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GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
5 |
Independent auditor's report to the members |
7 |
Consolidated statement of income and retained earnings |
12 |
Company statement of income and retained earnings |
13 |
Consolidated statement of financial position |
14 |
Company statement of financial position |
15 |
Consolidated statement of cash flows |
16 |
Notes to the group strategic report, report of the directors and consolidated financial statements |
17 |
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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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England |
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Auditor |
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Chartered Accountants & Statutory Auditors |
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168 Church Road |
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Hove |
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East Sussex |
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BN3 2DL |
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STRATEGIC REPORT |
2023 | 2022 | ||
£ | £ | ||
Turnover | 14,648,042 | 15,325,738 | |
Gross profit | 4,127,873 | 4,265,439 | |
EBITDA | 778,057 | 1,591,174 | |
Stock | 3,368,276 | 3,393,962 | |
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Director |
Registered office: |
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England |
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DIRECTORS' REPORT |
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Director |
Registered office: |
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England |
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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 Auditors |
168 Church Road |
Hove |
East Sussex |
BN3 2DL |
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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS |
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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Gross profit |
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Administrative expenses |
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------------- |
------------- |
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Operating (loss)/profit |
5 |
(
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Other interest receivable and similar income |
9 |
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– |
------------- |
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(Loss)/profit before taxation |
(
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Tax on (loss)/profit |
10 |
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------------- |
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(Loss)/profit for the financial year and total comprehensive income |
(
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------------- |
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Dividends paid and payable |
11 |
(
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(
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Retained earnings at the start of the year |
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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 |
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Note |
£ |
£ |
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(Loss)/profit for the financial year and total comprehensive income |
(
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Dividends paid and payable |
11 |
(
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(
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
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Note |
£ |
£ |
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Intangible assets |
12 |
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Tangible assets |
13 |
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Stocks |
15 |
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Debtors |
16 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
18 |
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Net current assets |
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Total assets less current liabilities |
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Provisions |
20 |
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Net assets |
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Called up share capital |
24 |
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Profit and loss account |
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Shareholders funds |
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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 |
14 |
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Debtors |
16 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
18 |
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Net current (liabilities)/assets |
(
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Total assets less current liabilities |
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Net assets |
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Called up share capital |
24 |
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Profit and loss account |
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Shareholders funds |
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Director |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
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Note |
£ |
£ |
(Loss)/profit for the financial year |
(
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Adjustments for: |
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Depreciation of tangible assets |
147,581 |
124,292 |
Amortisation of intangible assets |
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– |
Other interest receivable and similar income |
(
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– |
Loss on disposal of tangible assets |
– |
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Tax on (loss)/profit |
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Accrued expenses |
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Changes in: |
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Stocks |
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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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------------- |
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Cash generated from operations |
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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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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)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
2,013,208 |
1,417,974 |
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Cash and cash equivalents at end of year |
17 |
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NOTES TO THE GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS |
Goodwill |
- |
4 years straight line
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Long leasehold property |
- |
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Short leasehold property |
- |
Equal instalments over the life of the lease
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Plant and machinery |
- |
20%-25% straight line
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Motor vehicles |
- |
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Computer Software & Equipment |
- |
20%-33% straight line
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2023 |
2022 |
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£ |
£ |
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Sale of goods |
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--------------- |
--------------- |
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2023 |
2022 |
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£ |
£ |
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United Kingdom |
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Overseas |
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--------------- |
--------------- |
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--------------- |
--------------- |
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2023 |
2022 |
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£ |
£ |
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Amortisation of intangible assets |
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– |
Depreciation of tangible assets |
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Loss on disposal of tangible assets |
– |
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Impairment of trade debtors |
6,478 |
2,401 |
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 group strategic report, report of the directors and consolidated financial statements |
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--------- |
--------- |
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2023 |
2022 |
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No. |
No. |
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Administrative staff |
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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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---------- |
---------- |
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2023 |
2022 |
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£ |
£ |
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Interest on cash and cash equivalents |
