|
|
FOR THE YEAR ENDED |
|
|
FINANCIAL STATEMENTS |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
5 |
Independent auditor's report to the members |
8 |
Consolidated statement of comprehensive income |
12 |
Consolidated statement of financial position |
13 |
Company statement of financial position |
14 |
Consolidated statement of changes in equity |
15 |
Company statement of changes in equity |
16 |
Consolidated statement of cash flows |
17 |
Notes to the financial statements |
18 |
|
OFFICERS AND PROFESSIONAL ADVISERS |
The board of directors |
P I Jones (Served from 7 November 2022 to 24 November 2022)
|
N F Markham (Resigned 24 September 2022)
|
|
M A Jones (Served from 25 November 2022 to 10 July 2024)
|
|
I J Axe (Resigned 6 January 2023)
|
|
J C Kilgour (Resigned 31 May 2024)
|
|
|
|
|
|
|
|
Registered office |
|
|
|
|
|
|
|
England |
|
|
|
Auditor |
|
Chartered accountants & statutory auditor |
|
Windsor House |
|
A1 Business Park at |
|
Long Bennington |
|
Notts |
|
NG23 5JR |
|
|
STRATEGIC REPORT |
|
Director |
Registered office: |
|
|
|
|
England |
|
|
DIRECTORS' REPORT |
|
|
|
|
|
(Appointed
|
|
(Resigned
|
|
(Resigned
|
|
(Served from 7 November 2022 to 24 November 2022)
|
Unit |
2023 |
2022 |
|
Emissions resulting from the purchase of electricity by the group for its own use |
tCO2e |
|
|
Emissions resulting from the use of owned transport by the group for its own use |
tCO2e |
|
|
---- |
---- |
||
Total emissions |
tCO2e |
|
|
Total energy consumption |
kWh |
|
|
|
|
|
|
-------- |
--------- |
||
|
Director |
Registered office: |
|
|
|
|
England |
|
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Windsor House |
A1 Business Park at |
Long Bennington |
Notts |
NG23 5JR |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
Period from |
|||
Year to |
1 Apr 21 to |
||
31 Mar 23 |
29 Mar 22 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
(
|
(
|
------------- |
--------------- |
|
Gross profit |
|
|
Distribution costs |
(
|
(
|
|
Administrative expenses |
(
|
(
|
|
Restructuring transactions |
|
(
|
|
------------- |
--------------- |
||
Operating (loss)/profit |
5 |
(
|
|
Other interest receivable and similar income |
9 |
|
– |
Interest payable and similar expenses |
10 |
(
|
(
|
------------- |
--------------- |
||
(Loss)/profit before taxation |
(
|
|
|
Tax on (loss)/profit |
11 |
|
(
|
------------- |
------------- |
||
(Loss)/profit for the financial year |
(
|
|
|
------------- |
------------- |
||
Foreign currency retranslation |
|
|
------------- |
------------- |
|
Total comprehensive income for the year |
(
|
|
------------- |
------------- |
|
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
||
Note |
£ |
£ |
|
Intangible assets |
13 |
|
|
|
Tangible assets |
14 |
|
|
|
------------ |
------------ |
|||
|
|
|||
Stocks |
16 |
|
|
|
Debtors |
17 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
18 |
(
|
(
|
|
------------- |
------------- |
|||
Net current assets |
|
|
||
------------- |
------------- |
|||
Total assets less current liabilities |
|
|
||
Taxation including deferred tax |
19 |
– |
(
|
|
Other provisions |
19 |
– |
(
|
|
---- |
------------ |
|||
– |
(1,216,476) |
|||
------------- |
------------- |
|||
Net assets |
|
|
||
------------- |
------------- |
|||
Called up share capital |
22 |
|
|
|
Profit and loss account |
23 |
|
|
|
------------- |
------------- |
|||
Shareholders funds |
|
|
||
------------- |
------------- |
|||
|
Director |
|
COMPANY STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
||
Note |
£ |
£ |
|
Investments |
15 |
|
|
|
Debtors |
17 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
18 |
(
|
(
|
|
------------- |
------------- |
|||
Net current assets |
|
|
||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Called up share capital |
22 |
|
|
|
Profit and loss account |
23 |
|
|
|
------------ |
------------ |
|||
Shareholders funds |
|
|
||
------------ |
------------ |
|||
|
Director |
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
|||
At 1 April 2021 |
– |
|
|
||
Profit for the year |
|
|
|||
Other comprehensive income for the year: |
|||||
Foreign currency retranslation |
– |
|
|
||
