4
false
false
false
false
true
false
false
false
false
false
false
true
false
false
false
false
false
false
2023-03-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1,150,842
532,417
43,347
43,347
xbrli:pure
xbrli:shares
iso4217:GBP
03047082
2023-03-01
2024-02-29
03047082
2024-02-29
03047082
2023-02-28
03047082
2022-03-01
2023-02-28
03047082
2023-02-28
03047082
2022-02-28
03047082
core:FurnitureFittings
2023-03-01
2024-02-29
03047082
bus:RegisteredOffice
2023-03-01
2024-02-29
03047082
bus:OrdinaryShareClass1
2023-03-01
2024-02-29
03047082
bus:LeadAgentIfApplicable
2023-03-01
2024-02-29
03047082
bus:Director1
2023-03-01
2024-02-29
03047082
bus:Director2
2023-03-01
2024-02-29
03047082
core:WithinOneYear
2024-02-29
03047082
core:WithinOneYear
2023-02-28
03047082
core:FurnitureFittings
2024-02-29
03047082
core:UKTax
2023-03-01
2024-02-29
03047082
core:UKTax
2022-03-01
2023-02-28
03047082
core:RetainedEarningsAccumulatedLosses
2022-03-01
2023-02-28
03047082
bus:AllOrdinaryShares
2022-03-01
2023-02-28
03047082
core:RetainedEarningsAccumulatedLosses
2023-02-28
03047082
core:RetainedEarningsAccumulatedLosses
2022-02-28
03047082
core:RetainedEarningsAccumulatedLosses
2024-02-29
03047082
core:RetainedEarningsAccumulatedLosses
2023-02-28
03047082
core:ShareCapital
2024-02-29
03047082
core:ShareCapital
2023-02-28
03047082
countries:UnitedKingdom
2023-03-01
2024-02-29
03047082
countries:UnitedKingdom
2022-03-01
2023-02-28
03047082
countries:RestWorldOutsideUK
2023-03-01
2024-02-29
03047082
countries:RestWorldOutsideUK
2022-03-01
2023-02-28
03047082
bus:LeadAgentIfApplicable
2022-03-01
2023-02-28
03047082
bus:MediumEntities
2023-03-01
2024-02-29
03047082
bus:Audited
2023-03-01
2024-02-29
03047082
bus:Medium-sizedCompaniesRegimeForAccounts
2023-03-01
2024-02-29
03047082
bus:PrivateLimitedCompanyLtd
2023-03-01
2024-02-29
03047082
bus:FullAccounts
2023-03-01
2024-02-29
03047082
bus:OrdinaryShareClass1
2024-02-29
03047082
bus:OrdinaryShareClass1
2023-02-28
COMPANY REGISTRATION NUMBER:
03047082
Year ended 29 February 2024
Independent auditor's report to the members |
5 |
|
|
Statement of income and retained earnings |
9 |
|
|
Statement of financial position |
10 |
|
|
Statement of cash flows |
11 |
|
|
Notes to the financial statements |
12 |
|
|
Year ended 29 February 2024
Fair review of business
The principal activity during the year continues to be that of afro hair and beauty products
. This is achievable through procurement of high-quality products and dealing with loyal customer base. Turnover has increased to £21,030,769 (2023: £18,862,636). This is partly due to the strengthening of the British Pound against US Dollar. The company predominantly purchases its stock from USA and it seeks to pass on any foreign exchange fluctuations. The overall volume is generally consistent. Gross profit for the financial year is £2,188,712 (2023: £1,315,977) with the margin being increasing from the prior year. The company gave a lot of special offers to customers to help combat the rising prices not just due to the foreign exchange but also from the recent inflation pressures. In the current year administrative costs have increased to £717,009 (2023: £690,260). As trading has been good the cash surplus has increased to £8,500,959 (2023: £7,434,263). The directors are actively looking for opportunities to expand the business and the surplus is kept for potential working capital.
Management Team During the year, the management team has remained the same ensuring we are well-placed to continue the operation and development of the business. The management team is: Managing Director - Harinder Paul Singh Director - Ranjit Kaur Singh Future development The directors anticipate few changes in the activities and results of the Company in the foreseeable future.
Principal risks and uncertainties The principal risks and uncertainties facing the company are the high levels of competition, but the directors are confident that this can be overcome by the company's ability to buy and prepay for stock in bulk which allows them to obtain better prices. Foreign exchange risk The company try to pass on any increase in costs from foreign currency fluctuations. Liquidity and cash flow risk The company provide only short credit terms to regular customers, otherwise new customers pay before shipping. Working capital is largely funded by internally generated funds. Impact of supplier concentration risk The company source from multiple suppliers, and will only market those items available.
Key performance indicators In the opinion of the directors there are no key performance indicators whose disclosure is necessary for an understanding of the development, performance or position of the business.
This report was approved by the board of directors on 25 November 2024 and signed on behalf of the board by:
Registered office: |
Unit 18 Wembley Park Business Centre |
North End Road |
Wembley |
HA9 0AS |
|
Year ended 29 February 2024
The directors present their report and the financial statements of the company for the year ended
29 February 2024
.
