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FOR THE PERIOD ENDED |
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FINANCIAL STATEMENTS |
Contents |
Page |
Strategic report |
1 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
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 |
|
STRATEGIC REPORT |
2023 | 2022 | ||
£ | £ | ||
Energy consumption used to calculate emissions (kWh) | 10,205,648 | 9,841,835 | |
Scope 1 emissions in metric tonnes CO2e | |||
Gas | 1,863 | 1,786 | |
Scope 2 emissions in metric tonnes CO2e | |||
Purchased electricity | 1,395 | 1,793 | |
Scope 3 emissions in metric tonnes CO2e | |||
Business travel in employee owned vehicles | 3 | 5 | |
Total gross emissions in metric tonnes CO2e | 3,261 | 3,584 | |
Intensity ratio | |||
Tonnes / £m turnover | 16 | 22 | |
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Director |
Registered office: |
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DIRECTORS' REPORT |
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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 |
Tower House |
Lucy Tower Street |
Lincoln |
LN1 1XW |
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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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Distribution costs |
|
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Administrative expenses |
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Other operating income |
5 |
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--------------- |
--------------- |
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Operating profit |
6 |
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Share of profit of associates |
15 |
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Other interest receivable and similar income |
10 |
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Amounts written back to investments |
– |
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Interest payable and similar expenses |
11 |
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--------------- |
--------------- |
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Profit before taxation |
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Tax on profit |
12 |
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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 |
|
Note |
£ |
£ |
Tangible assets |
14 |
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Investments: |
15 |
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Investments in associates |
264,000 |
204,950 |
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Other fixed asset investments |
– |
50 |
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--------------- |
--------------- |
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Stocks |
16 |
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Debtors |
17 |
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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 |
18 |
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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 |
19 |
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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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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 |
£ |
£ |
Tangible assets |
14 |
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Investments |
15 |
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------------- |
------------- |
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Debtors |
17 |
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Cash at bank and in hand |
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– |
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------------- |
--------- |
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Creditors: amounts falling due within one year |
18 |
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------------- |
------------- |
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Net current assets/(liabilities) |
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(
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--------------- |
------------- |
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Total assets less current liabilities |
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(
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--------------- |
--------- |
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Net assets/(liabilities) |
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(
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--------------- |
--------- |
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Called up share capital |
25 |
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Profit and loss account |
|
(
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--------------- |
--------- |
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Shareholders funds/(deficit) |
|
(
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--------------- |
--------- |
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Director |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
||
At 1 July 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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Dividends paid and payable |
13 |
– |
(
|
(
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---- |
-------------- |
-------------- |
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Total investments by and distributions to owners |
|
(
|
(
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At 30 June 2022 |
|
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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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Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
---------- |
---------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
---- |
-------------- |
-------------- |
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At 30 June 2023 |
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---- |
-------------- |
-------------- |
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COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 July 2021 |
– |
– |
– |
|
Profit for the year |
|
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||
---- |
--------- |
--------- |
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Total comprehensive income for the year |
– |
|
|
|
Issue of shares |
|
– |
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
|
(
|
(
|
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At 30 June 2022 |
|
(
|
(
|
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Profit for the year |
|
|
||
---- |
-------------- |
-------------- |
||
Total comprehensive income for the year |
– |
|
|
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Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
---------- |
---------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
---- |
-------------- |
-------------- |
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At 30 June 2023 |
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|
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---- |
-------------- |
-------------- |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
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|
Adjustments for: |
||
Depreciation of tangible assets |
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Share of profit of associates |
(
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
– |
|
Tax on profit |
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Accrued expenses |
|
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Changes in: |
||
Stocks |
(
|
(
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Trade and other debtors |
|
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Trade and other creditors |
|
|
--------------- |
--------------- |
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Cash generated from operations |
|
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Interest paid |
(
|
(
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Interest received |
|
|
Tax (paid)/received |
(
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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 |
– |
|
Proceeds from sale of subsidiaries |
– |
|
--------------- |
--------------- |
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Net cash used in investing activities |
(
|
(
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--------------- |
--------------- |
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Repayments of borrowings |
