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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
2 |
Independent auditor's report to the members |
4 |
Consolidated statement of comprehensive income |
8 |
Consolidated statement of financial position |
9 |
Company statement of financial position |
10 |
Consolidated statement of changes in equity |
11 |
Company statement of changes in equity |
12 |
Consolidated statement of cash flows |
13 |
Notes to the financial statements |
14 |
|
Strategic Report |
|
Director |
|
Directors' Report |
|
|
|
|
|
Director |
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Certified Accountants & statutory auditor |
8 Jury Street |
Warwick |
CV34 4EW |
|
Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------ |
------------ |
|
Gross profit |
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
----------- |
----------- |
||
Operating profit |
6 |
|
|
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 |
|
|
|
----------- |
-------- |
||
Tax relating to components of other comprehensive income |
– |
|
----------- |
-------- |
|
Total comprehensive income for the year |
|
|
----------- |
-------- |
|
|
Consolidated Statement of Financial Position |
2024 |
2023 |
||
Note |
£ |
£ |
|
Intangible assets |
14 |
|
– |
|
Tangible assets |
15 |
|
|
|
Investments |
16 |
|
|
|
----------- |
----------- |
|||
|
|
|||
Stocks |
17 |
|
|
|
Debtors |
18 |
|
|
|
Cash at bank and in hand |
|
|
||
----------- |
----------- |
|||
|
|
|||
Prepayments and accrued income |
|
|
|
Creditors: amounts falling due within one year |
20 |
|
|
|
----------- |
----------- |
|||
Net current assets |
|
|
||
----------- |
----------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
21 |
|
|
|
Provisions |
23 |
|
|
|
Accruals and deferred income |
|
|
|
----------- |
----------- |
||
Net assets |
|
|
|
----------- |
----------- |
||
Called up share capital |
27 |
|
|
|
Revaluation reserve |
28 |
|
|
|
Profit and loss account |
28 |
|
|
|
----------- |
----------- |
|||
Shareholders funds |
|
|
||
----------- |
----------- |
|||
|
Director |
|
Company Statement of Financial Position |
2024 |
2023 |
||
Note |
£ |
£ |
|
Tangible assets |
15 |
|
|
|
Investments |
16 |
|
|
|
----------- |
----------- |
|||
|
|
|||
Stocks |
17 |
|
|
|
Debtors |
18 |
|
|
|
Cash at bank and in hand |
|
|
||
----------- |
----------- |
|||
|
|
|||
Prepayments and accrued income |
|
|
|
Creditors: amounts falling due within one year |
20 |
|
|
|
----------- |
----------- |
|||
Net current assets |
|
|
||
----------- |
----------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
21 |
|
|
|
Provisions |
23 |
|
|
|
Accruals and deferred income |
|
|
|
----------- |
----------- |
||
Net assets |
|
|
|
----------- |
----------- |
||
Called up share capital |
27 |
|
|
|
Revaluation reserve |
28 |
|
|
|
Profit and loss account |
28 |
|
|
|
----------- |
----------- |
|||
Shareholders funds |
|
|
||
----------- |
----------- |
|||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
|||
At 1 February 2022 |
|
|
|
|
||
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(113,750) |
113,750
|
– |
||
Tax relating to components of other comprehensive income |
12 |
– |
|
– |
|
|
---- |
-------- |
----------- |
----------- |
|||
Total comprehensive income for the year |
– |
(
|
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
|
---- |
-------- |
----------- |
----------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
At 31 January 2023 |
|
|
|
|
||
Profit for the year |
|
|
||||
---- |
-------- |
----------- |
----------- |
|||
Total comprehensive income for the year |
– |
– |
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
|
---- |
---- |
-------- |
-------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
---- |
-------- |
----------- |
----------- |
|||
At 31 January 2024 |
|
|
|
|
||
---- |
-------- |
----------- |
----------- |
|||
|
Company Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
|||
At 1 February 2022 |
|
|
|
|
||
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(113,750) |
113,750
|
– |
||
Tax relating to components of other comprehensive income |
12 |
– |
|
– |
|
|
---- |
-------- |
----------- |
----------- |
|||
Total comprehensive income for the year |
– |
(
|
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
|
---- |
-------- |
