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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 |
6 |
Consolidated statement of comprehensive income |
10 |
Consolidated statement of financial position |
11 |
Company statement of financial position |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 |
|
Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Second Floor, Riverside Offices |
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26 St George's Quay |
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Lancaster |
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LA1 1RD |
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Strategic Report |
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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 |
Second Floor, Riverside Offices |
26 St George's Quay |
Lancaster |
LA1 1RD |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||||||
Continuing operations |
Discont'd operations |
Total |
Continuing operations |
Discont'd operations |
Total |
||
Note |
£ |
£ |
£ |
£ |
£ |
£ |
|
Turnover |
4 |
|
|
|
|
|
|
Cost of sales |
|
|
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|
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|
------------- |
--------- |
------------- |
------------- |
------------ |
------------- |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
– |
|
|
– |
– |
– |
------------ |
--------- |
------------ |
------------ |
--------- |
------------ |
||
Operating profit |
6 |
|
|
|
|
(
|
|
Other interest receivable and similar income |
10 |
|
– |
|
|
– |
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Interest payable and similar expenses |
11 |
– |
– |
– |
|
– |
|
------------ |
--------- |
------------ |
------------ |
--------- |
------------ |
||
Profit before taxation |
|
|
|
|
(
|
|
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Tax on profit |
12 |
|
– |
|
|
|
|
--------- |
-------- |
--------- |
------------ |
--------- |
------------ |
||
Profit after taxation |
|
|
|
|
(
|
|
|
Other taxes not shown under the above |
|
(
|
– |
– |
– |
– |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
Profit for the financial year and total comprehensive income |
|
|
|
|
(
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
|
Consolidated Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
14 |
|
|
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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Provisions |
20 |
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------------ |
------------- |
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Net assets |
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------------ |
------------- |
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Called up share capital |
23 |
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Profit and loss account |
24 |
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|
------------ |
------------- |
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Shareholders funds |
|
|
|
------------ |
------------- |
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|
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
14 |
|
– |
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
------------ |
--------- |
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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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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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|
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Provisions |
20 |
|
|
------------ |
------------- |
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Net assets |
|
|
|
------------ |
------------- |
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Called up share capital |
23 |
|
|
Profit and loss account |
24 |
|
|
------------ |
------------- |
||
Shareholders funds |
|
|
|
------------ |
------------- |
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|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 January 2022 |
|
|
|
|
Profit for the year |
|
|
||
-------- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
-------- |
------------- |
------------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 31 December 2022 |
|
|
|
|
Profit for the year |
|
|
||
-------- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
-------- |
------------ |
------------ |
||
At 31 December 2023 |
|
|
|
|
-------- |
------------ |
------------ |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 January 2022 |
|
|
|
|
Profit for the year |
|
|
||
-------- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
-------- |
------------- |
------------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 31 December 2022 |
|
|
|
|
Profit for the year |
|
|
||
-------- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
-------- |
------------ |
------------ |
||
At 31 December 2023 |
|
|
|
|
-------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
– |
|
Gains on disposal of tangible assets |
(
|
(
|
Tax on profit |
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
(
|
|
Trade and other creditors |
|
(
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
– |
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchase of intangible assets |
– |
(
|
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from loans from participating interests |
|
– |
Dividends paid |
(
|
(
|
Amounts withdrawn by directors |
(1,535,810) |
(1,362,650) |
Amounts introduced by directors |
1,535,810 |
1,799,485 |
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net decrease in cash and cash equivalents |
(
|
(
|
Cash and cash equivalents at beginning of year |
3,311,092 |
4,056,525 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
Straight line over 10 years
|
|
Long leasehold property |
- |
Straight line over 10 years
