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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 32 |
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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 Auditors |
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2 Westbrook Court |
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Sharrow Vale Road |
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Sheffield |
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S11 8YZ |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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Mr N Burgin
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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 Auditors |
2 Westbrook Court |
Sharrow Vale Road |
Sheffield |
S11 8YZ |
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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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------------ |
------------ |
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Gross profit |
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Administrative expenses |
(
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(
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------------ |
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Operating profit |
5 |
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Other interest receivable and similar income |
9 |
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Interest payable and similar expenses |
10 |
(
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(
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------------ |
------------ |
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Profit/(loss) before taxation |
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(
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Tax on profit/(loss) |
11 |
(
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– |
--------- |
-------- |
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Profit/(loss) for the financial year |
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(
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--------- |
-------- |
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Revaluation of tangible assets |
(
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– |
------------ |
-------- |
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Total comprehensive income for the year |
(
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(
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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 |
13 |
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Tangible assets |
14 |
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Investments: |
16 |
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Investments in associates |
280 |
280 |
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------------- |
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Stocks |
17 |
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Debtors: due within one year |
18 |
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Debtors: due after more than one year |
18 |
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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 |
20 |
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------------- |
------------- |
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Net current liabilities |
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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 |
21 |
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Taxation including deferred tax |
23 |
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– |
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------------ |
------------ |
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Net liabilities |
(
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(
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------------ |
------------ |
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Called up share capital |
27 |
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Non-distributable revaluation reserve |
28 |
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Profit and loss account |
28 |
(
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(
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------------ |
------------ |
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Shareholders deficit |
(
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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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Tangible assets |
14 |
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Investments |
16 |
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------------ |
------------ |
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Debtors: due within one year |
18 |
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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 |
20 |
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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 |
21 |
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------------ |
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Net assets |
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------------ |
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Called up share capital |
27 |
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Profit and loss account |
28 |
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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 |
Non-distributable revaluation reserve |
Profit and loss account |
Total |
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Note |
£ |
£ |
£ |
£ |
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At 1 April 2022 |
|
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(
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(
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Loss for the year |
(
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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 31 March 2023 |
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(
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(
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Profit for the year |
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Other comprehensive income for the year: |
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Revaluation of tangible assets |
14 |
– |
(
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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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--------- |
------------ |
------------ |
------------ |
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At 31 March 2024 |
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(
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(
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--------- |
------------ |
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------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 April 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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At 31 March 2023 |
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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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--------- |
------------ |
------------ |
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At 31 March 2024 |
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--------- |
------------ |
------------ |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
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Note |
£ |
£ |
Profit/(loss) for the financial year |
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(
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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– |
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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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
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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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– |
------------ |
------------ |
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Net cash used in investing activities |
(
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(
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------------ |
------------ |
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Repayment of bank loans |
(
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(
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Repayment of finance lease liabilities |
(
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(
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Repayment of hire purchase liabilities |
(
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(
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------------ |
------------ |
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Net cash 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 |
(878,030) |
(1,166,698) |
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Cash and cash equivalents at end of year |
19 |
(
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(
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Notes to the Financial Statements |
Goodwill |
- |
5 or 10 years on business goodwill and 20 years franchise fee
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Long leasehold property |
- |
No depreciation
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Plant and machinery |
- |
5 years straight line
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Fixtures and fittings |
- |
4 or 5 years straight line
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Motor vehicles |
- |
4 years straight line
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Equipment |
- |
3 or 5 years straightline
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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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– |
--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
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2024 |
2023 |
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No. |
No. |
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Management staff |
28 |
27 |
Administration and support |
|
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---- |
---- |
