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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
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 |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
|
Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
|
Chartered Accountants & statutory auditor |
|
Lyndhurst |
|
1-3 Cranmer Street |
|
Long Eaton |
|
Nottingham |
|
NG10 1NJ |
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|
Strategic Report |
|
Director |
Registered office: |
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Directors' Report |
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Director |
Registered office: |
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Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Accountants & statutory auditor |
Lyndhurst |
1-3 Cranmer Street |
Long Eaton |
Nottingham |
NG10 1NJ |
|
Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------ |
------------ |
|
Gross profit |
|
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Administrative expenses |
|
|
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Other operating income |
|
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|
------------ |
------------ |
||
Operating profit |
5 |
|
|
Other interest receivable and similar income |
|
|
Interest payable and similar expenses |
|
|
------------ |
------------ |
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Profit before taxation |
|
|
Tax on profit |
9 |
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|
--------- |
--------- |
||
Profit for the financial year and total comprehensive income |
|
|
|
--------- |
--------- |
||
The owners of the parent company |
|
|
Non-controlling interests |
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|
--------- |
--------- |
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|
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|
--------- |
--------- |
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Consolidated Statement of Financial Position |
2024 |
2023 |
||
Note |
£ |
£ |
|
Tangible assets |
11 |
|
|
|
Investments |
12 |
– |
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|
------------ |
------------ |
|||
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|||
Stocks |
13 |
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Debtors |
14 |
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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 |
15 |
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------------ |
------------ |
|||
Net current assets |
|
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||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
Creditors: Amounts falling due after more than one year |
16 |
|
|
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Provisions |
18 |
|
|
|
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Called up share capital |
22 |
|
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Fair value reserve |
23 |
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Profit and loss account |
23 |
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|
------------ |
------------ |
|||
Equity attributable to the owners of the parent company |
|
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||
Non-controlling interests |
|
|
|
------------ |
------------ |
||
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||
------------ |
------------ |
||
|
Director |
|
Company Statement of Financial Position |
2024 |
2023 |
||
Note |
£ |
£ |
|
Tangible assets |
11 |
|
|
|
Investments |
12 |
|
|
|
------------ |
------------ |
|||
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|
|||
Debtors |
14 |
|
|
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Cash at bank and in hand |
|
|
||
------------ |
------------ |
|||
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|
|||
Creditors: Amounts falling due within one year |
15 |
|
|
|
------------ |
------------ |
|||
Net current assets |
|
|
||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
Provisions |
18 |
|
|
|
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Called up share capital |
22 |
|
|
|
Fair value reserve |
23 |
|
|
|
Profit and loss account |
23 |
|
|
|
------------ |
------------ |
|||
Shareholders funds |
|
|
||
------------ |
------------ |
|||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Fair value reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 March 2022 |
|
|
|
|
|
|
|
Profit for the year |
|
|
|
|
|||
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
|
Dividends paid and payable |
10 |
– |
– |
(
|
(
|
(
|
(
|
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
(
|
(
|
|
At 28 February 2023 |
|
|
|
|
|
|
|
Profit for the year |
|
|
|
|
|||
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
|
Dividends paid and payable |
10 |
– |
– |
(
|
(
|
– |
(
|
---- |
---- |
-------- |
-------- |
---- |
-------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
– |
(
|
|
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
||
At 29 February 2024 |
|
|
|
|
|
|
|
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Fair value reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 March 2022 |
|
|
|
|
|
Profit for the year |
|
|
|||
---- |
--------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
10 |
– |
– |
(
|
(
|
---- |
--------- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
At 28 February 2023 |
|
|
|
|
|
Profit for the year |
|
|
|||
---- |
--------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
10 |
– |
– |
(
|
(
|
---- |
---- |
-------- |
-------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
---- |
--------- |
------------ |
------------ |
||
At 29 February 2024 |
|
|
|
|
|
---- |
--------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Government grant income |
(
|
– |
Other interest receivable and similar income |
(101,781) |
(963) |
Interest payable and similar expenses |
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
Tax on profit |
|
|
Accrued expenses |
|
|
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 |
|
|
Proceeds from sale of other investments |
499,908 |
– |
--------- |
--------- |
|
Net cash from/(used in) investing activities |
|
(
|
--------- |
--------- |
|
Proceeds from borrowings |
(
|
(
|
Government grant income |
|
– |
Payments of finance lease liabilities |
|
|
Dividends paid |
(
|
(
|
--------- |
--------- |
|
Net cash used in financing activities |
(
|
(
|
--------- |
--------- |
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at beginning of year |
2,296,167 |
2,067,249 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Freehold property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
