|
|
For the year ended |
|
|
Consolidated Financial Accounts |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
12 |
Consolidated statement of changes in equity |
13 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the consolidated financial accounts |
16 |
|
Strategic Report |
|
Director |
Registered office: |
|
|
|
|
|
Directors' Report |
|
|
|
|
|
|
|
|
|
|
|
Director |
Registered office: |
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
4 Church Green East, |
Redditch, |
Worcs, |
B98 8BT |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Distribution costs |
|
|
|
Administrative expenses |
|
|
|
------------ |
------------ |
||
Operating profit |
5 |
|
|
Other interest receivable and similar income |
8 |
|
|
Interest payable and similar expenses |
9 |
|
|
------------ |
------------ |
||
Profit before taxation |
|
|
|
Tax on profit |
10 |
|
|
------------ |
------------ |
||
Profit for the financial year |
|
|
|
------------ |
------------ |
||
Foreign currency retranslation |
(
|
|
------------ |
------------ |
|
Total comprehensive income for the year |
|
|
------------ |
------------ |
|
The owners of the parent company |
|
|
Non- controlling interests |
(
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
The owners of the parent company |
|
|
Non- controlling interests |
(
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
|
Consolidated Statement of Financial Position |
2023 |
2022 |
|||
Note |
£ |
£ |
||
Tangible assets |
11 |
|
|
||
Investments |
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 |
|
– |
||
Provisions for liabilities |
18 |
|
|
||
------------- |
------------- |
||||
Net assets |
|
|
|||
------------- |
------------- |
||||
Called up share capital |
22 |
|
|
||
Capital redemption reserve |
23 |
|
|
||
Profit and loss account |
23 |
|
|
||
------------- |
------------- |
||||
Equity attributable to the owners of the parent company |
|
|
|||
Non- controlling interests |
|
|
||
------------- |
------------- |
|||
|
|
|||
------------- |
------------- |
|||
|
Consolidated Statement of Financial Position (continued) |
|
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
|||
Note |
£ |
£ |
||
Tangible assets |
11 |
|
|
||
Investments |
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 |
|
– |
||
Provisions for liabilities |
18 |
|
|
||
------------- |
------------- |
||||
Net assets |
|
|
|||
------------- |
------------- |
||||
Called up share capital |
22 |
|
|
||
Capital redemption reserve |
23 |
|
|
||
Profit and loss account |
23 |
|
|
||
------------- |
------------- |
||||
Shareholders funds |
|
|
|||
------------- |
------------- |
||||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non- controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 January 2022 |
|
|
|
|
|
|
|
Profit for the year |
|
|
|
|
|||
Other comprehensive income for the year: |
|||||||
Foreign currency retranslation |
– |
– |
|
|
|
|
|
------- |
---- |
------------- |
------------- |
-------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
|
|
Profit for the year |
|
|
(
|
|
|||
Other comprehensive income for the year: |
|||||||
Foreign currency retranslation |
– |
– |
(
|
(
|
(
|
(
|
|
------- |
---- |
------------- |
------------- |
-------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
|
|
(
|
|
|
------- |
---- |
------------- |
------------- |
-------- |
------------- |
||
At 31 December 2023 |
|
|
|
|
|
|
|
------- |
---- |
------------- |
------------- |
-------- |
------------- |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
|
At 1 January 2022 |
|
|
|
|
Profit for the year |
|
|
||
------- |
---- |
------------- |
------------- |
|
Total comprehensive income for the year |
– |
– |
|
|
At 31 December 2022 |
|
|
16,416,638
|
16,422,638
|
Profit for the year |
|
|
||
------- |
---- |
------------- |
------------- |
|
Total comprehensive income for the year |
– |
– |
|
|
------- |
---- |
------------- |
------------- |
|
At 31 December 2023 |
|
|
|
|
------- |
---- |
------------- |
------------- |
|
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
|
|
Tax on profit |
|
|
Effect of foreign exchange rate changes |
(159,202) |
192,401 |
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
|
(
|
Trade and other creditors |
(
|
(
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
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 |
|
– |
Repayments of borrowings |
(
|
(
|
Payments of finance lease liabilities |
(
|
(
|
------------ |
------------ |
|
Net cash from/(used in) financing activities |
|
(
|
------------ |
------------ |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
2,084,141 |
2,138,788 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Consolidated Financial Accounts |
Freehold buildings |
- |
|
|
Plant & machinery |
- |
|
|
Office equipment, fixtures & fittings |
- |
|
|
Motor vehicles |
- |
|
|
2023 |
2022 |
||
£ |
£ |
||
Sale of goods |
|
|
|
------------- |
------------- |
||
2023 |
2022 |
||
£ |
£ |
||
United Kingdom |
|
|
|
Overseas |
|
|
|
------------- |
------------- |
||
|
|
||
------------- |
------------- |
||
2023 |
2022 |
||
£ |
£ |
||
Depreciation of tangible assets |
|
|
|
Loss on disposal of tangible assets |
|
|
|
Impairment of trade debtors |
131,972 |
(25,103) |
|
Operating lease rentals |
|
|
|
Foreign exchange differences |
|
(
|
|
Fees payable for the audit of the consolidated financial accounts |
|
|
|
--------- |
------------ |
||
