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Financial Statements |
Contents |
Pages |
Officers and professional advisers |
1 |
Strategic report |
2 to 3 |
Directors' report |
4 to 5 |
Independent auditor's report to the members |
6 to 9 |
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 to 14 |
Company statement of changes in equity |
15 to 16 |
Consolidated statement of cash flows |
17 |
Notes to the financial statements |
18 to 31 |
|
Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered Accountants & Statutory Auditor |
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Drake House |
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Gadbroke Park |
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Northwich |
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Cheshire |
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CW9 7RA |
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Bankers |
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53 King Street |
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Manchester |
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M2 4LQ |
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Strategic Report |
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Director |
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Directors' Report |
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(Died
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Director |
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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 |
Drake House |
Gadbroke Park |
Northwich |
Cheshire |
CW9 7RA |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
(
|
(
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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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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
(
|
(
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------------ |
------------ |
||
Profit before taxation |
|
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Tax on profit |
12 |
(
|
(
|
------------ |
------------ |
||
Profit for the financial year |
|
|
|
------------ |
------------ |
||
Revaluation of tangible assets |
(
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|
Reclassification from revaluation reserve to profit and loss account |
– |
|
Tax relating to components of other comprehensive income |
– |
|
--------- |
------------ |
|
Other comprehensive income for the year |
(
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|
------------ |
------------ |
|
Total comprehensive income for the year |
|
|
------------ |
------------ |
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Consolidated Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Tangible assets |
15 |
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Investments |
16 |
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------------ |
------------ |
|||
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Stocks |
18 |
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Debtors |
19 |
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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 |
20 |
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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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Creditors: amounts falling due after more than one year |
21 |
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Taxation including deferred tax |
23 |
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
27 |
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Share premium account |
28 |
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Revaluation reserve |
28 |
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Capital redemption reserve |
28 |
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Profit and loss account |
28 |
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------------- |
------------- |
|||
Shareholders funds |
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------------- |
------------- |
|||
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Tangible assets |
15 |
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|
Investments |
16 |
|
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|
------------ |
------------ |
|||
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Debtors |
19 |
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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 |
20 |
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------------- |
------------- |
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Net current assets |
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------------- |
------------- |
|||
Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
21 |
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Taxation including deferred tax |
23 |
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------------- |
------------- |
|||
Net assets |
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||
------------- |
------------- |
|||
Called up share capital |
27 |
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Share premium account |
28 |
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Revaluation reserve |
28 |
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Capital redemption reserve |
28 |
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Profit and loss account |
28 |
|
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|
------------ |
------------ |
|||
Shareholders funds |
|
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------------ |
------------ |
|||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Revaluation reserve |
Capital redemption reserve |
Profit and loss account |
Total |
|||
Note |
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 January 2022 |
|
|
|
|
|
|
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Profit for the year |
|
|
||||||
Other comprehensive income for the year: |
||||||||
Revaluation of tangible assets |
15 |
– |
– |
|
– |
– |
|
|
Reclassification from revaluation reserve to profit and loss account |
– |
– |
|
– |
(
|
|
||
Tax relating to components of other comprehensive income |
12 |
– |
– |
|
– |
– |
|
|
------- |
------- |
------------ |
------- |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
– |
|
– |
|
|
||
Dividends paid and payable |
13 |
– |
– |
– |
– |
(
|
(
|
|
------- |
------- |
------------ |
------- |
------------- |
------------- |
|||
Total investments by and distributions to owners |
– |
– |
– |
– |
(
|
(
|
||
At 31 December 2022 |
|
|
|
|
|
|
||
Profit for the year |
|
|
||||||
Other comprehensive income for the year: |
||||||||
Revaluation of tangible assets |
15 |
– |
– |
(
|
– |
– |
(
|
|
Reclassification from revaluation reserve to profit and loss account |
– |
– |
(
|
– |
|
– |
||
------- |
------- |
------------ |
