|
|
FOR THE YEAR ENDED |
|
|
FINANCIAL STATEMENTS |
Contents |
Page |
Strategic report |
1 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
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 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 |
|
STRATEGIC REPORT |
2023 |
2022 |
||
£ |
£ |
||
Turnover |
11,559,449 |
11,422,452 |
|
Gross Profit |
2,914,819 |
2,083,140 |
|
Operating Profit / (Loss) |
168,376 |
427,478 |
|
|
Director |
Registered office: |
|
|
|
England |
|
|
DIRECTORS' REPORT |
|
|
|
|
|
|
|
Director |
Registered office: |
|
|
|
England |
|
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Windsor House |
A1 Business Park at |
Long Bennington |
Lincs |
NG23 5JR |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
Period from |
|||
Year to |
14 Oct 21 to |
||
30 Sep 23 |
30 Sep 22 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
(
|
(
|
------------- |
------------- |
|
Gross profit |
|
|
Distribution costs |
(
|
(
|
|
Administrative expenses |
(
|
(
|
|
Other operating income |
5 |
|
|
Exceptional item |
(
|
(
|
|
------------ |
------------ |
||
Operating profit/(loss) |
6 |
|
(
|
Interest payable and similar expenses |
10 |
(
|
(
|
------------ |
------------ |
||
Profit/(loss) before taxation |
|
(
|
|
Tax on profit/(loss) |
11 |
(
|
|
--------- |
--------- |
||
Loss for the financial year and total comprehensive income |
(
|
(
|
|
--------- |
--------- |
||
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
12 |
|
|
Tangible assets |
13 |
|
|
------------ |
------------ |
||
|
|
||
Stocks |
15 |
|
|
Debtors |
16 |
|
|
Investments |
17 |
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------ |
||
|
|
||
Creditors: amounts falling due within one year |
19 |
(
|
(
|
------------ |
------------ |
||
Net current liabilities |
(
|
(
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
(
|
(
|
Provisions |
22 |
(
|
(
|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
||
Called up share capital |
26 |
|
|
Other reserves, including the fair value reserve |
27 |
|
|
Profit and loss account |
27 |
(
|
(
|
------------ |
------------ |
||
Shareholders funds |
|
|
|
------------ |
------------ |
||
|
Director |
|
COMPANY STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
|
Note |
£ |
£ |
Investments |
14 |
|
|
Debtors |
16 |
– |
|
Creditors: amounts falling due within one year |
19 |
(
|
(
|
-------- |
-------- |
||
Net current liabilities |
(
|
(
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
(
|
(
|
------------ |
------------ |
||
Net liabilities |
(
|
(
|
|
------------ |
------------ |
||
Called up share capital |
26 |
|
|
Other reserves, including the fair value reserve |
27 |
– |
|
Profit and loss account |
27 |
(
|
(
|
-------- |
-------- |
||
Shareholders deficit |
(
|
(
|
|
-------- |
-------- |
||
|
Director |
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
|
At 14 October 2021 |
– |
– |
– |
– |
Loss for the year |
(
|
(
|
||
---- |
---- |
--------- |
--------- |
|
Total comprehensive income for the year |
– |
– |
(
|
(
|
Issue of shares |
|
– |
– |
|
Issue of bonus shares |
– |
|
– |
|
------- |
------------ |
--------- |
------------ |
|
Total investments by and distributions to owners |
|
|
– |
|
At 30 September 2022 |
|
|
(
|
|
Loss for the year |
(
|
(
|
||
------- |
------------ |
--------- |
------------ |
|
Total comprehensive income for the year |
– |
– |
(
|
(
|
------- |
------------ |
--------- |
------------ |
|
At 30 September 2023 |
|
|
(
|
|
------- |
------------ |
--------- |
------------ |
|
|
COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
|
At 14 October 2021 |
– |
– |
– |
– |
Loss for the year |
(
|
(
|
||
---- |
---- |
-------- |
-------- |
|
Total comprehensive income for the year |
– |
– |
(
|
(
|
Issue of shares |
|
– |
– |
|
Issue of bonus shares |
– |
|
– |
|
------- |
------- |
-------- |
-------- |
|
Total investments by and distributions to owners |
|
|
– |
|
At 30 September 2022 |
|
– |
(
|
(25,502) |
Loss for the year |
(
|
(
|
||
------- |
------- |
-------- |
-------- |
