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FINANCIAL STATEMENTS |
Contents |
Page |
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STRATEGIC REPORT |
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DIRECTORS' REPORT |
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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 |
35 Westgate |
Huddersfield |
HD1 1PA |
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CONSOLIDATED PROFIT AND LOSS ACCOUNT |
2023 |
2022 |
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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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------------- |
------------- |
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Gross profit |
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Administrative expenses |
(
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(
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
– |
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Interest payable and similar expenses |
11 |
(
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(
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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
12 |
(
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(
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------------ |
------------ |
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Profit for the financial year and total comprehensive income |
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------------ |
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CONSOLIDATED BALANCE SHEET |
2023 |
2022 |
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Note |
£ |
£ |
Tangible assets |
14 |
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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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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 |
19 |
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Taxation including deferred tax |
20 |
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Net assets |
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Called up share capital |
24 |
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Share premium account |
25 |
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Capital redemption reserve |
25 |
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Profit and loss account |
25 |
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------------- |
------------ |
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Shareholders funds |
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------------- |
------------ |
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BALANCE SHEET |
2023 |
2022 |
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Note |
£ |
£ |
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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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 |
19 |
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Taxation including deferred tax |
20 |
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
24 |
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Share premium account |
25 |
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Capital redemption reserve |
25 |
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Profit and loss account |
25 |
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Shareholders funds |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Capital redemption reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
£ |
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At 1 January 2022 |
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Profit for the year |
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------------ |
------------ |
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------------- |
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Total comprehensive income for the year |
– |
– |
– |
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Dividends paid and payable |
13 |
– |
– |
– |
(
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(
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------------ |
------------ |
------------ |
------------- |
------------- |
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Total investments by and distributions to owners |
– |
– |
– |
(
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(
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At 31 December 2022 |
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Profit for the year |
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------------ |
------------ |
------------ |
------------- |
------------- |
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Total comprehensive income for the year |
– |
– |
– |
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Dividends paid and payable |
13 |
– |
– |
– |
(
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(
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------------ |
------------ |
------------ |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
– |
– |
(
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(
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------------ |
------------ |
------------ |
------------- |
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At 31 December 2023 |
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COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Capital redemption reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
£ |
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At 1 January 2022 |
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Profit for the year |
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------------ |
------------ |
------------ |
------------- |
------------- |
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Total comprehensive income for the year |
– |
– |
– |
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Dividends paid and payable |
13 |
– |
– |
– |
(
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(
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------------ |
------------ |
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------------- |
------------- |
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Total investments by and distributions to owners |
– |
– |
– |
(
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(
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At 31 December 2022 |
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Profit for the year |
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------------ |
------------ |
------------ |
------------- |
------------- |
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Total comprehensive income for the year |
– |
– |
– |
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Dividends paid and payable |
13 |
– |
– |
– |
(
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(
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------------ |
------------ |
------------ |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
– |
– |
(
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(
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------------ |
------------ |
------------ |
------------- |
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At 31 December 2023 |
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------------ |
------------ |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Government grant income |
(
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(
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Other interest receivable and similar income |
– |
(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
– |
(
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Tax on profit |
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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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(
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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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Interest received |
– |
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Tax paid |
(
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(
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------------ |
------------ |
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Net cash from operating activities |
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------------ |
------------ |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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------------ |
------------ |
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Net cash used in investing activities |
(
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(
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------------ |
------------ |
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Government grant income |
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Dividends paid |
(
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(
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------------ |
------------ |
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Net cash used in financing activities |
(
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(
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------------ |
------------ |
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Net decrease in cash and cash equivalents |
(
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(
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Cash and cash equivalents at beginning of year |
1,840,488 |
9,295,439 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
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NOTES TO THE FINANCIAL STATEMENTS |
Short Leasehold Property |
- |
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Plant & Machinery |
- |
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Fixtures and Fittings |
- |
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Motor Vehicles |
- |
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Office Equipment |
- |
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2023 |
2022 |
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£ |
£ |
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Sale of goods and services |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Government grant income |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Depreciation of tangible assets |
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Gains on disposal of tangible assets |
– |
(
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Foreign exchange differences |
