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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Statement of comprehensive income |
9 |
Statement of financial position |
10 |
Statement of changes in equity |
11 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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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 |
Hallswelle House |
1 Hallswelle Road |
London |
England |
NW11 0DH |
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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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Gross profit |
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Property outgoings |
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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 shares in group undertakings |
10 |
– |
(
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Other interest receivable and similar income |
11 |
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Interest payable and similar expenses |
12 |
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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
13 |
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--------- |
--------- |
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Profit for the financial year |
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--------- |
--------- |
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Revaluation of tangible assets |
– |
(
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--------- |
--------- |
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Total comprehensive income for the year |
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(
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--------- |
--------- |
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
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 |
18 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
19 |
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Taxation including deferred tax |
21 |
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Net assets |
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Called up share capital |
24 |
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Revaluation reserve |
25 |
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Profit and loss account |
25 |
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Shareholders funds |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
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Note |
£ |
£ |
£ |
£ |
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At 1 January 2022 |
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Profit for the year |
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Other comprehensive income for the year: |
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Revaluation of tangible assets |
15 |
– |
(
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– |
(
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---- |
------------ |
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------------ |
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Total comprehensive income for the year |
– |
(
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(
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At 31 December 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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Dividends paid and payable |
14 |
– |
– |
(
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(
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---- |
---- |
-------- |
-------- |
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Total investments by and distributions to owners |
– |
– |
(
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(
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---- |
------------ |
------------ |
------------ |
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At 31 December 2023 |
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---- |
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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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Income from shares in group undertakings |
– |
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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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Tax on profit |
107,674
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1,822
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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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(
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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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(
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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/(used in) operating activities |
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(
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------------ |
--------- |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of subsidiaries |
– |
(
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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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Proceeds from loans from group undertakings |
(
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Payments of finance lease liabilities |
(
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(
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Dividends paid |
(
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– |
------------ |
--------- |
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Net cash (used in)/from financing activities |
(
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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 |
64,849 |
43,165 |
--------- |
-------- |
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Cash and cash equivalents at end of year |
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--------- |
-------- |
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Notes to the Financial Statements |
Plant and machinery |
- |
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Fixtures, fittings and equipment |
- |
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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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Rendering of services |
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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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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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Rental income |
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-------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Depreciation of tangible assets |
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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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-------- |
-------- |
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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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---- |
---- |
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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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-------- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Loss on subsidiary loan written off |
– |
(12,545) |
---- |
-------- |
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2023 |
2022 |
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£ |
£ |
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Interest on loans and receivables |
41,081 |
87,995 |
Interest on bank deposits |
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-------- |
-------- |
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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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Interest on obligations under finance leases and hire purchase contracts |
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Interest payable - other loans |
27,066 |
19,373 |
Other interest payable and similar charges |
– |
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--------- |
--------- |
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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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-------- |
------- |
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Origination and reversal of timing differences |
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--------- |
------- |
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Tax on profit |
107,674
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1,822
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--------- |
------- |
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2023 |
2022 |
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£ |
£ |
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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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Group loss adjustment |
(10,365) |
(38,784) |
--------- |
--------- |
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Tax on profit |
90,884
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(5,726) |
--------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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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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Freehold properties |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost/valuation |
|||||
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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------------- |
------------ |
--------- |
-------- |
------------- |
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Depreciation |
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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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------------- |
------------ |
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-------- |
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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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------------- |
------------ |
--------- |
-------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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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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Sundry loans |
886,118 |
867,037 |
Amounts owed by related undertakings |
361,566 |
696,331 |
Other debtors |
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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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Other borrowing |
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Corporation tax |
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– |
Social security and other taxes |
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Obligations under finance leases and hire purchase contracts |
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Director loan accounts |
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Other creditors |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
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Bank loans and overdrafts |
|
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Other borrowing |
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Obligations under finance leases and hire purchase contracts |
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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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-------- |
-------- |
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-------- |
-------- |
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Deferred tax (note 22) |
|
£ |
|
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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--------- |
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2023 |
2022 |
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£ |
£ |
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Included in provisions (note 21) |
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--------- |
--------- |
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2023 |
2022 |
|
£ |
£ |
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Accelerated capital allowances |
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Revaluation of tangible assets |
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--------- |
--------- |
|
709,121 |
692,331 |
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--------- |
--------- |
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2023 |
2022 |
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No. |
£ |
No. |
£ |
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50,000 |
50,000 |
50,000 |
50,000 |
|
50,000 |
50,000 |
50,000 |
50,000 |
--------- |
--------- |
--------- |
--------- |
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100,000 |
100,000 |
100,000 |
100,000 |
|
--------- |
--------- |
--------- |
--------- |
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2023 |
2022 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
---- |
---- |
---- |
---- |
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At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
60,017 |
|
Debt due within one year |
(1,330,940) |
692,275 |
(638,665) |
Debt due after one year |
(4,174,824) |
188,946 |
(3,985,878) |
------------ |
--------- |
------------ |
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(
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(
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------------ |
--------- |
------------ |
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2023 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
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£ |
£ |
£ |
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--------- |
-------- |
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2022 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
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£ |
£ |
£ |
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(
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--------- |
-------- |
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Notes to the Financial Statements (continued) |