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For the period ended |
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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
4 |
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 |
|
Strategic Report |
|
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 Accountants & statutory auditor |
Carlisle Street |
Goole |
East Riding of Yorkshire |
DN14 5DX |
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Consolidated Statement of Comprehensive Income |
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
Note |
£ |
£ |
|
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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|
Impairment of investments |
– |
(
|
|
------------- |
------------- |
||
Operating profit/(loss) |
5 |
|
(
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Income from shares in group undertakings |
8 |
– |
|
Interest payable and similar expenses |
9 |
(
|
(
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------------- |
------------- |
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Profit before taxation |
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Tax on profit |
10 |
(
|
(
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---------- |
-------- |
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Profit for the financial year and total comprehensive income |
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---------- |
-------- |
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Consolidated Statement of Financial Position |
2024 |
2023 |
|||
Note |
£ |
£ |
||
Intangible assets excluding negative goodwill |
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|
|||
Negative goodwill |
(
|
(
|
|||
---------- |
---------- |
||||
Intangible assets |
11 |
(
|
(
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||
Tangible assets |
12 |
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------------- |
------------- |
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Stocks |
14 |
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Debtors |
15 |
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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 |
17 |
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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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Creditors: amounts falling due after more than one year |
18 |
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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 |
23 |
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Profit and loss account |
24 |
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------------- |
------------- |
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Shareholders funds |
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------------- |
------------- |
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Director |
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Company Statement of Financial Position |
2024 |
2023 |
|||
Note |
£ |
£ |
||
Tangible assets |
12 |
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Investments |
13 |
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||
------------- |
------------- |
||||
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||||
Debtors |
15 |
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Cash at bank and in hand |
|
– |
|||
---------- |
---------- |
||||
|
|
||||
Creditors: amounts falling due within one year |
17 |
|
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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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|||
------------- |
------------- |
||||
Called up share capital |
23 |
|
|
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Profit and loss account |
24 |
|
(
|
||
------------- |
------------- |
||||
Shareholders funds |
|
|
|||
------------- |
------------- |
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Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 14 January 2022 |
– |
– |
– |
Profit for the year |
|
|
|
---- |
-------- |
-------- |
|
Total comprehensive income for the year |
– |
|
|
Issue of shares |
|
– |
|
Reduction of capital |
(
|
– |
(
|
-------------- |
-------- |
-------------- |
|
Total investments by and distributions to owners |
|
– |
|
At 31 January 2023 |
|
|
|
Profit for the year |
|
|
|
-------------- |
---------- |
-------------- |
|
Total comprehensive income for the year |
– |
|
|
-------------- |
---------- |
-------------- |
|
At 31 January 2024 |
|
|
|
-------------- |
---------- |
-------------- |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 14 January 2022 |
– |
– |
– |
Loss for the year |
(
|
(
|
|
---- |
------- |
------- |
|
Total comprehensive income for the year |
– |
(
|
(
|
Issue of shares |
|
– |
|
Reduction of capital |
(
|
– |
(
|
-------------- |
------- |
-------------- |
|
Total investments by and distributions to owners |
|
– |
|
At 31 January 2023 |
|
(
|
|
Profit for the year |
|
|
|
-------------- |
---------- |
-------------- |
|
Total comprehensive income for the year |
– |
|
|
-------------- |
---------- |
-------------- |
|
At 31 January 2024 |
|
|
|
-------------- |
---------- |
-------------- |
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|
Consolidated Statement of Cash Flows |
2024 |
2023 |
|
Note |
£ |
£ |
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
(3,136) |
(177) |
Impairment of intangible assets |
– |
(
|
Income from shares in group undertakings |
– |
(
|
Other interest receivable and similar income |
(6,325) |
(1,288) |
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
|
– |
Tax on profit |
181,127 |
73,612 |
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
|
(
|
Trade and other creditors |
|
(
|
------------- |
-------------- |
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Cash generated from operations |
|
(
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Interest paid |
(
|
(
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Interest received |
|
|
Tax (paid)/received |
(
|
|
---------- |
-------------- |
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Net cash used in operating activities |
(
|
(
|
---------- |
-------------- |
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Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Acquisition of subsidiaries |
– |
(
|
Proceeds from disposals of subsidiaries |
– |
|
Dividends received |
– |
|
---------- |
-------------- |
|
Net cash (used in)/from investing activities |
(
|
|
---------- |
-------------- |
|
Proceeds from issue of ordinary shares |
– |
|
Proceeds from borrowings |
|
– |
