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FINANCIAL STATEMENTS |
Contents |
Pages |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
3 to 4 |
Independent auditor's report to the members |
5 to 9 |
Consolidated income statement |
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 28 |
|
OFFICERS AND PROFESSIONAL ADVISERS |
Director |
|
Company secretary |
|
Registered office |
|
|
|
|
|
|
|
United Kingdom |
|
|
|
Auditor |
|
Chartered Certified Accountants & statutory auditor |
|
Numeric House |
|
98 Station Road |
|
Sidcup |
|
Kent |
|
DA15 7BY |
|
Bankers |
|
27 Soho Square |
|
London |
|
W1D 3QR |
|
Solicitors |
|
100 Station Road |
|
Sidcup |
|
Kent |
|
DA15 7DT |
|
|
STRATEGIC REPORT |
|
|
Director |
|
|
DIRECTOR'S REPORT |
|
|
|
|
Director |
|
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Certified Accountants & statutory auditor |
Numeric House |
98 Station Road |
Sidcup |
Kent |
DA15 7BY |
|
CONSOLIDATED INCOME STATEMENT |
2024 |
2023 |
||
(restated) |
|||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
------------ |
------------ |
||
Operating profit |
6 |
|
|
Gain/(loss) on financial assets at fair value through profit or loss |
|
(
|
|
Other interest receivable and similar income |
10 |
|
|
Interest payable and similar expenses |
11 |
|
|
------------ |
------------ |
||
Profit before taxation |
|
|
|
Tax on profit |
12 |
|
|
------------ |
------------ |
||
Profit for the financial year |
|
|
|
------------ |
------------ |
||
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2024 |
2023 |
||
(restated) |
|||
Note |
£ |
£ |
|
Tangible assets |
15 |
|
|
|
Stocks |
17 |
|
|
|
Debtors |
18 |
|
|
|
Investments |
19 |
|
|
|
Cash at bank and in hand |
|
|
||
------------- |
------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
21 |
|
|
|
------------- |
------------- |
|||
Net current assets |
|
|
||
------------- |
------------ |
|||
Total assets less current liabilities |
|
|
||
Taxation including deferred tax |
22 |
|
|
|
------------- |
------------ |
|||
Net assets |
|
|
||
------------- |
------------ |
|||
Called up share capital |
26 |
|
|
|
Share premium account |
27 |
|
|
|
Profit and loss account |
27 |
|
|
|
------------- |
------------ |
|||
Shareholders funds |
|
|
||
------------- |
------------ |
|||
|
|
Director |
|
|
COMPANY STATEMENT OF FINANCIAL POSITION |
2024 |
2023 |
||
(restated) |
|||
Note |
£ |
£ |
|
Tangible assets |
15 |
|
|
|
Investments |
16 |
|
|
|
------------ |
------------ |
|||
|
|
|||
Debtors |
18 |
|
|
|
Investments |
19 |
|
|
|
Cash at bank and in hand |
|
|
||
------------ |
------------ |
|||
|
|
|||
Creditors: amounts falling due within one year |
21 |
|
|
|
------------ |
------------ |
|||
Net current assets |
|
|
||
------------- |
------------ |
|||
Total assets less current liabilities |
|
|
||
Taxation including deferred tax |
22 |
|
|
|
------------- |
------------ |
|||
Net assets |
|
|
||
------------- |
------------ |
|||
Called up share capital |
26 |
|
|
|
Share premium account |
27 |
|
|
|
Profit and loss account |
27 |
|
|
|
------------- |
------------ |
|||
Shareholders funds |
|
|
||
------------- |
------------ |
|||
|
|
Director |
|
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
||
Note |
£ |
£ |
£ |
£ |
|
At 1 May 2022 |
|
|
|
|
|
Profit for the year |
|
|
|||
---- |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
---- |
------------ |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
At 30 April 2023 (as previously reported) |
|
|
|
|
|
Prior period adjustments |
25 |
– |
– |
139,277 |
139,277 |
---- |
------------ |
------------ |
------------ |
||
At 30 April 2023 (restated) |
|
|
|
|
|
---- |
------------ |
------------ |
------------ |
||
Profit for the year |
|
|
|||
---- |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
---- |
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
---- |
------------ |
------------- |
------------- |
||
At 30 April 2024 |
|
|
|
|
|
---- |
------------ |
------------- |
------------- |
||
|
COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 May 2022 |
|
|
|
|
|
Profit for the year |
|
|
|||
---- |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
---- |
