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Company registration number: NI043844
Richwell Trading Limited
Financial statements
31 October 2023
Richwell Trading Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Richwell Trading Limited
Directors and other information
Directors Mr Richard Lusty
Mr Raymond Lusty
Secretary Raymond Lusty
Company number NI043844
Registered office 5 Valley View
Gleno
Larne
Co Antrim
BT40 3LJ
Auditor ASM (D) Ltd
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
Bankers Ulster Bank Limited
33 Main Street
Randalstown
Co Antrim
BT41 3AB
Solicitors DWF
42 Queen Street
Belfast
BT1 6HL
Richwell Trading Limited
Strategic report
Year ended 31 October 2023
Review of business and future developments
In general, the results for the year were as expected. The year end financial position was satisfactory.
Financial risk management objectives and policies
The company's operations expose it to a minimum level of financial risk that include the effects of changes in market price. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring
levels of debt finance and the related finance cost. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board.
Price risk
The company is exposed to some commodity price risk as a result of its operations. However, costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature. The company has no exposure to equity securities price risk as it holds no listed investments.
Environment
The company recongnises its corporate responsibility to carry out its operations whilst minimising enviromental impacts. The directors' continued aim is to comply with all applicable enviromental legislation, prevent pollution
and reduce waste wherever possible.
Health and safety
The company is committed to achieving the highest practicable standard in health and safety management and strives to make all premises safe enviroments for employees and customers alike.
This report was approved by the board of directors on 24 April 2024 and signed on behalf of the board by:
Mr Richard Lusty
Director
Richwell Trading Limited
Directors report
Year ended 31 October 2023
The directors present their report and the financial statements of the company for the year ended 31 October 2023.
Directors
The directors who served the company during the year were as follows:
Mr Richard Lusty
Mr Raymond Lusty
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 24 April 2024 and signed on behalf of the board by:
Raymond Lusty
Secretary
Richwell Trading Limited
Independent auditor's report to the members of
Richwell Trading Limited
Year ended 31 October 2023
Qualified opinion
We have audited the financial statements of Richwell Trading Limited (the 'company') for the year ended 31 October 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
Because we were appointed auditors of the company during the year ended 31 October 2023, we were not able to observe the counting of the physical inventories for the year ended 31 October 2022 or satisfy ourselves concerning those inventory quantities by alternative means. Since opening inventories affect the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for the year ended 31 October 2023. Our opinion on the current period accounts is modified in respect of the value of stocks as at 31 October 2022, the possible effect of this matter on the year ended 31 October 2023 results and on the comparability of the current period's figures and the corresponding figures.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate and considered the risk of acts by the Company that were contrary to appliable law and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: mismanagement of payments, posting of unusual journals together with complex transactions, revenue recognition and subjectivity of valuations used for land and buildings.We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquires of management about their own identification and assessment of risks of irregularities, specific tests of detail over payments, sample testing of journals posted during the year, verifying the underlying assumptions adopted for the property valuations, specific tests of detail over revenue recognition and a review of areas of judgement for indicators of management bias to address the risks. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alistair Cooke (Senior Statutory Auditor)
For and on behalf of
ASM (D) Ltd
Chartered Accountants and Registered Auditors
79 Cunninghams Lane
Dungannon
Co Tyrone
BT71 6BX
24 April 2024
Richwell Trading Limited
Statement of comprehensive income
Year ended 31 October 2023
2023 2022
Note £ £
Turnover 4 12,103,958 12,294,909
Cost of sales ( 10,036,033) ( 10,621,216)
_______ _______
Gross profit 2,067,925 1,673,693
Distribution costs ( 110,567) -
Administrative expenses ( 1,415,566) ( 1,363,694)
_______ _______
Operating profit 541,792 309,999
Other interest receivable and similar income 7 6 -
Interest payable and similar expenses 8 ( 1,351) -
_______ _______
Profit before taxation 540,447 309,999
Tax on profit 9 ( 109,389) ( 68,503)
_______ _______
Profit for the financial year and total comprehensive income 431,058 241,496
_______ _______
All the activities of the company are from continuing operations.
