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FOR THE YEAR ENDED |
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FINANCIAL STATEMENTS |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
8 |
Consolidated statement of financial position |
9 |
Company statement of financial position |
10 |
Consolidated statement of changes in equity |
11 |
Company statement of changes in equity |
12 |
Consolidated statement of cash flows |
13 |
Notes to the financial statements |
14 |
|
STRATEGIC REPORT |
2023 | 2022 | |||
£ | £ | |||
Turnover | 32,175,286 | 19,737,389 | ||
Gross profit margin | 15.0% | 14.4% | ||
EBITDA | 2,394,168 | 1,576,501 | ||
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Director |
Registered office: |
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England |
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DIRECTORS' REPORT |
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Director |
Registered office: |
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England |
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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 |
2 Crossways Business Centre |
Bicester Road |
Kingswood |
Aylesbury |
Bucks |
HP18 0RA |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
(
|
(
|
------------ |
------------ |
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Gross profit |
|
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Administrative expenses |
(
|
(
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----------- |
----------- |
||
Operating profit |
5 |
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Other interest receivable and similar income |
8 |
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Interest payable and similar expenses |
9 |
(
|
(
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----------- |
----------- |
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Profit before taxation |
|
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Tax on profit |
10 |
(
|
(
|
----------- |
----------- |
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Profit for the financial year |
|
|
|
----------- |
----------- |
||
Foreign currency retranslation |
|
(
|
----------- |
----------- |
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Total comprehensive income for the year |
|
|
----------- |
----------- |
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
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Note |
£ |
£ |
||
Intangible assets |
12 |
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Tangible assets |
13 |
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------- |
------- |
||||
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Debtors |
15 |
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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 |
16 |
(
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(
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------------ |
----------- |
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Net current assets |
|
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|||
-------- |
-------- |
||||
Total assets less current liabilities |
|
|
|||
Creditors: amounts falling due after more than one year |
17 |
(
|
(
|
||
Taxation including deferred tax |
18 |
– |
(
|
||
-------- |
-------- |
||||
Net assets |
|
|
|||
-------- |
-------- |
||||
Called up share capital |
21 |
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Foreign exchange reserve |
22 |
(
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(
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Profit and loss account |
22 |
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-------- |
-------- |
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Shareholders funds |
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|||
-------- |
-------- |
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Director |
Director |
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COMPANY STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
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Note |
£ |
£ |
||
Intangible assets |
12 |
|
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Tangible assets |
13 |
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Investments |
14 |
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------- |
------- |
||||
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Debtors |
15 |
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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 |
16 |
(
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(
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------------ |
----------- |
||||
Net current assets |
|
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|||
-------- |
-------- |
||||
Total assets less current liabilities |
|
|
|||
Creditors: amounts falling due after more than one year |
17 |
(
|
(
|
||
Taxation including deferred tax |
18 |
– |
(
|
||
-------- |
-------- |
||||
Net assets |
|
|
|||
-------- |
-------- |
||||
Called up share capital |
21 |
|
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Profit and loss account |
22 |
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-------- |
-------- |
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Shareholders funds |
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|||
-------- |
-------- |
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Director |
Director |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Foreign exchange reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
|||
At 1 January 2022 |
|
– |
|
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Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Foreign currency retranslation |
– |
(
|
– |
(
|
||
------- |
---- |
----------- |
----------- |
|||
Total comprehensive income for the year |
– |
(
|
|
|
||
Dividends paid and payable |
11 |
– |
– |
(
|
(
|
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------- |
---- |
----------- |
----------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
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At 31 December 2022 |
|
(
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|
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Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Foreign currency retranslation |
– |
|
– |
|
||
------- |
---- |
----------- |
----------- |
|||
Total comprehensive income for the year |
– |
|
|
|
||
Dividends paid and payable |
11 |
– |
– |
(
|
(
|
|
---- |
---- |
----------- |
----------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
------- |
---- |
----------- |
----------- |
|||
At 31 December 2023 |
|
(
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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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£ |
£ |
£ |
||
At 1 January 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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Total investments by and distributions to owners |
– |
(
|
(
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At 31 December 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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Total investments by and distributions to owners |
– |
(
|
(
|
|
------- |
----------- |
----------- |
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At 31 December 2023 |
|
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|
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------- |
----------- |
----------- |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
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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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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Tax on profit |