Payments of finance lease liabilities |
(
|
(
|
Reduction of share capital |
– |
(
|
---------- |
-------------- |
|
Net cash from financing activities |
|
|
---------- |
-------------- |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
|
Cash and cash equivalents at beginning of year |
201,013 |
– |
|
---------- |
---------- |
||
Cash and cash equivalents at end of year |
16 |
|
|
---------- |
---------- |
||
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Research & Development |
- |
|
|
Plant and machinery |
- |
|
|
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
Sale of goods |
|
|
|
-------------- |
---------- |
||
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
United Kingdom |
|
|
|
Overseas |
|
|
|
-------------- |
---------- |
||
|
|
||
-------------- |
---------- |
||
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
Amortisation of intangible assets |
(
|
(
|
|
Depreciation of tangible assets |
|
|
|
Cost of sales |
– |
(866,348) |
||
Loss on disposal of tangible assets |
|
– |
||
Impairment of trade debtors |
20,191 |
547 |
||
Foreign exchange differences |
|
|
||
---------- |
---------- |
|||
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
Fees payable for the audit of the financial statements |
|
|
|
------- |
---- |
||
2024 |
2023 |
||
No. |
No. |
||
Production staff |
|
|
|
Administrative staff |
|
|
|
Management staff |
2 |
4 |
|
---- |
---- |
||
|
|
||
---- |
---- |
||
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------- |
---------- |
||
|
|
||
------------- |
---------- |
||
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
Dividends from group undertakings |
– |
9,749,684 |
|
---- |
------------- |
||
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Other interest payable and similar charges |
|
|
|
---------- |
------- |
||
|
|
||
---------- |
------- |
||
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
UK current tax expense |
|
|
|
Origination and reversal of timing differences |
|
|
|
---------- |
-------- |
||
Tax on profit |
|
|
|
---------- |
-------- |
||
Period from |
|||
Year to |
14 Jan 22 to |
||
31 Jan 24 |
31 Jan 23 |
||
£ |
£ |
||
Profit on ordinary activities before taxation |
|
|
|
---------- |
-------- |
||
Profit on ordinary activities by rate of tax |
|
|
|
Effect of expenses not deductible for tax purposes |
|
|
|
---------- |
-------- |
||
Tax on profit |
|
|
|
---------- |
-------- |
||
Group |
Goodwill |
Research & developm't |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 February 2023 and 31 January 2024 |
(
|
|
(
|
---------- |
---------- |
---------- |
|
Amortisation |
|||
At 1 February 2023 |
(
|
|
(
|
Charge for the year |
(
|
|
(
|
---------- |
---------- |
---------- |
|
At 31 January 2024 |
(
|
|
(
|
---------- |
---------- |
---------- |
|
Carrying amount |
|||
At 31 January 2024 |
(
|
|
(
|
---------- |
---------- |
---------- |
|
At 31 January 2023 |
(
|
|
(
|
---------- |
---------- |
---------- |
|
Group |
Freehold property |
Plant and machinery |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 February 2023 |
|
|
|
Additions |
– |
|
|
Disposals |
– |
(
|
(
|
------------- |
------------- |
------------- |
|
At 31 January 2024 |
|
|
|
------------- |
------------- |
------------- |
|
Depreciation |
|||
At 1 February 2023 |
– |
|
|
Charge for the year |
– |
|
|
Disposals |
– |
(
|
(
|
------------- |
------------- |
------------- |
|
At 31 January 2024 |
– |
|
|
------------- |
------------- |
------------- |
|
Carrying amount |
|||
At 31 January 2024 |
|
|
|
------------- |
------------- |
------------- |
|
At 31 January 2023 |
|
|
|
------------- |
------------- |
------------- |
|
Company |
Freehold property |
£ |
|
Cost |
|
At 1 February 2023 and 31 January 2024 |
|
------------- |
|
Depreciation |
|
At 1 February 2023 and 31 January 2024 |
– |
------------- |
|
Carrying amount |
|
At 31 January 2024 |
|
------------- |
|
At 31 January 2023 |
|
------------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 February 2023 and 31 January 2024 |
|
------------- |
|
Impairment |
|
At 1 February 2023 and 31 January 2024 |
– |
------------- |
|
Carrying amount |
|
At 1 February 2023 and 31 January 2024 |
|
------------- |
|
At 31 January 2023 |
|
------------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Work in progress |
|
|
– |
– |
Finished goods and goods for resale |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
|
|
– |
– |
|
------------- |
------------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
|
– |
Other debtors |
– |
|
|
|
---------- |
---------- |
---------- |
---------- |
|
|
|
|
|
|
---------- |
---------- |
---------- |
---------- |
|
2024 |
2023 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
– |
-------- |
---------- |
|
|
|
|
-------- |
---------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
– |
– |
– |
Trade creditors |
|
|
– |
– |
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
– |
|
– |
------------- |
------------- |
-------- |
-------- |
|
|
|
|
|
|
------------- |
------------- |
-------- |
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
-------- |
---- |
---- |
|
Group |
Deferred tax (note 21) |
£ |
|
At 1 February 2023 |
|
Charge against provision |
|
---------- |
|
At 31 January 2024 |
|
---------- |
|
Company |
Deferred tax (note 21) |
£ |
|
At 1 February 2023 |
|
-------- |
|
At 31 January 2024 |
|
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
|
|
|
|
---------- |
---------- |
-------- |
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Revaluation of tangible assets |
|
|
|
|
---------- |
---------- |
-------- |
-------- |
|
154,762 |
114,240 |
41,028 |
41,028 |
|
---------- |
---------- |
-------- |
-------- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
2,355,518 |
2,355,518 |
2,355,518 |
2,355,518 |
|
2,324,400 |
2,324,400 |
2,324,400 |
2,324,400 |
------------- |
------------- |
------------- |
------------- |
|
4,679,918 |
4,679,918 |
4,679,918 |
4,679,918 |
|
------------- |
------------- |
------------- |
------------- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
2,355,518 |
|
2,355,518 |
|
|
2,324,400 |
|
2,324,400 |
------------- |
------------- |
------------- |
------------- |
|
|
4,679,918 |
|
4,679,918 |
|
------------- |
------------- |
------------- |
------------- |
|
At 1 Feb 2023 |
Cash flows |
At 31 Jan 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(123,976) |
|
Bank overdrafts |
– |
(52,585) |
(52,585) |
Debt due within one year |
(14,203) |
(59,697) |
(73,900) |
Debt due after one year |
(25,343) |
6,163 |
(19,180) |
---------- |
---------- |
-------- |
|
|
(
|
(
|
|
---------- |
---------- |
-------- |
|
|
Notes to the Financial Statements (continued) |