---- |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
|
|
||
Issue of shares |
|
– |
|
||
---- |
------------- |
------------- |
|||
Total investments by and distributions to owners |
|
– |
|
||
At 29 March 2022 |
|
|
|
||
Loss for the year |
(
|
(
|
|||
Other comprehensive income for the year: |
|||||
Foreign currency retranslation |
– |
|
|
||
---- |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
(
|
(
|
||
Dividends paid and payable |
12 |
– |
(
|
(
|
|
---- |
------------ |
------------ |
|||
Total investments by and distributions to owners |
– |
(
|
(
|
||
---- |
------------- |
------------- |
|||
At 31 March 2023 |
|
|
|
||
---- |
------------- |
------------- |
|||
|
COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 April 2021 |
– |
– |
– |
|
Profit for the year |
|
|
||
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
Issue of shares |
|
– |
|
|
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
|
– |
|
|
At 29 March 2022 |
|
|
|
|
Loss for the year |
(
|
(
|
||
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
(
|
(
|
|
Dividends paid and payable |
12 |
– |
(
|
(
|
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
---- |
------------ |
------------ |
||
At 31 March 2023 |
|
|
|
|
---- |
------------ |
------------ |
||
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
|
£ |
£ |
|
(Loss)/profit for the financial year |
(
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Impairment of tangible assets |
(
|
|
Amortisation of intangible assets |
|
|
Impairment of intangible assets |
– |
|
Other interest receivable and similar income |
(
|
– |
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
|
– |
Loss on disposal of intangible assets |
|
– |
Tax on (loss)/profit |
(
|
|
Accrued (income)/expenses |
(
|
|
Other operating cash flow adjustment |
– |
577 |
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
|
|
Trade and other creditors |
(
|
|
Provisions and employee benefits |
(
|
|
------------- |
------------- |
|
Cash generated from operations |
(
|
|
Interest paid |
(
|
(
|
Interest received |
|
– |
Tax paid |
(
|
(
|
------------- |
------------- |
|
Net cash (used in)/from operating activities |
(
|
|
------------- |
------------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
– |
|
Purchase of intangible assets |
– |
(
|
------------- |
------------- |
|
Net cash used in investing activities |
(
|
(
|
------------- |
------------- |
|
Proceeds from loans from group undertakings |
(
|
– |
Dividends paid |
(
|
– |
------------- |
------------- |
|
Net cash used in financing activities |
(
|
– |
------------- |
------------- |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
51,519,847 |
16,551,459 |
------------- |
------------- |
|
Cash and cash equivalents at end of year |
|
|
------------- |
------------- |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
Website costs |
- |
Straight line over 36 months
|
|
Leasehold property improvements |
- |
Straight line over 36 months
|
|
Medical equipment |
- |
Straight line over 36 months
|
|
Fixtures and fittings |
- |
Straight line over 36 months
|
|
Motor vehicles |
- |
Straight line over 36 months
|
|
Computer equipment |
- |
Straight line over 36 months
|
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
|
|
------------- |
--------------- |
|
|
|
|
------------- |
--------------- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
--------------- |
|
|
|
|
------------- |
--------------- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
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 |
|
– |
|
Foreign exchange differences |
|
(
|
|
Operating lease costs |
330,036
|
338,637
|
|
------------ |
------------ |
||
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
Taxation advisory services |
|
|
Other non-audit services |
– |
|
-------- |
-------- |
|
20,943 |
17,706 |
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
2 |
12 |
---- |
---- |
|
|
|
|
---- |
---- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
--------- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
– |
------- |
---- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
Other interest payable and similar charges |