------------ |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
At 30 April 2023 |
|
|
7,965,840
|
9,340,840
|
|
Profit for the year |
|
|
|||
---- |
------------ |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
---- |
---- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
---- |
------------ |
------------- |
------------- |
||
At 30 April 2024 |
|
|
|
|
|
---- |
------------ |
------------- |
------------- |
||
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
2024 |
2023 |
|
(restated) |
||
Note |
£ |
£ |
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
– |
|
Fair value adjustment of investment property |
– |
(
|
(Gain)/loss on financial assets at fair value through profit or loss |
(531,664) |
756,702 |
Income from other fixed asset investments |
(77,132) |
– |
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
– |
(
|
Tax on profit |
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
(
|
(
|
Trade and other creditors |
|
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Dividends received |
(
|
– |
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
– |
|
Purchases of other investments |
(151,369) |
(1,020,455) |
Dividends received |
|
– |
Interest received |
|
– |
Other investing cash flow adjustment |
(532) |
– |
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Proceeds from borrowings |
|
|
Dividends paid |
(
|
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at beginning of year |
3,767,084 |
2,962,694 |
|
------------ |
------------ |
||
Cash and cash equivalents at end of year |
20 |
|
|
------------ |
------------ |
||
|
NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
|
|
Land and buildings |
- |
|
|
Production equipment |
- |
50% / 33% Straight line |
|
Fixtures & fittings |
- |
|
|
Motor vehicles |
- |
25% / 20% Straight line |
|
Structures and buildings |
- |
10
% straight line |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Rendering of services |
|
|
Rental income |
41,875 |
23,350 |
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Dividends on quoted securities |
144,358 |
140,066 |
--------- |
--------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Amortisation of intangible assets |
– |
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
– |
(
|
Fair value adjustments to investment property |
– |
(
|
Foreign exchange differences |
(
|
(
|
-------- |
--------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
------- |
------- |
|
Audit of the financial statements of associates |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
1 |
2 |
Number of logistics staff |
4 |
2 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
– |
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Interest on loans and receivables |
7,301 |
6,978 |
Interest on cash and cash equivalents |
|
|
--------- |
-------- |
|
|
|
|
--------- |
-------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Other interest payable and similar charges |
|
|
------- |
------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
– |
(
|
--------- |
--------- |
|
Total current tax |
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
(
|
|
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
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 |
|
|
Effect of capital allowances and depreciation |
|
(
|
Effect of UK dividends and distribution income |
(36,090) |
(27,294) |
Effect of deferred tax charge |
(4,354) |
87,039 |
Effect of fair value adjustments |
21,511 |
53,888 |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
--------- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 May 2023 (as restated) and 30 April 2024 |
|
------------ |
|
Amortisation |
|
At 1 May 2023 and 30 April 2024 |
|
------------ |
|
Carrying amount |
|
At 1 May 2023 and 30 April 2024 |
– |
------------ |
|
At 30 April 2023 |
– |
------------ |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Structures and buildings |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 May 2023 (as restated) |
|
|
|
|
21,276 |
|
Additions |
– |
|
|
– |
– |
|
------------ |
--------- |
--------- |
-------- |
-------- |
------------ |
|
At 30 Apr 2024 |
|
|
|
|
21,276 |
|
------------ |
--------- |
--------- |
-------- |
