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FINANCIAL STATEMENTS |
CONTENTS |
PAGES |
Officers and professional advisers |
1 |
Strategic report |
2 to 3 |
Directors' report |
4 to 5 |
Independent auditor's report to the members |
6 to 9 |
Consolidated statement of comprehensive income |
10 |
Consolidated statement of financial position |
11 |
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 financial statements |
16 to 29 |
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OFFICERS AND PROFESSIONAL ADVISERS |
THE BOARD OF DIRECTORS |
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REGISTERED OFFICE |
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AUDITOR |
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Chartered accountants & statutory auditor |
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Headlands House |
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1 Kings Court |
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Kettering Parkway |
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Kettering |
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NN15 6WJ |
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STRATEGIC REPORT |
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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
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Headlands House |
1 Kings Court |
Kettering Parkway |
Kettering |
NN15 6WJ |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2024 |
2023 |
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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 |
6 |
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Interest payable and similar expenses |
9 |
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PROFIT BEFORE TAXATION |
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Tax on profit |
10 |
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--------- |
------------ |
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PROFIT FOR THE FINANCIAL YEAR |
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--------- |
------------ |
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Revaluation of assets |
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– |
--------- |
--------- |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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--------- |
--------- |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2024 |
2023 |
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Note |
£ |
£ |
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Intangible assets |
12 |
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Tangible assets |
13 |
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Stocks |
15 |
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Debtors |
16 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
17 |
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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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NET ASSETS |
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Called up share capital |
23 |
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Share premium account |
24 |
– |
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Revaluation reserve |
24 |
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Profit and loss account |
24 |
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SHAREHOLDERS FUNDS |
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------------ |
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Director |
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COMPANY STATEMENT OF FINANCIAL POSITION |
2024 |
2023 |
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Note |
£ |
£ |
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Investments |
14 |
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Debtors |
16 |
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Cash at bank and in hand |
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– |
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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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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Called up share capital |
23 |
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Share premium account |
24 |
– |
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Profit and loss account |
24 |
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------------ |
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SHAREHOLDERS FUNDS |
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------------ |
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Director |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Revaluation reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
£ |
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AT 1 MARCH 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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Dividends paid and payable |
11 |
– |
– |
– |
(
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(
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---- |
------------ |
-------- |
--------- |
------------ |
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TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS |
– |
– |
– |
(
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(
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AT 28 FEBRUARY 2023 |
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Profit for the year |
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Other comprehensive income for the year: |
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Revaluation of assets |
– |
– |
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– |
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Cancellation of share premium |
– |
(
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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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AT 29 FEBRUARY 2024 |
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– |
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---- |
------------ |
--------- |
------------ |
------------ |
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COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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AT 1 MARCH 2022 |
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(
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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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Dividends paid and payable |
11 |
– |
– |
(
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(
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---- |
------------ |
--------- |
------------ |
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TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS |
– |
– |
(
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(
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AT 28 FEBRUARY 2023 |
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Profit for the year |
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Other comprehensive income for the year: |
||||||
Cancellation of share premium |
– |
(
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– |
||
---- |
------------ |
------------ |
------------ |
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TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
– |
(
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---- |
------------ |
------------ |
------------ |
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AT 29 FEBRUARY 2024 |
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– |
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---- |
------------ |
------------ |
------------ |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2024 |
2023 |
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£ |
£ |
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Profit for the financial year |
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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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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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– |
Tax on profit |
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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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--------- |
--------- |
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Cash generated from operations |
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Interest paid |
(
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(
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Tax paid |
(
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(
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--------- |
--------- |
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Net cash 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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Acquisition of subsidiaries |
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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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Repayments of borrowings |
(
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(
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Payments of finance lease liabilities |
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– |
Dividends paid |
– |
(
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--------- |
--------- |
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Net cash from/(used in) financing activities |
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(
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--------- |
--------- |
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NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS |
(
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CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
205,402 |
122,219 |
--------- |
--------- |
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CASH AND CASH EQUIVALENTS AT END OF YEAR |
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--------- |
--------- |
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NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
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Intellectual property |
