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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
Statement of income and retained earnings |
10 |
Statement of financial position |
11 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Strategic Report |
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Director |
Director |
Registered office: |
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Directors' Report |
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Director |
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 Auditors & statutory auditor |
631 Lisburn Road |
Belfast |
BT9 7GT |
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Statement of Income and Retained Earnings |
Period from |
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1 Nov 22 to |
Year to |
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31 Dec 23 |
31 Oct 22 |
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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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Administrative expenses |
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------------ |
------------ |
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Operating (loss)/profit |
5 |
(
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Other interest receivable and similar income |
9 |
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Interest payable and similar expenses |
10 |
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------------ |
------------ |
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(Loss)/profit before taxation |
(
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Tax on (loss)/profit |
11 |
(
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(
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------------ |
-------- |
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(Loss)/profit for the financial period and total comprehensive income |
(
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------------ |
-------- |
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Retained earnings at the start of the period |
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------------ |
--------- |
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Retained (losses)/earnings at the end of the period |
(
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------------ |
--------- |
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Statement of Financial Position |
31 Dec 23 |
31 Oct 22 |
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Note |
£ |
£ |
Intangible assets |
12 |
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Tangible assets |
13 |
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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 (liabilities)/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 |
19 |
– |
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------------ |
------------ |
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Net (liabilities)/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 (deficit)/funds |
(
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------------ |
--------- |
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Director |
Director |
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Statement of Cash Flows |
31 Dec 23 |
31 Oct 22 |
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Note |
£ |
£ |
(Loss)/profit for the financial period |
(
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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– |
Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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– |
Gains on disposal of intangible assets |
(
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– |
Tax on (loss)/profit |
(
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(
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Accrued (income)/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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Interest paid |
(
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(
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Interest received |
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Tax (paid)/received |
(
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------------ |
--------- |
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Net cash (used in)/from operating activities |
(
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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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– |
Purchase of intangible assets |
(
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(
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Proceeds from sale of intangible 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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Net cash (used in)/from financing activities |
(
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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 period |
(1,656,586) |
(1,632,378) |
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------------- |
------------ |
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Cash and cash equivalents at end of period |
16 |
(
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(
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------------- |
------------ |
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Notes to the Financial Statements |
Development costs |
- |
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Patents, trademarks and licences |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Period from |
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1 Nov 22 to |
Year to |
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31 Dec 23 |
31 Oct 22 |
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£ |
£ |
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Sale of goods |
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Rendering of services |
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------------- |
------------- |
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------------- |
------------- |
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Period from |
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1 Nov 22 to |
Year to |
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31 Dec 23 |
31 Oct 22 |
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£ |
£ |
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Amortisation of intangible assets |
|
– |
Depreciation of tangible assets |
|
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Gains on disposal of tangible assets |
(
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– |
Gains on disposal of intangible assets |
(
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– |
Impairment of stocks |
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– |
Impairment of trade debtors |
4,234 |
(30,208) |
Foreign exchange differences |
(
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--------- |
--------- |
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Period from |
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1 Nov 22 to |
Year to |
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31 Dec 23 |
31 Oct 22 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
|
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-------- |
-------- |
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31 Dec 23 |
31 Oct 22 |
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No. |
No. |
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Production staff |
|
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Administrative staff |
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Management staff |
5 |
3 |
---- |
---- |
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---- |
---- |
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Period from |
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1 Nov 22 to |
Year to |
|
31 Dec 23 |
31 Oct 22 |
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£ |
£ |
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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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Period from |
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1 Nov 22 to |
Year to |
|
31 Dec 23 |
31 Oct 22 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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-------- |
-------- |
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-------- |
-------- |
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Period from |
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1 Nov 22 to |
Year to |
|
31 Dec 23 |
31 Oct 22 |
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£ |
£ |
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Interest on cash and cash equivalents |
|
|
---- |
---- |
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Period from |