----------- |
----------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
At 31 January 2023 |
|
|
|
|
||
Profit for the year |
|
|
||||
---- |
-------- |
----------- |
----------- |
|||
Total comprehensive income for the year |
– |
– |
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
|
---- |
---- |
-------- |
-------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
---- |
-------- |
----------- |
----------- |
|||
At 31 January 2024 |
|
|
|
|
||
---- |
-------- |
----------- |
----------- |
|||
|
Consolidated Statement of Cash Flows |
2024 |
2023 |
|
Note |
£ |
£ |
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
– |
Government grant income |
(
|
(
|
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)/received |
(
|
|
----------- |
-------- |
|
Net cash from/(used in) operating activities |
|
(
|
----------- |
-------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
– |
|
Acquisition of subsidiaries |
(
|
– |
----------- |
----------- |
|
Net cash used in investing activities |
(
|
(
|
----------- |
----------- |
|
Proceeds from borrowings |
|
|
Government grant income |
|
|
Payments of finance lease liabilities |
(
|
|
Dividends paid |
(
|
(
|
----------- |
----------- |
|
Net cash (used in)/from financing activities |
(
|
|
----------- |
----------- |
|
Net decrease in cash and cash equivalents |
(
|
(
|
|
Cash and cash equivalents at beginning of year |
(941,585) |
(316,278) |
|
-------- |
-------- |
||
Cash and cash equivalents at end of year |
19 |
(
|
(
|
-------- |
-------- |
||
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Freehold property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
Computer equipment |
- |
|
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Government grant income |
|
|
Other operating income |
|
|
------- |
------ |
|
|
|
|
------- |
------ |
|
2024 |
2023 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
– |
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
– |
(
|
Impairment of trade debtors |
487,008 |
75,813 |
Foreign exchange differences |
|
|
Research and development expense |
476,183
|
737,566
|
Other operating lease rentals |
171,362
|
212,132
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
------ |
------ |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
2 |
2 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
----------- |
----------- |
|
|
|
|
----------- |
----------- |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other interest payable and similar charges |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense/(income) |
|
(
|
Adjustments in respect of prior periods |
|
(
|
-------- |
-------- |
|
Total current tax |
|
(
|
-------- |
-------- |
|
Origination and reversal of timing differences |
(
|
|
-------- |
-------- |
|
Tax on profit |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
----------- |
-------- |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
|
(
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
|
Utilisation of tax losses |
(
|
|
Unused tax losses |
– |
|
Effect of research and development tax credits |
(
|
(
|
----------- |
-------- |
|
Tax on profit |
|
|
----------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
-------- |
-------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 February 2023 |
– |
Acquisitions through business combinations |
|
-------- |
|
At 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 |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Computer equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Feb 2023 |
|
– |
|
|
– |
|
Additions |
– |
– |
|
|
– |
|
Acquisitions through business combinations |
– |
|
– |
– |
|
|
----------- |
------- |
----------- |
------- |
---- |
----------- |
|
At 31 Jan 2024 |
|
|
|
|
|
|
----------- |
------- |
----------- |
------- |
---- |
----------- |
|
Depreciation |
||||||
At 1 Feb 2023 |
|
– |
|
|
– |
|
Charge for the year |
– |
|
|
|
|
|
----------- |
------- |
----------- |
------- |
---- |
----------- |
|
At 31 Jan 2024 |
|
|
|
|
|
|
----------- |
------- |
----------- |
------- |
---- |
----------- |
|
Carrying amount |
||||||
At 31 Jan 2024 |
|
|
|
|
|
|
----------- |
------- |
----------- |
------- |
---- |
----------- |
|
At 31 Jan 2023 |
|
– |
|
– |
– |
|
----------- |
------- |
----------- |
------- |
---- |
----------- |
