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FOR THE YEAR ENDED |
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FINANCIAL STATEMENTS |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
5 |
Independent auditor's report to the members |
8 |
Statement of income and retained earnings |
12 |
Statement of financial position |
13 |
Statement of cash flows |
14 |
Notes to the financial statements |
16 |
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OFFICERS AND PROFESSIONAL ADVISERS |
The board of directors |
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N Markham (Resigned 24 September 2022)
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I J Axe (Resigned 6 January 2023)
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J C Kilgour (Served from 3 January 2023 to 31 May 2024)
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M A Jones (Served from 3 January 2023 to 25 April 2023)
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Registered office |
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United Kingdom |
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Auditor |
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Chartered accountants & statutory auditor |
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Windsor House |
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A1 Business Park at |
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Long Bennington |
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Notts |
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NG23 5JR |
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Bankers |
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31-37 Victoria Road |
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Farnborough |
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Hants |
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GU14 7NR |
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1 Water Lane |
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Bakewell |
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Derbs |
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DE45 1YY |
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STRATEGIC REPORT |
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Director |
Registered office: |
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United Kingdom |
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DIRECTORS' REPORT |
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(Appointed
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(Appointed
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(Resigned
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(Resigned
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Unit |
2023 |
2022 |
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Emissions resulting from the purchase of electricity by the company for its own use |
tCO2e |
|
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Emissions resulting from the use of owned transport by the company for its own use |
tCO2e |
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---- |
---- |
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Total emissions |
tCO2e |
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Total energy consumption |
kWh |
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--------- |
---------- |
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Director |
Registered office: |
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United Kingdom |
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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 |
Windsor House |
A1 Business Park at |
Long Bennington |
Notts |
NG23 5JR |
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STATEMENT OF INCOME AND RETAINED EARNINGS |
Period from |
|||
Year to |
1 Apr 21 to |
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31 Mar 23 |
29 Mar 22 |
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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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|
Distribution costs |
(
|
(
|
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Administrative expenses |
(
|
(
|
|
Other operating income |
5 |
|
– |
Restructuring transactions |
1,224,766 |
(
1,872,719)
|
|
--------------- |
--------------- |
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Operating (loss)/profit |
6 |
(
|
|
Income from shares in group undertakings |
9 |
|
– |
Interest payable and similar expenses |
10 |
(
|
(
|
--------------- |
--------------- |
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(Loss)/profit before taxation |
(
|
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Tax on (loss)/profit |
11 |
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(
|
--------------- |
--------------- |
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(Loss)/profit for the financial year and total comprehensive income |
(
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--------------- |
--------------- |
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Dividends paid and payable |
12 |
– |
(
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Retained earnings at the start of the year |
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--------------- |
--------------- |
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Retained earnings at the end of the year |
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--------------- |
--------------- |
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STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
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Note |
£ |
£ |
Intangible assets |
13 |
– |
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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 |
18 |
(
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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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Provisions |
19 |
(
|
(
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------------- |
--------------- |
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Net assets |
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------------- |
--------------- |
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Called up share capital |
22 |
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Profit and loss account |
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------------- |
--------------- |
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Shareholders funds |
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------------- |
--------------- |
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Director |
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STATEMENT OF CASH FLOWS |
2023 |
2022 |
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£ |
£ |
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(Loss)/profit for the financial year |
(
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Adjustments for: |
||
Depreciation of tangible assets |
|
|
Impairment of tangible assets |
(
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Amortisation of intangible assets |
|
|
Impairment of intangible assets |
– |
|
Income from shares in group undertakings |
(
|
– |
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
|
– |
Loss on disposal of intangible assets |
|
– |
Tax on (loss)/profit |
(
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Accrued (income)/expenses |
(
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Changes in: |
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Stocks |
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(
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Trade and other debtors |
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Trade and other creditors |
(
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Provisions and employee benefits |
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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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Tax received/(paid) |
|
(
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------------- |
--------------- |
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Net cash (used in)/from operating activities |
(
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------------- |
--------------- |
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Purchase of tangible assets |
(
|
(
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Purchase of intangible assets |
– |
(
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Dividends received |
|
– |
------------- |
--------------- |
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Net cash from/(used in) investing activities |
|
(
|
------------- |
--------------- |
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Proceeds from loans from group undertakings |
|
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Repayments of loans from group undertakings |
– |
(
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Dividends paid |
– |
(
|
------------- |
--------------- |
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Net cash from/(used in) financing activities |
|
(
|