|
Total comprehensive income for the year |
– |
– |
(
|
(
|
------- |
------- |
-------- |
-------- |
|
At 30 September 2023 |
|
– |
(
|
(
|
------- |
------- |
-------- |
-------- |
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
|
Note |
£ |
£ |
Loss for the financial year |
(
|
(
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Impairment of intangible assets |
– |
|
Government grant income |
(
|
– |
Interest payable and similar expenses |
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
Tax on loss |
|
(
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
|
Trade and other debtors |
(
|
|
Trade and other creditors |
|
(
|
Provisions and employee benefits |
|
– |
------------ |
--------- |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Tax (paid)/received |
(
|
|
------------ |
--------- |
|
Net cash from operating activities |
|
|
------------ |
--------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchase of intangible assets |
(
|
(
|
Net cash in subsidiary on acquisition |
– |
(
|
------------ |
--------- |
|
Net cash used in investing activities |
(
|
(
|
------------ |
--------- |
|
Movement on borrowings |
(
|
(
|
Movement on loans from group undertakings |
(
|
|
Payments of finance lease liabilities |
(
|
(
|
------------ |
--------- |
|
Net cash used in financing activities |
(
|
(
|
------------ |
--------- |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
|
Cash and cash equivalents at beginning of year |
(676,558) |
– |
|
--------- |
--------- |
||
Cash and cash equivalents at end of year |
18 |
(
|
(
|
--------- |
--------- |
||
|
NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
|
|
Development costs |
- |
|
|
Land and Buildings |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
IT Equipment |
- |
|
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Sale of machinery |
|
|
Sale of spare parts |
|
|
Rendering of services |
|
|
Other income |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Management charges receivable |
|
|
Government grant income |
|
– |
Grants receivable |
7,795
|
1,839
|
Other operating income |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
Impairment of trade debtors |
(55,320) |
58,781 |
Foreign exchange differences |
|
(
|
Operating lease |
68,150
|
118,000
|
--------- |
--------- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Distribution staff |
|
|
Administrative staff |
|
|
Management staff |
5 |
12 |
---- |
---- |
|
|
|
|
---- |
---- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
-------- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
UK current tax income |
– |
(
|
Adjustments in respect of prior periods |
|
|
--------- |
--------- |
|
Total current tax |
|
(
|
--------- |
--------- |
|
Origination and reversal of timing differences |
|
(
|
Impact of change in tax rate |
– |
|
Impact of adjustments in respect of prior periods |
– |
(
|
------- |
--------- |
|
Total deferred tax |
|
|
--------- |
--------- |
|
Tax on loss |
|
(
|
--------- |
--------- |
|
Period from |
||
Year to |
14 Oct 21 to |
|
30 Sep 23 |
30 Sep 22 |
|
£ |
£ |
|
Profit/(loss) on ordinary activities before taxation |
|
(
|
--------- |
--------- |
|
Profit/(loss) on ordinary activities by rate of tax |
|
(
|
Adjustment to tax charge in respect of prior periods |
177,292
|
25,266
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
|
Effect of revenue exempt from tax |
– |
(
|
Effect of different UK tax rates on some earnings |
6,450 |
177,587 |
Effect of R&D tax adjustments |
|
(
|
Unprovided deferred tax |
|
– |
--------- |
--------- |
|
Tax on loss |
|
(
|
--------- |
--------- |
|
Group |
Goodwill |
Development costs |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 October 2022 |
|
|
|
Additions |
– |
|
|
--------- |
------------ |
------------ |
|
At 30 September 2023 |
|
|
|
--------- |
------------ |
------------ |
|
Amortisation |
|||
At 1 October 2022 |
|
|
|
Charge for the year |
|
|
|
--------- |
------------ |
------------ |
|
At 30 September 2023 |
|
|
|
--------- |