- |
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Leasehold improvements |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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Equipment |
- |
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2024 |
2023 |
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£ |
£ |
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Sale of goods and services |
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------------- |
------------- |
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2024 |
2023 |
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£ |
£ |
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Other operating income |
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– |
---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Amortisation of intangible assets |
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Depreciation of tangible assets |
|
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Gains on disposal of tangible assets |
(
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– |
Impairment of stocks |
|
– |
Impairment of trade debtors |
85,973 |
66,481 |
Operating lease rentals |
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– |
Foreign exchange differences |
(
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--------- |
--------- |
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2024 |
2023 |
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No. |
No. |
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Production staff |
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Administrative staff |
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Management staff |
12 |
10 |
---- |
---- |
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---- |
---- |
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2024 |
2023 |
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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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2024 |
2023 |
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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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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Aggregate remuneration |
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Company contributions to defined contribution pension plans |
|
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--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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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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-------- |
-------- |
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2024 |
2023 |
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£ |
£ |
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UK current tax income |
|
|
Origination and reversal of timing differences |
|
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-------- |
--------- |
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Tax on profit |
|
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-------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
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Profit on ordinary activities before taxation |
|
|
--------- |
------------ |
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Profit on ordinary activities by rate of tax |
|
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Effect of expenses not deductible for tax purposes |
|
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Effect of capital allowances and depreciation |
|
(
|
Utilisation of tax losses |
– |
|
R&D expenditure relief |
(
|
(
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Other adjustments |
(
|
|
--------- |
------------ |
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Tax on profit |
|
|
--------- |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
– |
|
---- |
--------- |
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Group |
Goodwill |
Intellectual property |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 March 2023 |
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Additions |
|
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Acquisitions through business combinations |
|
– |
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------------ |
-------- |
------------ |
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At 29 February 2024 |
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------------ |
-------- |
------------ |
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Amortisation |
|||
At 1 March 2023 |
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Charge for the year |
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------------ |
-------- |
------------ |
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At 29 February 2024 |
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------------ |
-------- |
------------ |
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Carrying amount |
|||
At 29 February 2024 |
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------------ |
-------- |
------------ |
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At 28 February 2023 |
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------------ |
-------- |
------------ |
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Group |
Leasehold improvements |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Assets under construction |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
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At 1 Mar 2023 |
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– |
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Additions |
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Disposals |
(
|
(
|
(
|
– |
– |
(
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Revaluations |
– |
|
– |
– |
– |
|
--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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At 29 Feb 2024 |
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--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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Depreciation |
||||||
At 1 Mar 2023 |
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– |
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Charge for the year |
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– |
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Disposals |
(
|
(
|
(
|
– |
– |
(
|
--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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At 29 Feb 2024 |
|
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– |
|
--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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Carrying amount |
||||||
At 29 Feb 2024 |
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--------- |
------------ |
-------- |
-------- |
-------- |
------------ |
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At 28 Feb 2023 |
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– |
|
--------- |
------------ |
-------- |
-------- |
-------- |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 March 2023 |
|
Additions |
|
------------ |
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At 29 February 2024 |
|
------------ |
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Impairment |
|
At 1 March 2023 |
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Impairment losses |
|
Reversal of impairment losses |
(
|
------------ |
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At 29 February 2024 |
|
------------ |
|
Carrying amount |
|
At 29 February 2024 |
|
------------ |
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At 28 February 2023 |
|
------------ |
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Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
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Ordinary |
100 |
|
Ordinary |
100 |
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Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
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Group |
Company |
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2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
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Amounts owed by customers on construction contracts |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
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------------ |
------------ |
------------ |
-------- |
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------------ |
------------ |
------------ |
-------- |
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Group |
Company |
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2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
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Accruals and deferred income |
|
|
– |
– |
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Amounts owed to customers on construction contracts |
58,520 |
15,378 |
– |
– |
Obligations under finance leases and hire purchase contracts |
|
– |
– |
– |
Director loan accounts |
|
|
|
– |
Other creditors |
|
|
|
– |
------------ |
------------ |
------------ |
--------- |
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------------ |
------------ |
------------ |
--------- |
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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 21) |
£ |
|
At 1 March 2023 |
|
Charge against provision |
|
--------- |
|
At 29 February 2024 |
|
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
300 |
|
300 |
---- |
---- |
---- |
---- |
|
At 1 Mar 2023 |
Cash flows |
At 29 Feb 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(69,973) |
|
Debt due within one year |
(503,037) |
(4,180) |
(507,217) |
Debt due after one year |
(211,613) |
(27,917) |
(239,530) |
--------- |
--------- |
--------- |
|
(
|
(
|
(
|
|
--------- |
--------- |
--------- |
|
£ |
|
Cash |
|
---- |
|
|
NOTES TO THE FINANCIAL STATEMENTS (continued) |
Fair value |
|
£ |
|
Tangible assets acquired |
|
Intangible assets acquired |
|
Stocks acquired |
|
Trade debtors acquired |
|
Other debtors acquired |
|
Cash and cash equivalents acquired |
|
Trade creditors assumed |
(
|
Other creditors assumed |
(
|
--------- |
|
(
|
|
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
Later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|