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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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3B Swallowfield Courtyard |
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Wolverhampton Road |
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Oldbury |
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West Midlands |
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B69 2JG |
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Strategic Report |
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Director |
Director |
Registered office: |
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Directors' Report |
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Director |
Director |
Registered office: |
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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 |
3B Swallowfield Courtyard |
Wolverhampton Road |
Oldbury |
West Midlands |
B69 2JG |
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Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
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 |
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------------ |
------------ |
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Operating profit |
5 |
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Interest payable and similar expenses |
8 |
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------------ |
------------ |
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Profit/(loss) before taxation |
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(
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Tax on profit/(loss) |
9 |
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--------- |
--------- |
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Profit/(loss) for the financial year and total comprehensive income |
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(
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--------- |
--------- |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Intangible assets |
10 |
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Tangible assets |
11 |
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------------ |
------------ |
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Stocks |
13 |
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Debtors |
14 |
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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 |
15 |
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------------ |
------------ |
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Net current liabilities |
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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 |
16 |
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Provisions |
18 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
21 |
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Share premium account |
22 |
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Profit and loss account |
22 |
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
Director |
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Company Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Investments |
12 |
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Debtors |
14 |
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Creditors: amounts falling due within one year |
15 |
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--------- |
--------- |
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Net current liabilities |
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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 |
16 |
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Provisions |
18 |
(
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(
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
21 |
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Share premium account |
22 |
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Profit and loss account |
22 |
(
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(
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--------- |
--------- |
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Shareholders funds |
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--------- |
--------- |
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Director |
Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
|
At 1 January 2022 |
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Loss 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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(
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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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Issue of shares |
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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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Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
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At 1 January 2022 |
|
|
(
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Loss for the year |
(
|
(
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||
--------- |
------- |
-------- |
-------- |
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Total comprehensive income for the year |
– |
– |
(
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(
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At 31 December 2022 |
|
|
(
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Loss for the year |
(
|
(
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||
--------- |
------- |
-------- |
-------- |
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Total comprehensive income for the year |
– |
– |
(
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(
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Issue of shares |
|
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– |
|
------- |
------- |
---- |
------- |
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Total investments by and distributions to owners |
|
|
– |
|
--------- |
-------- |
--------- |
------- |
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At 31 December 2023 |
|
|
(
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|
--------- |
-------- |
--------- |
------- |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit/(loss) for the financial year |
|
(
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Adjustments for: |
||
Depreciation of tangible assets |
|
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Amortisation of intangible assets |
|
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Interest payable and similar expenses |
|
|
(Gains)/loss on disposal of tangible assets |
(21,826) |
2,527 |
Tax on loss |
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Accrued expenses |
– |
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Changes in: |
||
Stocks |
(
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Trade and other debtors |
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Trade and other creditors |
(
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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 |
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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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Net cash used in investing activities |
(
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(
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------------ |
------------ |
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Proceeds from issue of ordinary shares |
|
– |
Repayments of borrowings |
(
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(
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Proceeds from loans from participating interests |
– |
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Payments of finance lease liabilities |
(
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(
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Proceeds from new finance lease liabilities |
– |
289,791 |
Repayment of earnout |
– |
(437,000) |
------------ |
------------ |
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Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
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Net increase/(decrease) in cash and cash equivalents |
|
(
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Cash and cash equivalents at beginning of year |
57,588 |
121,681 |
--------- |
--------- |
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Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
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Notes to the Financial Statements |
Goodwill |
- |
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Long leasehold property |
- |
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Plant and machinery |
- |
10% to 15% straight line |
|
Fixtures and fittings |
- |
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Motor vehicles |
- |
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2023 |
2022 |
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£ |
£ |
|
Sale of goods |
|
|
------------- |
------------- |
|
2023 |
2022 |
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£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Impairment of trade debtors |
33,297 |
24,000 |
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
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Production staff |
|
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Administrative staff |
|
|
Management staff |
– |
4 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Other pension costs |
|
|
------------ |
------------ |
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|
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|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
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No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
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 |
|
(
|
-------- |
---- |
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Origination and reversal of timing differences |
|
|
--------- |
------- |
|
Tax on loss |
|
|
--------- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit/(loss) on ordinary activities before taxation |
|
(
|
--------- |
--------- |
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Profit/(loss) on ordinary activities by rate of tax |
|
(
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
(
|
Utilisation of tax losses |
– |
|
Research and development |
(128,322) |
– |
Change in rate of deferred tax |
46,546 |
– |
--------- |
--------- |
|
Tax on loss |
|
|
--------- |
--------- |
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Group |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
------------ |
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Amortisation |
|
At 1 January 2023 |
|
Charge for the year |
|
------------ |
|
At 31 December 2023 |
|
------------ |
|
Carrying amount |
|
At 31 December 2023 |
|
------------ |
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At 31 December 2022 |
|
------------ |
|
Group |
Long leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
--------- |
------------ |
-------- |
--------- |
------------ |
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At 31 December 2023 |
|
|
|
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|
--------- |
------------ |
-------- |
--------- |
------------ |
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Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
--------- |
------------ |
-------- |
--------- |
------------ |
|
At 31 December 2023 |
|
|
|
|
|
--------- |
------------ |
-------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
--------- |
------------ |
-------- |
--------- |
------------ |
|
At 31 December 2022 |
|
|
|
|
|
--------- |
------------ |
-------- |
--------- |
------------ |
|
Group |
Plant and machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
|
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 |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Corporation tax repayable |
– |
|
– |
– |
Directors loan account |
– |
– |
– |
|
Other debtors |
|
|
|
|
------------ |
------------ |
------- |
------- |
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|
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|
|
|
------------ |
------------ |
------- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
– |
– |
Accruals and deferred income |
|
|
– |
– |
Corporation tax |
|
– |
– |
– |
Social security and other taxes |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Director loan accounts |
|
|
|
– |
Other creditors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
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|
------------ |
------------ |
--------- |
--------- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
|
– |
|
Amounts owed to group undertakings |
– |
– |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Director loan accounts |
|
|
|
|
Other creditors |
|
|
|
|
--------- |
------------ |
------------ |
------------ |
|
|
|
|
|
|
--------- |
------------ |
------------ |
------------ |
|
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 19) |
£ |
|
At 1 January 2023 |
|
Additions |
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Company |
Deferred tax (note 19) |
£ |
|
At 1 January 2023 |
(
|
------- |
|
At 31 December 2023 |
(
|
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 18) |
|
|
(
|
(
|
--------- |
--------- |
------- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Unused tax losses |
(
|
(
|
(
|
(
|
Pension plan obligations |
– |
(
|
– |
– |
--------- |
--------- |
------- |
------- |
|
220,063 |
131,859 |
(7,240) |
(7,240) |
|
--------- |
--------- |
------- |
------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
109,999 |
|
107,777 |
--------- |
--------- |
--------- |
--------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
77,024 |
|
Debt due within one year |
(704,974) |
(656,133) |
(1,361,107) |
Debt due after one year |
(1,516,820) |
1,368,982 |
(147,838) |
------------ |
------------ |
------------ |
|
(
|
|
(
|
|
------------ |
------------ |
------------ |
|
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 |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|