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FINANCIAL STATEMENTS |
Contents |
Page |
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OFFICERS AND PROFESSIONAL ADVISERS |
Director |
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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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35 Westgate |
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Huddersfield |
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HD1 1PA |
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Bankers |
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2 Cloth Hall Street |
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Huddersfield |
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West Yorkshire |
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HD1 2ES |
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Solicitors |
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14 High Street |
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Huddersfield |
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HD1 2HA |
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STRATEGIC REPORT |
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Director |
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DIRECTOR'S REPORT |
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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 |
35 Westgate |
Huddersfield |
HD1 1PA |
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PROFIT AND LOSS ACCOUNT |
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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------------- |
------------- |
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Gross profit |
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Distribution costs |
(
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(
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Administrative expenses |
(
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(
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------------ |
------------ |
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Operating profit |
5 |
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Income from shares in group undertakings |
9 |
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– |
Interest payable and similar expenses |
10 |
(
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(
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------------ |
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Profit before taxation |
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Tax on profit |
11 |
(
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(
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------------ |
------------ |
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Profit for the financial year and total comprehensive income |
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BALANCE SHEET |
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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------------ |
------------ |
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Creditors: amounts falling due within one year |
18 |
(
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(
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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 |
19 |
– |
(
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Taxation including deferred tax |
20 |
(
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(
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------------ |
------------ |
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Net assets |
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------------ |
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Called up share capital |
23 |
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Profit and loss account |
24 |
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
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STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
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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------------ |
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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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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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At 31 December 2023 |
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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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Income from shares in group undertakings |
(
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– |
Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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(
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Tax on profit |
316,549 |
99,950 |
Changes in: |
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Stocks |
(
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Trade and other debtors |
(
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Trade and other creditors |
(
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(
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------------ |
------------ |
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Cash generated from operations |
(
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Interest paid |
(
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(
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Tax paid |
(
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(
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------------ |
------------ |
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Net cash (used in)/from operating activities |
(
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------------ |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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Purchase of intangible assets |
– |
(
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Acquisition of subsidiaries |
– |
(
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Dividends received |
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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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Proceeds from loans from group undertakings |
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Dividends paid |
– |
(
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Proceeds from other loans |
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Loans made to group undertakings |
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(
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Net cash from/(used in) financing activities |
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(
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------------ |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
729,512 |
573,535 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
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NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
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Plant and machinery |
- |
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Computer equipment |
- |
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Motor vehicles |
- |
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Office equipment |
- |
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2023 |
2022 |
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£ |
£ |
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Sale of goods |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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United Kingdom |
11,912,122 |
10,425,237 |
Other Europe |
1,223,626 |
1,990,295 |
Japan |
256,095 |
267,616 |
United States |
32,582 |
1,870 |
Rest of the world |
572,700 |
478,854 |
------------- |
------------- |
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13,997,125 |
13,163,872 |
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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 tangible assets |
(
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(
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Impairment of trade debtors |
850 |
5,905 |
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 |
6 |
4 |
------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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------------ |
------------ |
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------------ |
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2023 |
2022 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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------------ |
------------ |
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------------ |
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2023 |
2022 |
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No. |
No. |
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Defined contribution plans |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Income from group undertakings |
50,000 |
– |
------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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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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(
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Effect of revenue exempt from tax |
(
|
– |
Rounding on tax charge |
(
1,797) |
– |
Additional deduction for R&D expenditure |
– |
(
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Change in deferred tax rate |
(
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– |
------------ |
------------ |
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Tax on profit |
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------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
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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 |
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£ |
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Cost |
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At 1 January 2023 and 31 December 2023 |
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------------ |
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Amortisation |
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At 1 January 2023 |
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Charge for the year |
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------------ |
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At 31 December 2023 |
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------------ |
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Carrying amount |
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At 31 December 2023 |
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------------ |
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At 31 December 2022 |
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Plant and machinery |
Computer Equipment |
Motor vehicles |
Office Equipment |
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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Disposals |
– |
– |
(
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– |
(
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------------ |
------------ |
------------ |
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------------ |
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At 31 December 2023 |
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------------ |
------------ |
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Depreciation |
|||||
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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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 |
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At 1 January 2023 and 31 December 2023 |
– |
------------ |
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Carrying amount |
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At 31 December 2023 |
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------------ |
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At 31 December 2022 |
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Class of share |
Percentage of shares held |
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Subsidiary undertakings |
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|
ordinary |
100 |
|
ordinary |
100 |
|
ordinary |
100 |
2023 |
2022 |
|
£ |
£ |
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Raw materials and consumables |
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Work in progress |
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Finished goods and goods for resale |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Trade debtors |
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Prepayments and accrued income |
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Director's loan account |
|
– |
Amounts owed by related undertakings (note 29) |
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Other debtors |
– |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Other loans |
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Bank loans and overdrafts |
– |
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Trade creditors |
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Amounts owed to group undertakings |
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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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Director loan accounts |
– |
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Other creditors |
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Other loans |
– |
|
------------ |
------------ |
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Deferred tax (note 21) |
|
£ |
|
At 1 January 2023 |
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Charge against provision |
(
|
------------ |
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At 31 December 2023 |
|
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Included in provisions (note 20) |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Accelerated capital allowances |
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------------ |
------------ |
|
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
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|
25,000 |
|
25,000 |
------------ |
------------ |
------------ |
------------ |
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At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
26,516 |
|
Debt due within one year |
(732,591) |
528,756 |
(203,835) |
Debt due after one year |
(42,763) |
42,763 |
– |
------------ |
------------ |
------------ |
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(
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|
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------------ |
------------ |
------------ |
|
2023 |
2022 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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------------ |
------------ |
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NOTES TO THE FINANCIAL STATEMENTS (continued) |