Company registration number 00591872 (England and Wales)
POTTERS-BALLOTINI LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
POTTERS-BALLOTINI LIMITED
COMPANY INFORMATION
Directors
R W Andersen
K M O'Brien
J Ubbens
(Appointed 30 January 2024)
Secretary
R W Andersen
Company number
00591872
Registered office
Darlington Road
West Auckland
Bishop Auckland
County Durham
England
DL14 9PR
Auditor
Azets Audit Services
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
Business address
Borough Flint Glassworks
Pontefract Road
Barnsley
South Yorkshire
United Kingdom
S71 1HJ
POTTERS-BALLOTINI LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 28
POTTERS-BALLOTINI LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the year was the manufacture and marketing of glass beads.
Business review
The business continues to focus on improving efficiencies and reducing cost in the business whilst focusing and investing in safety improvements to the benefit of the business and employees. The energy costs and the Ukraine War continued to bring challenges to supply and operations particularly in the first quarter of 2023. Energy costs somewhat improved which continued into 2024. However, the increased inflation in prior years have made key raw materials and supplies more expensive and still provides challenges to supply and operations. Chinese bead imports have also added to the challenges within the business. The business continues to concentrate on strengthening the cullet supply to the West Auckland Plant and cost reduction across the business despite the rise in inflation.
The company in 2023 continued to invest in the cullet business in Barnsley and in improving the manufacturing facilities in West Auckland.
The Ukraine War and embargos to trade in Russia have still brought challenges to the Qcel business in 2023 and into 2024. The impact of conflict in the Red Sea and attacks on vessels has resulted in high shipping costs for both the Beads and Qcel business.
Despite these challenges, the total sales in 2023 remained static on 2022 and EBITDA increased to £73k.
Analysis of key performance indicators
In conjunction with the management of cost and working capital, and in order to improve profitability, the company uses a number of KPI’s to monitor performance.
These KPI’s are monitored for a company as a whole, compared to sales and prior year.
2023
2022
EBITDA
£73k
£31k
EBITDA as a percentage of sales
0.35%
0.15%
Cost of sales as a percentage of sales
91.58%
93.18%
Distribution costs and administration
7.44%
7.12%
Expenses as a percentage of sales
Working capital as a percentage of sales
25.32%
22.17%
Working capital days
108
88
POTTERS-BALLOTINI LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
Natural Gas Prices
The company continues to be exposed to the pricing of natural gas. These risks are managed to an extent by using flexible forward gas purchasing which allows it to lock into fixed gas prices for fixed periods. The war in Ukraine increased pressure in 2022 when energy prices rocketed. However, due to a relatively mild winter across the UK, coupled with the energy saving efforts of homes and businesses. Many worried by the prospect of unaffordable energy bills. This helped cut demand and caused a drop in prices across 2023 in comparison to 2022. This drop in energy prices has benefited the company, like many other businesses that are reliant on gas in their production processes.
Exchange Rates
The company is a net exporter in both Euros and US Dollars. The pound strengthened significantly in Quarter 4 2022 in both currencies when the government reversed its political plans restoring more confidence from previous months of political unrest. In 2023 the USD has remained relatively stable, until Sept/Oct 23 due to the UK’s biggest tax cuts in 50 years, which led to a weaker outlook for the UK economy and a stronger dollar putting pressure on sterling. The USD has remained more stable than the EUR in 2024 and has peaked in Jul 24, due to investors predicting UK interest rates to stay high for longer, as well as the recent outcome of the election. The EUR has been more volatile in 2023 particularly in Quarter 1 but steadily rose back up in Mid Quarter 2. Oct and beginning of Nov saw the pound weaken as markets bet the United Kingdom will see interest rates fall sooner and further than those in Eurozone in 2024. The pound also weakened against the EUR due to tax cuts announced by the government, to be paid for by borrowing. There were also concerns financial markets were ‘pricing in’ more rate cuts than are likely. Overall 2023 against the EUR, was rise of +2.01%. In 2024 the pound to Eur has remained volatile, July 24, showing the most improvement due to expectations that the Bank of England will be cutting interest rates less sharply than policymakers in the EU. In addition the election results have impacted the stability of the Eurozone, leading to an increased demand for sterling as a hedge against euro weakness. The company does not undertake any form of foreign currency hedging.