Directors
The directors who served the company during the year were as follows:
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Disclosure of information in the strategic report
To enable the assessment of how the Directors have performed their duty to promote the success of the company, the Companies Act 2006 requires the Directors to set out in the Strategic report a fair review of the business during the year, the position at the end of the year, the likely future developments of the company and a description of the principal risks and uncertainties facing the company.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
25 November 2024
and signed on behalf of the board by:
Registered office: |
Unit 18 Wembley Park Business Centre |
North End Road |
Wembley |
HA9 0AS |
|
Independent Auditor's Report to the Members of
Beauty Star Limited |
|
Year ended 29 February 2024
Opinion
We have audited the financial statements of Beauty Star Limited (the 'company') for the year ended 29 February 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and industry we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income and payroll taxes. The Company is also subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as as those most likely to have such an effect: health and safety, anti-bribery, employment law and certain aspects of relevant applicable legislation in the countries where the Company operates. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates, particularly in impairment reviews. Audit procedures performed by the audit team included: o Inspecting correspondence with regulators and tax authorities; o Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; o Evaluating management's controls designed to prevent and detect irregularities; o Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by users outside their normal job role or with unusual descriptions, and significant transactions made outside the normal course of business; o Challenging assumptions and judgements made by management in their critical accounting estimates, including vessel impairment reviews; and o At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud Owing to the inherent limitations in our audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Chirag Sirish Malde FCCA |
(Senior Statutory Auditor) |
|
For and on behalf of |
Malde & Co |
Chartered Certified Accountants & statutory auditor |
99 Kenton Road |
Kenton Harrow |
Middlesex |
HA3 0AN |
|
25 November 2024
Statement of Income and Retained Earnings |
|
Year ended 29 February 2024
|
2024 |
2023 |
Note |
£ |
£ |
Turnover |
4 |
21,030,769 |
18,862,636 |
|
|
|
|
Cost of sales |
18,842,057 |
17,546,659 |
|
------------- |
------------- |
Gross profit |
2,188,712 |
1,315,977 |
|
|
|
Administrative expenses |
717,009 |
690,260 |
|
|
------------ |
------------ |
Operating profit |
5 |
1,471,703 |
625,717 |
|
|
|
|
Other interest receivable and similar income |
9 |
60,692 |
31,558 |
|
------------ |
------------ |
Profit before taxation |
1,532,395 |
657,275 |
|
|
|
|
Tax on profit |
10 |
381,553 |
124,858 |
|
------------ |
--------- |
Profit for the financial year and total comprehensive income |
1,150,842 |
532,417 |
|
------------ |
--------- |
|
|
|
|
Dividends paid and payable |
11 |
– |
(
150,000) |
|
|
|
|
Retained earnings at the start of the year |
8,379,218 |
7,996,801 |
|
------------ |
------------ |
Retained earnings at the end of the year |
9,530,060 |
8,379,218 |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
29 February 2024
Current assets
Stocks |
13 |
1,397,035 |
997,652 |
Debtors |
14 |
505,872 |
876,645 |
Cash at bank and in hand |
8,500,959 |
7,434,263 |
|
------------- |
------------ |
|
10,403,866 |
9,308,560 |
|
|
|
|
Creditors: amounts falling due within one year |
15 |
873,804 |
929,340 |
|
------------- |
------------ |
Net current assets |
9,530,062 |
8,379,220 |
|
------------ |
------------ |
Total assets less current liabilities |
9,530,062 |
8,379,220 |
|
------------ |
------------ |
Net assets |
9,530,062 |
8,379,220 |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
17 |
2 |
2 |
Profit and loss account |
9,530,060 |
8,379,218 |
|
------------ |
------------ |
Shareholders funds |
9,530,062 |
8,379,220 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
25 November 2024
, and are signed on behalf of the board by:
Company registration number:
03047082
Year ended 29 February 2024
Cash flows from operating activities
Profit for the financial year |
1,150,842 |
532,417 |
|
|
|
Adjustments for: |
|
|
Depreciation of tangible assets |
– |
804 |
Other interest receivable and similar income |
(
60,692) |
(
31,558) |
Tax on profit |
381,553 |
(68,127) |
|
|
|
Changes in: |
|
|
Stocks |
(
399,383) |
426,632 |
Trade and other debtors |
370,773 |
276,387 |
Trade and other creditors |
(
305,989) |
49,649 |
|
------------ |
------------ |
Cash generated from operations |
1,137,104 |
1,186,204 |
|
|
|
Interest received |
60,692 |
31,558 |
Tax paid |
(
131,100) |
(
192,985) |
|
------------ |
------------ |
Net cash from operating activities |
1,066,696 |
1,024,777 |
|
------------ |
------------ |
|
|
|
Cash flows from investing activities
Proceeds from sale of tangible assets |
– |
2 |
|
------------ |
------------ |
Net cash from investing activities |
– |
2 |
|
------------ |
------------ |
|
|
|
Cash flows from financing activities
Dividends paid |
– |
(
150,000) |
|
------------ |
------------ |
Net cash used in financing activities |
– |
(
150,000) |
|
------------ |
------------ |
|
|
|
Net increase in cash and cash equivalents |
1,066,696 |
874,779 |
Cash and cash equivalents at beginning of year |
7,434,263 |
6,559,484 |
|
------------ |
------------ |
Cash and cash equivalents at end of year |
8,500,959 |
7,434,263 |
|
------------ |
------------ |
|
|
|
Notes to the Financial Statements |
|
Year ended 29 February 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 18 Wembley Park Business Centre, North End Road, Wembley, HA9 0AS.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
2024 |
2023 |
|
£ |
£ |
Sale of goods |
21,030,769 |
18,862,636 |
|
------------- |
------------- |
|
|
|
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
|
2024 |
2023 |
|
£ |
£ |
United Kingdom |
20,663,440 |
18,475,491 |
Overseas |
367,329 |
387,145 |
|
------------- |
------------- |
|
21,030,769 |
18,862,636 |
|
------------- |
------------- |
|
|
|
5.