||
£ |
£ |
||
Rendering of services |
|
|
|
Construction contracts |
|
|
|
Rent received |
137,042 |
135,606 |
|
------------ |
------------ |
||
|
|
||
------------ |
------------ |
||
2024 |
2023 |
||
£ |
£ |
||
Depreciation of tangible assets |
|
|
|
(Gains)/loss on disposal of tangible assets |
(
|
|
|
Impairment of trade debtors |
48,451 |
25,289 |
|
Operating lease rentals |
|
|
|
--------- |
--------- |
||
2024 |
2023 |
||
£ |
£ |
||
Fees payable for the audit of the financial statements |
|
|
|
------- |
------- |
||
2024 |
2023 |
||
No. |
No. |
||
Production staff |
|
|
|
Administrative staff |
|
|
|
---- |
---- |
||
|
|
||
---- |
---- |
||
2024 |
2023 |
||
£ |
£ |
||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
||
|
|
||
------------ |
------------ |
||
2024 |
2023 |
||
£ |
£ |
||
Remuneration |
|
|
|
--------- |
--------- |
||
2024 |
2023 |
||
£ |
£ |
||
UK current tax expense |
|
|
|
Adjustments in respect of prior periods |
– |
(
|
|
--------- |
--------- |
||
Total current tax |
|
|
|
--------- |
--------- |
||
Origination and reversal of timing differences |
|
|
|
--------- |
--------- |
||
Tax on profit |
|
|
|
--------- |
--------- |
||
2024 |
2023 |
||
£ |
£ |
||
Profit on ordinary activities before taxation |
|
|
|
--------- |
--------- |
||
Profit on ordinary activities by rate of tax |
|
|
|
Effect of capital allowances and depreciation |
|
|
|
Effect of different UK tax rates on some earnings |
(14,427) |
13,109 |
|
Chargeable gains |
45,156 |
– |
|
--------- |
--------- |
||
Tax on profit |
|
|
|
--------- |
--------- |
||
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
-------- |
-------- |
|
Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 March 2023 |
|
|
|
|
|
Additions |
– |
|
– |
|
|
Disposals |
– |
(
|
– |
(
|
(
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 29 February 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 March 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
(
|
– |
(
|
(
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 29 February 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 29 February 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 28 February 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Company |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 March 2023 |
|
|
|
|
|
Additions |
– |
– |
– |
|
|
Disposals |
– |
– |
– |
(
|
(
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 29 February 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 March 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 29 February 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 29 February 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 28 February 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Group |
Plant and machinery |
£ |
|
At 29 February 2024 |
|
--------- |
|
At 28 February 2023 |
|
--------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 March 2023 |
|
Disposals |
(
|
--------- |
|
At 29 February 2024 |
– |
--------- |
|
Impairment |
|
At 1 March 2023 and 29 February 2024 |
– |
--------- |
|
Carrying amount |
|
At 29 February 2024 |
– |
--------- |
|
At 28 February 2023 |
|
--------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 March 2023 |
|
|
|
Disposals |
– |
(
|
(
|
---- |
--------- |
--------- |
|
At 29 February 2024 |
|
– |
|
---- |
--------- |
--------- |
|
Impairment |
|||
At 1 March 2023 and 29 February 2024 |
– |
– |
– |
---- |
--------- |
--------- |
|
Carrying amount |
|||
At 29 February 2024 |
|
– |
|
---- |
--------- |
--------- |
|
At 28 February 2023 |
|
|
|
---- |
--------- |
--------- |
|
Group |
Other investments other than loans |
£ |
|
At 29 February 2024 |
|
Carrying value of listed investments |
– |
---- |
|
At 28 February 2023 |
|
Carrying value of listed investments |
499,908 |
--------- |
|
Company |
Other investments other than loans |
£ |
|
At 29 February 2024 |
|
Carrying value of listed investments |
– |
---- |
|
At 28 February 2023 |
|
Carrying value of listed investments |
499,908 |
--------- |
|
Group |
Other investments other than loans |
£ |
|
At 29 February 2024 |
|
Aggregate cost |
– |
Aggregate depreciation |
– |
---- |
|
Carrying value |
– |
---- |
|
At 28 February 2023 |
|
Aggregate cost |
245,000 |
Aggregate depreciation |
– |
--------- |
|
Carrying value |
245,000 |
--------- |
|
Company |
Other investments other than loans |
£ |
|
At 29 February 2024 |
|
Aggregate cost |
– |
Aggregate depreciation |
– |
---- |
|
Carrying value |
– |
---- |
|
At 28 February 2023 |
|
Aggregate cost |
245,000 |
Aggregate depreciation |
– |
--------- |
|
Carrying value |
245,000 |
--------- |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
Units 11 & 12 |
Ordinary and non-voting |
85 |
Cromford Road Industrial Estate |
|||
Langley Mill |
|||
Nottingham |
|||
NG16 4FL |
|||
|
Lyndhurst |
Ordinary |
60 |
1 Cranmer Street |
|||
Long Eaton |
|||
Nottingham |
|||
NG10 1NJ |
|||
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by customers on construction contracts |
|
|
– |
– |
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
– |
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Director loan accounts |
|
– |
|
– |
Other creditors |
|
|
|
|
--------- |
--------- |
--------- |
-------- |
|
|
|
|
|
|
--------- |
--------- |
--------- |
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
-------- |
---- |
---- |
|
Group |
Deferred tax (note 19) |
£ |
|
At 1 March 2023 |
|
Additions |
|
--------- |
|
At 29 February 2024 |
|
--------- |
|
Company |
Deferred tax (note 19) |
£ |
|
At 1 March 2023 |
|
Additions |
|
--------- |
|
At 29 February 2024 |
|
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 18) |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Revaluation of tangible assets |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
181,461 |
138,422 |
118,066 |
101,507 |
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
|
– |
|
– |
---- |
---- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
98 |
|
98 |
|
|
1 |
|
1 |
|
|
1 |
|
1 |
---- |
---- |
---- |
---- |
|
|
100 |
|
100 |
|
---- |
---- |
---- |
---- |
|
At 1 Mar 2023 |
Cash flows |
At 29 Feb 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
968,624 |
|
Debt due within one year |
(19,297) |
(20,941) |
(40,238) |
Debt due after one year |
(48,468) |
(25,081) |
(73,549) |
------------ |
--------- |
------------ |
|
|
|
|
|
------------ |
--------- |
------------ |
|
2024 |
||||
Balance brought forward |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
|
– |
|
------- |
------- |
---- |
||
2023 |
||||
Balance brought forward |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
||
|
– |
– |
– |
|
---- |
---- |
---- |
||