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FOR THE YEAR ENDED |
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FINANCIAL STATEMENTS |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
7 |
Independent auditor's report to the members |
11 |
Consolidated statement of comprehensive income |
15 |
Consolidated statement of financial position |
16 |
Company statement of financial position |
17 |
Consolidated statement of changes in equity |
18 |
Company statement of changes in equity |
19 |
Consolidated statement of cash flows |
20 |
Notes to the financial statements |
21 |
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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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Windsor House |
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A1 Business Park at |
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Long Bennington |
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Notts |
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NG23 5JR |
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STRATEGIC REPORT |
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Director |
Registered office: |
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DIRECTORS' REPORT |
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Unit |
2023 |
2022 |
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Emissions resulting from activities for which the group is responsible |
tCO2e |
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Emissions resulting from the purchase of electricity by the group for its own use |
tCO2e |
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|
------- |
-------- |
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Total emissions |
tCO2e |
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Total energy consumption |
kWh |
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------------ |
------------- |
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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 |
Windsor House |
A1 Business Park at |
Long Bennington |
Notts |
NG23 5JR |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
(
|
(
|
------------- |
------------- |
|
Gross profit |
|
|
Distribution costs |
(
|
(
|
|
Administrative expenses |
(
|
(
|
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Other operating income |
5 |
|
|
------------- |
------------- |
||
Operating profit |
6 |
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Share of profit of associates |
15 |
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|
Share of profit of joint ventures |
15 |
|
|
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 |
|
|
|
------------ |
------------ |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
||
Note |
£ |
£ |
|
Tangible assets |
14 |
|
|
|
Investments: |
15 |
|||
Investments in associates |
663,046 |
478,956 |
||
Investments in joint-ventures |
766,506 |
814,084 |
||
------------- |
------------- |
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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 liabilities |
(
|
(
|
||
------------- |
------------- |
|||
Total assets less current liabilities |
|
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||
Creditors: amounts falling due after more than one year |
19 |
(
|
(
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Provisions |
21 |
(
|
(
|
|
------------- |
------------- |
|||
Net assets |
|
|
||
------------- |
------------- |
|||
Called up share capital |
24 |
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Profit and loss account |
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||
------------ |
------------ |
|||
Shareholders funds |
|
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||
------------ |
------------ |
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Director |
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COMPANY STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
||
Note |
£ |
£ |
|
Tangible assets |
14 |
|
|
|
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 |
|
|
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Profit and loss account |
|
|
||
------------- |
------------- |
|||
Shareholders funds |
|
|
||
------------- |
------------- |
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Director |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 1 January 2022 |
|
|
|
Profit for the year |
|
|
|
-------- |
------------ |
------------ |
|
Total comprehensive income for the year |
– |
|
|
At 31 December 2022 |
|
|
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Profit for the year |
|
|
|
-------- |
------------ |
------------ |
|
Total comprehensive income for the year |
– |
|
|
-------- |
------------ |
------------ |
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At 31 December 2023 |
|
|
|
-------- |
------------ |
------------ |
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COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 1 January 2022 |
|
|
|
Profit for the year |
|
|
|
-------- |
------------- |
------------- |
|
Total comprehensive income for the year |
– |
|
|
At 31 December 2022 |
|
|
|
Profit for the year |
|
|
|
-------- |
------------- |
------------- |
|
Total comprehensive income for the year |
– |
|
|
-------- |
------------- |
------------- |
|
At 31 December 2023 |
|
|
|
-------- |
------------- |
------------- |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
– |
|
Share of profit of associates |
(
|
(
|
Share of profit of joint ventures |
(
|
(
|
Other interest receivable and similar income |
(
|
– |
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Tax on profit |
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
|
Trade and other debtors |
|
|
Trade and other creditors |
(
|
(
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
– |
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Investment in associates |
(184,090) |
(136,529)
|
Investment in joint venture |
(97,830)
|
(321,725)
|
Other investment income received |
622,328
|
621,713
|
------------ |
------------ |
|
Net cash from investing activities |
|
|
------------ |
------------ |
|
Repayments of borrowings |
(
|
(
|
Payments of finance lease liabilities |
(
|