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(
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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------------ |
------------ |
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Other non-audit services |
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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 |
8 |
8 |
------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
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No. |
No. |
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Defined contribution plans |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Aggregate remuneration |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Bank interest receivable |
– |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Interest charges |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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UK current tax expense |
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(
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Adjustments in respect of prior periods |
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(
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------------ |
------------ |
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Total current tax |
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(
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------------ |
------------ |
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Origination and reversal of timing differences |
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------------ |
------------ |
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Tax on profit |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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------------ |
------------ |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
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(
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Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
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(
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Effect of different UK tax rates on some earnings |
44,270 |
– |
Unused tax losses |
– |
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Adjustment to closing deferred tax to average rate |
– |
(
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Income not taxable for tax purposes |
(
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(
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Effect of capital allowance superdeduction |
(
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(
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Other timing differences |
– |
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------------ |
------------ |
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Tax on profit |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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------------ |
------------ |
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Group |
Short leasehold property |
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
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Additions |
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Disposals |
– |
(
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– |
– |
(
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------------ |
------------- |
------------ |
------------ |
------------- |
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At 31 December 2023 |
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------------ |
------------- |
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------------ |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Disposals |
– |
(
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– |
– |
(
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------------ |
------------- |
------------ |
------------ |
------------- |
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At 31 December 2023 |
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------------ |
------------- |
------------ |
------------ |
------------- |
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Carrying amount |
|||||
At 31 December 2023 |
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------------ |
------------- |
------------ |
------------ |
------------- |
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At 31 December 2022 |
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------------ |
------------- |
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Company |
Short leasehold property |
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
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Cost |
|||||
At 1 January 2023 |
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Additions |
– |
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------------ |
------------ |
------------ |
------------ |
------------ |
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At 31 December 2023 |
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------------ |
------------ |
------------ |
------------ |
------------ |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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------------ |
------------ |
------------ |
------------ |
------------ |
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At 31 December 2023 |
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------------ |
------------ |
------------ |
------------ |
------------ |
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Carrying amount |
|||||
At 31 December 2023 |
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------------ |
------------ |
------------ |
------------ |
------------ |
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At 31 December 2022 |
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------------ |
------------ |
------------ |
------------ |
------------ |
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Company |
Shares in group undertakings |
£ |
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Cost |
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At 1 January 2023 and 31 December 2023 |
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------------ |
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Impairment |
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At 1 January 2023 and 31 December 2023 |
– |
------------ |
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Carrying amount |
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At 1 January 2023 and 31 December 2023 |
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At 31 December 2022 |
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Registered office |
Class of share |
Percentage of shares held |
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Subsidiary undertakings |
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Woodland Mill, Dale Street |
Ordinary |
100 |
Longwood |
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Huddersfield |
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HD3 4TG |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Raw materials and consumables |
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Work in progress |
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Finished goods and goods for resale |
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------------ |
------------ |
------------ |
------------ |
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------------ |
------------ |
------------ |
------------ |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings |
– |
– |
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Prepayments and accrued income |
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Other debtors |
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------------ |
------------ |
------------ |
------------ |
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------------ |
------------ |
------------ |
------------ |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
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Amounts owed to group undertakings |
– |
– |
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Accruals and deferred income |
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Corporation tax |
|
– |
|
– |
Social security and other taxes |
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Other creditors |
|
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------------ |
------------ |
------------ |
------------ |
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------------ |
------------ |
------------ |
------------ |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accruals and deferred income |
|
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------------ |
------------ |
------------ |
------------ |
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Group |
Deferred tax (note 21) |
£ |
|
At 1 January 2023 |
|
Additions |
|
Charge against provision |
(
|
------------ |
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At 31 December 2023 |
|
------------ |
|
Company |
Deferred tax (note 21) |
£ |
|
At 1 January 2023 |
|
Charge against provision |
(
|
------------ |
|
At 31 December 2023 |
|
------------ |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
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------------ |
------------ |
------------ |
------------ |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Other timing differences |
(
|
(
|
(
|
(
|
------------ |
------------ |
------------ |
------------ |
|
1,259,490 |
688,983 |
280,490 |
326,983 |
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Deferred government grants due within one year |
|
|
|
|
Deferred government grants due after more than one year |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Government grants recognised directly in income |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2,550 |
|
2,550 |
|
|
2,450 |
|
2,450 |
|
|
318 |
|
318 |
------------ |
------------ |
------------ |
------------ |
|
|
5,318 |
|
5,318 |
|
------------ |
------------ |
------------ |
------------ |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(1,125,445) |
|
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Tangible assets |
|
– |
– |
– |
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
|
|
Later than 1 year and not later than 5 years |
|
|
|
|
Later than 5 years |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
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------------ |
------------ |
------------ |
------------ |
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|
NOTES TO THE FINANCIAL STATEMENTS (continued) |