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– |
--------- |
---- |
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2023 |
2022 |
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£ |
£ |
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UK current tax income |
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Origination and reversal of timing differences |
|
(
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---------- |
---------- |
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Tax on (loss)/profit |
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---------- |
---------- |
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2023 |
2022 |
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£ |
£ |
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(Loss)/profit on ordinary activities before taxation |
(
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------------- |
------------- |
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(Loss)/profit on ordinary activities by rate of tax |
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Effect of expenses not deductible for tax purposes |
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(
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Effect of capital allowances and depreciation |
(
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(
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Effect of revenue exempt from tax |
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Utilisation of tax losses |
(
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(
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Less Forex gain |
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(
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Patent box relief |
(59,597)
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(46,087)
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Deferred tax movement |
28,935
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(19,861)
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------------- |
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Tax on (loss)/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 |
Goodwill |
£ |
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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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Amortisation |
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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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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Group |
Long leasehold property |
Short leasehold property |
Plant and machinery |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
||||||
At 1 Jan 2023 |
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630,331 |
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Additions |
– |
– |
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64,429 |
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Revaluations |
– |
– |
– |
(
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– |
(
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---------- |
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---------- |
---------- |
---------- |
------------- |
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At 31 Dec 2023 |
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694,760 |
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---------- |
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Depreciation |
||||||
At 1 Jan 2023 |
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323,459 |
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Charge for the year |
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41,190 |
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---------- |
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At 31 Dec 2023 |
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364,649 |
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---------- |
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Carrying amount |
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At 31 Dec 2023 |
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330,111 |
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---------- |
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At 31 Dec 2022 |
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306,872 |
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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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------------- |
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At 31 December 2022 |
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Class of share |
Percentage of shares held |
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Subsidiary undertakings |
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Ordinary |
100 |
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Ordinary |
100 |
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Ordinary |
100 |
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Ordinary |
100 |
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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– |
– |
Finished goods and goods for resale |
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– |
– |
------------- |
------------- |
---- |
---- |
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– |
– |
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------------- |
------------- |
---- |
---- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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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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2023 |
2022 |
|
£ |
£ |
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Cash at bank and in hand |
|
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Bank overdrafts |
(
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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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£ |
£ |
£ |
£ |
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Bank loans and overdrafts |
|
– |
– |
– |
Trade creditors |
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Amounts owed to group undertakings |
– |
– |
|
– |
Accruals and deferred income |
|
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Corporation tax |
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|
– |
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Social security and other taxes |
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|
– |
– |
Obligations under finance leases and hire purchase contracts |
– |
|
– |
– |
Other creditors |
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|
– |
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------------- |
------------- |
------------- |
--------- |
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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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£ |
£ |
£ |
£ |
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Not later than 1 year |
– |
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– |
– |
---- |
---- |
---- |
---- |
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Group |
Warranties |
Deferred tax (note 21) |
Total |
£ |
£ |
£ |
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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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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Included in provisions (note 20) |
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– |
– |
---------- |
--------- |
---- |
---- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Accelerated capital allowances |
|
|
– |
– |
Pension plan obligations |
(
|
(
|
– |
– |
---------- |
--------- |
---- |
---- |
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147,451 |
96,959 |
– |
– |
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---------- |
--------- |
---- |
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2022 (Orginal) | 2022 (Restated) | Decrease | ||
£ | £ | £ | ||
Profit and loss and OCI | ||||
Sales | 15,634,287 | 15,325,738 | 308,549 | |
Purchases | 14,762,811 | 14,454,264 | 308,549 | |
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
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|
1,200,000 |
|
1,200,000 |
------------- |
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At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
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£ |
£ |
£ |
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Cash at bank and in hand |
|
(38,073) |
|
Bank overdrafts |
– |
(5,342) |
(5,342) |
Debt due within one year |
(674) |
674 |
– |
------------- |
--------- |
------------- |
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(
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------------- |
--------- |
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NOTES TO THE GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS (continued) |
Group |
Company |
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2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Not later than 1 year |
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– |
– |
Later than 1 year and not later than 5 years |
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– |
– |
---------- |
---------- |
---- |
---- |
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– |
– |
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---------- |
---------- |
---- |
---- |
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