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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 |
Statement of comprehensive income |
10 |
Statement of financial position |
11 |
Statement of changes in equity |
12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Second Floor, Riverside Offices |
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26 St George's Quay |
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Lancaster |
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LA1 1RD |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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Director |
Registered office: |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Second Floor, Riverside Offices |
26 St George's Quay |
Lancaster |
LA1 1RD |
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Statement of Comprehensive Income |
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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Operating profit |
5 |
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Other interest receivable and similar income |
9 |
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– |
Interest payable and similar expenses |
10 |
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Profit before taxation |
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Tax on profit |
11 |
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Profit for the financial year and total comprehensive income |
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Intangible assets |
13 |
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Tangible assets |
14 |
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Investments |
15 |
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--------- |
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Stocks |
16 |
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Debtors |
17 |
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Cash at bank and in hand |
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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 |
22 |
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Share premium account |
23 |
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Profit and loss account |
23 |
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Shareholders funds |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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At 1 January 2022 |
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Profit for the year |
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---- |
--------- |
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Total comprehensive income for the year |
– |
– |
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Dividends paid and payable |
12 |
– |
– |
(
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(
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---- |
--------- |
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Total investments by and distributions to owners |
– |
– |
(
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(
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At 31 December 2022 |
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Profit for the year |
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---- |
--------- |
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Total comprehensive income for the year |
– |
– |
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Dividends paid and payable |
12 |
– |
– |
(
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(
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---- |
---- |
--------- |
--------- |
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Total investments by and distributions to owners |
– |
– |
(
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(
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---- |
--------- |
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At 31 December 2023 |
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---- |
--------- |
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Statement of Cash Flows |
2023 |
2022 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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Other interest receivable and similar income |
(
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– |
Interest payable and similar expenses |
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Gains on disposal of intangible assets |
(
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– |
Tax on profit |
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Accrued expenses |
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Changes in: |
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Stocks |
(
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(
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Trade and other debtors |
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(
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Trade and other creditors |
(
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Provisions and employee benefits |
(
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------------ |
------------ |
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Cash generated from operations |
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Interest paid |
(
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(
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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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Purchase of intangible assets |
(
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(
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Proceeds from sale of intangible assets |
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– |
Acquisition of subsidiaries |
– |
(
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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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Payments of finance lease liabilities |
(
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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 increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
1,136,225 |
1,937,882 |
------------ |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
Goodwill |
- |
Over its estimated life of 20 years
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Patents, trademarks and licences |
- |
Over their estimated life of 4 years
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Plant and machinery |
- |
25% reducing balance and 10% of costs
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Motor vehicles |
- |
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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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Amortisation of intangible assets |
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Depreciation of tangible assets |
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Gains on disposal of intangible assets |
(
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– |
Impairment of trade debtors |
82,105 |
11,376 |
Operating lease rentals |
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Foreign exchange differences |
(
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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 financial statements |
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------- |
------- |
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2023 |
2022 |
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No. |
No. |
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Production staff |
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Administrative staff |
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Management staff |
5 |
5 |
Number of sales & marketing staff |
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---- |
---- |
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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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------------ |
------------ |
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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 bank deposits |
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– |
-------- |
---- |
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2023 |
2022 |
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£ |
£ |
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Interest on obligations under finance leases and hire purchase contracts |
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Interest payable - desc in a/cs |
(
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– |
Other interest payable and similar charges |
(
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– |
------- |
------- |
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------- |
------- |
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2023 |
2022 |
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£ |
£ |
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UK current tax expense |
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Adjustments in respect of prior periods |
(
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– |
--------- |
--------- |
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Total current tax |
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--------- |
--------- |
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Origination and reversal of timing differences |
(
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(
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--------- |
--------- |
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Tax on profit |
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--------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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------------ |
------------ |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
(
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– |
Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
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Deferred Tax |
(3,399) |
(5,375) |
R&D Credits |
(110,488) |
(108,690) |
Patent box claim |
(251,040) |
(56,781) |
------------ |
------------ |
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Tax on 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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Goodwill |
Patents, trademarks and licences |
Total |
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£ |
£ |
£ |
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Cost |
|||
At 1 January 2023 |
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Additions |
– |
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Disposals |
– |
(
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(
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--------- |
--------- |
------------ |
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At 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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Disposals |
– |
(
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(
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--------- |
--------- |
------------ |
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At 31 December 2023 |
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--------- |
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------------ |
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Carrying amount |
|||
At 31 December 2023 |
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--------- |
--------- |
------------ |
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At 31 December 2022 |
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Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
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Cost |
|||
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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Depreciation |
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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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--------- |
-------- |
--------- |
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Carrying amount |
|||
At 31 December 2023 |
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--------- |
-------- |
--------- |
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At 31 December 2022 |
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--------- |
-------- |
--------- |
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Shares in group undertakings |
|
£ |
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Cost |
|
At 1 January 2023 and 31 December 2023 |
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-------- |
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Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
-------- |
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Carrying amount |
|
At 31 December 2023 |
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-------- |
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At 31 December 2022 |
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-------- |
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2023 |
2022 |
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£ |
£ |
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Work in progress |
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------------ |
--------- |
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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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Trade creditors |
|
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
|
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Obligations under finance leases and hire purchase contracts |
– |
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Other creditors |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
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Not later than 1 year |
– |
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---- |
-------- |
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Warranties |
Deferred tax (note 21) |
Total |
|
£ |
£ |
£ |
|
At 1 January 2023 |
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Additions |
|
– |
|
Charge against provision |
(
|
(
|
(
|
--------- |
-------- |
--------- |
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At 31 December 2023 |
|
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--------- |
-------- |
--------- |
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2023 |
2022 |
|
£ |
£ |
|
Included in provisions (note 20) |
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-------- |
-------- |
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2023 |
2022 |
|
£ |
£ |
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Accelerated capital allowances |
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-------- |
-------- |
|
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
202 |
|
202 |
---- |
---- |
---- |
---- |
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At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
2,804,178 |
|
Debt due within one year |
(13,803) |
13,803 |
– |
------------ |
------------ |
------------ |
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------------ |
------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
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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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Notes to the Financial Statements (continued) |