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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated income statement |
9 |
Consolidated statement of comprehensive income |
10 |
Consolidated statement of financial position |
11 |
Company statement of financial position |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 |
|
Strategic Report |
|
|
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 |
|
Chartered Accountants & Statutory Auditors |
Montague Place |
Quayside |
Chatham Maritime |
Chatham |
Kent |
|
Consolidated Income Statement |
2023 |
2022 |
||||||
Continuing operations |
Discont'd operations |
Total |
Continuing operations |
Discont'd operations |
Total |
||
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 |
5 |
– |
– |
– |
|
– |
|
------------ |
-------- |
------------ |
------------ |
--------- |
------------ |
||
Operating profit |
6 |
|
(
|
|
|
(
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|
Other interest receivable and similar income |
10 |
|
– |
|
|
– |
|
Interest payable and similar expenses |
11 |
|
|
|
|
– |
|
------------ |
-------- |
------------ |
------------ |
--------- |
------------ |
||
Profit before taxation |
|
(
|
|
|
(
|
|
|
Tax on profit |
12 |
|
(
|
|
|
|
|
------------ |
-------- |
------------ |
------------ |
--------- |
------------ |
||
Profit for the financial year |
|
(
|
|
|
(
|
|
|
------------ |
-------- |
------------ |
------------ |
--------- |
------------ |
||
The owners of the parent company |
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|
||||
Non-controlling interests |
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|
||||
------------ |
------------ |
|||||
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|
|||||
------------ |
------------ |
|||||
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Tax relating to components of other comprehensive income |
– |
(
|
------------ |
------------ |
|
Other comprehensive income for the year |
– |
(
|
------------ |
------------ |
|
Total comprehensive income for the year |
|
|
------------ |
------------ |
|
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 |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
14 |
|
|
Tangible assets |
15 |
|
|
------------ |
------------ |
||
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||
Stocks |
17 |
|
|
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 |
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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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Creditors: amounts falling due after more than one year |
20 |
|
|
Provisions |
22 |
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|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
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Called up share capital |
27 |
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|
Revaluation reserve |
28 |
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|
Profit and loss account |
28 |
|
|
------------ |
------------ |
||
Equity attributable to the owners of the parent company |
|
|
|
Non-controlling interests |
|
(
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
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|
Director |
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Investments |
16 |
|
|
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
--------- |
--------- |
||
|
|
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Creditors: amounts falling due within one year |
19 |
|
|
--------- |
--------- |
||
Net current assets |
|
|
|
--------- |
--------- |
||
Total assets less current liabilities |
|
|
|
--------- |
--------- |
||
Net assets |
|
|
|
--------- |
--------- |
||
Called up share capital |
27 |
|
|
Profit and loss account |
28 |
|
|
--------- |
--------- |
||
Shareholders funds |
|
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|
--------- |
--------- |
||
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Director |
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
|||
£ |
£ |
£ |
£ |
£ |
£ |
|||
At 1 September 2021 |
|
|
|
|
(
|
|
||
Profit for the year |
|
|
|
|
||||
Other comprehensive income for the year: |
||||||||
Tax relating to components of other comprehensive income |
12 |
– |
(
|
– |
(
|
(
|
(
|
|
------- |
--------- |
------------ |
------------ |
--------- |
------------ |
|||
Total comprehensive income for the year |
– |
(
|
|
|
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
(
|
(
|
|
Transfer to minority interests |
– |
– |
(
|
(
|
|
– |
||
------- |
--------- |
------------ |
------------ |
--------- |
------------ |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
(
|
(
|
||
At 31 August 2022 |
|
|
|
|
(
|
|
||
Profit for the year |
|
|
|
|
||||
------- |
--------- |
------------ |
------------ |
--------- |
------------ |
|||
Total comprehensive income for the year |
– |
– |
|
|
|
|
||
|
Consolidated Statement of Changes in Equity (continued) |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
(
|
(
|
Redemption of shares |
– |
– |
– |
– |
(
|
(
|
|
Transfer to minority interests |
– |
– |
(
|
(
|
|
– |
|
---- |
---- |
------------ |
------------ |
--------- |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
(
|
|
------- |
--------- |
------------ |
------------ |
--------- |
------------ |
||
At 31 August 2023 |
|
|
|
|
|
|
|
------- |
--------- |
------------ |
------------ |
--------- |
------------ |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 September 2021 |
|
|
|
|
Profit for the year |
|
|
||
------- |
--------- |
--------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
------- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 31 August 2022 |
|
|
|
|
Profit for the year |
|
|
||
------- |
--------- |
--------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
------- |
--------- |
--------- |
||
At 31 August 2023 |
|
|
|
|
------- |
--------- |
--------- |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Government grant income |
– |
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains 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 |
(
|
(
|
------------ |
------------ |
|
Purchase of own shares |
