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Financial Statements |
Contents |
Page |
Strategic report |
1 |
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 |
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Strategic Report |
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Director |
|
Registered office: |
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Co. Armagh |
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Director's Report |
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(Served from
|
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Director |
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Registered office: |
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Co. Armagh |
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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 |
22 Great Victoria Street |
Belfast |
BT2 7BA |
|
Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
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 |
6 |
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|
------------ |
------------ |
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Operating profit |
7 |
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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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|
------------ |
------------ |
||
Profit before taxation |
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Tax on profit |
13 |
|
(
|
------------ |
--------- |
||
Profit for the financial year and total comprehensive income |
|
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|
------------ |
--------- |
||
The owners of the parent company |
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Non-controlling interests |
(
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|
------------ |
--------- |
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|
------------ |
--------- |
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Consolidated Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Tangible assets |
15 |
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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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Creditors: amounts falling due within one year |
19 |
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|
------------- |
------------- |
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Net current assets |
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|
------------ |
------------ |
||
Total assets less current liabilities |
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|
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Creditors: amounts falling due after more than one year |
20 |
|
|
Provisions |
22 |
|
|
------------ |
------------ |
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Net assets |
|
|
|
------------ |
------------ |
||
Called up share capital |
27 |
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Capital redemption reserve |
28 |
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Profit and loss account |
28 |
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|
------------ |
------------ |
||
Equity attributable to the owners of the parent company |
|
|
|
Non-controlling interests |
|
|
------------ |
------------ |
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|
|
------------ |
------------ |
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|
Director |
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|
Company Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
------------ |
------------ |
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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 |
|
|
------------ |
------------ |
||
Net current assets |
|
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
|
|
Provisions |
22 |
|
|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
||
Called up share capital |
27 |
|
|
Capital redemption reserve |
28 |
|
|
Profit and loss account |
28 |
|
|
------------ |
------------ |
||
Shareholders funds |
|
|
|
------------ |
------------ |
||
|
|
Director |
|
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Consolidated Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 February 2022 |
|
|
|
|
|
|
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Profit for the year |
|
|
|
|
|||
---- |
---- |
------------ |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
(
|
(
|
Change in ownership interest in subsidiaries |
– |
– |
|
|
(
|
(
|
|
---- |
---- |
------------ |
------------ |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
|
|
(
|
(
|
|
At 31 January 2023 |
|
|
|
|
|
|
|
Profit for the year |
|
|
(
|
|
|||
---- |
---- |
------------ |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
(
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
– |
(
|
---- |
---- |
-------- |
-------- |
---- |
-------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
– |
(
|
|
---- |
---- |
------------ |
------------ |
------------ |
------------ |
||
At 31 January 2024 |
|
|
|
|
|
|
|
---- |
---- |
------------ |
------------ |
------------ |
------------ |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 February 2022 |
|
|
|
|
|
Profit for the year |
|
|
|||
---- |
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
---- |
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
At 31 January 2023 |
|
|
|
|
|
Profit for the year |
|
|
|||
---- |
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
14 |
– |
– |
(
|
(
|
---- |
---- |
-------- |
-------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
---- |
---- |
------------ |
------------ |
||
At 31 January 2024 |
|
|
|
|
|
---- |
---- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2024 |
2023 |
||
Note |
£ |
£ |
|
Cash generated from operations |
29 |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax received/(paid) |
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Cash advances and loans granted |
(
|
– |
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from borrowings |
– |
|
Repayments of borrowings |
(
|
(
|
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
(
|
Change in ownership interest in subsidiaries |
– |
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
2,564,093 |
2,523,286 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Freehold property |
- |
|
|
Short leasehold property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
|
|
Rental of machines |
– |