|
Company |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 February 2023 |
|
|
|
|
Additions |
– |
|
|
|
----------- |
----------- |
------- |
----------- |
|
At 31 January 2024 |
|
|
|
|
----------- |
----------- |
------- |
----------- |
|
Depreciation |
||||
At 1 February 2023 |
|
|
|
|
Charge for the year |
– |
|
|
|
----------- |
----------- |
------- |
----------- |
|
At 31 January 2024 |
|
|
|
|
----------- |
----------- |
------- |
----------- |
|
Carrying amount |
||||
At 31 January 2024 |
|
|
|
|
----------- |
----------- |
------- |
----------- |
|
At 31 January 2023 |
|
|
– |
|
----------- |
----------- |
------- |
----------- |
|
Group and company |
Fixtures and fittings |
£ |
|
At 31 January 2024 |
|
----------- |
|
At 31 January 2023 |
|
----------- |
|
Group |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 February 2023 |
– |
|
|
Additions |
|
– |
|
------- |
------- |
------- |
|
At 31 January 2024 |
|
|
|
------- |
------- |
------- |
|
Impairment |
|||
At 1 February 2023 and 31 January 2024 |
– |
– |
– |
------- |
------- |
------- |
|
Carrying amount |
|||
At 31 January 2024 |
|
|
|
------- |
------- |
------- |
|
At 31 January 2023 |
– |
|
|
------- |
------- |
------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 February 2023 |
– |
|
|
Additions |
|
– |
|
----------- |
------- |
----------- |
|
At 31 January 2024 |
|
|
|
----------- |
------- |
----------- |
|
Impairment |
|||
At 1 February 2023 |
– |
– |
– |
Impairment losses |
|
– |
|
----------- |
------- |
----------- |
|
At 31 January 2024 |
|
– |
|
----------- |
------- |
----------- |
|
Carrying amount |
|||
At 31 January 2024 |
|
|
|
----------- |
------- |
----------- |
|
At 31 January 2023 |
– |
|
|
----------- |
------- |
----------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
Associates |
||
|
Ordinary |
45 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
– |
Other debtors |
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
|
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Other debtors |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
(
|
----------- |
-------- |
|
(
|
(
|
|
----------- |
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
Director loan accounts |
|
|
|
|
Other creditors |
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
|
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
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 24) |
£ |
|
At 1 February 2023 |
|
Unused amounts reversed |
(
|
Acquisitions through business combinations |
|
-------- |
|
At 31 January 2024 |
|
-------- |
|
Company |
Deferred tax (note 24) |
£ |
|
At 1 February 2023 |
|
Unused amounts reversed |
(
|
-------- |
|
At 31 January 2024 |
|
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 23) |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Revaluation of tangible assets |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
620,235 |
650,070 |
618,924 |
650,070 |
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
|
|
|
|
------ |
------ |
------ |
------ |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Feb 2023 |
Cash flows |
At 31 Jan 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
115,436 |
|
Bank overdrafts |
(941,759) |
(147,140) |
(1,088,899) |
Debt due within one year |
(450,774) |
(134,633) |
(585,407) |
Debt due after one year |
(1,690,206) |
72,507 |
(1,617,699) |
----------- |
-------- |
----------- |
|
(
|
(
|
(
|
|
----------- |
-------- |
----------- |
|
£ |
|
Cash |
|
----------- |
|
Fair value |
|
£ |
|
Tangible assets acquired |
|
Stocks acquired |
|
Trade debtors acquired |
|
Other debtors acquired |
|
Cash and cash equivalents acquired |
|
Trade creditors assumed |
(
|
Other creditors assumed |
(
|
Provisions assumed |
(
|
-------- |
|
|
|
Goodwill on acquisition |
|
----------- |
|
1,110,000 |
|
----------- |
|
|
Notes to the Financial Statements (continued) |
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 |
|
|
|
|
----------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
----------- |
-------- |
-------- |
-------- |
|
2024 | 2023 | ||
£ | £ | ||
Sales | 130,616 | 219,646 | |
Purchases | 247,645 | 62,818 | |
Outstanding trade balances owed to entity | (18,350) | 57,745 | |
Outstanding loan balances owed to entity | 606,692 | 766,692 | |
Sale of property | – | 397,500 | |