------------ |
------------ |
|
Carrying amount |
|||
At 30 September 2023 |
|
|
|
--------- |
------------ |
------------ |
|
At 30 September 2022 |
|
|
|
--------- |
------------ |
------------ |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Oct 2022 |
|
|
|
|
|
|
Additions |
– |
|
|
– |
|
|
Disposals |
– |
(
|
(
|
(
|
(
|
(
|
------------ |
--------- |
--------- |
-------- |
--------- |
------------ |
|
At 30 Sep 2023 |
|
|
|
|
|
|
------------ |
--------- |
--------- |
-------- |
--------- |
------------ |
|
Depreciation |
||||||
At 1 Oct 2022 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Disposals |
– |
(
|
(
|
(
|
(
|
(
|
------------ |
--------- |
--------- |
-------- |
--------- |
------------ |
|
At 30 Sep 2023 |
|
|
|
|
|
|
------------ |
--------- |
--------- |
-------- |
--------- |
------------ |
|
Carrying amount |
||||||
At 30 Sep 2023 |
|
|
|
|
|
|
------------ |
--------- |
--------- |
-------- |
--------- |
------------ |
|
At 30 Sep 2022 |
|
|
|
|
|
|
------------ |
--------- |
--------- |
-------- |
--------- |
------------ |
|
Group |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
|
At 30 September 2023 |
117,563 |
|
– |
|
--------- |
--------- |
---- |
--------- |
|
At 30 September 2022 |
120,313 |
|
|
|
--------- |
--------- |
------- |
--------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 October 2022 and 30 September 2023 |
|
------------ |
|
Impairment |
|
At 1 October 2022 and 30 September 2023 |
– |
------------ |
|
Carrying amount |
|
At 1 October 2022 and 30 September 2023 |
|
------------ |
|
At 30 September 2022 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
60 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Work in progress |
|
|
– |
– |
Finished goods and goods for resale |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Corporation tax repayable |
|
|
– |
– |
Directors loan account |
|
|
– |
– |
Amounts recoverable on contracts |
|
|
– |
– |
Other debtors |
|
|
– |
|
------------ |
------------ |
---- |
------- |
|
|
|
– |
|
|
------------ |
------------ |
---- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Investments in group undertakings |
840,000 |
840,000 |
– |
– |
--------- |
--------- |
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
(
|
--------- |
--------- |
|
(
|
(
|
|
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Payments received on account |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
|
|
– |
– |
Accruals and deferred income |
|
|
|
|
Social security and other taxes |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------ |
------------ |
-------- |
-------- |
|
|
|
|
|
|
------------ |
------------ |
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
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 23) |
Other Provisions |
Total |
£ |
£ |
£ |
|
At 1 October 2022 |
|
– |
|
Additions |
|
|
|
--------- |
--------- |
--------- |
|
At 30 September 2023 |
|
|
|
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Unused tax losses |
(
|
(
|
– |
– |
Other retirement benefits |
(
|
(
|
– |
– |
------------ |
------------ |
---- |
---- |
|
745,266 |
739,946 |
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
|
– |
– |
– |
--------- |
---- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
4,000 |
|
4,000 |
------- |
------- |
------- |
------- |
|
At 1 Oct 2022 |
Cash flows |
At 30 Sep 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
1,831 |
|
Bank overdrafts |
(804,764) |
174,903 |
(629,861) |
Debt due within one year |
(448,161) |
2,841 |
(445,320) |
Debt due after one year |
(869,984) |
304,113 |
(565,871) |
Current asset investments |
|
– |
|
------------ |
--------- |
--------- |
|
(
|
|
(
|
|
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
Later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
2023 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
|
|
|
|
------- |
---- |
------- |
||
2022 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
|
(
|
|
|
------- |
---- |
------- |
||
|
NOTES TO THE FINANCIAL STATEMENTS (continued) |