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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
5 |
Independent auditor's report to the members |
7 |
Consolidated statement of comprehensive income |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Consolidated statement of changes in equity |
14 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 |
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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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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 Certified Accountants & statutory auditor |
Suite 4 Europa House |
Europa Way |
Britannia Enterprise Park |
Lichfield |
Staffordshire |
WS14 9TZ |
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Consolidated 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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------------- |
------------ |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
– |
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------------ |
------------ |
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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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------------ |
------------ |
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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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The owners of the parent company |
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Non-controlling interests |
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------------ |
--------- |
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------------ |
--------- |
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The owners of the parent company |
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Non-controlling interests |
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--------- |
--------- |
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--------- |
--------- |
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Consolidated Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Intangible assets |
14 |
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Tangible assets |
15 |
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------------ |
------------ |
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Stocks |
17 |
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Debtors |
18 |
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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 |
19 |
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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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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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Profit and loss account |
25 |
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------------ |
------------ |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Investments |
16 |
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Creditors: amounts falling due within one year |
19 |
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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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-------- |
-------- |
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Net assets |
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-------- |
-------- |
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Called up share capital |
24 |
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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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Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
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: |
|||||||
Remeasurement of the net defined benefit plan |
22 |
– |
(
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(
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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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---- |
------------ |
------------ |
--------- |
------------ |
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Total investments by and distributions to owners |
– |
(
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(
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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: |
|||||||
Remeasurement of the net defined benefit plan |
22 |
– |
(
|
(
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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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---- |
--------- |
--------- |
---- |
--------- |
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Total investments by and distributions to owners |
– |
(
|
(
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– |
(
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---- |
------------ |
------------ |
--------- |
------------ |
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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 |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 April 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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Dividends paid and payable |
13 |
– |
(
|
(
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---- |
--------- |
--------- |
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Total investments by and distributions to owners |
– |
(
|
(
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At 31 March 2023 |
|
59,454
|
59,544
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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 |
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 2024 |
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---- |
--------- |
--------- |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
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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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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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Trade and other debtors |
(
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(
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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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Proceeds from loans from group undertakings |
(
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Dividends paid |
(
|
(
|
--------- |
--------- |
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Net cash used in financing activities |
(
|
– |
--------- |
--------- |
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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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Notes to the Financial Statements |
Goodwill |
- |
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Short leasehold property |
- |
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Plant and machinery |
- |
10-12.5% straight line |
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Fixtures, fittings and equipment |
- |
25-33% straight line |
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Motor vehicles |
- |
|
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Computer equipment |
- |
33
% straight line |
|
- |
33
% straight line |
||
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------ |
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2024 |
2023 |
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£ |
£ |
|
United Kingdom |
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Overseas |
|
|
------------- |
------------ |
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------------- |
------------ |
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2024 |
2023 |
|
£ |
£ |
|
Other operating income |
– |
|
---- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
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 |
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
------- |
------- |
|
2024 |
2023 |
|
No. |
No. |
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Production staff |
|
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Administrative staff |
|
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Finance staff |
2 |
3 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
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Social security costs |
|
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Other pension costs |
|
|
------------ |
------------ |
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|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
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|
--------- |
--------- |
|
2024 |
2023 |
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No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on loans and receivables |
37,554 |
20,645 |
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on debenture loans |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Origination and reversal of timing differences |
(
|
|
--------- |
--------- |
|
Taxation on ordinary activities |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
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 |
– |
25,196 |
Rounding on tax charge |
22,653 |
– |
Contribution to defined benefit pension scheme |
(29,500) |
(14,060) |
------------ |
--------- |
|
Tax on profit |
|
|
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
Dividends proposed after the year end and not recognised as a liability |
|
|
--------- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
Amortisation |
|
At 1 April 2023 |
|
Charge for the year |
|
------------ |
|
At 31 March 2024 |
|
------------ |
|
Carrying amount |
|
At 31 March 2024 |
|
------------ |
|
At 31 March 2023 |
|
------------ |
|
Group |
Short leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
User defined asset |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Apr 2023 |
|
|
|
|
157,918 |
|
Additions |
|
|
|
– |
16,380 |
|
--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
|
At 31 Mar 2024 |
|
|
|
|
174,298 |
|
--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
|
Depreciation |
||||||
At 1 Apr 2023 |
|
|
|
|
36,592 |
|
Charge for the year |
|
|
|
– |
14,600 |
|
--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
|
At 31 Mar 2024 |
|
|
|
|
51,192 |
|
--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
|
Carrying amount |
||||||
At 31 Mar 2024 |
|
|
|
– |
123,106 |
|
--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
|
At 31 Mar 2023 |
|
|
|
– |
121,326 |
|
--------- |
--------- |
--------- |
-------- |
--------- |
------------ |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
------------ |
|
Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
At 31 March 2023 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
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Ordinary |
90 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials |
|
|
– |
– |
Work in progress |
|
|
– |
– |
Finished goods |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Deferred tax (note 21) |
£ |
|
At 1 April 2023 |
|
Charge against provision |
(
|
--------- |
|
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 |
||
£ |
£ |
||
Present value of defined benefit obligations |
(1,504,000) |
(1,507,000) |
|
Fair value of plan assets |
1,997,000 |
1,957,000 |
|
------------ |
------------ |
||
493,000 |
450,000 |
||
------------ |
------------ |
||
2024 |
||
£ |
||
At 1 April 2023 |
1,507,000 |
|
Interest expense |
77,000 |
|
Benefits paid |
(56,000) |
|
Remeasurements: Actuarial gains and losses |
(24,000) |
|
------------ |
||
At 31 March 2024 |
1,504,000 |
|
------------ |
||
2024 |
||
£ |
||
At 1 April 2023 |
1,957,000 |
|
Interest income |
103,000 |
|
Benefits paid |
(56,000) |
|
Contributions by employer |
118,000 |
|
Remeasurements: Return on plan assets, excluding amount included in interest income |
(125,000) |
|
------------ |
||
At 31 March 2024 |
1,997,000 |
|
------------ |
||
2024 |
2023 |
||
£ |
£ |
||
Recognised in profit and loss: Net interest income |
26,000 |
2,000 |
|
Recognised in comprehensive income: Actuarial gains and losses |
144,000 |
97,000 |
|
2024 |
2023 |
||
£ |
£ |
||
Equity instruments |
1,955,000 |
1,910,000 |
|
Cash and cash equivalents |
42,000 |
47,000 |
|
2024 |
2023 |
|||
Discount rate |
5.30% |
5.20% |
||
Expected rate of increase in pensions |
2.31% |
2.25% |
||
Inflation assumption |
3.10% |
3.00% |
||
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
90 |
|
90 |
---- |
---- |
---- |
---- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
260,333 |
|
Debt due within one year |
(750,000) |
37,553 |
(712,447) |
--------- |
--------- |
--------- |
|
(
|
|
(
|
|
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
Later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|