|
|
FOR THE YEAR ENDED |
|
|
CONSOLIDATED FINANCIAL STATEMENTS |
Contents |
Page |
Officers and Professional Advisers |
1 |
Strategic Report |
2 |
Directors' Report |
4 |
Independent Auditor's Report to the Member |
6 |
Consolidated Statement of Comprehensive Income |
11 |
Consolidated Statement of Financial Position |
12 |
Company Statement of Financial Position |
14 |
Consolidated Statement of Changes in Equity |
16 |
Company Statement of Changes in Equity |
18 |
Consolidated Statement of Cash Flows |
20 |
Notes to the Consolidated Financial Statements |
22 |
|
OFFICERS AND PROFESSIONAL ADVISERS |
The Board of Directors |
|
|
|
Registered Office |
|
|
|
|
|
|
|
|
|
|
|
Auditor |
|
Chartered accountants & statutory auditor |
|
Halifax House |
|
30 George Street |
|
Hull |
|
East Yorkshire |
|
HU1 3AJ |
|
|
STRATEGIC REPORT |
Registered office: |
|
|
|
|
|
|
|
DIRECTORS' REPORT |
|
|
|
(Appointed
|
|
(Retired
|
Registered office: |
|
|
|
|
|
|
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Halifax House |
30 George Street |
Hull |
East Yorkshire |
HU1 3AJ |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
--------------- |
--------------- |
|
Gross Profit |
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
Gain on disposal of tangible fixed assets |
– |
|
|
-------------- |
-------------- |
||
Operating Profit |
6 |
|
|
Other interest receivable and similar income |
9 |
|
|
Interest payable and similar expenses |
10 |
|
|
-------------- |
-------------- |
||
Profit Before Taxation |
|
|
|
Tax on profit |
11 |
|
|
----------- |
-------------- |
||
Profit for the Financial Year |
|
|
|
----------- |
-------------- |
||
Foreign currency retranslation |
(
|
(
|
----------- |
-------------- |
|
Total Comprehensive Income for the Year |
|
|
----------- |
-------------- |
|
The owners of the parent company |
|
|
Non-controlling interests |
|
|
----------- |
-------------- |
|
|
|
|
----------- |
-------------- |
|
The owners of the parent company |
|
|
Non-controlling interests |
|
|
----------- |
-------------- |
|
|
|
|
----------- |
-------------- |
|
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
|||
Note |
£ |
£ |
||
Intangible assets |
13 |
|
|
||
Tangible assets |
14 |
|
|
||
Investments |
15 |
|
|
||
-------------- |
-------------- |
||||
|
|
||||
Stocks |
16 |
|
|
||
Debtors |
17 |
|
|
||
Cash at bank and in hand |
|
|
|||
-------------- |
-------------- |
||||
|
|
||||
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 |
(
|
(
|
||
Taxation including deferred tax |
22 |
(
|
(
|
||
-------------- |
-------------- |
||||
Net Assets |
|
|
|||
-------------- |
-------------- |
||||
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) |
2023 |
2022 |
|||
Note |
£ |
£ |
||
Called up share capital |
26 |
|
|
||
Share premium account |
27 |
|
|
||
Other reserves, including the fair value reserve |
27 |
(
|
(
|
||
Profit and loss account |
27 |
|
|
||
-------------- |
-------------- |
||||
Equity Attributable to the Owners of the Parent Company |
|
|
|||
Non-Controlling Interests |
|
|
||
-------------- |
-------------- |
|||
|
|
|||
-------------- |
-------------- |
|||
|
COMPANY STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
|||
Note |
£ |
£ |
||
Tangible assets |
14 |
|
|
||
Investments |
15 |
|
|
||
-------------- |
-------------- |
||||
|
|
||||
Debtors |
17 |
|
|
||
Cash at bank and in hand |
|
|
|||
----------- |
----------- |
||||
|
|
||||
Creditors: amounts falling due within one year |
19 |
(
|
(
|
||
----------- |
----------- |
||||
Net Current Assets |
|
|
|||
-------------- |
-------------- |
||||
Total Assets Less Current Liabilities |
|
|
|||
-------------- |
-------------- |
||||
Net Assets |
|
|
|||
-------------- |
-------------- |
||||
|
COMPANY STATEMENT OF FINANCIAL POSITION (continued) |
2023 |
2022 |
|||
Note |
£ |
£ |
||
Called up share capital |
26 |
|
|
||
Share premium account |
27 |
|
|
||
Other reserves, including the fair value reserve |
27 |
|
|
||
Profit and loss account |
27 |
|
|
||
-------------- |
-------------- |
||||
Shareholder Funds |
|
|
|||
-------------- |
-------------- |
||||
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
|||
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|||
At 1 January 2022 |
|
|
(
|
|
|
|
|
||
Profit 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 December 2022 |
|
|
(
|
|
|
|
|
||
Profit for the year |
|
|
|
|
|||||
Other comprehensive income for the year: |
|||||||||
Foreign currency retranslation |
– |
– |
(
|
– |
(
|
(
|
(
|
||
----- |
------------- |
----------- |
------------- |
------------- |
----------- |
------------- |
|||
Total Comprehensive Income for the Year |
– |
– |
(
|
|
|
|
|
||
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued) |
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
£ |
||
Dividends paid and payable |
12 |
– |
– |
– |
