|
|
|
|
Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Statement of income and retained earnings |
9 |
Statement of financial position |
10 |
Statement of cash flows |
11 |
Notes to the financial statements |
12 |
|
Strategic Report |
2023 | 2022 | ||
£ | £ | ||
Turnover | 26,634 | 51,412 | |
Net profit before tax & exceptionals | 6,356 | 9,659 | |
|
Director |
|
Directors' Report |
|
|
|
|
|
Director |
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Accountants & statutory auditor |
Midway House |
Staverton Technology Park |
Herrick Way, Staverton |
Cheltenham, Glos. |
GL51 6TQ |
|
Statement of Income and Retained Earnings |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Administrative expenses |
|
|
|
------------- |
------------- |
||
Operating profit |
5 |
|
|
Other interest receivable and similar income |
8 |
|
|
Interest payable and similar expenses |
9 |
|
|
------------- |
------------- |
||
Profit before taxation |
|
|
|
Tax on profit |
10 |
|
|
------------ |
------------ |
||
Profit for the financial year and total comprehensive income |
|
|
|
------------ |
------------ |
||
Dividends paid and payable |
11 |
(
|
(
|
Retained earnings at the start of the year |
|
|
------------ |
------------ |
|
Retained earnings at the end of the year |
|
|
------------ |
------------ |
|
|
Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Tangible assets |
12 |
|
|
Stocks |
13 |
|
|
Debtors |
14 |
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
16 |
|
|
------------ |
------------- |
||
Net current assets |
|
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
|
Provisions |
18 |
|
|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
||
Called up share capital |
21 |
|
|
Profit and loss account |
|
|
|
------------ |
------------ |
||
Shareholders funds |
|
|
|
------------ |
------------ |
||
|
|
Director |
Director |
|
Statement of Cash Flows |
2023 |
2022 |
|
Note |
£ |
£ |
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
208,141 |
204,320 |
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
1,467 |
2,584 |
Loss on disposal of tangible assets |
|
– |
Tax on profit |
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
|
Trade and other debtors |
|
|
Trade and other creditors |
(
|
(
|
------------ |
------------- |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
– |
|
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from loans from group undertakings |
– |
(
|
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net decrease in cash and cash equivalents |
(
|
(
|
|
Cash and cash equivalents at beginning of year |
5,681,431 |
6,151,012 |
|
------------ |
------------ |
||
Cash and cash equivalents at end of year |
15 |
|
|
------------ |
------------ |
||
|
Notes to the Financial Statements |
Computers |
- |
|
|
Plant & machinery |
- |
|
|
Fixtures & fittings |
- |
|
|
Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Loss on disposal of tangible assets |
|
– |
Impairment of trade debtors |
5,730 |
(3) |
Foreign exchange differences |
(
|
|
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Management staff |
3 |
3 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
--------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
|
------- |
------- |
|
|
|
|
------- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
(
|
(
|
--------- |
------------ |
|
Total current tax |
|
|
--------- |
------------ |
|
Origination and reversal of timing differences |
|
|
--------- |
------------ |
|
Tax on profit |
|
|
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
(
|
(
|
Effect of capital allowances and depreciation |
|
(
|
Research & Development |
(72,454) |
(70,057) |
Deferred taxation |
30,662 |
12,770 |
EMI scheme |
(647,054) |
– |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends on equity shares |
|
|
------------ |
------------ |
|
Short leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 December 2022 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
– |
– |
(
|
– |
(
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
At 30 November 2023 |
|
|
|
|
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 December 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
– |
(
|
– |
(
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
At 30 November 2023 |
|
|
|
|
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 30 November 2023 |
|
|
|
|
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
At 30 November 2022 |
|
|
|
|
542,633
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Finished goods and goods for resale |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
Other debtors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
– |
(
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Bank loans and overdrafts |
– |
|
Trade creditors |
|
|
Accruals and deferred income |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Obligations under finance leases and hire purchase contracts |
– |
|
Other creditors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
– |
|
---- |
------- |
|
Deferred tax (note 19) |
|
£ |
|
At 1 December 2022 |
|
Additions |
|
--------- |
|
At 30 November 2023 |
|
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Included in provisions (note 18) |
|
|
--------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
--------- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
998 |
|
998 |
|
|
998 |
|
998 |
|
|
2 |
|
2 |
|
|
2 |
|
2 |
------- |
------- |
------- |
------- |
|
|
|
|
|
|
------- |
------- |
------- |
------- |
|
At 1 Dec 2022 |
Cash flows |
At 30 Nov 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(1,014,258) |
|
Bank overdrafts |
(390) |
390 |
– |
Debt due within one year |
(6,923) |
6,923 |
– |
------------ |
------------ |
------------ |
|
|
(
|
|
|
------------ |
------------ |
------------ |
|