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
225,791 |
203,297 |
--------- |
--------- |
|
Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
5-15 years straight line
|
|
Freehold land and buildings |
- |
15-40 years straight line
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
5%-33% straight line
|
|
Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Management charges receivable |
|
|
Other operating income |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
– |
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
(132,103) |
99,912 |
Foreign exchange differences |
(
|
(
|
Operating lease charges |
825,837
|
839,027
|
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
Taxation compliance services |
|
|
Other non-audit services |
– |
|
-------- |
-------- |
|
8,500 |
9,000 |
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
– |
------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
– |
(
|
--------- |
--------- |
|
Total current tax |
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
|
(
|
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
– |
(26,393) |
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
(
|
Effect of different UK tax rates on some earnings |
1,886 |
34,339 |
Profits/losses from associates |
(43,299)
|
(16,440)
|
Profits/losses from joint ventures |
(68,875)
|
(101,685)
|
Amortisation charges in the group accounts |
– |
246,955
|
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
------------- |
|
Amortisation |
|
At 1 January 2023 and 31 December 2023 |
|
------------- |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
– |
------------- |
|
At 31 December 2022 |
– |
------------- |
|
Group |
Freehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
– |
|
|
|
|
Disposals |
(
|
(
|
(
|
(
|
(
|
------------- |
------------ |
------------ |
------------ |
------------- |
|
At 31 December 2023 |
|
|
|
|
|
------------- |
------------ |
------------ |
------------ |
------------- |
|
Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
(
|
(
|
(
|
(
|
------------- |
------------ |
------------ |
------------ |
------------- |
|
At 31 December 2023 |
|
|
|
|
|
------------- |
------------ |
------------ |
------------ |
------------- |
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
------------- |
------------ |
------------ |
------------ |
------------- |
|
At 31 December 2022 |
|
|
|
|
|
------------- |
------------ |
------------ |
------------ |
------------- |
|
Company |
Freehold land and buildings |
Fixtures and fittings |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 |
|
|
|
Disposals |
(
|
(
|
(
|
------------- |
--------- |
------------ |
|
At 31 December 2023 |
|
|
|
------------- |
--------- |
------------ |
|
Depreciation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
|
|
------------- |
--------- |
------------ |
|
At 31 December 2023 |
|
|
|
------------- |
--------- |
------------ |
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
------------- |
--------- |
------------ |
|
At 31 December 2022 |
|
|
|
------------- |
--------- |
------------ |
|
Group |
Plant and machinery |
Motor vehicles |
Total |
£ |
£ |
£ |
|
At 31 December 2023 |
|
|
|
-------- |
--------- |
--------- |
|
At 31 December 2022 |
|
|
|
-------- |
--------- |
--------- |
|
Group |
Interests in associates |
Joint ventures |
Total |
£ |
£ |
£ |
|
Share of net assets/cost |
|||
At 1 January 2023 |
|
|
|
Share of profit or loss |
|
|
|
Dividends received |
– |
(
|
(
|
Other movements |
– |
(
|
(
|
--------- |
--------- |
------------ |
|
At 31 December 2023 |
|
|
|
--------- |
--------- |
------------ |
|
Impairment |
|||
At 1 January 2023 and 31 December 2023 |
– |
– |
– |
--------- |
--------- |
------------ |
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
--------- |
--------- |
------------ |
|
At 31 December 2022 |
|
|
|
--------- |
--------- |
------------ |
|
Company |
Shares in group undertakings |
Shares in participating interests |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2023 and 31 December 2023 |
|
|
|
------------- |
--------- |
------------- |
|
Impairment |
|||
At 1 January 2023 and 31 December 2023 |
– |
– |
– |
------------- |
--------- |
------------- |
|
Carrying amount |
|||
At 1 January 2023 and 31 December 2023 |
|
|
|
------------- |
--------- |
------------- |
|
At 31 December 2022 |
|
|
|
------------- |
--------- |
------------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Other significant holdings |
||
Peak Converters Limited |
Ordinary |
45 |
The Branded Furniture Company Limited |
Ordinary |
65 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Work in progress |
|
|
– |
– |
Finished goods and goods for resale |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Deferred tax asset |
|
|
|
|
Prepayments and accrued income |
|
|
– |
– |
Corporation tax recoverable |
– |
231,965
|
– |
– |
Other debtors |
|
|
– |
– |
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Deferred tax asset |
|
– |
|
– |
--------- |
---- |
--------- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
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 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
– |
679,734
|
– |
679,734
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
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 January 2023 |
|
Additions |
|
Charge against provision |
(
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in debtors (note 17) |
|
|
|
|
Included in provisions (note 21) |
(
|
(
|
– |
– |
--------- |
--------- |
--------- |
--------- |
|
(
|
(
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Deferred tax - other timing differences |
(283,090)
|
(158,100)
|
– |
– |
--------- |
--------- |
---- |
---- |
|
91,801 |
59,895 |
– |
– |
|
--------- |
--------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,000 |
|
10,000 |
--------- |
-------- |
--------- |
-------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
292,681 |
|
Debt due within one year |
(493,963) |
45,815 |
(448,148) |
Debt due after one year |
(7,124,387) |
2,357,107 |
(4,767,280) |
------------ |
------------ |
------------ |
|
(
|
|
(
|
|
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
Later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued) |