Government grant income |
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Other operating income |
– |
|
---- |
---- |
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---- |
---- |
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2023 |
2022 |
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£000 |
£000 |
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Loss/(gains) on disposal of tangible assets |
|
(
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Impairment of trade debtors |
24 |
(8) |
Foreign exchange differences |
|
(
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Government grants |
(5) |
(30) |
Operating lease charges |
500 |
500 |
Stock provision |
(491) |
39 |
---- |
---- |
|
2023 |
2022 |
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£000 |
£000 |
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Fees payable for the audit of the financial statements |
|
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---- |
---- |
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2023 |
2022 |
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No. |
No. |
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Distribution staff |
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Administrative staff |
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---- |
---- |
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---- |
---- |
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2023 |
2022 |
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£000 |
£000 |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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------- |
------- |
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------- |
------- |
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2023 |
2022 |
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£000 |
£000 |
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Remuneration |
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Company contributions to defined contribution pension plans |
|
|
---- |
---- |
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---- |
---- |
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2023 |
2022 |
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£000 |
£000 |
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Aggregate remuneration |
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---- |
---- |
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2023 |
2022 |
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£000 |
£000 |
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Interest on cash and cash equivalents |
|
– |
---- |
---- |
|
2023 |
2022 |
|
£000 |
£000 |
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Other interest payable and similar charges |
|
|
---- |
---- |
|
2023 |
2022 |
|
£000 |
£000 |
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UK current tax income |
(
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|
Origination and reversal of timing differences |
– |
|
---- |
---- |
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Tax on loss |
(
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|
---- |
---- |
|
2023 |
2022 |
|
£000 |
£000 |
|
(Loss)/profit on ordinary activities before taxation |
(
|
|
---- |
---- |
|
(Loss)/profit on ordinary activities by rate of tax |
(
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Adjustment to tax charge in respect of prior periods |
|
– |
Effect of capital allowances and depreciation |
– |
|
---- |
---- |
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Tax on loss |
(
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---- |
---- |
|
2023 |
2022 |
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£000 |
£000 |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
– |
---- |
---- |
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Group |
Goodwill |
£000 |
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Cost |
|
At 1 June 2022 and 31 May 2023 |
|
---- |
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Amortisation |
|
At 1 June 2022 and 31 May 2023 |
|
---- |
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Carrying amount |
|
At 1 June 2022 and 31 May 2023 |
– |
---- |
|
At 31 May 2022 |
– |
---- |
|
Group |
Freehold property |
Short leasehold property |
Plant, equipment and vehicles |
Total |
£000 |
£000 |
£000 |
£000 |
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Cost |
||||
At 1 June 2022 |
|
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Additions |
– |
– |
|
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Disposals |
– |
(
|
(
|
(
|
------- |
---- |
------- |
------- |
|
At 31 May 2023 |
|
– |
|
|
------- |
---- |
------- |
------- |
|
Depreciation |
||||
At 1 June 2022 |
– |
|
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Charge for the year |
– |
– |
|
|
Disposals |
– |
(
|
(
|
(
|
------- |
---- |
------- |
------- |
|
At 31 May 2023 |
– |
– |
|
|
------- |
---- |
------- |
------- |
|
Carrying amount |
||||
At 31 May 2023 |
|
– |
|
|
------- |
---- |
------- |
------- |
|
At 31 May 2022 |
|
– |
|
|
------- |
---- |
------- |
------- |
|
Company |
Shares in group undertakings |
£000 |
|
Cost |
|
At 1 June 2022 and 31 May 2023 |
|
------- |
|
Impairment |
|
At 1 June 2022 and 31 May 2023 |
– |
------- |
|
Carrying amount |
|
At 1 June 2022 and 31 May 2023 |
|
------- |
|
At 31 May 2022 |
|
------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£000 |
£000 |
£000 |
£000 |
|
Finished goods and goods for resale |
|
|
– |
– |
------- |
------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£000 |
£000 |
£000 |
£000 |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
– |
– |
------- |
------- |
---- |
---- |
|
|
|
– |
– |
|
------- |
------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£000 |
£000 |
£000 |
£000 |
|
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Social security and other taxes |
|
|
– |
– |
Other creditors |
|
|
|
|
------- |
------- |
---- |
---- |
|
|
|
|
|
|
------- |
------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£000 |
£000 |
£000 |
£000 |
|
Shares classed as financial liabilities |
|
|
|
|
Other creditors |
490 |
490 |
– |
– |
------- |
------- |
---- |
---- |
|
|
|
|
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|
------- |
------- |
---- |
---- |
|
Group |
Deferred tax (note 22) |
£000 |
|
At 1 June 2022 and 31 May 2023 |
|
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£000 |
£000 |
£000 |
£000 |
|
Included in provisions (note 21) |
|
|
– |
– |
---- |
---- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£000 |
£000 |
£000 |
£000 |
|
Accelerated capital allowances |
|
|
– |
– |
---- |
---- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£000 |
£000 |
£000 |
£000 |
|
Government grants recognised directly in income |
|
|
– |
– |
---- |
---- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
51,645 |
|
51,645 |
--------- |
--------- |
--------- |
--------- |
|
|
|
925,000 |
|
925,000 |
---------- |
---------- |
---------- |
---------- |
|
2023 |
2022 |
|
£000 |
£000 |
|
(Loss)/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 loss |
(
|
|
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
(
|
|
Trade and other creditors |
(
|
|
------- |
------- |
|
(
|
|
|
------- |
------- |
|
At 1 Jun 2022 |
Cash flows |
At 31 May 2023 |
|
£000 |
£000 |
£000 |
|
Cash at bank and in hand |
|
(232) |
|
------- |
---- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£000 |
£000 |
£000 |
£000 |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
---- |
------- |
---- |
---- |
|
|
|
– |
– |
|
---- |
------- |
---- |
---- |
|
|
Notes to the Financial Statements (continued) |