|
|
For the year ended |
|
|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
|
Officers and Professional Advisers |
Director |
|
Company secretary |
|
Registered office |
|
|
|
|
|
Scotland |
|
|
|
Auditor |
|
Chartered accountants & statutory auditor |
|
Mercantile Chambers |
|
53 Bothwell Street |
|
Glasgow |
|
G2 6TB |
|
Bankers |
|
Park House Branch |
|
Park Circus Place |
|
Glasgow |
|
G3 6AN |
|
Solicitors |
|
95 Stewarton Street |
|
Wishaw |
|
Lanarkshire |
|
ML2 8AG |
|
|
Strategic Report |
|
Company Secretary |
Registered office: |
|
|
|
Scotland |
|
|
Director's Report |
|
|
|
Company Secretary |
Registered office: |
|
|
|
Scotland |
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Mercantile Chambers |
53 Bothwell Street |
Glasgow |
G2 6TB |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Administrative expenses |
|
|
|
------------ |
------------ |
||
Operating (loss)/profit |
5 |
(
|
|
Other interest receivable and similar income |
9 |
|
|
Interest payable and similar expenses |
10 |
|
– |
------------ |
------------ |
||
(Loss)/profit before taxation |
(
|
|
|
Tax on (loss)/profit |
11 |
(
|
|
--------- |
--------- |
||
(Loss)/profit for the financial year and total comprehensive income |
(
|
|
|
--------- |
--------- |
||
The owners of the parent company |
(
|
|
Non-controlling interests |
(
|
|
--------- |
--------- |
|
(
|
|
|
--------- |
--------- |
|
|
Consolidated Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Intangible assets |
13 |
– |
|
|
Tangible assets |
14 |
|
|
|
Investments |
15 |
– |
|
|
------------ |
------------ |
|||
|
|
|||
Stocks |
16 |
|
|
|
Debtors |
17 |
|
|
|
Investments |
18 |
|
– |
|
Cash at bank and in hand |
|
|
||
------------ |
------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
19 |
|
|
|
------------ |
------------- |
|||
Net current assets |
|
|
||
------------- |
------------- |
|||
Total assets less current liabilities |
|
|
||
Taxation including deferred tax |
20 |
|
|
|
------------- |
------------- |
|||
Net assets |
|
|
||
------------- |
------------- |
|||
Called up share capital |
23 |
|
|
|
Profit and loss account |
24 |
|
|
|
------------- |
------------- |
|||
Equity attributable to the owners of the parent company |
|
|
||
Non-controlling interests |
(
|
|
|
------------- |
------------- |
||
|
|
||
------------- |
------------- |
||
|
|
Director |
|
|
Company Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Intangible assets |
13 |
– |
|
|
Tangible assets |
14 |
|
|
|
Investments |
15 |
|
|
|
------------ |
------------ |
|||
|
|
|||
Debtors |
17 |
|
|
|
Investments |
18 |
|
– |
|
Cash at bank and in hand |
|
|
||
------------ |
------------ |
|||
|
|
|||
Creditors: amounts falling due within one year |
19 |
|
|
|
------------ |
------------ |
|||
Net current assets |
|
|
||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
Taxation including deferred tax |
20 |
|
|
|
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Called up share capital |
23 |
|
|
|
Profit and loss account |
24 |
|
|
|
------------ |
------------ |
|||
Shareholders funds |
|
|
||
------------ |
------------ |
|||
|
|
Director |
|
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 1 January 2022 |
|
|
|
|
|
|
Profit for the year |
|
|
|
|
||
-------- |
------------- |
------------- |
--------- |
------------- |
||
Total comprehensive income for the year |
– |
|
|
|
|
|
Dividends paid and payable |
12 |
– |
(
|
(
|
(
|
(
|
-------- |
------------- |
------------- |
--------- |
------------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
(
|
(
|
|
At 31 December 2022 |
|
|
|
|
|
|
Loss for the year |
(
|
(
|
(
|
(
|
||
-------- |
------------- |
------------- |
--------- |
------------- |
||
Total comprehensive income for the year |
– |
(
|
(
|
(
|
(
|
|
Dividends paid and payable |
12 |
– |
(
|
(
|
(
|
(
|
---- |
--------- |
--------- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
(
|
(
|
|
-------- |
------------- |
------------- |
--------- |
------------- |
||
At 31 December 2023 |
|
|
|
(
|
|
|
-------- |
------------- |
------------- |
--------- |
------------- |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 January 2022 |
|
|
|
|
Profit for the year |
|
|
||
-------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
12 |
– |
(
|
(
|
-------- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 31 December 2022 |
|
|
|
|
Loss for the year |
(
|
(
|
||
-------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
(
|
(
|
|
Dividends paid and payable |
12 |
– |
(
|
(
|
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
-------- |
------------ |
------------ |
||
At 31 December 2023 |
|
|
|
|
-------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