(
|
(
|
(
|
(
|
----- |
----- |
----- |
------------- |
------------- |
--------- |
------------- |
||
Total Investments by and Distributions to Owners |
– |
– |
– |
(
|
(
|
(
|
(
|
|
----- |
------------- |
----------- |
------------- |
------------- |
--------- |
------------- |
||
At 31 December 2023 |
|
|
(
|
|
|
|
|
|
----- |
------------- |
----------- |
------------- |
------------- |
--------- |
------------- |
||
|
COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
£ |
|||
At 1 January 2022 |
|
|
|
|
|
||
Profit 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 December 2022 |
|
|
|
|
|
||
Profit for the year |
|
|
|||||
----- |
------------- |
--------- |
------------- |
------------- |
|||
Total Comprehensive Income for the Year |
– |
– |
– |
|
|
||
|
COMPANY STATEMENT OF CHANGES IN EQUITY (continued) |
Called up share capital |
Share premium account |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
Dividends paid and payable |
12 |
– |
– |
– |
(
|
(
|
----- |
----- |
----- |
------------- |
------------- |
||
Total Investments by and Distributions to Owners |
– |
– |
– |
(
|
(
|
|
----- |
------------- |
--------- |
------------- |
------------- |
||
At 31 December 2023 |
|
|
|
|
|
|
----- |
------------- |
--------- |
------------- |
------------- |
||
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
|
Note |
£ |
£ |
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 |
(
|
(
|
Unrealised foreign currency gains |
(13,532) |
– |
Tax on profit |
|
|
Accrued expenses/(income) |
|
(
|
Changes in: |
||
Stocks |
– |
|
Trade and other debtors |
|
(
|
Trade and other creditors |
(
|
|
-------------- |
-------------- |
|
Cash generated from operations |
|
(
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
-------------- |
-------------- |
|
Net cash from/(used in) operating activities |
|
(
|
-------------- |
-------------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchase of intangible assets |
(
|
– |
Purchases of other investments |
(
|
(
|
-------------- |
-------------- |
|
Net cash (used in)/from investing activities |
(
|
|
-------------- |
-------------- |
|
Net proceeds from borrowings |
|
(
|
Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
|
Dividends paid |
(
|
(
|
-------------- |
-------------- |
|
Net cash used in financing activities |
(
|
(
|
-------------- |
-------------- |
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS (continued) |
2023 |
2022 |
||
Note |
£ |
£ |
|
Net (Decrease)/Increase in Cash and Cash Equivalents |
(
|
|
|
Cash and Cash Equivalents at Beginning of Year |
1,446,269 |
1,054,787 |
|
-------------- |
-------------- |
||
Cash and Cash Equivalents at End of Year |
18 |
|
|
-------------- |
-------------- |
||
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
Goodwill |
- |
|
|
Other intangibles |
- |
|
|
Freehold land and buildings |
- |
|
|
Plant and machinery |
- |
|
|
2023 |
2022 |
||
£ |
£ |
||
Rendering of services |
|
|
|
--------------- |
--------------- |
||
2023 |
2022 |
||
£ |
£ |
||
United Kingdom |
|
|
|
Overseas |
|
|
|
--------------- |
--------------- |
||
|
|
||
--------------- |
--------------- |
||
2023 |
2022 |
||
£ |
£ |
||
Government grant income |
– |
|
|
Other operating income |
|
|
|
----------- |
----------- |
||
|
|
||
----------- |
----------- |
||
2023 |
2022 |
||
£ |
£ |
||
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
|
|
Gains on disposal of tangible assets |
(
|
(
|
|
----------- |
----------- |
||
2023 |
2022 |
||
No. |
No. |
||
Production staff |
|
|
|
Administrative staff |
|
|
|
----- |
----- |
||
|
|
||
----- |
----- |
||
2023 |
2022 |
||
£ |
£ |
||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
-------------- |
-------------- |
||
|
|
||
-------------- |
-------------- |
||
2023 |
2022 |
||
£ |
£ |
||
Remuneration |
|
|
|
Company contributions to defined benefit pension plans |
|
|
|
----------- |
----------- |
||
|
|
||
----------- |
----------- |
||
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
----- |
----- |
|
2023 |
2022 |
||
£ |
£ |
||
Aggregate remuneration |
|
|
|
Company contributions to defined contribution pension plans |
– |
|
|
----------- |
----------- |
||
|
|
||
----------- |
----------- |
||
2023 |
2022 |
||
£ |
£ |
||
Other interest receivable and similar income |
|
|
|
----------- |
--------- |
||
2023 |
2022 |
||
£ |
£ |
||
Interest on banks loans and overdrafts |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
----------- |
----------- |
||
|
|
||
----------- |
----------- |
||
2023 |
2022 |
||
£ |
£ |
||
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 |
|
|
|
----------- |
----------- |
||
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 capital allowances and depreciation |
(
|
|
|
Foreign tax at higher rates |
|
|
|
----------- |
-------------- |
||
Tax on profit |
|
|
|
----------- |