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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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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Aggregate remuneration |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Interest on cash and cash equivalents |
|
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------- |
---- |
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2024 |
2023 |
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£ |
£ |
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Interest on debenture loans |
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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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Dividends paid on shares classed as debt |
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Other interest payable and similar charges |
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------------ |
--------- |
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------------ |
--------- |
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2024 |
2023 |
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£ |
£ |
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Origination and reversal of timing differences |
|
– |
-------- |
---- |
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Tax on profit |
|
– |
-------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
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Profit/(loss) on ordinary activities before taxation |
|
(
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--------- |
-------- |
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Profit/(loss) 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 |
|
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Utilisation of tax losses |
(
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(
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Unused tax losses |
|
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--------- |
-------- |
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Tax on profit |
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– |
--------- |
-------- |
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2024 |
2023 |
|
£ |
£ |
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Dividends proposed before the year end and recognised as a liability |
881,644 |
781,022 |
--------- |
--------- |
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Group |
Goodwill |
£ |
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Cost |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
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Amortisation |
|
At 1 April 2023 |
|
Charge for the year |
|
------------ |
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At 31 March 2024 |
|
------------ |
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Carrying amount |
|
At 31 March 2024 |
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------------ |
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At 31 March 2023 |
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------------ |
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Group |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
||||||
At 1 Apr 2023 |
|
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Additions |
– |
|
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– |
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Disposals |
– |
(
|
– |
– |
(
|
(
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Revaluations |
(
|
– |
– |
– |
– |
(
|
------------- |
--------- |
--------- |
-------- |
--------- |
------------- |
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At 31 Mar 2024 |
|
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------------- |
--------- |
--------- |
-------- |
--------- |
------------- |
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Depreciation |
||||||
At 1 Apr 2023 |
– |
|
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Charge for the year |
– |
|
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Disposals |
– |
(
|
– |
– |
(
|
(
|
------------- |
--------- |
--------- |
-------- |
--------- |
------------- |
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At 31 Mar 2024 |
– |
|
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|
------------- |
--------- |
--------- |
-------- |
--------- |
------------- |
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Carrying amount |
||||||
At 31 Mar 2024 |
|
|
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------------- |
--------- |
--------- |
-------- |
--------- |
------------- |
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At 31 Mar 2023 |
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------------- |
--------- |
--------- |
-------- |
--------- |
------------- |
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Company |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2023 and 31 March 2024 |
|
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|
------- |
-------- |
-------- |
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Depreciation |
|||
At 1 April 2023 |
|
|
|
Charge for the year |
|
|
|
------- |
-------- |
-------- |
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At 31 March 2024 |
|
|
|
------- |
-------- |
-------- |
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Carrying amount |
|||
At 31 March 2024 |
|
|
|
------- |
-------- |
-------- |
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At 31 March 2023 |
|
|
|
------- |
-------- |
-------- |
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Group |
Long leasehold property |
£ |
|
At 31 March 2024 |
|
Aggregate cost |
8,026,496 |
Aggregate depreciation |
– |
------------ |
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Carrying value |
|
------------ |
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At 31 March 2023 |
|
Aggregate cost |
8,026,496 |
Aggregate depreciation |
– |
------------ |
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Carrying value |
|
------------ |
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Group |
Long leasehold property |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
|
At 31 March 2024 |
9,021,000 |
|
|
|
------------ |
-------- |
-------- |
------------ |
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At 31 March 2023 |
10,150,000 |
|
|
|
------------- |
-------- |
-------- |
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Company |
Motor vehicles |
£ |
|
At 31 March 2024 |
|
-------- |
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At 31 March 2023 |
|
-------- |
|
2024 |
2023 |
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£ |
£ |
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Investments in group companies |
1,459,657 |
1,459,657 |
|
------------ |
------------ |
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Group |
Interests in associates |
£ |
|
Share of net assets/cost |
|
At 1 April 2023 and 31 March 2024 |
|
---- |
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Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
---- |
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Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
|
---- |
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At 31 March 2023 |
|
---- |
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Company |
Shares in group undertakings |
Shares in participating interests |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2023 and 31 March 2024 |
|
|
|
------------ |
---- |
------------ |
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Impairment |
|||
At 1 April 2023 and 31 March 2024 |
– |
– |
– |
------------ |
---- |
------------ |
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Carrying amount |
|||
At 1 April 2023 and 31 March 2024 |
|
|
|
------------ |
---- |
------------ |
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At 31 March 2023 |
|
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------------ |
---- |
------------ |
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Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
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Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
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2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
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Amounts owed by group undertakings |
– |
– |
|
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Prepayments and accrued income |
|
|
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Other debtors |
|
|
|
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------------ |
------------ |
------------ |
------------ |
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------------ |
------------ |
------------ |
------------ |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Other debtors |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
(
|
------------ |
------------ |
|
(
|
(
|
|
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Social security and other taxes |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
Dividends payable |
|
|
|
|
Other creditors |
|
|
|
|
------------- |
------------- |
------------ |
------------ |
|
|
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|
|
|
------------- |
------------- |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Director loan accounts |
|
|
|
|
Bank loans and overdrafts |
|
|
– |
– |
Shares classed as financial liabilities |
|
|
|
|
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 |
|
|
– |
– |
Later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Deferred tax (note 24) |
£ |
|
At 1 April 2023 |
– |
Additions |
|
-------- |
|
At 31 March 2024 |
|
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 23) |
|
– |
– |
– |
-------- |
---- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
– |
– |
– |
-------- |
---- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
300,000 |
|
300,000 |
|
|
132,353 |
|
132,353 |
--------- |
--------- |
--------- |
--------- |
|
|
432,353 |
|
432,353 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
1,000,000 |
|
1,000,000 |
------------ |
------------ |
------------ |
------------ |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
132,800 |
|
Bank overdrafts |
(1,014,882) |
(383,419) |
(1,398,301) |
Debt due within one year |
(5,188,721) |
259,852 |
(4,928,869) |
Debt due after one year |
(7,798,316) |
103,192 |
(7,695,124) |
------------- |
--------- |
------------- |
|
(
|
|
(
|
|
------------- |
--------- |
------------- |
|
|
Notes to the Financial Statements (continued) |