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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
5 |
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 |
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Strategic Report |
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Director |
Director |
Registered office: |
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Northern Ireland |
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Directors' Report |
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Director |
Director |
Registered office: |
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Northern Ireland |
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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 |
631 Lisburn Road |
Belfast |
BT9 7GT |
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Consolidated Statement of Comprehensive Income |
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------- |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit/(loss) |
6 |
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(
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Interest payable and similar expenses |
10 |
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------------ |
------------ |
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Profit/(loss) before taxation |
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(
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Tax on profit/(loss) |
11 |
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(
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--------- |
------------ |
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Profit/(loss) for the financial year and total comprehensive income |
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(
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--------- |
------------ |
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The owners of the parent company |
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(
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Non-controlling interests |
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(
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--------- |
------------ |
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(
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--------- |
------------ |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Tangible assets |
12 |
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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 |
24 |
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Profit and loss account |
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------------ |
------------ |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
------------ |
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Director |
Director |
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Company Statement of Financial Position |
2023 |
2022 |
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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 |
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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 liabilities |
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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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--------- |
--------- |
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Net assets |
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--------- |
--------- |
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Called up share capital |
24 |
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Profit and loss account |
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--------- |
--------- |
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Shareholders funds |
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--------- |
--------- |
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Director |
Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
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£ |
£ |
£ |
£ |
£ |
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At 1 January 2022 |
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Loss for the year |
(
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(
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(
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(
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---- |
------------ |
------------ |
--------- |
------------ |
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Total comprehensive income for the year |
– |
(
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(
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(
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(
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At 31 December 2022 |
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Profit for the year |
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---- |
------------ |
------------ |
--------- |
------------ |
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Total comprehensive income for the year |
– |
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---- |
------------ |
------------ |
--------- |
------------ |
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At 31 December 2023 |
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---- |
------------ |
------------ |
--------- |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 January 2022 |
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Profit for the year |
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---- |
--------- |
--------- |
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Total comprehensive income for the year |
– |
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At 31 December 2022 |
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Loss for the year |
(
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(
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---- |
--------- |
--------- |
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Total comprehensive income for the year |
– |
(
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(
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---- |
--------- |
--------- |
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At 31 December 2023 |
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---- |
--------- |
--------- |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
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Note |
£ |
£ |
Profit/(loss) for the financial year |
|
(
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Adjustments for: |
||
Depreciation of tangible assets |
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Interest payable and similar expenses |
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Loss on disposal of tangible assets |
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Tax on (loss)/profit |
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(
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Accrued expenses |
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Changes in: |
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Stocks |
(
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(
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Trade and other debtors |
(
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(
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Trade and other creditors |
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------------ |
------------ |
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Cash generated from operations |
(
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(
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Interest paid |
(
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(
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Tax paid |
(
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– |
--------- |
--------- |
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Net cash used in operating activities |
(
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(
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--------- |
--------- |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
(
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--------- |
--------- |
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Net cash used in investing activities |
(
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(
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--------- |
--------- |
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Proceeds from borrowings |
(
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(
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Proceeds from loans from group undertakings |
– |
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Proceeds from loans from participating interests |
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(
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Payments of finance lease liabilities |
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(