2023 |
2022 |
||
No. |
No. |
||
Production staff |
|
|
|
Distribution staff |
|
|
|
Administrative staff |
|
|
|
Management staff |
8 |
8 |
|
---- |
---- |
||
|
|
||
---- |
---- |
||
2023 |
2022 |
||
£ |
£ |
||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
||
|
|
||
------------ |
------------ |
||
2023 |
2022 |
||
£ |
£ |
||
Remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
------------ |
--------- |
||
|
|
||
------------ |
--------- |
||
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
||
£ |
£ |
||
Aggregate remuneration |
|
|
|
--------- |
--------- |
||
2023 |
2022 |
||
£ |
£ |
||
Interest on loans and receivables |
33,702 |
11,937 |
|
Interest on cash and cash equivalents |
|
|
|
-------- |
-------- |
||
|
|
||
-------- |
-------- |
||
2023 |
2022 |
||
£ |
£ |
||
Interest on banks loans and overdrafts |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
– |
|
Other interest payable |
|
|
|
-------- |
-------- |
||
|
|
||
-------- |
-------- |
||
2023 |
2022 |
||
£ |
£ |
||
UK current tax expense |
|
|
|
Adjustments in respect of prior periods |
|
(
|
|
--------- |
--------- |
||
Total UK current tax |
|
|
|
Foreign current tax income |
|
|
|
--------- |
--------- |
||
Total current tax |
|
|
|
--------- |
--------- |
||
Origination and reversal of timing differences |
|
(
|
|
--------- |
--------- |
||
Tax on profit |
|
|
|
--------- |
--------- |
||
2023 |
2022 |
||
£ |
£ |
||
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 |
(
|
|
|
Unused tax losses |
|
– |
|
Different tax rates of foreign group undertakings |
(
|
(
|
|
Non-taxable exchange rate and stock adjustments on consolidation |
(
|
|
|
Effect of deferred tax |
|
(
|
|
------------ |
------------ |
||
Tax on profit |
|
|
|
------------ |
------------ |
||
Group |
Freehold Property |
Plant & Machinery |
Office Equipment, Fixtures & Fittings |
Motor Vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
|
– |
|
|
|
Disposals |
– |
(
|
(
|
(
|
(
|
Exchange rate adjustments |
(35,380)
|
(20,846)
|
(8,805)
|
(7,666)
|
(72,697)
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 December 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
(
|
(
|
(
|
(
|
Exchange rate adjustments |
(1,277)
|
(15,638)
|
(5,365)
|
(6,305)
|
(28,585)
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 December 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 December 2022 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Company |
Freehold Property |
Plant & Machinery |
Office Equipment, Fixtures & Fittings |
Motor Vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
|
– |
|
|
|
Disposals |
– |
– |
(
|
(
|
(
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 December 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
– |
(
|
(
|
(
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 December 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
At 31 December 2022 |
|
|
|
|
3,158,488
|
------------ |
--------- |
--------- |
--------- |
------------ |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 January 2023 |
|
Exchange rate adjustments |
(819)
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
--------- |
|
Carrying amount |
|
At 31 December 2023 |
|
--------- |
|
At 31 December 2022 |
|
--------- |
|
Company |
Subsidiary Undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
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 |
||
|
Issued capital |
90.48 |
|
Issued capital |
100 |
|
Issued capital |
100 |
|
Issued capital |
100 |
Other significant holdings |
||
Nantong Mario Lentini Garment Decoration Co Ltd |
Issued capital |
33.3 |
Capital and reserves |
Profit/(loss) for the year |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Other significant holdings |
||||
Nantong Mario Lentini Garment Decoration Co Ltd |
746,929 |
807,976 |
20,930 |
22,456 |
--------- |
--------- |
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
|
|
Work in progress |
|
|
– |
– |
Finished goods and goods for resale |
|
|
|
|
------------- |
------------- |
------------ |
------------ |
|
|
|
|
|
|
------------- |
------------- |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
|
|
Corporation tax repayable |
|
|
– |
|
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
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 |
– |
|
– |
|
Directors current accounts |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
– |
|
– |
--------- |
---- |
--------- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
– |
|
– |
|
---- |
---- |
---- |
---- |
|
Group and company |
Deferred tax (note 19) |
£ |
|
At 1 January 2023 |
|
Additions |
|
-------- |
|
At 31 December 2023 |
|
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions for liabilities (note 18) |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Financial liabilities measured at fair value through profit or loss |
61,429 |
43,921 |
61,429 |
43,921 |
-------- |
-------- |
-------- |
-------- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
5,700 |
|
5,700 |
------- |
------- |
------- |
------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
3,049,964 |
|
Debt due within one year |
(27,707) |
(74,362) |
(102,069) |
Debt due after one year |
– |
(366,016) |
(366,016) |
------------ |
------------ |
------------ |
|
|
|
|
|
------------ |
------------ |
------------ |
|
|
Notes to the Consolidated Financial Accounts (continued) |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|