Cash flow risk
The company had healthy cash flows both in 2023 and now into 2024. The year end actual cash position in 2023 was £937k.
Future developments
Based on the pool of experience from the combined Potters Group (European and Worldwide) the company will continue improving processes both in production and supply chain flows making best use of synergies within the group. In parallel to this the company will continue to look for opportunities to broaden its product portfolio and review ideas for diversification of its product line.
K M O'Brien
Director
5 August 2024
POTTERS-BALLOTINI LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of the manufacturing and marketing of glass beads.
Results and dividends
The profit for the financial year was £191k (2022 loss: £110k).
The directors do not recommend the payment of a dividend (2022: £Nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R W Andersen
K M O'Brien
J Ubbens
(Appointed 30 January 2024)
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going Concern
The company made a profit for the financial year of £191k which is an improvement from 2022 loss of £110k and increase in net current assets to £1,213k (2022: £1,054k). In assessing the basis of preparation of the financial statements the directors have had due regard to the further funding requirements of the company.
The financial statements have been prepared on a going concern basis, which assumes the company will have adequate financial resources for at least twelve months from the date of signing of these financial statements.
Taking account of the factors noted above and support provided by Potters Industries LLC if required the directors consider the preparation of the financial statements on a going concern basis to be appropriate.
On behalf of the board
K M O'Brien
Director
5 August 2024
POTTERS-BALLOTINI LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors are responsible for preparing the annual 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 of 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 judgements and accounting estimates that are reasonable and prudent;
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.
POTTERS-BALLOTINI LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF POTTERS-BALLOTINI LIMITED
- 5 -
Opinion
We have audited the financial statements of Potters-Ballotini Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 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.
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 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.
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 contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our 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 have been prepared in accordance with applicable legal requirements.
POTTERS-BALLOTINI LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POTTERS-BALLOTINI LIMITED
- 6 -
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 in relation to which 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 returns; or
certain disclosures of 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
POTTERS-BALLOTINI LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF POTTERS-BALLOTINI LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 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.
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 auditor's 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.
Angus Cowie
Senior Statutory Auditor
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
POTTERS-BALLOTINI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£'000
£'000
Turnover
3
20,735
20,805
Cost of sales
(20,957)
(20,917)
Gross loss
(222)
(112)
Other operating income
5
Operating loss
5
(222)
(107)
Interest receivable and similar income
8
501
1
Interest payable and similar expenses
9
(4)
Loss on disposal of investments
10
(88)
-
Profit/(loss) before taxation
191
(110)
Tax on profit/(loss)
11
Profit/(loss) for the financial year
191
(110)
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(518)
(248)
Restriction in pension recoverable surplus
705
227
Total comprehensive income for the year
378
(131)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 12 to 28 form part of these financial statements.
POTTERS-BALLOTINI LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
12
243
292
Tangible assets
13
4,733
4,377
Investments
14
88
4,976
4,757
Current assets
Stocks
15
3,836
3,257
Debtors
17
4,422
4,337
Cash at bank and in hand
937
947
9,195
8,541
Creditors: amounts falling due within one year
18
(7,982)
(7,487)
Net current assets
1,213
1,054
Net assets
6,189
5,811
Capital and reserves
Called up share capital
19
24,205
24,205
Other reserves
154
154
Profit and loss reserves
(18,170)
(18,548)
Total equity
6,189
5,811
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
K M O'Brien
Director
Company Registration No. 00591872
POTTERS-BALLOTINI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Other reserves
Profit and loss reserves
Total
£'000
£'000
£'000
£'000
Balance at 1 January 2022
24,205
154
(18,417)
5,942
Year ended 31 December 2022:
Loss for the year
-
-
(110)
(110)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
(248)
(248)
Restriction in pension recoverable surplus
-
-
227
227
Total comprehensive income for the year
(131)
(131)
Balance at 31 December 2022
24,205
154
(18,548)
5,811
Year ended 31 December 2023:
Profit for the year
-
-
191
191
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
(518)
(518)
Restriction in pension recoverable surplus
-
-
705
705
Total comprehensive income for the year
-
-
378
378
Balance at 31 December 2023
24,205
154
(18,170)
6,189
POTTERS-BALLOTINI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
246
(46)
Interest paid
(4)
Net cash inflow/(outflow) from operating activities
246
(50)
Investing activities
Purchase of tangible fixed assets
(1,001)
(627)
Proceeds on disposal of tangible fixed assets
244
1,294
Interest received
2
1
Dividends received
499
Net cash (used in)/generated from investing activities
(256)
668
Net (decrease)/increase in cash and cash equivalents
(10)
618
Cash and cash equivalents at beginning of year
947
329
Cash and cash equivalents at end of year
937
947
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Potters-Ballotini Limited is a private company limited by shares incorporated in England and Wales. The registered office is Darlington Road, West Auckland, Bishop Auckland, County Durham, England, DL14 9PR. The principal place of business is Borough Flint Glassworks, Pontefract Road, Barnsley, South Yorkshire, United Kingdom, S71 1HJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The company made a profit for the financial year of £191k (2022 - £110k loss) and has net current assets of £1,213k (2022 - £1,054k). true
The financial statements have been prepared on a going concern basis, which assumes that the company will have adequate resources for at least twelve months from the date of signing the financial statements. Potters Industries LLC has confirmed in writing that it will not demand repayment of intercompany balances and will provide financial support to the company and ensure Potters-Ballotini Limited are financially able to satisfy any obligation that may arise from its operations for a period of 12 months from the date of the approval of their balance sheet.
