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For the year ended |
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Audited Consolidated Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
Consolidated statement of comprehensive income |
10 |
Consolidated statement of financial position |
11 |
Company statement of financial position |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the audited consolidated financial statements |
16 |
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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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7 Centre Court |
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Treforest Industrial Estate |
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Pontypridd |
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CF37 5YR |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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(Appointed
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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 |
7 Centre Court |
Treforest Industrial Estate |
Pontypridd |
CF37 5YR |
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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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Administrative expenses |
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit |
6 |
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Amounts written back to investments |
– |
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Interest payable and similar expenses |
10 |
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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
11 |
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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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The owners of the parent company |
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Non-controlling interests |
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--------- |
--------- |
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--------- |
--------- |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
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Intangible assets |
13 |
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Tangible assets |
14 |
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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 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 |
19 |
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Taxation including deferred tax |
21 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
25 |
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Profit and loss account |
26 |
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--------- |
--------- |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
------------ |
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
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Investments |
15 |
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Debtors |
17 |
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Creditors: amounts falling due within one year |
18 |
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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 |
19 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
25 |
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Profit and loss account |
26 |
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-------- |
-------- |
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Shareholders funds |
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-------- |
-------- |
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Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
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£ |
£ |
£ |
£ |
£ |
||
At 1 August 2021 |
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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 |
12 |
– |
(
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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 July 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 |
12 |
– |
(
|
(
|
(
|
(
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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 July 2023 |
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---- |
--------- |
--------- |
------------ |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 August 2021 |
|
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Profit for the year |
|
|
||
---- |
-------- |
-------- |
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Total comprehensive income for the year |
– |
|
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Dividends paid and payable |
12 |
– |
(
|
(
|
---- |
-------- |
-------- |
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Total investments by and distributions to owners |
– |
(
|
(
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|
At 31 July 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 |
12 |
– |
(
|
(
|
---- |
-------- |
-------- |
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Total investments by and distributions to owners |
– |
(
|
(
|
|
---- |
-------- |
-------- |
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At 31 July 2023 |
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|
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---- |
-------- |
-------- |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
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Adjustments for: |
||
Depreciation of tangible assets |
|
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Impairment of tangible assets |
151,504 |
– |
Amortisation of intangible assets |
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Amounts written back to investments |
– |
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Interest payable and similar expenses |
96,894 |
62,855 |
Tax on profit |
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Changes in: |
||
Stocks |
(
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(
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Trade and other debtors |
(
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(
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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 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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--------- |
------------ |
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Net cash used in investing activities |
(
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(
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--------- |
------------ |
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Proceeds from borrowings |
|
– |
Repayments of borrowings |
(
|
(
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Payments of finance lease liabilities |
|
(
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Dividends paid |
(
|
(
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--------- |
------------ |
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Net cash used in financing activities |
(
|
(
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--------- |
------------ |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
480,937 |
62,803 |
--------- |
--------- |
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Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
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Notes to the Audited Consolidated Financial Statements |
Goodwill |
- |
10 years |
|
Property improvements |
- |
20 to 50 years |
|
Plant and machinery |
- |
10% straight line |
|
Fixtures and fittings |
- |
10% straight line |
|
Motor vehicles |
- |
20% reducing balance |
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Computers |
- |
25% straight line |
|
2023 |
2022 |
|
£ |
£ |
|
Hotel |
|
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Bars |
|
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Health Club |
|
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Restaurants and functions |
|
|
Golf Club |
|
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Pro Shop |
|
|
------------ |
------------ |
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|
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Government grant income |
– |
|
Other operating income |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Administrative expenses |
151,504 |
– |
|
Gains on disposal of tangible assets |
(
|
– |
|
Impairment of debenture |
– |
18,000 |
|
--------- |
--------- |
||
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the audited consolidated financial statements |
|
|
-------- |
------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
-------- |
------- |
|
|
|
|
-------- |
------- |
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2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
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 |
|
|
--------- |
--------- |
|
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 expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
(
|
Deferred tax |
(71,512) |
7,022 |
Changes in UK tax rates |
(23,515) |
– |
Revaluation losses |
37,875 |
– |
--------- |
------------ |
|
Tax on profit |
|
|
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividend on Ordinary A Shares |
|
|
Dividend on Ordinary B Shares |
28,200
|
29,500
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
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Group |
Goodwill on consolidation |
£ |
|
Cost |
|
At 1 August 2022 and 31 July 2023 |
|
--------- |
|
Amortisation |
|
At 1 August 2022 |
|
Charge for the year |
|
--------- |
|
At 31 July 2023 |
|
--------- |
|
Carrying amount |
|
At 31 July 2023 |
|
--------- |
|
At 31 July 2022 |
|
--------- |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 August 2022 |
|
|
|
– |
|
Additions |
|
|
|
|
|
Revaluations |
(
|
– |
– |
– |
(
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
At 31 July 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
Depreciation |
|||||
At 1 August 2022 |
|
|
|
– |
|
Charge for the year |
|
|
|
|
|
Revaluations |
(
|
– |
– |
– |
(
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
At 31 July 2023 |
– |
|
|
|
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
Carrying amount |
|||||
At 31 July 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
At 31 July 2022 |
|
|
|
– |
|
------------ |
--------- |
--------- |
-------- |
------------ |
|
Group |
Plant and machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
|
At 31 July 2023 |
|
|
|
--------- |
-------- |
--------- |
|
At 31 July 2022 |
|
– |
|
--------- |
-------- |
--------- |
|
Company |
Shares in group |
£ |
|
Cost |
|
At 1 August 2022 and 31 July 2023 |
|
------------ |
|
Impairment |
|
At 1 August 2022 and 31 July 2023 |
– |
------------ |
|
Carrying amount |
|
At 1 August 2022 and 31 July 2023 |
|
------------ |
|
At 31 July 2022 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
50 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Total stock |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
|
|
------------ |
------------ |
-------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
-------- |
--------- |
|
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 |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
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 22) |
£ |
|
At 1 August 2022 |
|
Additions |
(
|
--------- |
|
At 31 July 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
-------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Revaluation of tangible assets |
– |
|
– |
– |
-------- |
--------- |
---- |
---- |
|
76,783 |
148,296 |
– |
– |
|
-------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
-------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
|
|
1 |
|
1 |
---- |
---- |
---- |
---- |
|
|
2 |
|
2 |
|
---- |
---- |
---- |
---- |
|
At 1 Aug 2022 |
Cash flows |
At 31 Jul 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
261,494 |
|
Debt due within one year |
(594,489) |
40,352 |
(554,137) |
Debt due after one year |
(1,335,928) |
(54,236) |
(1,390,164) |
------------ |
--------- |
------------ |
|
(
|
|
(
|
|
------------ |
--------- |
------------ |
|
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 |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
-------- |
---- |
---- |
|
|
Notes to the Audited Consolidated Financial Statements (continued) |
2023 | ||
£ | ||
Debtor as at 1 August 2022 | 918,670 | |
Net transfers during the year | (22,657) | |
--------- | ||
Debtor as at 31 July 2023 | 896,013 | |
--------- | ||
2023 | ||
£ | ||
Creditor as at 1 August 2022 | 238,123 | |
Creditor as at 31 July 2023 | 238,123 | |
2023 | ||
£ | ||
Debtor as at 1 August 2022 | 141,927 | |
Net transfers during the year | (105,380) | |
Dividends | 40,000 | |
--------- | ||
Debtor as at 31 July 2023 | 552,793 | |
--------- | ||