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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 income and retained earnings |
10 |
Company statement of income and retained earnings |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
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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Company secretary |
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Registered office |
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Hertfordshire |
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Auditor |
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Chartered accountants & statutory auditor |
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Maruti House |
|
1st Floor |
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369 Station Road |
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Harrow |
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HA1 2AW |
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Solicitors |
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1 Cornhill |
|
London |
|
EC3V 3ND |
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Strategic Report |
|
Director |
Registered office: |
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Hertfordshire |
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Directors' Report |
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Director |
Registered office: |
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Hertfordshire |
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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 |
Maruti House |
1st Floor |
369 Station Road |
Harrow |
HA1 2AW |
|
Consolidated Statement of Income and Retained Earnings |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
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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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 |
9 |
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Interest payable and similar expenses |
10 |
|
– |
------------- |
------------- |
||
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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Dividends paid and payable |
12 |
(
|
(
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Retained earnings at the start of the year |
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------------- |
------------- |
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Retained earnings at the end of the year |
|
|
------------- |
------------- |
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Company Statement of Income and Retained Earnings |
2023 |
2022 |
||
Note |
£ |
£ |
|
Profit for the financial year and total comprehensive income |
|
|
|
Dividends paid and payable |
12 |
(
|
(
|
Retained earnings at the start of the year |
|
|
------------- |
------------- |
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Retained earnings at the end of the year |
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|
------------- |
------------- |
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Consolidated Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
13 |
|
– |
Tangible assets |
14 |
|
|
Investments |
15 |
– |
|
--------- |
--------- |
||
|
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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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Prepayments and accrued income |
|
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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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Provisions |
19 |
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Accruals and deferred income |
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
22 |
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Profit and loss account |
23 |
18,358,384
|
|
------------- |
------------- |
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Shareholders funds |
|
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------------- |
------------- |
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|
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
13 |
|
– |
Tangible assets |
14 |
|
|
Investments |
15 |
|
|
--------- |
--------- |
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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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Prepayments and accrued income |
|
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Creditors: amounts falling due within one year |
18 |
|
|
------------- |
------------- |
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Net current assets |
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------------- |
------------- |
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Total assets less current liabilities |
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Provisions |
19 |
|
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Accruals and deferred income |
|
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------------- |
------------- |
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Net assets |
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|
------------- |
------------- |
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Called up share capital |
22 |
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Profit and loss account |
23 |
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|
------------- |
------------- |
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Shareholders funds |
|
|
|
------------- |
------------- |
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|
Director |
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
– |
Tax on profit |
|
|
Accrued expenses |
|
|
Other operating cash flow adjustment |
210,071 |
(14,311) |
Changes in: |
||
Stocks |
(
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Trade and other debtors |
(
|
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Trade and other creditors |
|
(
|
Provisions and employee benefits |
|
|
------------- |
------------ |
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Cash generated from operations |
|
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Interest paid |
(
|
– |
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
– |
Proceeds from sale of tangible assets |
|
– |
Purchase of intangible assets |
(
|
– |
------------ |
------------ |
|
Net cash used in investing activities |
(
|
– |
------------ |
------------ |
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Proceeds from borrowings |
|
– |
Dividends paid |
(
|
(
|
------------ |
------------ |
|
Net cash used in financing activities |
– |
(
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
13,885,804 |
6,300,924 |
------------- |
------------- |
|
Cash and cash equivalents at end of year |
|
|
------------- |
------------- |
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Notes to the Financial Statements |
Fixtures and fittings |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
Commissions |
– |
|
------------- |
------------- |
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|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
– |
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Commission receivable |
|
– |
Other operating income |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Impairment of trade debtors |
91,599 |
(52,672) |
Foreign exchange differences |
|
– |
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Distribution staff |
– |
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on bank deposits |
|
|
--------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
– |
--------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Effect of expenses not deductible for tax purposes |
|
(
|
Effect of capital allowances and depreciation |
(
|
|
Research & Development tax credit |
– |
(116,628) |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
------------ |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 |
– |
Additions |
|
---- |
|
At 31 December 2023 |
|
---- |
|
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
– |
---- |
|
Carrying amount |
|
At 31 December 2023 |
|
---- |
|
At 31 December 2022 |
– |
---- |
|
Company |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 |
– |
Additions |
|
---- |
|
At 31 December 2023 |
|
---- |
|
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
– |
---- |
|
Carrying amount |
|
At 31 December 2023 |
|
---- |
|
At 31 December 2022 |
– |
---- |
|
Group |
Fixtures and fittings |
£ |
|
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 |
Fixtures and fittings |
£ |
|
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 |
|
------------ |
|
Group |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 |
|
Other movements |
(
|
-------- |
|
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 |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Finished goods |
|
|
|
|
------------ |
--------- |
------------ |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
|
|
|
Other debtors |
|
– |
|
– |
------------- |
------------ |
------------- |
------------ |
|
|
|
|
|
|
------------- |
------------ |
------------- |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
– |
|
– |
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
– |
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
– |
|
– |
------------- |
------------ |
------------- |
------------ |
|
|
|
|
|
|
------------- |
------------ |
------------- |
------------ |
|
Group and company |
Pensions and similar obligations |
£ |
|
At 1 January 2023 |
|
Additions |
|
-------- |
|
At 31 December 2023 |
|
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
125,000 |
|
125,000 |
|
|
1,724,034 |
|
1,724,034 |
------------ |
------------ |
------------ |
------------ |
|
|
1,849,034 |
|
1,849,034 |
|
------------ |
------------ |
------------ |
------------ |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
7,833,213 |
|
Debt due within one year |
– |
(1,000,000) |
(1,000,000) |
------------- |
------------ |
------------- |
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------------- |
------------ |
------------- |
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Notes to the Financial Statements (continued) |