(Loss)/profit for the financial year |
(
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Fair value adjustment of investment property |
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
– |
Gains on disposal of tangible assets |
(
|
(
|
Tax on (loss)/profit |
(
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
|
|
Trade and other creditors |
(
|
|
------------ |
------------ |
|
Cash generated from operations |
(
|
|
Interest paid |
(
|
– |
Interest received |
|
|
Tax paid |
(
|
(
|
--------- |
------------ |
|
Net cash (used in)/from operating activities |
(
|
|
--------- |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Cash advances and loans granted |
(
|
(
|
--------- |
------------ |
|
Net cash from/(used in) investing activities |
|
(
|
--------- |
------------ |
|
Proceeds from borrowings |
(
|
|
Dividends paid to owners of parent |
(
|
(
|
Dividends paid to minority interests |
(188,000)
|
(192,500)
|
--------- |
------------ |
|
Net cash used in financing activities |
(
|
(
|
--------- |
------------ |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
3,503,135 |
2,553,981 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Leasehold improvements |
- |
|
|
Plant and machinery |
- |
|
|
Equipment |
- |
|
|
Motor vehicles |
- |
|
|
Rental equipment |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
– |
|
Furnished holiday letting |
|
|
Rental Income - Residential |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Fair value adjustments to investment property |
|
(
|
Impairment of trade debtors |
17,420 |
59,299 |
Foreign exchange differences |
(
|
(
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
------- |
|
Other non-audit services |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Administrative staff |
|
|
Management staff |
6 |
7 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on loans and receivables |
7,825 |
1,068 |
Interest on cash and cash equivalents |
|
|
Other interest receivable and similar income |
– |
|
-------- |
------- |
|
|
|
|
-------- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Other interest payable and similar charges |
|
– |
------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
– |
|
Origination and reversal of timing differences |
(
|
|
------- |
-------- |
|
Tax on (loss)/profit |
(
|
|
------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
(Loss)/profit on ordinary activities before taxation |
(
|
|
--------- |
--------- |
|
(Loss)/profit on ordinary activities by rate of tax |
(
|
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
|
Effect of revenue exempt from tax |
(
|
(
|
Unused tax losses |
|
– |
--------- |
--------- |
|
Tax on (loss)/profit |
(
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends on equity shares - Ordinary |
|
– |
Dividends on equity shares -
|
|
|
Dividends on equity shares - Noel Kegg Limited Ordinary C |
|
|
Dividends on equity shares - Toolstop Limited Ordinary C |
|
192,500
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Group and company |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
-------- |
|
Amortisation |
|
At 1 January 2023 |
|
Charge for the year |
|
-------- |
|
At 31 December 2023 |
|
-------- |
|
Carrying amount |
|
At 31 December 2023 |
– |
-------- |
|
At 31 December 2022 |
|
-------- |
|
Group |
At 1 January 2023 |
Additions |
Disposals |
Revaluation |
At 31 December 2023 |
£ |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|||||
Freehold property |
|
|
(
|
(
|
|
Leasehold improvements |
|
|
– |
– |
|
Plant and machinery |
|
|
(
|
– |
|
Equipment |
|
|
– |
– |
|
Motor vehicles |
|
– |
– |
– |
|
Rental equipment |
|
– |
– |
– |
|
Investment property |
|
|
– |
|
|
------------ |
-------- |
--------- |
-------- |
------------ |
|
|
|
(
|
(
|
|
|
------------ |
-------- |
--------- |
-------- |
------------ |
|
At 1 January 2023 |
Charge for the year |
Disposals |
At 31 December 2023 |
|
£ |
£ |
£ |
£ |
|
Depreciation |
||||
Freehold property |
– |
– |
– |
– |
Leasehold improvements |
|
|
– |
|
Plant and machinery |
|
|
(
|
|
Equipment |
|
|
– |
|
Motor vehicles |
|
|
– |
|
Rental equipment |
|
|
– |
|
------------ |
--------- |
--------- |
------------ |
|
|
|
(
|
|
|
------------ |
--------- |
--------- |
------------ |
|
At 31 December 2023 |
At 31 December 2022 |
|
£ |
£ |
|
Carrying amount |
||
Freehold property |
|
|
Leasehold improvements |
|
|
Plant and machinery |
|
|
Equipment |
|
|
Motor vehicles |
|
|
Rental equipment |
|
|
Investment property |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
Company |
At 1 January 2023 |
Additions |
Disposals |
Revaluation |
At 31 December 2023 |
£ |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|||||
Freehold property |
|
|
(
|
(
|
|
Rental equipment |
|