As with any company placing reliance on other group entities for financial support, the directors acknowledge there can be no certainty that this support will continue although, at the date of the approval of these financial statements, they have no reason to believe that it will not do so. This is on the basis that there are significant cash balances available within the group.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
At the balance sheet date, the amounts expected to be reclaimed under agreements with customers are accrued for and deducted from revenue. Amounts accrued are determinable by contract. All commissions are recorded in the period in which the sales relate.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2.5% - 12.5% per annum
Plant and equipment
10% - 33% per annum
Motor vehicles
20% per annum
Construction in progress
Not depreciated
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. Labour and fixed production overheads absorbed are calculated based on best estimates of actual production costs and production employees. Warehouse costs have been calculated relating to floor space.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.14
Retirement benefits
Defined contribution scheme
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Defined benefit pension scheme
The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
A liability in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset in the balance sheet comprises the fair value of plan assets (out of which the obligations are to be settled directly) less the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds). Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. The asset has been restricted to nil (2022: nil).
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment of fixed assets
The company considers whether fixed assets are impaired. Where an indication of impairment is identified an estimation of the recoverable value of the assets is required. This requires estimation of the future cash flows from the assets and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.
Defined benefit pension scheme
The company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors. Including: life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management in conjuction with their expert, estimate these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.
At the latest valuation date, the pension scheme was showing a recoverable surplus of £4,090k (2022 - £4,579k). However, management have taken the view that this amount should not be recognised as an asset within the balance sheet of the company due to uncertainties around the final economic benefits that would flow to the company as the scheme is not currently in the process of being wound-up.
Absorption of costs into finished goods and goods for resale
In assessing the value of stock consideration is given to the proportion of overheads included in the valuation. The company uses estimates based on historical experience and current information in determining the proportion of overheads which should be included each year which is allocated appropriately based on the items usage in the production process.
3
Turnover and other revenue
2023
2022
£'000
£'000
Turnover analysed by geographical market
United Kingdom
10,487
11,473
Rest of Europe
5,572
6,401
Rest of the world
4,676
2,931
20,735
20,805
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 19 -
2023
2022
£'000
£'000
Other revenue
Interest income
2
1
Dividends received
499
-
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
44
39
For other services
Taxation compliance services
8
8
5
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£'000
£'000
Exchange (gains)/losses
(228)
319
Depreciation of owned tangible fixed assets
484
448
Profit on disposal of tangible fixed assets
(83)
(724)
Amortisation of intangible assets
49
49
Operating lease charges
554
921
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
26
21
Selling and distribution
3
3
Warehousing and logistics
10
12
Administration
10
9
Total
49
45
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2023
2022
£'000
£'000
Wages and salaries
2,014
1,901
Social security costs
200
186
Pension costs
257
83
2,471
2,170
7
Directors' remuneration
During the year no director received any remuneration (2022 - £Nil) from the company. The directors were remunerated by other group companies.