(
|
(
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Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
(
|
--------------- |
--------------- |
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Net cash used in financing activities |
(
|
(
|
--------------- |
--------------- |
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Net increase in cash and cash equivalents |
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|
Cash and cash equivalents at beginning of year |
13,102,964 |
2,430,379 |
--------------- |
--------------- |
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Cash and cash equivalents at end of year |
|
|
--------------- |
--------------- |
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NOTES TO THE FINANCIAL STATEMENTS |
Building Improvements |
- |
|
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Plant and machinery |
- |
8%/33% straight line/20% reducing balance
|
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Fixtures and fittings |
- |
|
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Motor vehicles |
- |
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|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
--------------- |
--------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Rental income |
|
|
Other operating income |
|
– |
---------- |
--------- |
|
|
|
|
---------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Loss on disposal of tangible assets |
– |
|
Impairment of trade debtors |
257,027 |
98,841 |
Foreign exchange differences |
(
|
(
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
--------- |
--------- |
|
Taxation advisory services |
|
|
Other non-audit services |
|
|
--------- |
--------- |
|
16,387 |
12,500 |
|
--------- |
--------- |
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2023 |
2022 |
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No. |
No. |
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Production staff |
|
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Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
--------------- |
--------------- |
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|
--------------- |
--------------- |
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2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
Interest on loan to director |
|
– |
---------- |
------- |
|
|
|
|
---------- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
---------- |
---------- |
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|
|
|
---------- |
---------- |
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2023 |
2022 |
|
£ |
£ |
|
UK current tax income |
|
|
Origination and reversal of timing differences |
|
|
------------- |
------------- |
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Tax on profit |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
--------------- |
------------- |
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Profit on ordinary activities by rate of tax |
|
|
Effect of expenses not deductible for tax purposes |
|
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Effect of capital allowances and depreciation |
(
|
(
|
--------------- |
------------- |
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Tax on profit |
|
|
--------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Equity dividends on ordinary shares |
|
|
---------- |
---------- |
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Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Investment property |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jul 2022 |
|
|
|
|
1,560,621 |
|
Additions |
|
|
|
|
4,023,200 |
|
------------- |
-------------- |
------------- |
---------- |
------------- |
-------------- |
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At 30 Jun 2023 |
|
|
|
|
5,583,821 |
|
------------- |
-------------- |
------------- |
---------- |
------------- |
-------------- |
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Depreciation |
||||||
At 1 Jul 2022 |
|
|
|
|
– |
|
Charge for the year |
|
|
|
|
– |
|
------------- |
-------------- |
------------- |
---------- |
------------- |
-------------- |
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At 30 Jun 2023 |
|
|
|
|
– |
|
------------- |
-------------- |
------------- |
---------- |
------------- |
-------------- |
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Carrying amount |
||||||
At 30 Jun 2023 |
|
|
|
|
5,583,821 |
|
------------- |
-------------- |
------------- |
---------- |
------------- |
-------------- |
|
At 30 Jun 2022 |
|
|
|
|
1,560,621 |
|
------------- |
-------------- |
------------- |
---------- |
------------- |
-------------- |
|
Company |
Freehold property |
Fixtures and fittings |
Investment property |
Total |
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 July 2022 |
– |
– |
– |
– |
Additions |
|
|
5,028,952 |
|
------------- |
---------- |
------------- |
------------- |
|
At 30 June 2023 |
|
|
5,028,952 |
|
------------- |
---------- |
------------- |
------------- |
|
Depreciation |
||||
At 1 July 2022 |
– |
– |
– |
– |
Charge for the year |
– |
|
– |
|
------------- |
---------- |
------------- |
------------- |
|
At 30 June 2023 |
– |
|
– |
|
------------- |
---------- |
------------- |
------------- |
|
Carrying amount |
||||
At 30 June 2023 |
|
|
5,028,952 |
|
------------- |
---------- |
------------- |
------------- |
|
At 30 June 2022 |
– |
– |
– |
– |
------------- |
---------- |
------------- |
------------- |
|
Group |
Plant and machinery |
£ |
|
At 30 June 2023 |
|
---------- |
|
At 30 June 2022 |
|
---------- |
|
Group |
Interests in associates |
£ |
|
Share of net assets/cost |
|
At 1 July 2022 |
|
Share of profit or loss |
|
---------- |
|
At 30 June 2023 |
|
---------- |
|
Impairment |
|
At 1 July 2022 and 30 June 2023 |
– |
---------- |
|
Carrying amount |
|
At 30 June 2023 |
|
---------- |
|
At 30 June 2022 |
|
---------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 July 2022 |
– |
Additions |
|
---- |
|
At 30 June 2023 |
|
---- |
|
Impairment |
|
At 1 July 2022 and 30 June 2023 |
– |
---- |
|
Carrying amount |
|
At 30 June 2023 |
|
---- |
|
At 30 June 2022 |
– |
---- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Finished goods and goods for resale |
|
|
– |
– |
Parts stock |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
|
|
– |
– |
|
------------- |
------------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
– |
Directors loan account |
|
– |
– |
– |
Other debtors |
|
|
|
|
--------------- |
--------------- |
--------- |
--------- |
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|
|
|
|
|
--------------- |
--------------- |
--------- |
--------- |
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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 |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
|
– |
– |
--------------- |
--------------- |
--------- |
------------- |
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|
|
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|
--------------- |
--------------- |
--------- |
------------- |
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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 |
– |
|
– |
– |
--------- |
---------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
---------- |
---- |
---- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 July 2022 |
|
Charge against provision |
|
------------- |
|
At 30 June 2023 |
|
------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
Group |
|||
2023 |
2022 |
||
£ |
£ |
||
Trade debtors |
14,186,649 |
27,125,945 |
|
--------------- |
--------------- |
||
Group |
|||
2023 |
2022 |
||
£ |
£ |
||
Bank loans |
1,848,974 |
5,216,384 |
|
Hire purchase agreements |
11,401 |
513,154 |
|
Trade creditors |
14,996,211 |
28,992,733 |
|
--------------- |
--------------- |
||
|
|
||
--------------- |
--------------- |
||
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
6 |
|
6 |
---- |
---- |
---- |
---- |
|
At 1 Jul 2022 |
Cash flows |
At 30 Jun 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
424,924 |
|
Debt due within one year |
(1,023,920) |
871,778 |
(152,142) |
Debt due after one year |
(1,840,849) |
132,616 |
(1,708,233) |
--------------- |
------------- |
--------------- |
|
|
|
|
|
--------------- |
------------- |
--------------- |
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued) |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
---------- |
---------- |
---- |
---- |
|
|
|
– |
– |
|
---------- |
---------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
---------- |
---------- |
---- |
---- |
|
|
|
– |
– |
|
---------- |
---------- |
---- |
---- |
|