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Changes in: |
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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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Tax paid |
(
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(
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----------- |
----------- |
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Net cash from operating activities |
|
|
----------- |
----------- |
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Purchase of tangible assets |
(
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(
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Interest received |
|
|
----------- |
----------- |
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Net cash from/(used in) investing activities |
|
(
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----------- |
----------- |
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Repayment of bank loans |
(
|
(
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Interest paid |
(
|
(
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Dividends paid |
(
|
(
|
----------- |
----------- |
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Net cash used in financing activities |
(
|
(
|
----------- |
----------- |
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Net (decrease)/increase in cash and cash equivalents |
(
|
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Cash and cash equivalents at beginning of year |
4,031,253 |
683,392 |
Exchange gains/(losses) on cash and cash equivalents |
|
(
|
----------- |
----------- |
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Cash and cash equivalents at end of year |
|
|
----------- |
----------- |
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NOTES TO THE FINANCIAL STATEMENTS |
Software |
- |
|
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Equipment |
- |
|
|
2023 |
2022 |
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£ |
£ |
||
Rendering of services |
|
|
|
------------ |
------------ |
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2023 |
2022 |
||
£ |
£ |
||
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
|
|
Foreign exchange differences |
|
(
|
|
------- |
------- |
||
2023 |
2022 |
||
No. |
No. |
||
Administrative staff |
|
|
|
Management staff |
2 |
2 |
|
---- |
---- |
||
|
|
||
---- |
---- |
||
2023 |
2022 |
||
£ |
£ |
||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
----------- |
-------- |
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|
|
||
----------- |
-------- |
||
2023 |
2022 |
||
£ |
£ |
||
Remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
-------- |
-------- |
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|
|
||
-------- |
-------- |
||
2023 |
2022 |
||
£ |
£ |
||
Aggregate remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
-------- |
-------- |
||
|
|
||
-------- |
-------- |
||
2023 |
2022 |
||
£ |
£ |
||
Interest on cash and cash equivalents |
|
|
|
Other interest receivable and similar income |
|
|
|
------- |
------ |
||
|
|
||
------- |
------ |
||
2023 |
2022 |
||
£ |
£ |
||
Interest on banks loans and overdrafts |
|
|
|
------ |
------ |
||
2023 |
2022 |
||
£ |
£ |
||
UK current tax expense |
|
|
|
Adjustments in respect of prior periods |
(
|
– |
|
-------- |
-------- |
||
Total current tax |
|
|
|
-------- |
-------- |
||
Origination and reversal of timing differences |
(
|
|
|
-------- |
-------- |
||
Tax on profit |
|
|
|
-------- |
-------- |
||
2023 |
2022 |
||
£ |
£ |
||
Profit on ordinary activities before taxation |
|
|
|
----------- |
----------- |
||
Profit on ordinary activities by rate of tax |
|
|
|
Adjustment to tax charge in respect of prior periods |
(
|
– |
|
Effect of expenses not deductible for tax purposes |
|
|
|
Investment tax credit |
(64) |
(1,043)
|
|
Adjustments to opening deferred tax to average rate |
(266)
|
– |
|
Adjustments to closing deferred tax to average rate |
(3,287)
|
1,077
|
|
----------- |
----------- |
||
Tax on profit |
|
|
|
----------- |
----------- |
||
2023 |
2022 |
|
£ |
£ |
|
Equity dividends on ordinary shares |
|
|
----------- |
----------- |
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Group and company |
Software |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
------- |
|
Amortisation |
|
At 1 January 2023 |
|
Charge for the year |
|
------- |
|
At 31 December 2023 |
|
------- |
|
Carrying amount |
|
At 31 December 2023 |
|
------- |
|
At 31 December 2022 |
|
------- |
|
Group |
Equipment |
£ |
|
Cost |
|
At 1 January 2023 |
|
Additions |
|
Exchange rate adjustments |
(
|
------- |
|
At 31 December 2023 |
|
------- |
|
Depreciation |
|
At 1 January 2023 |
|
Charge for the year |
|
Revaluations |
(
|
------- |
|
At 31 December 2023 |
|
------- |
|
Carrying amount |
|
At 31 December 2023 |
|
------- |
|
At 31 December 2022 |
|
------- |
|
Company |
Equipment |
£ |
|
Cost |
|
At 1 January 2023 |
|
Additions |
|
------- |
|
At 31 December 2023 |
|
------- |
|
Depreciation |
|
At 1 January 2023 |
|
Charge for the year |
|
------- |
|
At 31 December 2023 |
|
------- |
|
Carrying amount |
|
At 31 December 2023 |
|
------- |
|
At 31 December 2022 |
|
------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
---- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
---- |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
|
---- |
|
At 31 December 2022 |
|
---- |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
10 Anson Road , #12-14 International Plaza, Singapore 079903 |
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
– |
|
Deferred tax asset |
|
– |
|
– |
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
|
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Other debtors |
|
– |
|
– |
------ |
---- |
------ |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
– |
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Director loan accounts |
|
|
|
|
Other creditors |
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
|
|
|
|
|
----------- |
----------- |
----------- |
----------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
------- |
------- |
------- |
------- |
|
Group and company |
Deferred tax (note 19) |
£ |
|
At 1 January 2023 |
|
Amounts recognised in profit and loss account |
(4,488)
|
------ |
|
At 31 December 2023 |
– |
------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in debtors (note 15) |
|
– |
|
– |
Included in provisions (note 18) |
– |
(
|
– |
(
|
------- |
------ |
------- |
------ |
|
|
(
|
|
(
|
|
------- |
------ |
------- |
------ |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
(
|
(
|
(
|
(
|
Other short term timing differences |
|
– |
|
– |
------- |
------ |
------- |
------ |
|
55,545 |
(4,488) |
55,545 |
(4,488) |
|
------- |
------ |
------- |
------ |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
4,010 |
|
4,010 |
|
|
6,015 |
|
6,015 |
------- |
------- |
------- |
------- |
|
|
10,025 |
|
10,025 |
|
------- |
------- |
------- |
------- |
|
At 1 Jan 2023 |
Cash flows |
Other changes |
Exchange movements |
At 31 Dec 2023 |
|
£ |
£ |
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(64,696) |
– |
416 |
|
Debt due within one year |
(9,829) |
9,829 |
(10,078) |
– |
(10,078) |
Debt due after one year |
(27,444) |
– |
10,078 |
– |
(17,366) |
----------- |
------- |
------- |
---- |
----------- |
|
|
(
|
– |
|
|
|
----------- |
------- |
------- |
---- |
----------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
|
Later than 1 year and not later than 5 years |
– |
|
– |
– |
------- |
------- |
---- |
------- |
|
|
|
– |
|
|
------- |
------- |
---- |
------- |
|
2023 | 2022 | |
£ | £ | |
Amounts owed to key management personnel | 1,049,095 | 999,580 |
2023 | 2022 | |
£ | £ | |
Amounts owed to key management personnel | 1,049,095 | 999,580 |