(
|
– |
Proceeds from borrowings |
(
|
(
|
Government grant income |
– |
|
Payments of finance lease liabilities |
|
|
Dividends paid |
(
|
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
366,897 |
162,032 |
--------- |
--------- |
|
Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Long leasehold property |
- |
|
|
Short leasehold property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
20% to 33% reducing balance |
|
Motor vehicles |
- |
25% to 33% reducing balance |
|
Containers |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Government grant income |
– |
|
---- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
189,615 |
66,107 |
Operating lease rentals |
|
|
Foreign exchange differences |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Distribution staff |
|
|
Administrative staff |
|
|
Management staff |
16 |
19 |
---- |
---- |
|
|
|
|
---- |
---- |
|
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 bank deposits |
|
|
Interest receivable on staff loan |
– |
|
Other interest receivable and similar income |
|
– |
---- |
------- |
|
|
|
|
---- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
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 expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
|
Effect of different UK tax rates on some earnings |
(40,827) |
– |
Utilisation of tax losses |
(
|
(
|
Unused tax losses |
|
|
Rounding on tax charge |
– |
1 |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
------------ |
------------ |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 September 2022 and 31 August 2023 |
|
-------- |
|
Amortisation |
|
At 1 September 2022 |
|
Charge for the year |
|
-------- |
|
At 31 August 2023 |
|
-------- |
|
Carrying amount |
|
At 31 August 2023 |
|
-------- |
|
At 31 August 2022 |
|
-------- |
|
Group |
At 1 September 2022 |
Additions |
Disposals |
At 31 August 2023 |
£ |
£ |
£ |
£ |
|
Cost |
||||
Long leasehold property |
|
|
– |
|
Short leasehold property |
|
|
– |
|
Plant and machinery |
|
|
(
|
|
Fixtures and fittings |
|
|
(
|
|
Motor vehicles |
|
|
(
|
|
Containers |
1,534,346 |
492,000 |
– |
2,026,346 |
------------ |
------------ |
--------- |
------------ |
|
|
|
(
|
|
|
------------ |
------------ |
--------- |
------------ |
|
At 1 September 2022 |
Charge for the year |
Disposals |
At 31 August 2023 |
|
£ |
£ |
£ |
£ |
|
Depreciation |
||||
Long leasehold property |
|
|
– |
|
Short leasehold property |
|
|
– |
|
Plant and machinery |
|
|
(
|
|
Fixtures and fittings |
|
|
(
|
|
Motor vehicles |
|
|
(
|
|
Containers |
290,921 |
– |
– |
290,921 |
------------ |
------------ |
--------- |
------------ |
|
|
|
(
|
|
|
------------ |
------------ |
--------- |
------------ |
|
At 31 August 2023 |
At 31 August 2022 |
|
£ |
£ |
|
Carrying amount |
||
Long leasehold property |
|
|
Short leasehold property |
|
|
Plant and machinery |
|
|
Fixtures and fittings |
|
|
Motor vehicles |
|
|
Containers |
1,735,425 |
1,243,425 |
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
Group |
Containers |
£ |
|
At 31 August 2023 |
|
Aggregate cost |
1,485,377 |
Aggregate depreciation |
(290,921) |
------------ |
|
Carrying value |
1,194,456 |
------------ |
|
At 31 August 2022 |
|
Aggregate cost |
993,376 |
Aggregate depreciation |
(290,921) |
--------- |
|
Carrying value |
702,455 |
--------- |
|
Group |
Plant and machinery |
Motor vehicles |
Containers |
Total |
£ |
£ |
£ |
£ |
|
At 31 August 2023 |
|
|
1,100,400 |
|
-------- |
--------- |
------------ |
------------ |
|
At 31 August 2022 |
|
|
608,400 |
|
--------- |
--------- |
------------ |
------------ |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 September 2022 |
|
Additions |
|
-------- |
|
At 31 August 2023 |
|
-------- |
|
Impairment |
|
At 1 September 2022 and 31 August 2023 |
– |
-------- |
|
Carrying amount |
|
At 31 August 2023 |
|
-------- |
|
At 31 August 2022 |
|
-------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
60 |
|
Ordinary |
60 |
|
Ordinary |
90 |
|
Ordinary |
70 |
|
Ordinary |
85 |
|
Ordinary |
75 |
|
Ordinary |
56 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Work in progress |
– |
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
|
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
|
|
Invoice discounting finance |
|
|
– |
– |
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 |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
--------- |
---- |
---- |
|
|
|
– |
– |
|
------------ |
--------- |
---- |
---- |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 September 2022 |
|
Additions |
|
--------- |
|
At 31 August 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Revaluation of tangible assets |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
703,860 |
486,454 |
– |
– |
|
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,430 |
|
1,430 |
------- |
------- |
------- |
------- |
|
At 1 Sep 2022 |
Cash flows |
At 31 Aug 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(44,181) |
|
Debt due within one year |
(682,670) |
(251,097) |
(933,767) |
Debt due after one year |
(1,676,031) |
603,053 |
(1,072,978) |
------------ |
--------- |
------------ |
|
(
|
|
(
|
|
------------ |
--------- |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
Notes to the Financial Statements (continued) |
2023 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
(
|
(
|
|
|
(
|
(
|
(
|
|
|
(
|
|
(
|
|
-------- |
-------- |
-------- |
||
(
|
(
|
(
|
||
-------- |
-------- |
-------- |
||
2022 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
|
(
|
|
|
(
|
|
(
|
|
|
(
|
|
(
|
|
-------- |
------- |
-------- |
||
(
|
|
(
|
||
-------- |
------- |
-------- |
||
Transaction value |
Balance owed by/(owed to) |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
|
– |
– |
3,399,647 |
2,853,139 |
|
– |
– |
(
1,589,413) |
(
1,005,604) |
|
|
|
(
38,640) |
(
27,012) |
|
|
|
484,619 |
362,561 |
------------ |
------------ |
------------ |
------------ |
|
Transaction value |
Balance owed by/(owed to) |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
|
- |
- |
208,326 |
236,326 |
|
- |
- |
166,909 |
166,909 |
|
- |
- |
(
101,179) |
(
50,029) |
|
|
|
123 |
- |
------- |
---- |
--------- |
--------- |
|