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Financial Statements |
Contents |
Pages |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 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 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 to 28 |
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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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3B Swallowfield Courtyard |
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Wolverhampton Road |
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Oldbury |
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West Midlands |
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B69 2JG |
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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 |
3B Swallowfield Courtyard |
Wolverhampton Road |
Oldbury |
West Midlands |
B69 2JG |
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Consolidated Statement of Comprehensive Income |
Period from |
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Year to |
16 Mar 22 to |
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31 Mar 24 |
31 Mar 23 |
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Note |
£ |
£ |
|
Turnover |
4 |
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Cost of sales |
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------------- |
------------ |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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------------ |
------------ |
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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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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
11 |
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------------ |
------------ |
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Profit for the financial year and total comprehensive income |
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------------ |
------------ |
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Consolidated Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Intangible assets |
13 |
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Tangible assets |
14 |
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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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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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Provisions |
20 |
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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
24 |
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Share premium account |
25 |
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Merger reserve |
25 |
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Profit and loss account |
25 |
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Investments |
15 |
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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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Net current liabilities |
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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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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
24 |
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Share premium account |
25 |
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Merger reserve |
25 |
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Profit and loss account |
25 |
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(
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Merger reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 16 March 2022 |
– |
– |
– |
– |
– |
|
Profit for the year |
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||||
---- |
---- |
---- |
--------- |
--------- |
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Total comprehensive income for the year |
– |
– |
– |
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Issue of shares |
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– |
– |
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Merger relief |
– |
– |
2,018,215 |
– |
2,018,215 |
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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 March 2023 |
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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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Total investments by and distributions to owners |
– |
– |
– |
(
|
(
|
|
-------- |
--------- |
------------ |
------------ |
------------ |
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At 31 March 2024 |
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-------- |
--------- |
------------ |
------------ |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Merger reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 16 March 2022 |
– |
– |
– |
– |
– |
|
Loss for the year |
(
|
(
|
||||
---- |
---- |
---- |
-------- |
-------- |
||
Total comprehensive income for the year |
– |
– |
– |
(
|
(
|
|
Issue of shares |
|
|
– |
– |
|
|
Merger relief |
– |
– |
2,018,215 |
– |
2,018,215 |
|
-------- |
--------- |
------------ |
-------- |
------------ |
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Total investments by and distributions to owners |
|
|
|
– |
|
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At 31 March 2023 |
|
|
|
(
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Profit for the year |
|
|
||||
-------- |
--------- |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
– |
|
|
|
Dividends paid and payable |
12 |
– |
– |
– |
(
|
(
|
---- |
---- |
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
– |
(
|
(
|
|
-------- |
--------- |
------------ |
------------ |
------------ |
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At 31 March 2024 |
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-------- |
--------- |
------------ |
------------ |
------------ |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Other interest receivable and similar income |
(
|
(
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Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
– |
|
Tax on profit/(loss) |
|
|
Changes in: |
||
Stocks |
(
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(
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Trade and other debtors |
|
(