Operating profit
Operating profit or loss is stated after charging:
|
2024 |
2023 |
|
£ |
£ |
Depreciation of tangible assets |
– |
804 |
|
---- |
---- |
|
|
|
6.
Auditor's remuneration
|
2024 |
2023 |
|
£ |
£ |
Fees payable for the audit of the financial statements |
7,500 |
7,500 |
|
------- |
------- |
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
Distribution staff |
2 |
4 |
Administrative staff |
2 |
2 |
|
---- |
---- |
|
4 |
6 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
£ |
£ |
Wages and salaries |
110,151 |
111,389 |
Social security costs |
9,968 |
5,147 |
Other pension costs |
6,433 |
5,408 |
|
--------- |
--------- |
|
126,552 |
121,944 |
|
--------- |
--------- |
|
|
|
8.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
|
2024 |
2023 |
|
£ |
£ |
Remuneration |
41,080 |
41,080 |
|
-------- |
-------- |
|
|
|
9.
Other interest receivable and similar income
|
2024 |
2023 |
|
£ |
£ |
Interest on bank deposits |
60,692 |
31,558 |
|
-------- |
-------- |
|
|
|
10.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
375,311 |
124,858 |
Adjustments in respect of prior periods |
6,242 |
– |
|
--------- |
--------- |
Total current tax |
381,553 |
124,858 |
|
--------- |
--------- |
|
--------- |
--------- |
Tax on profit |
381,553 |
124,858 |
|
--------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: the same as) the
standard rate of corporation tax in the UK
of
24.50
% (2023:
19
%).
|
2024 |
2023 |
|
£ |
£ |
Profit on ordinary activities before taxation |
1,532,395 |
657,275 |
|
------------ |
--------- |
Profit on ordinary activities by rate of tax |
375,311 |
124,858 |
Adjustment to tax charge in respect of prior periods |
6,242 |
– |
|
------------ |
--------- |
Tax on profit |
381,553 |
124,858 |
|
------------ |
--------- |
|
|
|
11.
Dividends
|
2024 |
2023 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
– |
150,000 |
|
---- |
--------- |
|
|
|
12.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 March 2023 and 29 February 2024 |
43,347 |
|
-------- |
Depreciation |
|
At 1 March 2023 and 29 February 2024 |
43,347 |
|
-------- |
Carrying amount |
|
At 29 February 2024 |
– |
|
-------- |
At 28 February 2023 |
– |
|
-------- |
|
|
13.
Stocks
|
2024 |
2023 |
|
£ |
£ |
Raw materials and consumables |
1,397,035 |
997,652 |
|
------------ |
--------- |
|
|
|
14.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
471,475 |
192,324 |
Prepayments and accrued income |
34,397 |
38,750 |
Other debtors |
– |
645,571 |
|
--------- |
--------- |
|
505,872 |
876,645 |
|
--------- |
--------- |
|
|
|
15.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Payments received on account |
28,153 |
56,719 |
Trade creditors |
379,828 |
409,006 |
Accruals and deferred income |
25,000 |
75,006 |
Corporation tax |
375,311 |
124,858 |
Social security and other taxes |
64,541 |
99,088 |
Director loan accounts |
971 |
164,663 |
|
--------- |
--------- |
|
873,804 |
929,340 |
|
--------- |
--------- |
|
|
|
16.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
6,433
(2023: £
5,408
).
17.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
18.
Analysis of changes in net debt
|
At 1 Mar 2023 |
Cash flows |
At 29 Feb 2024 |
|
£ |
£ |
£ |
Cash at bank and in hand |
7,434,263 |
1,066,696 |
8,500,959 |
Debt due within one year |
(164,663) |
163,692 |
(971) |
|
------------ |
------------ |
------------ |
|
7,269,600 |
1,230,388 |
8,499,988 |
|
------------ |
------------ |
------------ |
|
|
|
|