Richwell Trading Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 10 463,268 438,785
_______ _______
463,268 438,785
Current assets
Stocks 11 457,112 392,385
Debtors 12 135,090 25,728
Cash at bank and in hand 1,216,895 790,094
_______ _______
1,809,097 1,208,207
Creditors: amounts falling due
within one year 13 ( 781,758) ( 486,920)
_______ _______
Net current assets 1,027,339 721,287
_______ _______
Total assets less current liabilities 1,490,607 1,160,072
Provisions for liabilities 14 ( 97,690) ( 89,924)
Accruals and deferred income ( 125,174) ( 141,708)
_______ _______
Net assets 1,267,743 928,440
_______ _______
Capital and reserves
Called up share capital 17 90 90
Share premium account 18 49,990 49,990
Capital redemption reserve 18 10 10
Profit and loss account 18 1,217,653 878,350
_______ _______
Shareholders funds 1,267,743 928,440
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:
Mr Richard Lusty
Director
Company registration number: NI043844
Richwell Trading Limited
Statement of changes in equity
Year ended 31 October 2023
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 November 2021 90 49,990 10 1,409,164 1,459,254
Profit for the year 241,496 241,496
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 241,496 241,496
Dividends paid and payable ( 772,310) ( 772,310)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 772,310) ( 772,310)
_______ _______ _______ _______ _______
At 31 October 2022 and 1 November 2022 90 49,990 10 878,351 928,441
Profit for the year 431,058 431,058
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 431,058 431,058
Dividends paid and payable ( 91,756) ( 91,756)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 91,756) ( 91,756)
_______ _______ _______ _______ _______
At 31 October 2023 90 49,990 10 1,217,653 1,267,743
_______ _______ _______ _______ _______
Richwell Trading Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 5 Valley View, Gleno, Larne, Co Antrim, BT40 3LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % reducing balance
Long leasehold property - 5 % reducing balance
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023 2022
Administrative staff 4 3
Sales staff 52 52
_______ _______
56 55
_______ _______
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 669,893 598,566
Other pension costs 46,457 87,824
_______ _______
716,350 686,390
_______ _______
6. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 19,685 12,735
Company contributions to pension schemes in respect of qualifying services 46,457 87,824
_______ _______
66,142 100,559
_______ _______
7. Other interest receivable and similar income
2023 2022
£ £
Other interest receivable and similar income 6 -
_______ _______
8. Interest payable and similar expenses
2023 2022
£ £
Other interest payable and similar expenses 1,351 -
_______ _______
9. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 101,599 47,983
Adjustments in respect of previous periods 24 -
_______ _______
Deferred tax:
Origination and reversal of timing differences 7,766 20,520
_______ _______
Tax on profit 109,389 68,503
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 25.00 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 540,447 309,999
_______ _______
Profit multiplied by rate of tax 135,112 58,900
Adjustments in respect of prior periods 24 -
Effect of capital allowances and depreciation ( 1,363) 18,723
Effect of revenue exempt from tax ( 13,095) ( 9,120)
Marginal relief ( 11,289) -
_______ _______
Tax on profit 109,389 68,503
_______ _______
10. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2022 131,655 28,420 820,608 53,248 1,033,931
Additions - - 121,679 9,000 130,679
Disposals - - - ( 25,679) ( 25,679)
_______ _______ _______ _______ _______
At 31 October 2023 131,655 28,420 942,287 36,569 1,138,931
_______ _______ _______ _______ _______
Depreciation
At 1 November 2022 52,561 23,720 501,126 17,738 595,145
Charge for the year 6,583 653 75,974 4,444 87,654
Disposals - - - ( 7,136) ( 7,136)
_______ _______ _______ _______ _______
At 31 October 2023 59,144 24,373 577,100 15,046 675,663
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 72,511 4,047 365,187 21,523 463,268
_______ _______ _______ _______ _______
At 31 October 2022 79,094 4,700 319,482 35,510 438,786
_______ _______ _______ _______ _______
11. Stocks
2023 2022
£ £
Finished goods and goods for resale 457,112 392,385
_______ _______
12. Debtors
2023 2022
£ £
Trade debtors 36,303 411
Prepayments and accrued income 33,343 17,751
Other debtors 65,444 7,566
_______ _______
135,090 25,728
_______ _______
13. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 2,143 912
Trade creditors 562,322 284,342
Corporation tax 101,599 121,288
Social security and other taxes 56,641 18,737
Other creditors ( 3,246) ( 8,569)
_______ _______
719,459 416,710
_______ _______
14. Provisions
Deferred tax (note 15) Total
£ £
At 1 November 2022 89,924 89,924
Additions 7,766 7,766
_______ _______
At 31 October 2023 97,690 97,690
_______ _______
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 14) 97,690 89,924
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 97,690 89,924
_______ _______
16. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 46,457 (2022: £ 87,824 ).
17. Called up share capital
The company has one class of ordinary shares which carry voting rights to participate in a distribution as respects dividend and capital.
18. Reserves
Profit and loss account : This reserve records cumulative profits or losses, net of dividends paid. This reserve is distributable in full.