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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 Certified Accountants & statutory auditor |
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Suite 4 Europa House |
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Europa Way |
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Britannia Enterprise Park |
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Lichfield |
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Staffordshire |
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WS14 9TZ |
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Bankers |
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Ground Floor |
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The Jhoots Group Building |
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20 Hatherton Street |
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Walsall |
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WS4 2LA |
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Solicitors |
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24-26 Broadway North |
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Walsall |
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West Midlands |
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WS1 2AJ |
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Strategic Report |
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Director |
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Directors' 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 Certified Accountants & statutory auditor |
Suite 4 Europa House |
Europa Way |
Britannia Enterprise Park |
Lichfield |
Staffordshire |
WS14 9TZ |
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Statement of Comprehensive Income |
2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
– |
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Operating profit |
6 |
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Interest receivable |
10 |
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Interest payable |
11 |
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Profit before taxation |
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Taxation on ordinary activities |
12 |
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--------- |
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Profit for the financial year |
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------------ |
--------- |
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Remeasurement of the net defined benefit plan |
(
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(
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--------- |
--------- |
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Total comprehensive income for the year |
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--------- |
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Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
£ |
Tangible assets |
14 |
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Stocks |
15 |
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Debtors |
16 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
17 |
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Net current assets |
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Total assets less current liabilities |
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Taxation including deferred tax |
18 |
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Net assets |
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Called up share capital |
22 |
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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 |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 April 2022 |
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Profit for the year |
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Other comprehensive income for the year: |
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Remeasurement of the net defined benefit plan |
20 |
– |
(
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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 |
13 |
– |
(
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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 March 2023 |
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Profit for the year |
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Other comprehensive income for the year: |
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Remeasurement of the net defined benefit plan |
20 |
– |
(
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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 |
13 |
– |
(
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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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------------ |
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At 31 March 2024 |
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-------- |
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Statement of Cash Flows |
2024 |
2023 |
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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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Interest receivable |
(
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(
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Interest payable |
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Defined benefit pension plan employer contributions |
(
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(
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Taxation on ordinary activities |
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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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Trade and other creditors |
(
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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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--------- |
--------- |
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Net cash used in investing activities |
(
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(
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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 in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
313,879 |
175,595 |
--------- |
--------- |
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Cash and cash equivalents at end of year |
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--------- |
--------- |
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Notes to the Financial Statements |
Short leasehold property | - | 10% straight line | |
Plant and machinery | - | 10-12.5% straight line | |
Fixtures, fittings and equipment | - | 25-33% straight line | |
Motor vehicles | - | 25% straight line | |
Computer equipment | - | 33% straight line | |
Development | - | 10%-50% straight line | |
2024 |
2023 |
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£ |
£ |
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Sale of goods |
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------------- |
------------ |
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2024 |
2023 |
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£ |
£ |
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United Kingdom |
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Overseas |
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------------- |
------------ |
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------------- |
------------ |
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2024 |
2023 |
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£ |
£ |
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Other operating income |
– |
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---- |
-------- |
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2024 |
2023 |
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£ |
£ |
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Depreciation of tangible assets |
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Impairment of trade debtors |
522 |
– |
Research and development expenditure written off |
178,881 |
140,119 |
Operating lease rentals- land and buildings |
70,000 |
70,000 |
Operating lease rentals |
98,400 |
4,694 |
--------- |
--------- |
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2024 |
2023 |
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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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2024 |
2023 |
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No. |
No. |
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Production staff |
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Administrative staff |
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Finance staff |
2 |
3 |
---- |
---- |
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---- |
---- |
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2024 |
2023 |
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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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2024 |
2023 |
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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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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Interest from group undertakings |
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-------- |
-------- |
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2024 |
2023 |
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£ |
£ |
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Interest on debenture loans |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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UK current tax expense |
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Origination and reversal of timing differences |
(
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--------- |
--------- |
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Taxation on ordinary activities |
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--------- |
--------- |
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2024 |
2023 |
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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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Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
– |
(
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Effect of different UK tax rates on some earnings |
– |
25,196 |
Rounding on tax charge |
22,653 |
– |
Contribution to defined benefit pension scheme |
(29,500) |
(14,060) |
------------ |
--------- |
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Tax on profit |
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------------ |
--------- |
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2024 |
2023 |
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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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Dividends proposed after the year end and not recognised as a liability |
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--------- |
--------- |
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Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Dev't assets |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Apr 2023 |
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157,918 |
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Additions |
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– |
16,380 |
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--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
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At 31 Mar 2024 |
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174,298 |
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--------- |
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--------- |
-------- |
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------------ |
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Depreciation |
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At 1 Apr 2023 |
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36,592 |
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Charge for the year |
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– |
14,600 |
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--------- |
--------- |
--------- |
-------- |
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------------ |
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At 31 Mar 2024 |
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51,192 |
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--------- |
--------- |
--------- |
-------- |
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Carrying amount |
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At 31 Mar 2024 |
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– |
123,106 |
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--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
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At 31 Mar 2023 |
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– |
121,326 |
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--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
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2024 |
2023 |
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£ |
£ |
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Raw materials |
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Work in progress |
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Finished goods |
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
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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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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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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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Other creditors |
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------------ |
------------ |
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------------ |
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Deferred tax (note 19) |
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£ |
|
At 1 April 2023 |
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Charge against provision |
(
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--------- |
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At 31 March 2024 |
|
--------- |
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2024 |
2023 |
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£ |
£ |
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Included in provisions (note 18) |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Accelerated capital allowances |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Present value of defined benefit obligations |
(1,504,000) |
(1,507,000) |
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Fair value of plan assets |
1,997,000 |
1,957,000 |
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------------ |
------------ |
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493,000 |
450,000 |
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------------ |
------------ |
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2024 |
||
£ |
||
At 1 April 2023 |
1,507,000 |
|
Interest expense |
77,000 |
|
Benefits paid |
(56,000) |
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Remeasurements: |
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Actuarial gains and losses |
(24,000) |
|
------------ |
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At 31 March 2024 |
1,504,000 |
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------------ |
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2024 |
||
£ |
||
At 1 April 2023 |
1,957,000 |
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Interest Income |
103,000 |
|
Benefits paid |
(56,000) |
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Contributions by employer |
118,000 |
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Remeasurements: |
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Return on plan assets, excluding amount included in interest income |
(125,000) |
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------------ |
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At 31 March 2024 |
1,997,000 |
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------------ |
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2024 |
2023 |
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£ |
£ |
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Recognised in profit or loss: |
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Net interest income |
26,000 |
2,000 |
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Recognised in comprehensive income: |
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Remeasurement of the liability: |
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Actuarial gains and losses |
144,000 |
97,000 |
|
2024 |
2023 |
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£ |
£ |
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Equity instruments |
1,955,000 |
1,910,000 |
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Cash and cash equivalents |
42,000 |
47,000 |
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1,997,000 |
1,957,000 |
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2024 |
2023 |
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Discount rate |
5.30% |
5.20% |
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Expected rate of increase in pensions |
2.31% |
2.25% |
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Inflation assumption |
3.10% |
3.00% |
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2024 |
2023 |
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No. |
£ |
No. |
£ |
|
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10,379 |
|
10,379 |
-------- |
-------- |
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-------- |
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At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
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Cash at bank and in hand |
|
260,333 |
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--------- |
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2024 |
2023 |
|
£ |
£ |
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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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Later than 5 years |
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