– |
– |
– |
|
Investment property |
|
|
– |
|
|
------------ |
------------ |
-------- |
-------- |
------------ |
|
|
|
(
|
(
|
|
|
------------ |
------------ |
-------- |
-------- |
------------ |
|
At 1 January 2023 |
Charge for the year |
At 31 December 2023 |
|
£ |
£ |
£ |
|
Depreciation |
|||
Freehold property |
– |
– |
– |
Rental equipment |
|
|
|
------------ |
------------ |
-------- |
|
|
|
|
|
------------ |
------------ |
-------- |
|
At 31 December 2023 |
At 31 December 2022 |
|
£ |
£ |
|
Carrying amount |
||
Freehold property |
|
|
Rental equipment |
|
|
Investment property |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
Group |
Other loans |
£ |
|
Cost |
|
At 1 January 2023 |
|
Additions |
|
Transfers |
(174,536)
|
--------- |
|
At 31 December 2023 |
– |
--------- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
--------- |
|
Carrying amount |
|
At 31 December 2023 |
– |
--------- |
|
At 31 December 2022 |
|
--------- |
|
Company |
Shares in group undertakings |
Other loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 |
|
|
|
Transfers |
– |
(174,536)
|
(174,536)
|
Other movements |
– |
|
|
-------- |
--------- |
--------- |
|
At 31 December 2023 |
|
– |
|
-------- |
--------- |
--------- |
|
Impairment |
|||
At 1 January 2023 and 31 December 2023 |
– |
– |
– |
-------- |
--------- |
--------- |
|
Carrying amount |
|||
At 31 December 2023 |
|
– |
|
-------- |
--------- |
--------- |
|
At 31 December 2022 |
|
|
|
-------- |
--------- |
--------- |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
2 Ashley Drive, Bothwell, Glasgow, G71 8BS |
Ordinary |
90 |
|
2 Ashley Drive, Bothwell, Glasgow, G71 8BS |
Ordinary |
100 |
|
2 Ashley Drive, Bothwell, Glasgow, G71 8BS |
Ordinary |
100 |
|
2 Ashley Drive, Bothwell, Glasgow, G71 8BS |
Ordinary |
100 |
|
2 Ashley Drive, Bothwell, Glasgow, G71 8BS |
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Finished goods and goods for resale |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
– |
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
|
|
Director's loan account |
|
– |
|
– |
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
--------- |
|
|
|
|
|
|
------------ |
------------ |
------------ |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Other investments |
174,536 |
– |
174,536 |
– |
--------- |
---- |
--------- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Payments received on account |
|
– |
– |
– |
Trade creditors |
|
|
– |
– |
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
– |
|
Social security and other taxes |
|
|
|
|
Director loan accounts |
– |
|
– |
|
------------ |
------------ |
------- |
-------- |
|
|
|
|
|
|
------------ |
------------ |
------- |
-------- |
|
Group |
Deferred tax (note 21) |
£ |
|
At 1 January 2023 |
|
Additions |
|
Unused amounts reversed |
(
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Company |
Deferred tax (note 21) |
£ |
|
At 1 January 2023 |
|
Additions |
|
Unused amounts reversed |
(
|
-------- |
|
At 31 December 2023 |
|
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
|
|
|
|
--------- |
--------- |
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Fair value adjustment of investment property |
|
|
|
|
--------- |
--------- |
-------- |
-------- |
|
101,325 |
107,119 |
56,930 |
43,614 |
|
--------- |
--------- |
-------- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
30,001 |
30,001 |
30,001 |
30,001 |
|
100 |
100 |
100 |
100 |
|
100 |
100 |
100 |
100 |
-------- |
-------- |
-------- |
-------- |
|
30,201 |
30,201 |
30,201 |
30,201 |
|
-------- |
-------- |
-------- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
30,001 |
|
30,001 |
|
|
100 |
|
100 |
|
|
100 |
|
100 |
-------- |
-------- |
-------- |
-------- |
|
|
30,201 |
|
30,201 |
|
-------- |
-------- |
-------- |
-------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(1,149,683) |
|
Debt due within one year |
(2,390) |
2,390 |
– |
Current asset investments |
– |
174,536 |
|
------------ |
------------ |
------------ |
|
|
(
|
|
|
------------ |
------------ |
------------ |
|
|
Notes to the Financial Statements (continued) |
Group |
Company |
||||
2023 |
2022 |
2023 |
2022 |
||
£ |
£ |
£ |
£ |
||
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
||
|
|
– |
– |
||
--------- |
--------- |
---- |
---- |
||
2023 |
|||||
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
(
|
|
(
|
|
|
|
(
|
|
(
|
(
|
|
------- |
--------- |
--------- |
--------- |
||
(
|
|
(
|
|
||
------- |
--------- |
--------- |
--------- |
||
2022 |
|||||
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
|
|
(
|
(
|
|
|
(
|
|
(
|
(
|
|
--------- |
--------- |
--------- |
------- |
||
|
|
(
|
(
|
||
--------- |
--------- |
--------- |
------- |
||