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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' 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 |
|
Strategic Report |
2023 | 2022 | ||
£ | £ | ||
Turnover | 26,634 | 51,412 | |
Net profit before tax & exceptionals | 6,356 | 9,659 | |
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Director |
Director |
Registered office: |
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England |
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Directors' Report |
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Director |
Director |
Registered office: |
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England |
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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 |
Midway House |
Staverton Technology Park |
Herrick Way, Staverton |
Cheltenham, Glos. |
GL51 6TQ |
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Consolidated Statement of Comprehensive Income |
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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Income from other fixed asset investments |
9 |
– |
(
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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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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Tangible assets |
14 |
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Investments |
15 |
– |
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--------- |
------------ |
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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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------------- |
------------- |
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Creditors: amounts falling due within one year |
19 |
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------------- |
------------- |
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Net current assets |
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------------- |
------------- |
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Total assets less current liabilities |
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Provisions |
21 |
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
24 |
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Share premium account |
25 |
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– |
Other reserves, including the fair value reserve |
25 |
(
|
(
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Profit and loss account |
25 |
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------------- |
------------- |
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Shareholders funds |
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------------- |
------------- |
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Director |
Director |
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Company Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Investments |
15 |
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Debtors |
17 |
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Cash at bank and in hand |
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------------ |
------------ |
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------------ |
------------ |
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Net current assets |
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------------ |
------------- |
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Total assets less current liabilities |
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------------ |
------------- |
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Called up share capital |
24 |
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Share premium account |
25 |
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– |
Profit and loss account |
25 |
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------------ |
------------- |
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Shareholders funds |
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------------ |
------------- |
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Director |
Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
£ |
||
At 1 December 2021 |
|
– |
(
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Profit for the year |
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------- |
---- |
------- |
------------- |
------------- |
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Total comprehensive income for the year |
– |
– |
– |
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At 30 November 2022 |
|
– |
(
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Profit for the year |
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||||
------- |
---- |
------- |
------------- |
------------- |
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Total comprehensive income for the year |
– |
– |
– |
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Issue of shares |
|
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– |
– |
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Dividends paid and payable |
13 |
– |
– |
– |
(
|
(
|
User defined investments by and distributions to owners movement 1 |
– |
– |
– |
(13,948,733) |
(13,948,733) |
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---- |
--------- |
---- |
------------- |
------------- |
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Total investments by and distributions to owners |
|
|
– |
(
|
(
|
|
------- |
--------- |
------- |
------------- |
------------- |
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At 30 November 2023 |
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(
|
|
|
|
------- |
--------- |
------- |
------------- |
------------- |
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Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
||
At 1 December 2021 |
|
– |
|
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Profit for the year |
|
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------- |
---- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
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At 30 November 2022 |
|
– |
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Profit for the year |
|
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------- |
---- |
------------- |
------------- |
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Total comprehensive income for the year |
– |
– |
|
|
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Issue of shares |
|
|
– |
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
User defined investments by and distributions to owners movement 1 |
– |
– |
(13,948,732) |
(13,948,732) |
|
---- |
--------- |
------------- |
------------- |
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Total investments by and distributions to owners |
|
|
(
|
(
|
|
