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FINANCIAL STATEMENTS |
Contents |
Page |
Strategic report |
1 |
Directors' report |
5 |
Independent auditor's report to the members |
7 |
Statement of income and retained earnings |
11 |
Statement of financial position |
12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 |
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STRATEGIC REPORT |
2023 | 2022 | 2021 | 2020 | 2019 | ||
Turnover (£000's) | 13,212 | 13,439 | 11,629 | 10,347 | 12,140 | |
Turnover % growth/(decline) | 2 | 16 | 12 | 15 | 2 | |
Gross margin % | 34 | 34 | 32 | 27 | 33 | |
Profits before tax £000's) | 1,229 | 1,488 | 815 | 190 | 1,259 | |
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Director |
Director |
Registered office: |
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DIRECTORS' REPORT |
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Director |
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 |
168 Church Road |
Hove |
East Sussex |
BN3 2DL |
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STATEMENT OF INCOME AND RETAINED EARNINGS |
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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--------------- |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
– |
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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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Profit before taxation |
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Tax on profit |
12 |
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Profit for the financial year and total comprehensive income |
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Dividends paid and payable |
13 |
(
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(
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Intangible assets |
14 |
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Tangible assets |
15 |
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Stocks |
16 |
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Debtors |
17 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
19 |
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Net current assets |
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Total assets less current liabilities |
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Provisions |
20 |
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Net assets |
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Called up share capital |
23 |
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Capital redemption reserve |
24 |
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Profit and loss account |
24 |
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Shareholders funds |
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Director |
Director |
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STATEMENT OF CASH FLOWS |
2023 |
2022 |
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Note |
£ |
£ |
Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
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Loss on disposal of tangible assets |
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Tax on profit |
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Accrued expenses/(income) |
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Changes in: |
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Stocks |
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Trade and other debtors |
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Trade and other creditors |
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
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Tax paid |
(
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(
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Net cash from operating activities |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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Net cash used in investing activities |
(
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(
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Proceeds from loans from group undertakings |
(
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Dividends paid |
(
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(
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Net cash used in financing activities |
(
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(
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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
(1,352,364) |
(678,598) |
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Cash and cash equivalents at end of year |
18 |
(
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(
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NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
Over the useful economic life
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Patents, trademarks and licences |
- |
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Short leasehold property |
- |
Over the life of the lease
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Plant and machinery |
- |
10% to 25% straight line or 15% reducing balance
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Fixtures and fittings |
- |
10% to 33% straight line or 10% to 25% reducing balance
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Motor vehicles |
- |
25% reducing balance
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2023 |
2022 |
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£ |
£ |
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Sale of goods |
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2023 |
2022 |
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£ |
£ |
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United Kingdom |
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Overseas |
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--------------- |
--------------- |
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--------------- |
--------------- |
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2023 |
2022 |
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£ |
£ |
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Other operating income |
– |
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---- |
--------- |
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2023 |
2022 |
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£ |
£ |
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Amortisation of intangible assets |
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Depreciation of tangible assets |
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Loss on disposal of tangible assets |
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Impairment of trade debtors |
9,283 |
8,404 |
Foreign exchange differences |
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2023 |
2022 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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--------- |
--------- |
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Other non-audit services |
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--------- |
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2023 |
2022 |
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No. |
No. |
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Production staff |
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Administrative staff |
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Sales staff |
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Directors |
2
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2
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---- |
---- |
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---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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2023 |
2022 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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---------- |
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---------- |
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2023 |
2022 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Aggregate remuneration |
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Company contributions to defined contribution pension plans |
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---------- |
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2023 |
2022 |
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£ |
£ |
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Interest on cash and cash equivalents |
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------- |
---- |
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2023 |
2022 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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2023 |
2022 |
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£ |
£ |
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UK current tax expense |
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Origination and reversal of timing differences |
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Tax on profit |
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2023 |
2022 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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Profit on ordinary activities by rate of tax |
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Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
(
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(
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Deferred tax |
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Tax on profit |
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2023 |
2022 |
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£ |
£ |
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Ordinary A shares of £1 each - Interim |
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Goodwill |
Patents, trademarks and licences |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2023 and 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Charge for the year |
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------- |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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– |
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At 31 December 2022 |
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Short leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Assets under construction |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Jan 2023 |
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Additions |
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Disposals |
– |
(
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– |
(
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– |
(
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---------- |
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At 31 Dec 2023 |
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Depreciation |
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At 1 Jan 2023 |
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– |
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Charge for the year |
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– |
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Disposals |
– |
(
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– |
(
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– |
(
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---------- |
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At 31 Dec 2023 |
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– |
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---------- |
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Carrying amount |
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At 31 Dec 2023 |
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---------- |
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At 31 Dec 2022 |
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---------- |
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2023 |
2022 |
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£ |
£ |
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Raw materials and consumables |
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Finished goods and goods for resale |
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------------- |
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Corporation tax repayable |
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– |
------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Cash at bank and in hand |
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Bank overdrafts |
(
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(
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------------- |
------------- |
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(
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(
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------------- |
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
– |
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Accruals and deferred income |
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Corporation tax |
– |
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Social security and other taxes |
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Other creditors |
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------------- |
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Deferred tax (note 21) |
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£ |
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At 1 January 2023 |
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Additions |
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---------- |
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At 31 December 2023 |
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2023 |
2022 |
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£ |
£ |
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Included in provisions (note 20) |
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---------- |
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2023 |
2022 |
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£ |
£ |
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Accelerated capital allowances |
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Pension plan obligations |
(
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(
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---------- |
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285,188 |
236,766 |
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---------- |
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2023 |
2022 |
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No. |
£ |
No. |
£ |
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95 |
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95 |
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4 |
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4 |
---- |
---- |
---- |
---- |
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---- |
---- |
---- |
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At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
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£ |
£ |
£ |
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Cash at bank and in hand |
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42,097 |
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Bank overdrafts |
(1,377,590) |
181,645 |
(1,195,945) |
Debt due within one year |
(187,630) |
187,630 |
– |
------------- |
---------- |
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(
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(
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------------- |
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2023 |
2022 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Later than 5 years |
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NOTES TO THE FINANCIAL STATEMENTS (continued) |