|
|
|
|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
Directors' responsibilities statement |
6 |
Independent auditor's report to the members |
7 |
Consolidated statement of comprehensive income |
12 |
Consolidated statement of financial position |
13 |
Company statement of financial position |
14 |
Consolidated statement of changes in equity |
15 |
Company statement of changes in equity |
16 |
Consolidated statement of cash flows |
17 |
Notes to the financial statements |
18 |
|
Officers and Professional Advisers |
The board of directors |
|
|
|
|
|
|
|
|
|
|
|
Company secretary |
|
Registered office |
|
|
|
Scotland |
|
|
|
Auditor |
|
Chartered Accountants & Statutory Auditor |
|
Stannergate House |
|
41 Dundee Road West |
|
Broughty Ferry |
|
Dundee |
|
DD5 1NB |
|
Bankers |
|
78 Union Street |
|
Aberdeen |
|
AB10 1HH |
|
Solicitors |
|
28 Albyn Place |
|
Aberdeen |
|
AB10 1YL |
|
|
Strategic Report |
|
Director |
Trading address: |
|
|
|
|
|
|
Directors' Report |
|
|
|
|
|
|
|
|
|
|
|
|
|
Director |
Trading address: |
|
|
|
|
|
|
Directors' Responsibilities Statement |
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Accountants & Statutory Auditor |
Stannergate House |
41 Dundee Road West |
Broughty Ferry |
Dundee |
DD5 1NB |
|
Consolidated Statement of Comprehensive Income |
Period from |
|||
Year to |
20 Oct 21 to |
||
30 Nov 23 |
30 Nov 22 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------ |
|
Gross profit |
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
------------ |
------------ |
||
Operating profit |
6 |
|
|
Other interest receivable and similar income |
10 |
|
|
Interest payable and similar expenses |
11 |
|
|
------------ |
------------ |
||
Profit before taxation |
|
|
|
Tax on profit |
12 |
|
|
------------ |
--------- |
||
Profit for the financial year and total comprehensive income |
|
|
|
------------ |
--------- |
||
|
Consolidated Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Intangible assets |
13 |
|
|
|
Tangible assets |
14 |
|
|
|
Investments |
15 |
|
|
|
------------ |
------------ |
|||
|
|
|||
Stocks |
16 |
|
|
|
Debtors |
17 |
|
|
|
Cash at bank and in hand |
|
|
||
------------ |
------------ |
|||
|
|
|||
Creditors: amounts falling due within one year |
18 |
|
|
|
------------ |
------------ |
|||
Net current liabilities |
|
|
||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
19 |
|
|
|
Provisions |
21 |
|
|
|
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Called up share capital |
24 |
|
|
|
Profit and loss account |
|
|
||
------------ |
------- |
|||
Shareholders funds |
|
|
||
------------ |
------- |
|||
|
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
||
Note |
£ |
£ |
|
Investments |
15 |
|
|
|
Debtors |
17 |
|
|
|
Cash at bank and in hand |
|
|
||
--------- |
-------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
18 |
|
|
|
------------ |
------------ |
|||
Net current liabilities |
|
|
||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
19 |
|
|
|
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Called up share capital |
24 |
|
|
|
Profit and loss account |
|
|
||
------------ |
--------- |
|||
Shareholders funds |
|
|
||
------------ |
--------- |
|||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 20 October 2021 |
– |
– |
– |
Profit for the year |
|
|
|
---- |
------- |
------- |
|
Total comprehensive income for the year |
– |
|
|
Issue of shares |
|
– |
|
---- |
------- |
------- |
|
Total investments by and distributions to owners |
|
– |
|
At 30 November 2022 |
|
|
|
Profit for the year |
|
|
|
---- |
------------ |
------------ |
|
Total comprehensive income for the year |
– |
|
|
---- |
------------ |
------------ |
|
At 30 November 2023 |
|
|
|
---- |
------------ |
------------ |
|
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 20 October 2021 |
– |
– |
– |
Profit for the year |
|
|
|
---- |
--------- |
--------- |
|
Total comprehensive income for the year |
– |
|
|
Issue of shares |
|
– |
|
---- |
--------- |
--------- |
|
Total investments by and distributions to owners |
|
– |
|
At 30 November 2022 |
|
|
|
Profit for the year |
|
|
|
---- |
------------ |
------------ |
|
Total comprehensive income for the year |
– |
|
|
---- |
------------ |
------------ |
|
At 30 November 2023 |
|
|
|
---- |
------------ |
------------ |
|
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Tax on profit |
|
|
Accrued expenses/(income) |
|
(
|
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
|
(
|
Trade and other creditors |
|
|
------------ |
--------- |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax (paid)/received |
(
|
|
------------ |
--------- |
|
Net cash from operating activities |
|
|
------------ |
--------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchase of intangible assets |
– |
(
|
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from issue of ordinary shares |
– |
|
Proceeds from borrowings |
– |
|
Repayments of borrowings |
(
|
(
|
Net (repayment)/advances of finance lease liabilities |
(
|
|
------------ |
------------ |
|
Net cash (used in)/from financing activities |
(
|