------- |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
– |
(
|
– |
|
|
||
|
Consolidated Statement of Changes in Equity (continued) |
Called up share capital |
Share premium account |
Revaluation reserve |
Capital redemption reserve |
Profit and loss account |
Total |
||
Note |
£ |
£ |
£ |
£ |
£ |
£ |
|
Dividends paid and payable |
13 |
– |
– |
– |
– |
(
|
(
|
---- |
---- |
---- |
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
– |
– |
(
|
(
|
|
------- |
------- |
------------ |
------- |
------------- |
------------- |
||
At 31 December 2023 |
|
|
|
|
|
|
|
------- |
------- |
------------ |
------- |
------------- |
------------- |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Revaluation reserve |
Capital redemption reserve |
Profit and loss account |
Total |
|||
Note |
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 January 2022 |
|
|
|
|
|
|
||
Profit for the year |
|
|
||||||
Other comprehensive income for the year: |
||||||||
Revaluation of tangible assets |
15 |
– |
– |
|
– |
– |
|
|
Reclassification from revaluation reserve to profit and loss account |
– |
– |
|
– |
(
|
|
||
Tax relating to components of other comprehensive income |
12 |
– |
– |
|
– |
– |
|
|
------- |
------- |
------------ |
------- |
------------ |
------------ |
|||
Total comprehensive income for the year |
– |
– |
|
– |
|
|
||
Dividends paid and payable |
13 |
– |
– |
– |
– |
(
|
(
|
|
------- |
------- |
------------ |
------- |
------------ |
------------ |
|||
Total investments by and distributions to owners |
– |
– |
– |
– |
(
|
(
|
||
At 31 December 2022 |
|
|
|
|
|
|
||
Profit for the year |
|
|
||||||
Other comprehensive income for the year: |
||||||||
Revaluation of tangible assets |
15 |
– |
– |
(
|
– |
– |
(
|
|
Reclassification from revaluation reserve to profit and loss account |
– |
– |
(
|
– |
|
– |
||
------- |
------- |
------------ |
------- |
------------ |
------------ |
|||
Total comprehensive income for the year |
– |
– |
(
|
– |
|
|
||
|
Company Statement of Changes in Equity (continued) |
Called up share capital |
Share premium account |
Revaluation reserve |
Capital redemption reserve |
Profit and loss account |
Total |
||
Note |
£ |
£ |
£ |
£ |
£ |
£ |
|
Dividends paid and payable |
13 |
– |
– |
– |
– |
(
|
(
|
---- |
---- |
---- |
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
– |
– |
(
|
(
|
|
------- |
------- |
------------ |
------- |
------------ |
------------ |
||
At 31 December 2023 |
|
|
|
|
|
|
|
------- |
------- |
------------ |
------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Government grant income |
– |
(
|
Unrealised gain/(loss) on financial assets and investments at fair value through profit or loss |
8,447 |
(4,679) |
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Tax on profit |
|
|
Accrued (income)/expenses |
(
|
|
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
|
(
|
Trade and other creditors |
|
(
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
(
|
Revaluation of cash equivalents |
(
|
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
17,350,700 |
15,719,906 |
------------- |
------------- |
|
Cash and cash equivalents at end of year |
|
|
------------- |
------------- |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Freehold land and buildings |
- |
straight line over fifty years
|
|
Plant and machinery |
- |
10% - 25% reducing balance
|
|
Fixtures, fittings and equipment |
- |
|
|
Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Road resurfacing services |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Government grant income |
– |
|
Other operating income |
|
|
------- |
------- |
|
|
|
|
------- |
------- |
|
2023 |
2022 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Fair value adjustments to investments |
|
|
Revaluation of cash equivalents |
2,899
|
17,068
|
------------ |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
------- |
|
2023 |
2022 |
|
No. |
No. |
|
Administrative staff |
|
|
Management staff |
7 |
7 |
Contracting staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
--------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
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 |
– |
12,221
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of different UK tax rates on some earnings |
10 |
– |
Non taxable income |
(
|
(
|
Effect of change in rate for deferred tax |
(
|
|
Unequalised movement on deferred tax |
(
|
|
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends on ordinary shares |
|
|
--------- |
--------- |
|
Group |
Goodwill |
Other intangible assets |
£ |
£ |
|
Cost |
||
At 1 January 2023 and 31 December 2023 |
|
– |
-------- |
---- |
|
Amortisation |
||
At 1 January 2023 and 31 December 2023 |
|
– |
-------- |
---- |
|
Carrying amount |
||
At 1 January 2023 and 31 December 2023 |
– |
– |
-------- |
---- |
|
At 31 December 2022 |
– |
– |
-------- |
---- |
|
Group and company |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|||||
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 and company |
Plant and machinery |
£ |
|
At 31 December 2023 |
|
------------ |
|
At 31 December 2022 |
|
------------ |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 January 2023 |
|
Revaluations |
(
|
-------- |
|
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 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
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 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
------------ |
------------ |
------------- |
------------- |
|
|
|
|
|
|
------------ |
------------ |
------------- |
------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
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 24) |
£ |
|
At 1 January 2023 |
|
Additions |
(
|
------------ |
|
At 31 December 2023 |
|
------------ |
|
Company |
Deferred tax (note 24) |
£ |
|
At 1 January 2023 |
|
Additions |
(
|
------------ |
|
At 31 December 2023 |
|
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 23) |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Revaluation of tangible assets |
|
|
|
|
Other revaluations |
|
|
– |
– |
Deferred tax - other timing differences |
(
|
(
|
(
|
(
|
------------ |
------------ |
------------ |
------------ |
|
1,526,584 |
1,577,632 |
1,520,223 |
1,575,107 |
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
---- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
4,302 |
|
4,302 |
------- |
------- |
------- |
------- |
|
2023 | ||
£ | ||
Opening balance at 1 January 2023 | 4,816,020 | |
Movement in year | (254,347) | |
Deferred tax movement | 21,119 | |
------------ | ||
Closing balance at 31 December 2023 | 4,582,792 | |
------------ | ||
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
483,759 |
|
Debt due within one year |
(372,805) |
63,208 |
(309,597) |
Debt due after one year |
(492,708) |
5,205 |
(487,503) |
------------- |
--------- |
------------- |
|
|
|
|
|
------------- |
--------- |
------------- |
|
|
Notes to the Financial Statements (continued) |