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Registered number: 02142370
Magimix UK Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—5
Statement of Comprehensive Income 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Statement of Cash Flows 9
Notes to the Statement of Cash Flows 10
Notes to the Financial Statements 11—16
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Review of the Business
During the pandemic the company saw a significant increase in demand for domestic appliances but in recent years the demand has slowed and the market returned to more usual conditions. Turnover has increased in the year by 8% whilst returning an improved gross profit margin of 26%. Distribution costs as a percentage of turnover reduced from 15% to 13% and administrative expenses increased by 4% compared to the previous year. The company continues to focus on cost control to contribute to future improvement in the profitability of the business.
The statement of financial position on page 8 shows that the company remained in a sound financial position at the year end.
Principal Risks and Uncertainties
The directors believe the following to be the company's principle risks and uncertainties, which have been addressed as follows:
The company's liquid resources are invested having regard to the timing of payments to be made in the ordinary course of the company's activities.
Funds which are not required to meet the immediate needs of the company are placed with a main clearing bank and are held in interest bearing deposit accounts. The company is not financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business.
The company holds cash in the currencies of anticipated expenditure.
The company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.
The company operates in a competitive market and continues to introduce new product lines and existing products are updated in order to retain market share.
On behalf of the board
S T Punter
Director
26 February 2024
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of the sale of domestic appliances.
Directors
The directors who held office during the year were as follows:
G Verdun
S T Punter
P R Bosquillon De Jenlis
G de Jenlis
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
S T Punter
Director
26 February 2024
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Magimix UK Limited for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Page 4
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our procedures included the following:
· We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following were the most significant: the Companies Act 2006 and UK corporate taxations laws.
· We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management of the company. We corroborated our inquiries through our review of correspondence during our audit work.
· We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:
· identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
· understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
· challenging assumptions and judgements made by management in its significant accounting estimates;
· identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and
· assessing the extent of compliance with the relevant laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 4
Page 5
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Frank Harling (Senior Statutory Auditor)
for and on behalf of Ward Williams Limited , Statutory Auditor
27 February 2024
Ward Williams Limited
Chartered Accountants and Statutory Auditors
Belgrave House
39-43 Monument Hill
Weybridge, Surrey
KT13 8RN
Page 5
Page 6
Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 4 19,461,157 18,047,311
Cost of sales (14,372,406 ) (13,853,560 )
GROSS PROFIT 5,088,751 4,193,751
Distribution costs (2,543,425 ) (2,679,672 )
Administrative expenses (918,832 ) (886,886 )
OPERATING PROFIT 5 1,626,494 627,193
Other interest receivable and similar income 9 53,805 15,988
PROFIT BEFORE TAXATION 1,680,299 643,181
Tax on Profit 10 (395,605 ) (122,232 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,284,694 520,949
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,284,694 520,949
The notes on pages 10 to 16 form part of these financial statements.
Page 6
Page 7
Statement of Financial Position
Registered number: 02142370
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 11 18,926 16,326
18,926 16,326
CURRENT ASSETS
Stocks 12 4,170,217 6,005,647
Debtors 13 3,523,546 5,524,676
Cash at bank and in hand 606,309 1,859,460
8,300,072 13,389,783
Creditors: Amounts Falling Due Within One Year 14 (3,332,871 ) (9,704,676 )
NET CURRENT ASSETS (LIABILITIES) 4,967,201 3,685,107
TOTAL ASSETS LESS CURRENT LIABILITIES 4,986,127 3,701,433
NET ASSETS 4,986,127 3,701,433
CAPITAL AND RESERVES
Called up share capital 15 25,490 25,490
Capital redemption reserve 102,105 102,105
Income Statement 4,858,532 3,573,838
SHAREHOLDERS' FUNDS 4,986,127 3,701,433
On behalf of the board
S T Punter
Director
26 February 2024
The notes on pages 10 to 16 form part of these financial statements.
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Page 8
Statement of Changes in Equity
Share Capital Capital Redemption Income Statement Total
£ £ £ £
As at 1 January 2022 25,490 102,105 3,052,889 3,180,484
Profit for the year and total comprehensive income - - 520,949 520,949
As at 31 December 2022 and 1 January 2023 25,490 102,105 3,573,838 3,701,433
Profit for the year and total comprehensive income - - 1,284,694 1,284,694
As at 31 December 2023 25,490 102,105 4,858,532 4,986,127
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Page 9
Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (1,100,372 ) 1,454,784
Tax paid (190,506 ) (198,715 )
Net cash (used in)/generated from operating activities (1,290,878 ) 1,256,069
Cash flows from investing activities
Purchase of tangible assets (16,078 ) (899 )
Interest received 53,805 15,988
Net cash generated from investing activities 37,727 15,089
(Decrease)/increase in cash and cash equivalents (1,253,151 ) 1,271,158
Cash and cash equivalents at beginning of year 2 1,859,460 588,302
Cash and cash equivalents at end of year 2 606,309 1,859,460
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash (used in)/generated from operations
2023 2022
£ £
Profit for the financial year 1,284,694 520,949
Adjustments for:
Tax on profit 395,605 122,232
Interest income (53,805 ) (15,988 )
Depreciation of tangible assets 13,478 24,451
Movements in working capital:
Decrease/(increase) in stocks 1,835,430 (2,849,156 )
Decrease in trade and other debtors 2,003,300 578,271
(Decrease)/increase in trade and other creditors (6,579,074 ) 3,074,025
Net cash (used in)/generated from operations (1,100,372 ) 1,454,784
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 606,309 1,859,460
3. Analysis of changes in net funds
As at 1 January 2023 Cash flows As at 31 December 2023
£ £ £
Cash at bank and in hand 1,859,460 (1,253,151) 606,309
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Notes to the Financial Statements
1. General Information
Magimix UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02142370 . The registered office is 19 Bridge Street, Godalming, Surrey, GU7 1HY.