8
Interest receivable and similar income
2023
2022
£'000
£'000
Interest income
Interest on bank deposits
2
Interest receivable from group companies
1
Total interest revenue
2
1
Other income from investments
Dividends received
499
Total income
501
1
9
Interest payable and similar expenses
2023
2022
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
4
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Loss on disposal of investments
2023
2022
£'000
£'000
Loss on disposal of subsidiaries
88
11
Taxation
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£'000
£'000
Profit/(loss) before taxation
191
(110)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
45
(21)
Tax effect of expenses that are not deductible in determining taxable profit
23
7
Tax effect of income not taxable in determining taxable profit
(54)
Effect of change in corporation tax rate
15
(66)
Depreciation on assets not qualifying for tax allowances
55
(194)
Dividend income
(117)
Deferred tax not recognised
32
274
Chargeable gains
1
Taxation charge for the year
-
-
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (from 19% as previously enacted). This new law was substantively enacted on 24 May 2021.
12
Intangible fixed assets
Goodwill
£'000
Cost
At 1 January 2023 and 31 December 2023
488
Amortisation and impairment
At 1 January 2023
196
Amortisation charged for the year
49
At 31 December 2023
245
Carrying amount
At 31 December 2023
243
At 31 December 2022
292
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
13
Tangible fixed assets
Freehold property
Plant and equipment
Motor vehicles
Construction in progress
Total
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2023
1,900
5,527
20
453
7,900
Additions
83
327
16
575
1,001
Disposals
(21)
(1,536)
(1,557)
Transfers
21
293
37
(351)
At 31 December 2023
1,983
4,611
73
677
7,344
Depreciation and impairment
At 1 January 2023
69
3,439
15
3,523
Depreciation charged in the year
27
444
13
484
Eliminated in respect of disposals
(15)
(1,381)
(1,396)
At 31 December 2023
81
2,502
28
2,611
Carrying amount
At 31 December 2023
1,902
2,109
45
677
4,733
At 31 December 2022
1,831
2,088
5
453
4,377
Amounts totaling £677k (2022 - £453k) relate to assets under construction which are not yet ready for use. These assets are not depreciated until they are ready for use, at which they are then transferred to the relevant asset class.
14
Fixed asset investments
2023
2022
£'000
£'000
Investments in subsidiaries
88
Movements in fixed asset investments
Investments
£'000
Cost or valuation
At 1 January 2023
88
Disposals
(88)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
88
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
15
Stocks
2023
2022
£'000
£'000
Raw materials and consumables
297
333
Finished goods and goods for resale
3,539
2,924
3,836
3,257
The difference between purchase price or production cost of stocks and their replacement cost is not material.
The impairment provision at the year end is £214k (2022 - £141k).
16
Financial instruments
2023
2022
£'000
£'000
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,670
4,232
Equity instruments measured at cost less impairment
-
88
Carrying amount of financial liabilities
Measured at amortised cost
7,939
7,437
17
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Trade debtors
2,680
3,211
Amounts owed by group undertakings
53
74
Other debtors
1,339
839
Prepayments and accrued income
350
213
4,422
4,337
Trade debtors are stated after provisions for impairment of £288k (2022 - £97k).
All amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
18
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Trade creditors
1,117
1,071
Amounts owed to group undertakings
6,130
5,301
Taxation and social security
43
50
Other creditors
1
Accruals and deferred income
692
1,064
7,982
7,487
Amounts totalling £372k (2022 - £235k) owed to group undertakings are in relation to a group cash pooling facility. The cash pooling facility is held by Sovitec Mondial SA and accrues interest at 0.25% per annum.
All other amounts owed to group undertakings are unsecured, interest free and are repayable on demand.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
24,204,838
24,204,838
24,205
24,205
Each of the shares carry an entitlement to one vote and equal rights to participate in any discretional dividends.
20
Contingent liabilities
The company has contingent liabilities in respect of guarantees given in the ordinary course of business of £50k (2022 - £50k).
21
Other reserves
2023
2022
£'000
£'000
At the beginning and end of the year
154
154
Capital contribution reserve for amounts previously given to the company by the shareholders.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
22
Pension commitments
Defined contribution pension scheme
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The cost of contributions to the defined contribution scheme amounts to £70k (2022 - £63k).
As at the reporting date, amounts payable of £nil (2022 - £1k) had not been paid over to the schemes.