|
|
-------- |
-------- |
|
Period from |
||
Year to |
1 Apr 21 to |
|
31 Mar 23 |
29 Mar 22 |
|
£ |
£ |
|
UK current tax expense |
(
|
|
Adjustments in respect of prior periods |
(
|
– |
------------ |
------------ |
|
Total UK current tax |
(
|
|
Foreign current tax income |
|
– |
------------ |
------------ |
|
Total current tax |
(
|
|
------------ |
------------ |
|
Origination and reversal of timing differences |
(
|
|
Impact of change in tax rate |
– |
|
--------- |
--------- |
|
Total deferred tax |
(
|
|
------------ |
------------ |
|
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 |
(
|
|
Adjustment to tax charge in respect of prior periods |
(308,875) |
– |
Effect of expenses not deductible for tax purposes |
|
(
|
Effect of capital allowances and depreciation |
|
(
|
Effect of different UK tax rates on some earnings |
41,130 |
659,204 |
Remeaurement of deferred tax for changes in tax rates |
(194,176)
|
– |
Effect of research and development |
(691,954)
|
(1,333,385)
|
Movement in deferred tax not recognised |
1,179,035
|
– |
------------- |
------------- |
|
Tax on (loss)/profit |
(
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
– |
------------ |
---- |
|
Group |
Goodwill |
Software and website |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 30 March 2022 |
|
|
|
Disposals |
– |
(
|
(
|
-------- |
------------ |
------------ |
|
At 31 March 2023 |
|
|
|
-------- |
------------ |
------------ |
|
Amortisation |
|||
At 30 March 2022 |
– |
|
|
Charge for the year |
– |
|
|
Disposals |
– |
(
|
(
|
-------- |
------------ |
------------ |
|
At 31 March 2023 |
– |
|
|
-------- |
------------ |
------------ |
|
Carrying amount |
|||
At 31 March 2023 |
|
– |
|
-------- |
------------ |
------------ |
|
At 29 March 2022 |
|
|
|
-------- |
------------ |
------------ |
|
Group |
Land and buildings |
Medical equipment |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 30 Mar 2022 |
|
|
|
|
|
|
Additions |
– |
|
– |
|
|
|
Disposals |
– |
(
|
(
|
(
|
(
|
(
|
-------- |
------------ |
--------- |
------------ |
--------- |
------------ |
|
At 31 Mar 2023 |
|
|
|
|
|
|
-------- |
------------ |
--------- |
------------ |
--------- |
------------ |
|
Depreciation |
||||||
At 30 Mar 2022 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Disposals |
– |
(
|
– |
– |
(
|
(
|
Impairment losses |
|
(
|
|
– |
– |
(
|
-------- |
------------ |
--------- |
------------ |
--------- |
------------ |
|
At 31 Mar 2023 |
|
|
|
|
|
|
-------- |
------------ |
--------- |
------------ |
--------- |
------------ |
|
Carrying amount |
||||||
At 31 Mar 2023 |
– |
|
– |
|
|
|
-------- |
------------ |
--------- |
------------ |
--------- |
------------ |
|
At 29 Mar 2022 |
|
|
|
|
|
|
-------- |
------------ |
--------- |
------------ |
--------- |
------------ |
|
Company |
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 30 March 2022 and 31 March 2023 |
|
-------- |
|
At 29 March 2022 |
|
-------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
--------- |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
|
Corporation tax repayable |
|
– |
– |
– |
Other debtors |
|
|
|
|
------------ |
------------- |
------- |
------------ |
|
|
|
|
|
|
------------ |
------------- |
------- |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
(
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
– |
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
– |
------------ |
------------- |
------------- |
------------- |
|
|
|
|
|
|
------------ |
------------- |
------------- |
------------- |
|
Group |
Deferred tax (note 20) |
Other provisions |
Total |
£ |
£ |
£ |
|
At 30 March 2022 |
|
|
|
Charge against provision |
(
|
(
|
(
|
--------- |
--------- |
------------ |
|
At 31 March 2023 |
– |
– |
– |
--------- |
--------- |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 19) |
– |
|
– |
– |
---- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
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 |
|
(38,136,321) |
|
------------- |
------------- |
------------- |
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued) |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|