(1) General Information
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The company is a private company limited by shares and is registered in England and Wales, registered number 04118978. The address of the registered office is Unit 2c, Water Ma Trout Industrial Estate, Helston, Cornwall, TR13 0LW. |
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(2) Statement of compliance
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These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime. |
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(3) Significant Accounting Policies
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Basis of Preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Turnover
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. |
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Foreign currency
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Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. |
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Intangible fixed assets
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Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. |
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Goodwill
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Goodwill was written off in the year of acquisition |
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Other Intangible
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The computer software licence has been amortised over its expected useful life of three years. |
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Stocks and Work in Progress
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Stocks and Work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items. Cost is calculated using the first-in-first-out method and includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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Leases and Hire Purchase Contracts
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Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred. |
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Taxation
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The tax expense for the period comprises current and deferred tax. Tax currently payable, relating to UK corporation tax, is calculated on the basis of the tax rates and laws that were enacted or substantively enacted as at the reporting date.
Deferred tax is recognised on all timing differences that have originated but not reversed at the reporting date. Transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future give rise to a deferred tax liability or asset. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted as at the reporting date that are expected to apply to the reversal of the timing difference. The tax expense is recognised in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense.
Current and deferred tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and there is the intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Pensions
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account in the period to which they relate. |
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Research and Development
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Expenditure on research and development is written off in the year in which it is incurred. |
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Government Grants
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Capital grants are treated as deferred credits and credited to the profit and loss account over the estimated useful life of the relevant asset. Revenue grants are recognised in the profit and loss account so as to match the expenditure to which they relate. |
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(4) Employees
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During the year, the average number of employees including director was 33 (2023 : 35). |
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(5) Inventories
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| | | 2024 | | 2023 | | £ | | £ | | Stock and Work In Progress | 840,941 | | 898,621 | | | | | | 840,941 | | 898,621 |
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(6) Debtors
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Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | Trade debtors | 99,549 | | 94,747 | Other debtors | 117,958 | | 196,832 | | | | | | 217,507 | | 291,579 |
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(7) Creditors: Amounts falling due within one year
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| | | 2024 | | 2023 | | £ | | £ | | Trade creditors | 110,140 | | 172,233 | Bank loans and overdrafts | 50,000 | | 50,000 | | | | | | | | | Other creditors | 128,791 | | 66,867 | Accruals and deferred income | 116,197 | | 197,009 | | 405,128 | | 486,109 |
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(8) Creditors: Amounts falling due after more than one year
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| | | 2024 | | 2023 | | £ | | £ | | Bank loans and overdrafts | 75,042 | | 125,038 | | | | | Other creditors | 726,500 | | 805,451 | | 801,542 | | 930,489 |
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(9) Share capital and reserves
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| Alloted, called up and fully paid: | 2024 | | 2023 | | £ | | £ | | 3 (2023 : 3) Allotted, Called up and fully paid of £ 1 each | 3 | | 3 | | 3 | | 3 | | | | Retained earnings | | | 2024 | | | | £ | At 1 February 2023 | | | (84,041) | Profit of the year | | | 17,595 | | | | | At 31 January 2024 | | | (66,446) | |
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(10) Commitments, guarantees and contingencies
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Other financial commitments
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The total of future minimum lease payments under non-cancellable operating leases are as following: |
| | | 31 January 2024 | | 31 January 2023 | | | £ | | £ | | Within One year | | 6,710 | | 6,710 | Between one and five years | | 14,803 | | 21,052 | Later than five years | | - | | 461 | Total | | 21,513 | | 28,223 | |
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(11) Amounts owed from group undertakings
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Included in other debtors are amounts due from group undertakings of £50,656 (2023: £50,656) |
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(12) Amounts owed to group undertakings
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Included in other creditors are amounts due to group undertakings of £792,646 (2023 : £853,109) |
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