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--------- |
--------- |
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Net cash used in financing activities |
(
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(
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--------- |
--------- |
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Net decrease in cash and cash equivalents |
(
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(
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Cash and cash equivalents at beginning of year |
(814,118) |
(83,121) |
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------------ |
--------- |
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Cash and cash equivalents at end of year |
16 |
(
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(
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------------ |
--------- |
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Notes to the Financial Statements |
Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Management charges receivable |
– |
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Other operating income |
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--------- |
--------- |
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--------- |
--------- |
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2023 |
2022 |
|
£ |
£ |
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Depreciation of tangible assets |
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Loss on disposal of tangible assets |
|
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Impairment of trade debtors |
– |
76,176 |
Foreign exchange differences |
(
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
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2023 |
2022 |
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No. |
No. |
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Production staff |
|
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Distribution staff |
|
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Administrative staff |
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Management staff |
3 |
11 |
---- |
---- |
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|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
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Social security costs |
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Other pension costs |
|
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------------ |
------------ |
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------------ |
------------ |
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2023 |
2022 |
|
£ |
£ |
|
Remuneration |
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--------- |
--------- |
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2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
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Interest on obligations under finance leases and hire purchase contracts |
|
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Other interest payable and similar charges |
|
|
--------- |
--------- |
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|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax income |
– |
|
Adjustments in respect of prior periods |
|
(
|
------- |
--------- |
|
Total current tax |
|
(
|
------- |
--------- |
|
Origination and reversal of timing differences |
|
|
-------- |
-------- |
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Tax on (loss)/profit |
|
(
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit/(loss) on ordinary activities before taxation |
|
(
|
--------- |
------------ |
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Profit/(loss) on ordinary activities by rate of tax |
|
(
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Adjustment to tax charge in respect of prior periods |
|
(
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Effect of expenses not deductible for tax purposes |
|
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Effect of capital allowances and depreciation |
(
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(
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Utilisation of tax losses |
(
|
– |
Unused tax losses |
|
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Utilisation of tax losses from group companies |
– |
(
|
--------- |
------------ |
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Tax on (loss)/profit |
|
(
|
--------- |
------------ |
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Group |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Investment Property |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2023 |
|
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Additions |
– |
– |
|
– |
|
Disposals |
– |
– |
(
|
– |
(
|
-------- |
--------- |
--------- |
--------- |
------------ |
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At 31 December 2023 |
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-------- |
--------- |
--------- |
--------- |
------------ |
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Depreciation |
|||||
At 1 January 2023 |
|
|
|
– |
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Charge for the year |
|
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|
– |
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Disposals |
– |
– |
(
|
– |
(
|
-------- |
--------- |
--------- |
--------- |
------------ |
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At 31 December 2023 |
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|
– |
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-------- |
--------- |
--------- |
--------- |
------------ |
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Carrying amount |
|||||
At 31 December 2023 |
|
|
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-------- |
--------- |
--------- |
--------- |
------------ |
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At 31 December 2022 |
|
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|
|
|
-------- |
--------- |
--------- |
--------- |
------------ |
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Company |
Investment Property |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
--------- |
|
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
– |
--------- |
|
Carrying amount |
|
At 31 December 2023 |
|
--------- |
|
At 31 December 2022 |
|
--------- |
|
Group |
Motor vehicles |
£ |
|
At 31 December 2023 |
|
--------- |
|
At 31 December 2022 |
|
--------- |
|
Company |
Shares in group undertakings |
£ |
|
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 |
||
|
A and B Ordinary |
97 |
|
A Ordinary |
70 |
|
Ordinary |
75 |
|
Ordinary |
75 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Work in progress |
|
|
– |
– |
Finished goods and goods for resale |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by undertakings in which the company has a participating interest |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
|
Directors loan account |
– |
|
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
(
|
------------ |
--------- |
|
(
|
(
|
|
------------ |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
|
Amounts owed to undertakings in which the company has a participating interest |
|
– |
– |
– |
Accruals and deferred income |
|
|
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Corporation tax |
|
|
|
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Social security and other taxes |
|
|
|
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Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Director loan accounts |
|
– |
– |
– |
Other creditors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
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|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
--------- |
------------ |
-------- |
--------- |
|
|
|
|
|
|
--------- |
------------ |
-------- |
--------- |
|
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 21) |
£ |
|
At 1 January 2023 |
|
Additions |
|
Charge against provision |
(
|
-------- |
|
At 31 December 2023 |
|
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
|||
2023 |
2022 |
||
£ |
£ |
||
Financial assets that are debt instruments measured at amortised cost |
6,447,045 |
5,813,994 |
|
------------ |
------------ |
||
Group |
|||
2023 |
2022 |
||
£ |
£ |
||
Financial liabilities measured at amortised cost |
7,262,351 |
6,642,228 |
|
------------ |
------------ |
||
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(40,028) |
|
Bank overdrafts |
(875,920) |
(594,463) |
(1,470,383) |
Debt due within one year |
(340,609) |
(203,431) |
(544,040) |
Debt due after one year |
(1,046,764) |
216,213 |
(830,551) |
------------ |
--------- |
------------ |
|
(
|
(
|
(
|
|
------------ |
--------- |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
Notes to the Financial Statements (continued) |
2023 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
|
|
(
|
(
|
|
-------- |
-------- |
--------- |
------- |
||
2022 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
|
|
(
|
|
|
--------- |
--------- |
--------- |
-------- |
||