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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 |
7 |
Consolidated statement of income and retained earnings |
12 |
Company statement of income and retained earnings |
13 |
Consolidated statement of financial position |
14 |
Company statement of financial position |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Aisling House |
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50 Stranmillis Embankment |
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Belfast |
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BT9 5FL |
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Bankers |
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Donegall Square West |
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Belfast |
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BT1 6JS |
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Solicitors |
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Thomas House |
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14 -16 James Street South |
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Belfast |
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BT2 7GA |
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Strategic Report |
2023 | 2022 | 2021 | ||
£ | £ | £ | ||
Turnover | 36,627,543 | 32,321,067 | 21,108,968 | |
Gross Profit | 6,941,731 | 4,855,232 | 5,959,263 | |
Gross Margin % | 19 | 15 | 19 | |
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Director |
Registered office: |
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Directors' Report |
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(Appointed
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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 |
Aisling House |
50 Stranmillis Embankment |
Belfast |
BT9 5FL |
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Consolidated 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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------------ |
------------ |
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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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------------ |
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Profit before taxation |
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Tax on profit |
12 |
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------------ |
------------ |
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Profit for the financial year and total comprehensive income |
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------------ |
------------ |
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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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------------- |
------------- |
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Retained earnings at the end of the year |
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------------- |
------------- |
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Company Statement of Income and Retained Earnings |
2023 |
2022 |
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Note |
£ |
£ |
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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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------------- |
------------- |
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Retained earnings at the end of the year |
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21,670,775
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Negative goodwill |
14 |
(
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(
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Tangible assets |
15 |
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------------- |
------------- |
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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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Net current assets |
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------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
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Provisions |
22 |
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Net assets |
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Called up share capital |
26 |
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Capital redemption reserve |
27 |
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Profit and loss account |
27 |
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Shareholders funds |
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Tangible assets |
15 |
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Investments |
16 |
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------------- |
------------- |
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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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Net current assets |
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------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
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Provisions |
22 |
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Net assets |
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Called up share capital |
26 |
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Capital redemption reserve |
27 |
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Profit and loss account |
27 |
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21,670,775
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Shareholders funds |
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------------- |
------------- |
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Director |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
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£ |
£ |
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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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(
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Government grant income |
(
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– |
Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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(
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Tax on profit |
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Accrued income |
(
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(
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Changes in: |
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Stocks |
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(
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Trade and other debtors |
(
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(
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Trade and other creditors |
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(
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------------ |
------------ |
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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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------------ |
------------ |
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Net cash from operating activities |
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------------ |
------------ |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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------------ |
------------ |
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Net cash used in investing activities |
(
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(
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------------ |
------------ |
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Proceeds from borrowings |
(
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(
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Government grant income |
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– |
Dividends paid |
(
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(
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------------ |
------------ |
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Net cash used in financing activities |
(
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(
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------------ |
------------ |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
6,051,884 |
5,715,313 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
Goodwill |
- |
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Land and buildings |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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2023 |
2022 |
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£ |
£ |
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Sale of goods |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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UK |
36,627,543 |
32,141,184 |
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Europe |
– |
179,883 |
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------------- |
------------- |
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Total |
36,627,543 |
32,321,067 |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Government grant income |
|
– |
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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(
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Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
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(
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Foreign exchange differences |
|
(
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--------- |
--------- |