-------------- |
||
2023 |
2022 |
|
£ |
£ |
|
Dividends on equity shares |
|
|
Dividends on equity shares held by non-controlling interests |
74,348
|
71,363
|
-------------- |
----------- |
|
|
|
|
-------------- |
----------- |
|
Group |
Goodwill |
Other intangible assets |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 |
|
|
|
Additions |
– |
|
|
-------------- |
----------- |
-------------- |
|
At 31 December 2023 |
|
|
|
-------------- |
----------- |
-------------- |
|
Amortisation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
|
|
-------------- |
----------- |
-------------- |
|
At 31 December 2023 |
|
|
|
-------------- |
----------- |
-------------- |
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
-------------- |
----------- |
-------------- |
|
At 31 December 2022 |
|
– |
|
-------------- |
----------- |
-------------- |
|
Group |
Land and buildings |
Plant and machinery |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 |
|
|
|
Additions |
|
|
|
Disposals |
– |
(
|
(
|
-------------- |
-------------- |
--------------- |
|
At 31 December 2023 |
|
|
|
-------------- |
-------------- |
--------------- |
|
Depreciation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
|
|
Disposals |
– |
(
|
(
|
-------------- |
-------------- |
--------------- |
|
At 31 December 2023 |
|
|
|
-------------- |
-------------- |
--------------- |
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
-------------- |
-------------- |
--------------- |
|
At 31 December 2022 |
|
|
|
-------------- |
-------------- |
--------------- |
|
Company |
Plant and machinery |
Total |
£ |
£ |
|
Cost |
||
At 1 January 2023 and 31 December 2023 |
|
|
--------- |
--------- |
|
Depreciation |
||
At 1 January 2023 |
|
|
Charge for the year |
|
|
--------- |
--------- |
|
At 31 December 2023 |
|
|
--------- |
--------- |
|
Carrying amount |
||
At 31 December 2023 |
|
|
--------- |
--------- |
|
At 31 December 2022 |
|
|
--------- |
--------- |
|
Group |
Plant and machinery |
£ |
|
At 31 December 2023 |
|
-------------- |
|
At 31 December 2022 |
|
-------------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 January 2023 |
|
Additions |
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
--------- |
|
Carrying amount |
|
At 31 December 2023 |
|
--------- |
|
At 31 December 2022 |
|
--------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
-------------- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
-------------- |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
|
-------------- |
|
At 31 December 2022 |
|
-------------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
99.92 |
|
Ordinary |
79.84 |
|
Ordinary |
99.92 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
--------- |
--------- |
----- |
----- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
– |
– |
Directors loan account |
|
|
– |
|
Other debtors |
|
|
|
|
-------------- |
-------------- |
----------- |
----------- |
|
|
|
|
|
|
-------------- |
-------------- |
----------- |
----------- |
|
2023 |
2022 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
– |
----------- |
-------------- |
|
|
|
|
----------- |
-------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
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 |
|||
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 January 2023 |
|
Additions |
|
----------- |
|
At 31 December 2023 |
|
----------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
|
– |
– |
----------- |
----------- |
----- |
----- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Deferred tax - sale of foreign property |
|
|
– |
– |
----------- |
----------- |
----- |
----- |
|
817,675 |
784,471 |
– |
– |
|
----------- |
----------- |
----- |
----- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
----- |
--------- |
----- |
----- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
139 |
|
139 |
----- |
----- |
----- |
----- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(585,233) |
|
Bank overdrafts |
– |
(176,425) |
(176,425) |
Debt due within one year |
(1,306,089) |
105,135 |
(1,200,954) |
Debt due after one year |
(1,617,042) |
20,674 |
(1,596,368) |
-------------- |
----------- |
-------------- |
|
(
|
(
|
(
|
|
-------------- |
----------- |
-------------- |
|
Group |
Company |
||||
2023 |
2022 |
2023 |
2022 |
||
£ |
£ |
£ |
£ |
||
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
|
|
– |
– |
|
----------- |
----------- |
----- |
----- |
||
|
|
– |
– |
||
----------- |
----------- |
----- |
----- |
||
2023 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
|
|
(
|
|
|
-------------- |
----------- |
-------------- |
-------------- |
||
2022 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
|
|
(
|
|
|
----------- |
-------------- |
----------- |
-------------- |
||
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) |