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Trade and other creditors |
|
|
------------ |
------------ |
|
Cash generated from operations |
|
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Interest paid |
(
|
(
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Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
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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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Proceeds from sale of tangible assets |
– |
|
Cash advances and loans granted |
– |
(
|
Acquisition of subsidiaries |
– |
(
|
------------ |
------------- |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------- |
|
Proceeds from issue of ordinary shares |
– |
|
Proceeds from borrowings |
– |
|
Repayments of borrowings |
(
|
(
|
Dividends paid |
(
|
– |
Proceeds from loan notes |
– |
7,695,385 |
Repayment of loan notes |
(2,307,433) |
(348,525) |
Cash on acquisition of subsidiaries |
– |
6,630,880 |
------------ |
------------- |
|
Net cash (used in)/from financing activities |
(
|
|
------------ |
------------- |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
4,544,882 |
– |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
20 years straight line |
|
Goodwill on acquisition of subsidiaries |
- |
10 years straight line |
|
Freehold property |
- |
No depreciation charged |
|
Long leasehold property |
- |
|
|
Plant and machinery |
- |
10%-20% straight line |
|
Motor vehicles |
- |
20% straight line |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------ |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
------------ |
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|
|
------------- |
------------ |
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Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Loss on disposal of tangible assets |
– |
|
Impairment of trade debtors |
10,644 |
846 |
Foreign exchange differences |
|
|
Operating lease rentals |
103,884 |
22,430 |
--------- |
-------- |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
------- |
|
Other non-audit services |
|
|
-------- |
------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
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Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
2024 |
2023 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
-------- |
|
|
|
|
--------- |
-------- |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
-------- |
------- |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Other interest payable and similar charges |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
UK current tax income |
|
|
Adjustments in respect of prior periods |
(
|
– |
--------- |
--------- |
|
Total current tax |
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
|
|
--------- |
--------- |
|
Tax on profit/(loss) |
|
|
--------- |
--------- |
|
Period from |
||
Year to |
16 Mar 22 to |
|
31 Mar 24 |
31 Mar 23 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
(
|
– |
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
|
Utilisation of tax losses |
(
|
– |
Research and development claims |
(254,356) |
(65,812) |
Rate difference on deferred tax |
(62) |
7,334 |
------------ |
------------ |
|
Tax on profit/(loss) |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
– |
--------- |
---- |
|
Group |
Goodwill |
Goodwill on acquisition of subsidiaries |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2023 and 31 March 2024 |
|
1,713,695 |
|
--------- |
------------ |
------------ |
|
Amortisation |
|||
At 1 April 2023 |
|
37,091 |
|
Charge for the year |
– |
171,369 |
|
--------- |
------------ |
------------ |
|
At 31 March 2024 |
|
208,460 |
|
--------- |
------------ |
------------ |
|
Carrying amount |
|||
At 31 March 2024 |
– |
1,505,235 |
|
--------- |
------------ |
------------ |
|
At 31 March 2023 |
– |
1,676,604 |
|
--------- |
------------ |
------------ |
|
Group |
Freehold property |
Long leasehold property |
Plant and machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
– |
|
|
– |
|
Disposals |
– |
– |
(
|
– |
(
|
------------ |
--------- |
------------ |
------- |
------------ |
|
At 31 March 2024 |
|
|
|
|
|
------------ |
--------- |
------------ |
------- |
------------ |
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
|
|
Charge for the year |
– |
|
|
– |
|
Disposals |
– |
– |
(
|
– |
(
|
------------ |
--------- |
------------ |
------- |
------------ |
|
At 31 March 2024 |
|
|
|
|
|
------------ |
--------- |
------------ |
------- |
------------ |
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
– |
|
------------ |
--------- |
------------ |
------- |
------------ |
|
At 31 March 2023 |
|
|
|
– |
|
------------ |
--------- |
------------ |
------- |
------------ |
|
Company |
Shares in group undertakings |
Investment Property |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2023 |
|
– |
|
Additions |
– |
|
|
------------- |
------------ |
------------- |
|
At 31 March 2024 |
|
|
|
------------- |
------------ |
------------- |
|
Impairment |
|||
At 1 April 2023 and 31 March 2024 |
– |
– |
– |
------------- |
------------ |
------------- |
|
Carrying amount |
|||
At 31 March 2024 |
|
|
|
------------- |
------------ |
------------- |
|
At 31 March 2023 |
|
– |
|
------------- |
------------ |
------------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Corporation tax repayable |
– |
– |
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
– |
|
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
|
– |
Loan notes |
1,624,932 |
1,781,865 |
1,624,932 |
1,781,865 |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Loan notes |
3,828,554 |
5,564,995 |
3,828,554 |
5,564,995 |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Deferred tax (note 21) |
£ |
|
At 1 April 2023 |
|
Additions |
|
--------- |
|
At 31 March 2024 |
|
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
90,570 |
|
90,570 |
|
|
1 |
|
1 |
-------- |
-------- |
-------- |
-------- |
|
|
90,571 |
|
90,571 |
|
-------- |
-------- |
-------- |
-------- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
725,981 |
|
Debt due within one year |
(1,823,415) |
7,923 |
(1,815,492) |
Debt due after one year |
(7,066,809) |
37,063 |
(7,029,746) |
------------ |
--------- |
------------ |
|
(
|
|
(
|
|
------------ |
--------- |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Tangible assets |
|
|
– |
– |
-------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
– |
|
– |
– |
---- |
------- |
---- |
---- |
|
|
|
– |
– |
|
---- |
------- |
---- |
---- |
|