2. Statement of Compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
3.3. Going Concern Disclosure
The directors of the company have reviewed the company's financial performance and forecasts and consider the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing financial statements.
3.4. Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions in areas where this information is not readily available from other sources. In particular the directors use judgement in assessing the warranty provision as well as the carrying amount of assets and liabilities. The estimates and assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
3.5. Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefit associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
3.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 50% on cost
Fixtures & Fittings 33% on cost and 20% on cost
Computer Equipment 33% on cost and 25% on cost
Tangible fixed assets are stated at historical purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to working condition for its intended use.
3.7. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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3.8. Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value. Cost is based on price paid less any discount, on an average cost basis, and net realisable value is the estimated selling price less costs to sell.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
3.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.10. Financial Instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in non-puttable ordinary shares.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
Other financial assets
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit andloss account, except that investments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss account, are assessed for indicators of impairment at each reporting end date.
Other financial liabilities
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit and loss account.
Creditors
Short term creditors aremeasured at the transaction price.Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3.11. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3.12. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. 
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised or all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognitionof other assets and liabilities in a transaction that affects neither the tax profit not the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to the recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is changed or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax asset is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has legally enforcible right to offset current tax assets and liabilities relate to taxes levied by the same tax authority.
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3.13. Pensions
The company operates a defined contribution scheme for the benefit of its employees and directors. The assets of the scheme are held separately from those of the company. Contributions payable are charged to the profit and loss account in the year they are payable.
4. Turnover
Analysis of turnover by geographical market is as follows:
2023 2022
£ £
United Kingdom 18,471,378 17,128,791
Europe 989,779 918,520
19,461,157 18,047,311
5. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Depreciation of tangible fixed assets 13,478 24,451
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 12,000 12,750
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 799,301 884,621
Social security costs 84,613 91,433
Other pension costs 47,274 70,985
931,188 1,047,039
Directors' remuneration for the year was £155,045 (2022 - £192,336). Directors' pension contributions to money purchase scheme for the year was £33,784 (2022 - £21,238). During the year, there was one director whom retirement benefits were accruing (2022 - 1). Directors benefits in kind during the year were £6,111 (2022 - £4,891).
The directors represent the key management of the company.
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2023 2022
Office and administration 9 11
Sales, marketing and distribution 9 17
18 28
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9. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 50,900 13,523
Other interest receivable 2,905 2,465
53,805 15,988
10. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 23.5% 19.0% 397,775 120,194
Deferred Tax
Deferred taxation (2,170 ) 2,038
Total tax charge for the period 395,605 122,232
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 1,680,299 643,181
Tax on profit at 23.5% (UK standard rate) 395,215 122,205
Expenses not deductible for tax purposes 647 79
Capital allowances - (52 )
Difference in tax rates (257 ) -
Total tax charge for the period 395,605 122,232
11. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 - 126,236 53,779 180,015
Additions 13,500 - 2,578 16,078
Disposals - (68,453 ) (26,569 ) (95,022 )
As at 31 December 2023 13,500 57,783 29,788 101,071
Depreciation
As at 1 January 2023 - 126,236 37,453 163,689
Provided during the period 4,500 - 8,978 13,478
Disposals - (68,453 ) (26,569 ) (95,022 )
As at 31 December 2023 4,500 57,783 19,862 82,145
...CONTINUED
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Net Book Value
As at 31 December 2023 9,000 - 9,926 18,926
As at 1 January 2023 - - 16,326 16,326
12. Stocks
2023 2022
£ £
Finished goods 4,170,217 6,005,647
13. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,271,133 4,516,715
Prepayments and accrued income 201,012 956,270
Other debtors - 2,460
Deferred tax current asset 2,605 435
Amounts owed by group undertakings 48,796 48,796
3,523,546 5,524,676
14. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 131,699 211,672
Corporation tax 307,642 100,373
Social security and other taxes 623,063 453,324
Other creditors 5,250 1,309
Accruals and deferred income 639,633 623,756
Amounts owed to group undertakings 1,625,584 8,314,242
3,332,871 9,704,676
15. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 25,490 25,490
16. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 65,791 71,645
Later than one year and not later than five years 220,000 239,034
Later than five years - 55,000
285,791 365,679
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17. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £47,274 (2022: £70,985).
At the statement of financial position date contributions of £5,250 (2022: £1,309) were due to the fund and are included in creditors.
18. Controlling Parties
The company's immediate parent undertaking is Hameur SA .
The ultimate parent undertaking is Hameur SA (incorporated in Luxembourg). Its registered office is 40 Rangwee, L-2412, Luxembourg .
Copies of the group accounts may be obtained from the company's registered office.
The company's ultimate controlling party is P R J Bosquillon de Jenlis by virtue of their interest in the share capital of the company.
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