|
|
|
|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
4 |
Independent auditor's report to the members |
6 |
Profit and loss account |
10 |
Balance sheet |
11 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
|
Officers and Professional Advisers |
Director |
|
Registered office |
|
|
|
|
|
|
|
|
|
Auditor |
|
Chartered accountants & statutory auditors |
|
384 Linthorpe Road |
|
Middlesbrough |
|
TS5 6HA |
|
Bankers |
|
83-85 Linthorpe Road |
|
Middlesbrough |
|
TS1 5BU |
|
Solicitors |
|
17 Falcon Court |
|
Preston Farm Industrial Estate |
|
Stockton-on-Tees |
|
TS18 3TU |
|
|
Strategic Report |
2024 | 2023 | ||
Turnover increase (%) | (2) | 4 | |
Gross profit margin (%) | 24 | 26 | |
Net profit margin (%) | (7) | 2 | |
Current ratio | 1 | 2 | |
|
|
Director |
|
Registered office: |
|
|
|
|
|
|
Director's Report |
|
|
|
(Resigned
|
|
|
Director |
|
Registered office: |
|
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditors |
384 Linthorpe Road |
Middlesbrough |
TS5 6HA |
|
Profit and Loss Account |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
(
|
(
|
------------- |
------------- |
|
Gross profit |
|
|
Distribution costs |
(
|
(
|
|
Administrative expenses |
(
|
(
|
|
------------ |
------------- |
||
Operating (loss)/profit |
5 |
(
|
|
Interest payable and similar expenses |
9 |
(
|
(
|
------------ |
------------- |
||
(Loss)/profit before taxation |
(
|
|
|
Tax on (loss)/profit |
10 |
(
|
(
|
------------ |
--------- |
||
(Loss)/profit for the financial year and total comprehensive income |
(
|
|
|
------------ |
--------- |
||
Dividends paid and payable |
11 |
(
|
(
|
Retained earnings at the start of the year |
|
|
------------ |
------------ |
|
Retained earnings at the end of the year |
|
|
------------ |
------------ |
|
|
Balance Sheet |
2024 |
2023 |
||
Note |
£ |
£ |
£ |
Tangible assets |
12 |
|
|
|
Stocks |
13 |
|
|
|
Debtors |
14 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
15 |
(
|
(
|
|
------------- |
------------- |
|||
Net current assets |
|
|
||
--------- |
------------ |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
16 |
(
|
(
|
|
Taxation including deferred tax |
18 |
(
|
(
|
|
--------- |
------------ |
|||
Net assets |
|
|
||
--------- |
------------ |
|||
Called up share capital |
22 |
|
|
|
Profit and loss account |
23 |
|
|
|
--------- |
------------ |
|||
Shareholders funds |
|
|
||
--------- |
------------ |
|||
|
|
Director |
|
|
Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
(Loss)/profit for the financial year |
(
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
– |
|
Tax on (loss)/profit |
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
(
|
|
Trade and other debtors |
|
(
|
Trade and other creditors |
|
(
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Tax paid |
(
|
(
|
------------ |
--------- |
|
Net cash from operating activities |
|
|
------------ |
--------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
– |
|
------------ |
--------- |
|
Net cash used in investing activities |
(
|
(
|
------------ |
--------- |
|
Proceeds from borrowings |
(
|
|
Proceeds from loans from group undertakings |
|
|
Payments of finance lease liabilities |
|
|
Dividends paid |
(
|
(
|
------------ |
--------- |
|
Net cash (used in)/from financing activities |
(
|
|
------------ |
--------- |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
3,049,153 |
2,998,122 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Loss on disposal of tangible assets |
– |
|
Impairment of trade debtors |
6,847 |
7,097 |
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Management staff |
2 |
2 |
Other employees |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Origination and reversal of timing differences |
(
|
|
--------- |
--------- |
|
Tax on (loss)/profit |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
(Loss)/profit on ordinary activities before taxation |
(
|
|
------------ |
--------- |
|
(Loss)/profit on ordinary activities by rate of tax |
(
|
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
|
|
Utilisation of tax losses |
(
|
– |
Deferred tax movement |
(23,768)
|
2,879 |
Effect of intercompany balance written off not deductible |
822,075 |
– |
------------ |
--------- |
|
Tax on (loss)/profit |
|
|
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
------------ |
--------- |
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 April 2023 |
|
|
|
|
Additions |
|
– |
|
|
--------- |
--------- |
--------- |
------------ |
|
At 31 March 2024 |
|
|
|
|
--------- |
--------- |
--------- |
------------ |
|
Depreciation |
||||
At 1 April 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
--------- |
--------- |
--------- |
------------ |
|
At 31 March 2024 |
|
|
|
|
--------- |
--------- |
--------- |
------------ |
|
Carrying amount |
||||
At 31 March 2024 |
|
|
|
|
--------- |
--------- |
--------- |
------------ |
|
At 31 March 2023 |
|
|
|
|
--------- |
--------- |
--------- |
------------ |
|
Motor vehicles |
|
£ |
|
At 31 March 2024 |
|
--------- |
|
At 31 March 2023 |
|
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Finished goods and goods for resale |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
– |
|
Prepayments and accrued income |
|
|
Other debtors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
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 |
|
|
Director loan accounts |
– |
|
Other creditors |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Deferred tax (note 19) |
|
£ |
|
At 1 April 2023 |
|
Unused amounts reversed |
(
|
-------- |
|
At 31 March 2024 |
|
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Included in provisions (note 18) |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
-------- |
-------- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(919,564) |
|
Debt due within one year |
(6,853,655) |
3,341,733 |
(3,511,922) |
Debt due after one year |
(352,023) |
(1,714) |
(353,737) |
------------ |
------------ |
------------ |
|
(
|
|
(
|
|
------------ |
------------ |
------------ |
|
|
Notes to the Financial Statements (continued) |