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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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Audit of the financial statements of associates |
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Taxation compliance services |
|
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Taxation advisory services |
– |
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Other non-audit services |
|
|
-------- |
-------- |
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12,500 |
33,825 |
|
-------- |
-------- |
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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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|
---- |
---- |
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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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------------ |
------------ |
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------------ |
------------ |
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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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|
---- |
---- |
|
2023 |
2022 |
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£ |
£ |
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Aggregate remuneration |
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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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2023 |
2022 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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|
--------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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UK current tax expense |
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Adjustments in respect of prior periods |
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|
------------ |
--------- |
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Total current tax |
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------------ |
--------- |
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Origination and reversal of timing differences |
(
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|
------------ |
--------- |
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Tax on profit |
|
|
------------ |
--------- |
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2023 |
2022 |
|
£ |
£ |
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Profit on ordinary activities before taxation |
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|
------------ |
------------ |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
|
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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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Effect of different UK tax rates on some earnings |
(78,428) |
– |
Utilisation of tax losses |
(
|
– |
Origination and reversal of timing differences |
(
|
|
Research and development credit |
(
|
(
|
------------ |
------------ |
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Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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|
--------- |
--------- |
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Group |
Goodwill |
£ |
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Cost |
|
At 1 January 2023 and 31 December 2023 |
(
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------------ |
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Amortisation |
|
At 1 January 2023 |
(
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Charge for the year |
(
|
------------ |
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At 31 December 2023 |
(
|
------------ |
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Carrying amount |
|
At 31 December 2023 |
(
|
------------ |
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At 31 December 2022 |
(
|
------------ |
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Group |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2023 |
|
|
|
|
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Additions |
– |
|
– |
|
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Disposals |
– |
(
|
– |
(
|
(
|
------------- |
------------- |
--------- |
--------- |
------------- |
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At 31 December 2023 |
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------------- |
------------- |
--------- |
--------- |
------------- |
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Depreciation |
|||||
At 1 January 2023 |
|
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Charge for the year |
|
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|
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Disposals |
– |
(
|
– |
(
|
(
|
------------- |
------------- |
--------- |
--------- |
------------- |
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At 31 December 2023 |
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|
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|
------------- |
------------- |
--------- |
--------- |
------------- |
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Carrying amount |
|||||
At 31 December 2023 |
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|
|
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|
------------- |
------------- |
--------- |
--------- |
------------- |
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At 31 December 2022 |
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|
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|
------------- |
------------- |
--------- |
--------- |
------------- |
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Company |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
– |
|
– |
|
|
Disposals |
– |
– |
– |
(
|
(
|
------------- |
------------- |
--------- |
--------- |
------------- |
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At 31 December 2023 |
|
|
|
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|
------------- |
------------- |
--------- |
--------- |
------------- |
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Depreciation |
|||||
At 1 January 2023 |
|
|
|
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|
Charge for the year |
|
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
------------- |
------------- |
--------- |
--------- |
------------- |
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At 31 December 2023 |
|
|
|
|
|
------------- |
------------- |
--------- |
--------- |
------------- |
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Carrying amount |
|||||
At 31 December 2023 |
|
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|
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|
------------- |
------------- |
--------- |
--------- |
------------- |
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At 31 December 2022 |
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------------- |
------------- |
--------- |
--------- |
------------- |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
------------- |
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Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
------------- |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
|
------------- |
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At 31 December 2022 |
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------------- |
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Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
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Aisling House |
Ordinary |
100 |
50 Stranmillis Embankment |
|||
Belfast |
|||
BT9 5FL |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Finished goods and goods for resale |
|
|
|
|
------------ |
------------ |
--------- |
------------ |
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|
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|
|
|
------------ |
------------ |
--------- |
------------ |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
– |
|
– |
------------ |
------------ |
------------ |
------------ |
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|
|
|
------------ |
------------ |
------------ |
------------ |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
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Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Director loan accounts |
|
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|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------- |
------------- |
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|
------------ |
------------ |
------------- |
------------- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 January 2023 |
|
Additions |
|
Charge against provision |
(
|
------------ |
|
At 31 December 2023 |
|
------------ |
|
Company |
Deferred tax (note 23) |
£ |
|
At 1 January 2023 |
|
Charge against provision |
(
|
------------ |
|
At 31 December 2023 |
|
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
|
– |
|
– |
------- |
---- |
------- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
66,670 |
|
66,670 |
-------- |
-------- |
-------- |
-------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
224,035 |
|
Debt due within one year |
(1,641,670) |
861,675 |
(779,995) |
Debt due after one year |
(4,447,257) |
3,246,853 |
(1,200,404) |
------------ |
------------ |
------------ |
|
(
|
|
|
|
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
|
|
Later than 1 year and not later than 5 years |
|
– |
|
– |
--------- |
--------- |
--------- |
--------- |
|
|
|
|
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|
--------- |
--------- |
--------- |
--------- |
|