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1 Nov 22 to |
Year to |
|
31 Dec 23 |
31 Oct 22 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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Other interest payable and similar charges |
|
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------------ |
-------- |
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------------ |
-------- |
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Period from |
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1 Nov 22 to |
Year to |
|
31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Adjustments in respect of prior periods |
– |
(
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Origination and reversal of timing differences |
(
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(
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-------- |
-------- |
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Tax on (loss)/profit |
(
|
(
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-------- |
-------- |
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Period from |
||
1 Nov 22 to |
Year to |
|
31 Dec 23 |
31 Oct 22 |
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£ |
£ |
|
(Loss)/profit on ordinary activities before taxation |
(
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|
------------ |
------- |
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(Loss)/profit 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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Unused tax losses |
|
– |
------------ |
-------- |
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Tax on (loss)/profit |
(
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(
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------------ |
-------- |
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Development costs |
Patents, trademarks and licences |
Total |
|
£ |
£ |
£ |
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Cost |
|||
At 1 November 2022 |
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Additions |
– |
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Additions from internal developments |
|
– |
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Disposals |
– |
(
|
(
|
--------- |
--------- |
--------- |
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At 31 December 2023 |
|
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--------- |
--------- |
--------- |
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Amortisation |
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Charge for the period |
|
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--------- |
--------- |
--------- |
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At 31 December 2023 |
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--------- |
--------- |
--------- |
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Carrying amount |
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At 31 December 2023 |
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--------- |
--------- |
--------- |
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At 31 October 2022 |
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--------- |
--------- |
--------- |
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Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
|
Cost |
|||
At 1 November 2022 |
|
|
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Additions |
|
|
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Disposals |
(
|
– |
(
|
--------- |
--------- |
--------- |
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At 31 December 2023 |
|
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--------- |
--------- |
--------- |
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Depreciation |
|||
At 1 November 2022 |
|
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Charge for the period |
|
|
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Disposals |
(
|
– |
(
|
--------- |
--------- |
--------- |
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At 31 December 2023 |
|
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--------- |
--------- |
--------- |
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Carrying amount |
|||
At 31 December 2023 |
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--------- |
--------- |
--------- |
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At 31 October 2022 |
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--------- |
--------- |
--------- |
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31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Raw materials and consumables |
|
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------------ |
------------ |
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31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
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Trade debtors |
|
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Amounts owed by companies under common ownership |
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Prepayments and accrued income |
|
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Directors loan account |
|
|
Other debtors - s455 tax |
393,323 |
286,001
|
Other debtors |
|
– |
------------ |
------------ |
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------------ |
------------ |
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31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
(
|
------------- |
------------ |
|
(
|
(
|
|
------------- |
------------ |
|
31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Accruals and deferred income |
|
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Corporation tax |
|
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Social security and other taxes |
|
|
Other creditors |
– |
|
Other creditors |
|
|
------------- |
------------ |
|
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------------- |
------------ |
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31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Bank loans and overdrafts |
– |
|
---- |
--------- |
|
Deferred tax (note 20) |
|
£ |
|
At 1 November 2022 |
|
Charge against provision |
(
|
Other movements 1 |
|
-------- |
|
At 31 December 2023 |
– |
-------- |
|
31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Included in provisions (note 19) |
– |
|
---- |
-------- |
|
31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Accelerated capital allowances |
– |
|
Unused tax losses |
– |
(
|
---- |
-------- |
|
– |
25,820 |
|
---- |
-------- |
|
31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Financial assets that are debt instruments measured at amortised cost |
4,055,974 |
2,797,748 |
------------ |
------------ |
|
Financial liabilities measured at amortised cost |
13,622,138 |
7,228,192 |
------------- |
------------ |
|
31 Dec 23 |
31 Oct 22 |
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No. |
£ |
No. |
£ |
|
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|
100 |
|
100 |
-------- |
---- |
---- |
---- |
|
At 1 Nov 2022 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
239,969 |
|
Bank overdrafts |
(1,857,112) |
(9,667,840) |
(11,524,952) |
Debt due within one year |
(916,000) |
916,000 |
– |
Debt due after one year |
(716,667) |
716,667 |
– |
------------ |
------------ |
------------- |
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(
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(
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(
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------------ |
------------ |
------------- |
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31 Dec 23 |
31 Oct 22 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
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|
--------- |
------------ |
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--------- |
------------ |
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Notes to the Financial Statements (continued) |
31 Dec 23 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
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|
(
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(
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--------- |
--------- |
------- |
------------ |
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(
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--------- |
--------- |
------- |
------------ |
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31 Oct 22 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
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|
(
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– |
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--------- |
--------- |
-------- |
--------- |
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(
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--------- |
--------- |
-------- |
--------- |
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