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Year ended |
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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Statement of income and retained earnings |
10 |
Statement of financial position |
11 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Strategic Report |
2023 | 2022 | ||
£ | |||
Gross Profit % | 24 | 17 | |
Turnover | 16,889,931 | 18,927,990 | |
Profit before Tax | 1,485,945 | 1,258,355 | |
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Director |
Director |
Registered office: |
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Directors' Report |
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Director |
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 Auditors |
23 Church Place, |
Lurgan, |
Co. Armagh. |
N. Ireland |
BT66 6EY |
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Statement of Income and Retained Earnings |
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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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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Profit before taxation |
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Tax on profit |
12 |
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Profit for the financial year and total comprehensive income |
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Dividends paid and payable |
13 |
(
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(
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
Tangible assets |
15 |
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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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Creditors: amounts falling due within one year |
19 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
20 |
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Taxation including deferred tax |
22 |
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Net assets |
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Called up share capital |
25 |
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Profit and loss account |
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------------ |
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Shareholders funds |
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------------ |
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Director |
Director |
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Statement of Cash Flows |
2024 |
2023 |
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Note |
£ |
£ |
Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
– |
(
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Tax on profit |
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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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(
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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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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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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
– |
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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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Payments of finance lease liabilities |
(
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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 |
(396,951) |
(770,949) |
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Cash and cash equivalents at end of year |
18 |
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(
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Notes to the Financial Statements |
Goodwill |
- |
Fully Amortised
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Purchased Goodwill |
- |
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Property |
- |
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Plant and Machinery |
- |
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Fixtures and Fittings |
- |
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Motor Vehicles |
- |
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Equipment and Software |
- |
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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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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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Gains on disposal of tangible assets |
– |
(
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Impairment of trade debtors |
605 |
2,259 |
Foreign exchange differences |
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(
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--------- |
--------- |
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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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Distribution staff |
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Administrative staff |
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Management staff |
6 |
5 |
Number of laboratory staff |
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Number of yard staff |
2
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2
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Number of sales staff |
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– |
---- |
---- |
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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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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Aggregate remuneration |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Interest on cash and cash equivalents |
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Other interest receivable and similar income |
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------- |
---- |
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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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Interest on obligations under finance leases and hire purchase contracts |
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Invoice Financing Interest Charges |
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-------- |
-------- |
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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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Adjustments in respect of prior periods |
(
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(
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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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Tax on profit |
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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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Adjustment to tax charge in respect of prior periods |
(
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(
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Effect of expenses not deductible for tax purposes |
(
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(
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Effect of capital allowances and depreciation |
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------------ |
------------ |
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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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-------- |
-------- |
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Goodwill |
Purchased Goodwill |
Total |
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£ |
£ |
£ |
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Cost |
|||
At 1 April 2023 and 31 March 2024 |
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Amortisation |
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At 1 April 2023 and 31 March 2024 |
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--------- |
-------- |
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Carrying amount |
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At 31 March 2024 |
– |
– |
– |
--------- |
-------- |
--------- |
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At 31 March 2023 |
– |
– |
– |
--------- |
-------- |
--------- |
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Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
||||||
At 1 Apr 2023 |
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Additions |
– |
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– |
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--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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At 31 Mar 2024 |
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--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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Depreciation |
||||||
At 1 Apr 2023 |
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Charge for the year |
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--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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At 31 Mar 2024 |
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--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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Carrying amount |
||||||
At 31 Mar 2024 |
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--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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At 31 Mar 2023 |
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--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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2024 |
2023 |
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£ |
£ |
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Raw materials and consumables |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
|
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Prepayments and accrued income |
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Directors loan account |
51,430
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66,409
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Other debtors |
|
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Cash at bank and in hand |
|
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Bank overdrafts |
– |
(
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------------ |
--------- |
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(
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------------ |
--------- |
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
– |
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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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Obligations under finance leases and hire purchase contracts |
– |
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Other creditors |
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– |
------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
|
£ |
£ |
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Accruals and deferred income |
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Other creditors |
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-------- |
-------- |
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-------- |
-------- |
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2024 |
2023 |
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£ |
£ |
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Not later than 1 year |
– |
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---- |
-------- |
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Deferred tax (note 23) |
|
£ |
|
At 1 April 2023 |
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Additions |
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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 22) |
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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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No. |
£ |
No. |
£ |
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|
100 |
|
100 |
---- |
---- |
---- |
---- |
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At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
720,525 |
|
Bank overdrafts |
(692,076) |
692,076 |
– |
Debt due within one year |
(58,238) |
58,238 |
– |
--------- |
------------ |
------------ |
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(
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--------- |
------------ |
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Notes to the Financial Statements (continued) |