------- |
--------- |
------------- |
------------- |
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At 30 November 2023 |
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------- |
--------- |
------------- |
------------- |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
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Note |
£ |
£ |
Profit for the financial year |
|
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Adjustments for: |
||
Depreciation of tangible assets |
208,141 |
204,320 |
Income from other fixed asset investments |
– |
|
Other interest receivable and similar income |
(
|
(
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Interest payable and similar expenses |
1,466 |
494 |
Loss on disposal of tangible assets |
|
– |
Tax on profit |
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Accrued expenses |
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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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------------ |
------------- |
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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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Net cash from operating activities |
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------------ |
------------ |
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Purchase of tangible assets |
(
|
(
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Proceeds from sale of tangible assets |
– |
|
Proceeds from sale of other investments |
1,026,884 |
– |
------------ |
------------ |
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Net cash from/(used in) investing activities |
|
(
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------------ |
------------ |
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Proceeds from issue of ordinary shares |
|
– |
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
– |
Gifts to Employee Ownership Trust |
(13,948,732) |
– |
------------- |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------- |
------------ |
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Net (decrease)/increase in cash and cash equivalents |
(
|
|
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Cash and cash equivalents at beginning of year |
14,707,672 |
10,807,617 |
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------------- |
------------- |
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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 |
Short leasehold property |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Other operating income |
|
– |
-------- |
---- |
|
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 |
|
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Management staff |
3 |
3 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
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|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
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|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
(Gain)/loss on FV adj to other fixed asset investments |
– |
(109,096) |
---- |
--------- |
|
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 income |
|
|
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 tax |
30,662 |
12,770 |
EMI scheme |
(647,054) |
– |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends on equity shares |
|
– |
--------- |
---- |
|
Group |
Short leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 December 2022 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
– |
– |
(
|
– |
(
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
At 30 November 2023 |
|
|
|
|
|
--------- |
--------- |
--------- |
--------- |
------------ |
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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
|
--------- |
--------- |
--------- |
--------- |
------------ |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 December 2022 |
|
Disposals |
(
|
------------ |
|
At 30 November 2023 |
– |
------------ |
|
Impairment |
|
At 1 December 2022 and 30 November 2023 |
– |
------------ |
|
Carrying amount |
|
At 30 November 2023 |
– |
------------ |
|
At 30 November 2022 |
|
------------ |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 December 2022 |
|
|
|
Disposals |
– |
(
|
(
|
------- |
------------ |
------------ |
|
At 30 November 2023 |
|
– |
|
------- |
------------ |
------------ |
|
Impairment |
|||
At 1 December 2022 and 30 November 2023 |
– |
– |
– |
------- |
------------ |
------------ |
|
Carrying amount |
|||
At 30 November 2023 |
|
– |
|
------- |
------------ |
------------ |
|
At 30 November 2022 |
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|
------- |
------------ |
------------ |
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Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Finished goods and goods for resale |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
|
Directors loan account |
– |
|
– |
|
Other debtors |
|
|
|
– |
------------ |
------------ |
-------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
-------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
– |
(
|
------------ |
------------- |
|
|
|
|
------------ |
------------- |
|
Group |
Company |
|||
2023 |
2022 |
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 |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
– |
|
– |
– |
---- |
------- |
---- |
---- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 December 2022 |
|
Additions |
|
--------- |
|
At 30 November 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
--------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
--------- |
-------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
998 |
|
998 |
|
|
998 |
|
998 |
|
|
2 |
|
2 |
|
|
2 |
|
2 |
|
– |
– |
|
500 |
Ordinary A2 shares shares of £– (2022 - £0.001) each |
– |
– |
500,000 |
500 |
Ordinary B1 shares shares of £– (2022 - £0.001) each |
– |
– |
500,000 |
500 |
Ordinary B2 shares shares of £– (2022 - £0.001) each |
– |
– |
500,000 |
500 |
Ordinary shares shares of £0.001 each |
2,106,000 |
2,106 |
– |
– |
------------ |
------- |
------------ |
------- |
|
|
4,106 |
|
4,000 |
|
------------ |
------- |
------------ |
------- |
|
At 1 Dec 2022 |
Cash flows |
At 30 Nov 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(5,178,348) |
|
Bank overdrafts |
(390) |
390 |
– |
Debt due within one year |
(6,923) |
6,923 |
– |
------------- |
------------ |
------------ |
|
|
(
|
|
|
------------- |
------------ |
------------ |
|
|
Notes to the Financial Statements (continued) |
2023 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
|
– |
(
|
– |
|
|
|
– |
(
|
– |
|
--------- |
---- |
--------- |
---- |
||
|
– |
(
|
– |
||
--------- |
---- |
--------- |
---- |
||
2022 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
– |
|
– |
|
|
|
– |
|
– |
|
|
---- |
--------- |
---- |
--------- |
||
– |
|
– |
|
||
---- |
--------- |
---- |
--------- |
||