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
||
£ |
£ |
||
United Kingdom |
19,188,128 |
28,295,529 |
|
Europe |
6,919,048 |
6,044,898 |
|
------------- |
------------- |
||
26,107,176 |
34,340,427 |
||
------------- |
------------- |
||
2024 |
2023 |
|
£ |
£ |
|
Rental income |
|
|
Commission receivable |
– |
|
Management charges receivable |
|
|
Government grant income |
|
|
Other operating income |
|
– |
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
128,516 |
120,986 |
Foreign exchange differences |
(
|
(
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Distribution staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest receivable |
|
|
-------- |
------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
(
|
(
|
--------- |
--------- |
|
Total current tax |
|
(
|
--------- |
--------- |
|
Origination and reversal of timing differences |
(
|
(
|
--------- |
-------- |
|
Tax on profit |
|
(
|
--------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
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 expenses not deductible for tax purposes |
|
(
|
Effect of capital allowances and depreciation |
|
|
Effect of different UK tax rates on some earnings |
(15,567) |
– |
Utilisation of tax losses |
(
|
|
Unused tax losses |
|
(
|
Effect of research and development tax relief |
– |
(
|
Effect of other tax differences |
(
|
|
------------ |
--------- |
|
Tax on profit |
|
(
|
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
-------- |
--------- |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Investment property |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Feb 2023 |
|
|
|
|
|
|
Additions |
– |
|
|
|
– |
|
Disposals |
– |
(
|
(
|
(
|
– |
(
|
------------ |
------------ |
--------- |
------------ |
--------- |
------------ |
|
At 31 Jan 2024 |
|
|
|
|
|
|
------------ |
------------ |
--------- |
------------ |
--------- |
------------ |
|
Depreciation |
||||||
At 1 Feb 2023 |
|
|
|
|
– |
|
Charge for the year |
|
|
|
|
– |
|
Disposals |
– |
(
|
(
|
(
|
– |
(
|
------------ |
------------ |
--------- |
------------ |
--------- |
------------ |
|
At 31 Jan 2024 |
|
|
|
|
– |
|
------------ |
------------ |
--------- |
------------ |
--------- |
------------ |
|
Carrying amount |
||||||
At 31 Jan 2024 |
|
|
|
|
|
|
------------ |
------------ |
--------- |
------------ |
--------- |
------------ |
|
At 31 Jan 2023 |
|
|
|
|
|
|
------------ |
------------ |
--------- |
------------ |
--------- |
------------ |
|
Company |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 February 2023 |
|
|
|
|
|
Additions |
– |
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 January 2024 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 February 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 January 2024 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 31 January 2024 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 January 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Group |
Plant and machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
|
At 31 January 2024 |
|
|
|
-------- |
--------- |
--------- |
|
At 31 January 2023 |
|
|
|
--------- |
--------- |
--------- |
|
Company |
Plant and machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
|
At 31 January 2024 |
|
|
|
-------- |
--------- |
--------- |
|
At 31 January 2023 |
|
|
|
-------- |
--------- |
--------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 February 2023 and 31 January 2024 |
|
------------ |
|
Impairment |
|
At 1 February 2023 and 31 January 2024 |
– |
------------ |
|
Carrying amount |
|
At 1 February 2023 and 31 January 2024 |
|
------------ |
|
At 31 January 2023 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
77.86 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
57.9 |
|
Ordinary |
73.2 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Finished goods and goods for resale |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
|
|
Director's loan account |
|
– |
|
– |
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
– |
Social security and other taxes |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
Director loan accounts |
– |
|
– |
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
|
|
--------- |
------------ |
-------- |
--------- |
|
|
|
|
|
|
--------- |
------------ |
-------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
|
|
Later than 1 year and not later than 5 years |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Warranties |
Deferred tax (note 23) |
Total |
£ |
£ |
£ |
|
At 1 February 2023 |
|
|
|
Additions |
– |
(
|
(
|
-------- |
--------- |
--------- |
|
At 31 January 2024 |
|
|
|
-------- |
--------- |
--------- |
|
Company |
Warranties |
Deferred tax (note 23) |
Total |
£ |
£ |
£ |
|
At 1 February 2023 |
|
|
|
Additions |
– |
(
|
(
|
-------- |
--------- |
--------- |
|
At 31 January 2024 |
|
|
|
-------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
48,232 |
– |
48,232 |
– |
Government grants released to profit or loss |
– |
322 |
– |
322 |
-------- |
---- |
-------- |
---- |
|
|
|
|
|
|
-------- |
---- |
-------- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Financial assets measured at fair value through profit or loss |
250,000 |
250,000 |
– |
– |
--------- |
--------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
40 |
|
40 |
---- |
---- |
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Government grant income |
– |
(322) |
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Tax on profit |
|
(
|
Accrued expenses/(income) |
|
(
|
Changes in: |
||
Stocks |
(
|
|
Trade and other debtors |
|
|
Trade and other creditors |
(
|
(
|
Provisions and employee benefits |
– |
(
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
At 1 Feb 2023 |
Cash flows |
New finance leases |
Other changes |
At 31 Jan 2024 |
|
£ |
£ |
£ |
£ |
£ |
|
Cash at bank and in hand |
|
959,000 |
– |
|
|
Debt due within one year |
(344,045) |
356,672 |
(11,820) |
(216,632) |
(215,825) |
Debt due after one year |
(1,037,427) |
187,376 |
(33,180) |
216,632 |
(666,599) |
------------ |
------------ |
-------- |
--------- |
------------ |
|
|
|
(
|
– |
|
|
------------ |
------------ |
-------- |
--------- |
------------ |
|
2024 |
|||||
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
– |
|
(
|
|
|
---- |
--------- |
-------- |
-------- |
||
2023 |
|||||
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
|
– |
(
|
– |
|
------- |
---- |
------- |
---- |
||
|
Notes to the Financial Statements (continued) |