-------- |
------------ |
|
Depreciation |
||||||
At 1 May 2023 |
|
|
|
|
12,766 |
|
Charge for the year |
|
|
|
|
8,510 |
|
------------ |
--------- |
--------- |
-------- |
-------- |
------------ |
|
At 30 Apr 2024 |
|
|
|
|
21,276 |
|
------------ |
--------- |
--------- |
-------- |
-------- |
------------ |
|
Carrying amount |
||||||
At 30 Apr 2024 |
|
|
|
|
– |
|
------------ |
--------- |
--------- |
-------- |
-------- |
------------ |
|
At 30 Apr 2023 |
|
|
|
|
8,510 |
|
------------ |
--------- |
--------- |
-------- |
-------- |
------------ |
|
Company |
Land and buildings |
Fixtures and fittings |
Structures and buildings |
Total |
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 May 2023 (as restated) and 30 April 2024 |
|
|
21,276 |
|
------------ |
-------- |
-------- |
------------ |
|
Depreciation |
||||
At 1 May 2023 |
– |
|
12,766 |
|
Charge for the year |
– |
|
8,510 |
|
------------ |
-------- |
-------- |
------------ |
|
At 30 April 2024 |
– |
|
21,276 |
|
------------ |
-------- |
-------- |
------------ |
|
Carrying amount |
||||
At 30 April 2024 |
|
– |
– |
|
------------ |
-------- |
-------- |
------------ |
|
At 30 April 2023 |
|
|
8,510 |
|
------------ |
-------- |
-------- |
------------ |
|
Group |
Company |
|
£ |
£ |
|
At 1 May 2023 and 30 April 2024 |
|
|
------------ |
------------ |
|
At 1 May 2023 |
|
|
------------ |
------------ |
|
Group and company |
Land and buildings |
£ |
|
At 30 April 2024 |
|
Aggregate cost |
2,174,655 |
Aggregate depreciation |
– |
------------ |
|
Carrying value |
|
------------ |
|
At 30 April 2023 |
|
Aggregate cost |
2,174,655 |
Aggregate depreciation |
– |
------------ |
|
Carrying value |
|
------------ |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 May 2023 as restated and 30 April 2024 |
|
------------ |
|
Impairment |
|
At 1 May 2023 as restated |
|
Impairment losses |
|
Reversal of impairment losses |
(
|
------------ |
|
At 30 April 2024 |
|
------------ |
|
Carrying amount |
|
At 30 April 2024 |
|
------------ |
|
At 30 April 2023 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Deferred tax asset |
|
|
|
|
Prepayments and accrued income |
|
|
|
– |
Loans receivable |
78,858 |
126,240 |
78,858 |
126,240 |
Other debtors |
|
|
– |
– |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Loans receivable |
37,128 |
81,684 |
37,128 |
81,684 |
-------- |
-------- |
-------- |
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Other investments |
5,004,034 |
4,320,469 |
5,004,034 |
2,311,638 |
Investment dealing account |
795 |
8,256 |
795 |
4,595 |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Cash at bank and in hand |
|
|
Short-term deposits |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Payments received on account |
|
|
– |
– |
Trade creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
(
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Director loan accounts |
|
|
|
|
Other creditors |
|
|
– |
– |
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 May 2023 (as restated) |
|
Additions |
|
Charge against provision |
(
|
--------- |
|
At 30 April 2024 |
|
--------- |
|
Company |
Deferred tax (note 23) |
£ |
|
At 1 May 2023 (as restated) |
|
--------- |
|
At 30 April 2024 |
|
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Included in debtors (note 18) |
|
|
|
|
Included in provisions (note 22) |
(
|
(
|
(
|
(
|
--------- |
--------- |
--------- |
--------- |
|
(
|
(
|
(
|
(
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Fair value adjustment of investment property |
|
|
|
|
Accelerated depreciation charges |
(1,186) |
(1,220) |
(1,186) |
(1,220) |
--------- |
--------- |
--------- |
--------- |
|
172,520 |
176,874 |
155,353 |
155,319 |
|
--------- |
--------- |
--------- |
--------- |
|
2024 |
2023 |
|||
(restated) |
||||
No. |
£ |
No. |
£ |
|
|
|
500 |
|
500 |
---- |
---- |
---- |
---- |
|
At 1 May 2023 |
Cash flows |
At 30 Apr 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
2,066,233 |
|
Debt due within one year |
(118,383) |
(21,255) |
(139,638) |
Current asset investments |
|
676,104 |
|
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|
|
|
|
|
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|