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
772,407 |
– |
------------ |
--------- |
|
Cash and cash equivalents at end of year |
|
|
------------ |
--------- |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Freehold property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Rendering of services |
|
|
------------- |
------------ |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Commission receivable |
|
|
Other operating income |
– |
|
--------- |
------- |
|
|
|
|
--------- |
------- |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
(7,181) |
35,953 |
Operating lease expenditure |
|
|
--------- |
--------- |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
6 |
6 |
---- |
---- |
|
|
|
|
---- |
---- |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------- |
------------ |
|
|
|
|
------------- |
------------ |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
– |
|
--------- |
-------- |
|
|
|
|
--------- |
-------- |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
-------- |
------- |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 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 |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
UK current tax expense |
|
|
Origination and reversal of timing differences |
(
|
|
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
Period from |
||
Year to |
20 Oct 21 to |
|
30 Nov 23 |
30 Nov 22 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
--------- |
|
Profit on ordinary activities by rate of tax |
|
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
(
|
Effect of different UK tax rates on some earnings |
(1,945) |
2,401 |
Pre business combination tax adjustments |
– |
|
------------ |
--------- |
|
Tax on profit |
|
|
------------ |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 December 2022 and 30 November 2023 |
|
------------ |
|
Amortisation |
|
At 1 December 2022 |
|
Charge for the year |
|
------------ |
|
At 30 November 2023 |
|
------------ |
|
Carrying amount |
|
At 30 November 2023 |
|
------------ |
|
At 30 November 2022 |
|
------------ |
|
Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 December 2022 |
|
|
|
|
|
Additions |
– |
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
------------ |
--------- |
--------- |
------------ |
------------ |
|
At 30 November 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
------------ |
------------ |
|
Depreciation |
|||||
At 1 December 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
------------ |
--------- |
--------- |
------------ |
------------ |
|
At 30 November 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
------------ |
------------ |
|
Carrying amount |
|||||
At 30 November 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
------------ |
------------ |
|
At 30 November 2022 |
|
|
|
|
|
------------ |
--------- |
--------- |
------------ |
------------ |
|
Group |
Freehold property |
£ |
|
At 30 November 2023 |
|
Aggregate cost |
1,886,532 |
Aggregate depreciation |
– |
------------ |
|
Carrying value |
|
------------ |
|
At 30 November 2022 |
|
Aggregate cost |
1,886,532 |
Aggregate depreciation |
– |
------------ |
|
Carrying value |
|
------------ |
|
Group |
Motor vehicles |
£ |
|
At 30 November 2023 |
|
--------- |
|
At 30 November 2022 |
|
--------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 December 2022 and 30 November 2023 |
|
--------- |
|
Impairment |
|
At 1 December 2022 and 30 November 2023 |
– |
--------- |
|
Carrying amount |
|
At 1 December 2022 and 30 November 2023 |
|
--------- |
|
At 30 November 2022 |
|
--------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 December 2022 and 30 November 2023 |
|
------------ |
|
Impairment |
|
At 1 December 2022 and 30 November 2023 |
– |
------------ |
|
Carrying amount |
|
At 1 December 2022 and 30 November 2023 |
|
------------ |
|
At 30 November 2022 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Work in progress |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
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 |
|
£ |
£ |
£ |
£ |
|
Debenture loans |
|
|
|
|
Bank loans and overdrafts |
|
|
– |
– |
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 |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Debenture loans |
|
|
|
|
Bank loans and overdrafts |
|
|
– |
– |
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 22) |
£ |
|
At 1 December 2022 |
|
Charge against provision |
(
|
--------- |
|
At 30 November 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Provisions |
(
|
(
|
– |
– |
Pension plan obligations |
(
|
(
|
– |
– |
--------- |
--------- |
---- |
---- |
|
112,486 |
147,326 |
– |
– |
|
--------- |
--------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Dec 2022 |
Cash flows |
At 30 Nov 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
1,983,478 |
|
Debt due within one year |
(834,680) |
368,779 |
(465,901) |
Debt due after one year |
(2,078,349) |
903,975 |
(1,174,374) |
------------ |
------------ |
------------ |
|
(
|
|
|
|
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
------- |
-------- |
---- |
---- |
|