Defined benefit pension scheme
The company operates a defined benefit pension scheme.
The latest actuarial valuation was performed as at 5 April 2022, the results of this valuation have been updated to 31 December 2023 for the purposes of the FRS 102 disclosures below.
The scheme was closed to future accrual on 1 May 2006.
The disclosures set out below are based on calculations carried out as at 31 December 2023 by a qualified independent actuary, which are included in the audited pension scheme accounts.
The pension scheme assets are held in a separate trustee-administered fund to meet long-term pension liabilities to past and present employees. The trustees of the fund are required to act in the best interest of the fund's beneficiaries. The appointment of trustees to the fund is determined by the scheme's trust documentation.
The liabilities of the defined benefit scheme are measured by discounting the best estimate of future cash flows to be paid out of the scheme using the projected unit method. This amount is reflected in the deficit in the balance sheet. The protected unit method is an accrued benefits valuation method in which the scheme liabilities make allowance for the projected earnings.
As at 31 December 2023, contributions are payable to the scheme by the company at the rates set out in the schedule of contributions dated 3 October 2011.
Reconciliation of present value of plan liabilities:
2023
2022
£000
£000
At the beginning of the year
9,690
14,118
Current service cost
187
20
Interest cost
371
225
Revaluation of annuities policies
(410)
(295)
Actuarial losses
450
(3,997)
Benefits paid
(242)
(361)
Administration expenses paid
(187)
(20)
At the end of the year
9,859
9,690
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Pension commitments
(Continued)
- 26 -
Composition of plan assets:
2023
2022
£000
£000
Equities
-
-
Annuities
1,423
1,833
Bonds
4,742
5,650
Gilts
3,340
6,434
Buy-out
3,581
-
Cash
863
352
13,949
14,269
2023
2022
£000
£000
Fair value of plan assets
13,949
14,269
Present value of plan liabilities
(9,859)
(9,690)
Restriction of recoverable surplus
(4,090)
(4,579)
Net pension scheme liability
-
-
The amounts recognised in profit or loss are as follows:
2023
2022
£000
£000
Current service cost
187
20
Interest on obligation
-
-
Total
187
20
Reconciliation of fair value of plan assets were as follows:
2023
2022
£000
£000
Opening fair value of scheme assets
14,269
18,835
Expected return on plan assets
587
314
Actuarial losses
(68)
(4,245)
Contributions by employer
-
41
Revaluation of annuity policies
(410)
(295)
Administration expenses paid
(187)
(20)
Benefits paid
(242)
(361)
13,949
14,269
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Pension commitments
(Continued)
- 27 -
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
2023
2022
£000
£000
Discount rate at 31 December
4.50%
4.80%
Expected return on scheme assets at 31 December
4.50%
4.80%
Future salary increases
3.80%
3.80%
Future pension increases
3.30%
3.30%
Inflation assumption
3.20%
3.20%
Mortality rates
- for a male ages 65 now
21.20
21.80
- at 65 for a male ages 45 now
22.20
22.80
- for a female ages 65 now
23.70
24.20
- at 65 for a female member aged 45 now
24.80
25.30
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£'000
£'000
Aggregate compensation
132
Other information
The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£'000
£'000
Within one year
526
339
Between two and five years
916
463
1,442
802
The company has entered into a sale and leaseback arrangement in January 2022 whereby fixed assets held at a net book value of £569,236 were disposed of and a gain on sale of £701,731 recognised in the profit and loss in the year ended 31 December 2022. The sale and leaseback contract had an operating lease term of two years ending December 2025.
POTTERS-BALLOTINI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
25
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£'000
£'000
£'000
Cash at bank and in hand
947
(10)
937
26
Cash generated from/(absorbed by) operations
2023
2022
£'000
£'000
Profit/(loss) for the year after tax
191
(110)
Adjustments for:
Finance costs
4
Investment income
(501)
(1)
Gain on disposal of tangible fixed assets
(83)
(724)
Amortisation and impairment of intangible assets
49
49
Depreciation and impairment of tangible fixed assets
484
448
Loss on disposal of investments
88
-
Pension scheme non-cash movement
187
(21)
Movements in working capital:
Increase in stocks
(579)
(69)
Increase in debtors
(85)
(802)
Increase in creditors
495
1,180
Cash generated from/(absorbed by) operations
246
(46)
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