------------- |
--------------- |
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STATEMENT OF CASH FLOWS (continued) |
2023 |
2022 |
|
Note |
£ |
£ |
Net decrease in cash and cash equivalents |
(
|
(
|
Cash and cash equivalents at beginning of year |
2,976,019 |
14,080,009 |
------------- |
--------------- |
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Cash and cash equivalents at end of year |
|
|
------------- |
--------------- |
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NOTES TO THE FINANCIAL STATEMENTS |
Website costs |
- |
Straight line over 36 months
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Leasehold property improvements |
- |
Straight line over 36 months
|
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Medical equipment |
- |
Straight line over 36 months
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Fixtures and fittings |
- |
Straight line over 36 months
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Motor vehicles |
- |
Straight line over 36 months
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Computer equipment |
- |
Straight line over 36 months
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Period from |
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Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
|
|
--------------- |
--------------- |
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--------------- |
--------------- |
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Period from |
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Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
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£ |
£ |
|
Management charges receivable |
|
– |
---------- |
---- |
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Period from |
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Year to |
1 Apr 21 to |
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31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Administrative expenses |
– |
4,489,506 |
Administrative expenses |
(539,036) |
616,075 |
|
Loss on disposal of tangible assets |
|
– |
|
Loss on disposal of intangible assets |
|
– |
|
Impairment of trade debtors |
121,863 |
– |
|
Foreign exchange differences |
|
(
|
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Operating lease costs |
330,036
|
338,637
|
|
------------- |
------------- |
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Period from |
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Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
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Fees payable for the audit of the financial statements |
|
|
--------- |
--------- |
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Taxation advisory services |
|
|
Other non-audit services |
– |
|
--------- |
--------- |
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20,943 |
17,706 |
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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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Management staff |
2 |
8 |
---- |
---- |
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---- |
---- |
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Period from |
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Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
--------------- |
--------------- |
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--------------- |
--------------- |
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Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Income from group undertakings |
822,609 |
– |
---------- |
---- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
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Other interest payable and similar charges |
|
|
--------- |
--------- |
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Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
UK current tax (income)/expense |
(
|
|
Adjustments in respect of prior periods |
(
|
– |
Receipt for surrender of group losses |
(183,503)
|
– |
------------- |
---------- |
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Total UK current tax |
(
|
|
Foreign current tax expense |
|
– |
------------- |
---------- |
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Total current tax |
(
|
|
------------- |
---------- |
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Origination and reversal of timing differences |
(
|
|
Impact of change in tax rate |
– |
|
---------- |
---------- |
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Total deferred tax |
(
|
|
------------- |
------------- |
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Tax on (loss)/profit |
(
|
|
------------- |
------------- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
(Loss)/profit on ordinary activities before taxation |
(
|
|
--------------- |
--------------- |
|
(Loss)/profit on ordinary activities by rate of tax |
(
|
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
(
|
Effect of revenue exempt from tax |
(
|
– |
Effect of different UK tax rates on some earnings |
(189,900) |
194,406 |
Effect of research and development |
(691,954)
|
(1,333,385)
|
Movement in deferred tax not recognised |
1,304,585
|
– |
Foreign current tax expense |
41,130
|
– |
--------------- |
--------------- |
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Tax on (loss)/profit |
(
|
|
--------------- |
--------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends proposed before the year end and recognised as a liability |
– |
6,000,000 |
---- |
------------- |
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Website Costs |
|
£ |
|
Cost |
|
At 30 March 2022 |
|
Additions |
– |
Disposals |
(
|
------------- |
|
At 31 March 2023 |
|
------------- |
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Amortisation |
|
At 30 March 2022 |
|
Charge for the year |
|
Disposals |
(
|
------------- |
|
At 31 March 2023 |
|
------------- |
|
Carrying amount |
|
At 31 March 2023 |
– |
------------- |
|
At 29 March 2022 |
|
------------- |
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Short leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 30 Mar 2022 |
|
|
|
|
|
|
Additions |
– |
|
– |
– |
|
|
Disposals |
– |
(
|
(
|
(
|
(
|
(
|
--------- |
------------- |
---------- |
------------- |
---------- |
------------- |
|
At 31 Mar 2023 |
|
|
|
|
|
|
--------- |
------------- |
---------- |
------------- |
---------- |
------------- |
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Depreciation |
||||||
At 30 Mar 2022 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Disposals |
– |
(
|
– |
– |
(
|
(
|
Impairment losses |
|
(
|
|
– |
– |
(
|
--------- |
------------- |
---------- |
------------- |
---------- |
------------- |
|
At 31 Mar 2023 |
|
|
|
|
|
|
--------- |
------------- |
---------- |
------------- |
---------- |
------------- |
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Carrying amount |
||||||
At 31 Mar 2023 |
– |
|
– |
|
|
|
--------- |
------------- |
---------- |
------------- |
---------- |
------------- |
|
At 29 Mar 2022 |
|
|
|
|
|
|
--------- |
------------- |
---------- |
------------- |
---------- |
------------- |
|
Shares in group undertakings |
|
£ |
|
Cost |
|
At 30 March 2022 and 31 March 2023 |
|
---- |
|
Impairment |
|
At 30 March 2022 and 31 March 2023 |
– |
---- |
|
Carrying amount |
|
At 31 March 2023 |
|
---- |
|
At 29 March 2022 |
|
---- |
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Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
2023 |
2022 |
|
£ |
£ |
|
Raw materials and consumables |
|
|
---------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Prepayments and accrued income |
|
|
Corporation tax repayable |
|
– |
Other debtors |
|
|
--------------- |
--------------- |
|
|
|
|
--------------- |
--------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Accruals and deferred income |
|
|
Corporation tax |
– |
|
Social security and other taxes |
|
|
Other creditors |
|
|
------------- |
--------------- |
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------------- |
--------------- |
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Deferred tax (note 20) |
Other provisions |
Total |
|
£ |
£ |
£ |
|
At 30 March 2022 |
|
|
|
Additions |
– |
|
|
Charge against provision |
(
|
– |
(
|
---------- |
---------- |
------------- |
|
At 31 March 2023 |
– |
|
|
---------- |
---------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Included in provisions (note 19) |
– |
|
---- |
---------- |
|
2023 |
2022 |
|
£ |
£ |
|
Accelerated capital allowances |
– |
|
Provisions |
– |
(
|
---- |
------------- |
|
– |
995,035 |
|
---- |
------------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
607 |
|
607 |
--------- |
---- |
--------- |
---- |
|
At 30 Mar 2022 |
Cash flows |
At 31 Mar 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(2,878,409) |
|
Debt due within one year |
(2,590,469) |
(1,916,081) |
(4,506,550) |
------------- |
------------- |
------------- |
|
|
(
|
(
|
|
------------- |
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
---------- |
---------- |
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---------- |
---------- |
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