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
20% and 25% Reducing balance
|
|
Equipment |
- |
20% Reducing balance
|
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Other operating income |
|
– |
--------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
20,409 |
24,785 |
Foreign exchange differences |
(
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Administrative staff |
|
|
Number of other staff |
71 |
54 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
---- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
---- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest receivable |
21,132 |
627 |
-------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on obligations under finance leases and hire purchase contracts |
– |
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
(
|
– |
-------- |
--------- |
|
Total current tax |
|
|
-------- |
--------- |
|
Origination and reversal of timing differences |
|
|
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
--------- |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
(
|
– |
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
(
|
Effect of revenue exempt from tax |
(
|
– |
Deferred Tax |
85,651 |
96,726 |
--------- |
------------ |
|
Tax on profit |
|
|
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
------------ |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 |
|
Additions |
|
Disposals |
(
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Amortisation |
|
At 1 January 2023 |
|
Charge for the year |
|
Disposals of previously acquired businesses |
(
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Carrying amount |
|
At 31 December 2023 |
|
--------- |
|
At 31 December 2022 |
|
--------- |
|
Company |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 |
– |
Additions |
|
Disposals |
(
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Amortisation |
|
At 1 January 2023 |
– |
Charge for the year |
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Carrying amount |
|
At 31 December 2023 |
|
--------- |
|
At 31 December 2022 |
– |
--------- |
|
Group |
Long leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jan 2023 |
|
|
|
|
5,698 |
|
Additions |
|
|
|
|
1,830 |
|
Disposals |
(
|
(
|
(
|
– |
(
5,698) |
(
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
At 31 Dec 2023 |
|
|
|
|
1,830 |
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
Depreciation |
||||||
At 1 Jan 2023 |
|
|
|
|
748 |
|
Charge for the year |
|
|
|
|
801 |
|
Disposals |
(
|
(
|
(
|
– |
(
1,549) |
(
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
At 31 Dec 2023 |
|
|
|
|
– |
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
Carrying amount |
||||||
At 31 Dec 2023 |
|
|
|
|
1,830 |
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
At 31 Dec 2022 |
|
|
|
|
4,950 |
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
Company |
Long leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jan 2023 |
– |
|
|
|
– |
|
Additions |
|
|
|
|
1,830 |
|
Disposals |
– |
(
|
– |
– |
– |
(
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
At 31 Dec 2023 |
|
|
|
|
1,830 |
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
Depreciation |
||||||
At 1 Jan 2023 |
– |
|
|
|
– |
|
Charge for the year |
|
|
|
|
– |
|
Disposals |
– |
(
|
– |
– |
– |
(
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
At 31 Dec 2023 |
|
|
|
|
– |
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
Carrying amount |
||||||
At 31 Dec 2023 |
|
|
|
|
1,830 |
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
At 31 Dec 2022 |
– |
|
|
|
– |
|
--------- |
--------- |
--------- |
--------- |
------- |
------------ |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
---- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
---- |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
|
---- |
|
At 31 December 2022 |
|
---- |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
Discountined Activities in the year - profit in the year £114k |
Ordinary |
100 |
net current assets £806. |
|||
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by undertakings in which the company has a participating interest |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
|
|
Amounts owed to undertakings in which the company has a participating interest |
|
– |
|
– |
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Director loan accounts |
|
– |
|
– |
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Deferred tax (note 21) |
£ |
|
At 1 January 2023 |
|
Additions |
|
Charge against provision |
(
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Company |
Deferred tax (note 21) |
£ |
|
At 1 January 2023 |
|
Additions |
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
|
|
|
|
--------- |
--------- |
--------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
--------- |
--------- |
--------- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
30,335 |
|
30,335 |
|
|
100 |
|
100 |
-------- |
-------- |
-------- |
-------- |
|
|
30,435 |
|
30,435 |
|
-------- |
-------- |
-------- |
-------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(519,378) |
|
Debt due within one year |
– |
(195,890) |
(195,890) |
------------ |
--------- |
------------ |
|
|
(
|
|
|
------------ |
--------- |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
|
|
Later than 1 year and not later than 5 years |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
Notes to the Financial Statements (continued) |
2023 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
– |
|
(
|
– |
|
|
– |
|
(
|
– |
|
---- |
------------ |
------------ |
---- |
||
– |
|
(
|
– |
||
---- |
------------ |
------------ |
---- |
||
2022 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
(
|
|
(
|
– |
|
|
|
|
(
|
– |
|
------------ |
------------ |
------------ |
---- |
||
|
|
(
|
– |
||
------------ |
------------ |
------------ |
---- |
||