|
|
|
|
Financial Statements |
Contents |
Pages |
Strategic report |
1 to 2 |
Directors' report |
3 to 4 |
Independent auditor's report to the members |
5 to 8 |
Statement of income and retained earnings |
9 |
Statement of financial position |
10 |
Statement of cash flows |
11 |
Notes to the financial statements |
12 to 23 |
|
Strategic Report |
2024 | 2023 | ||
£ | £ | ||
Total Turnover | 13,303,040 | 11,391,181 | |
GP margin % | 35 | 31 | |
EBITDA | 2,475,843 | 1,693,549 | |
Operating Profit | 2,110,115 | 1,283,144 | |
Profit before tax | 2,131,993 | 1,275,678 | |
Profit after tax | 1,584,234 | 1,027,521 | |
Debtor days | 48 | 66 | |
|
Director |
Registered office: |
|
|
|
|
|
Directors' Report |
|
|
|
|
|
Director |
Registered office: |
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Certified Accountants & statutory auditor |
29 York Place, Edinburgh, EH1 3HP |
|
Statement of Income and Retained Earnings |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
|
|
Distribution costs |
|
|
|
Administrative expenses |
|
|
|
------------ |
------------ |
||
Operating profit |
5 |
|
|
Other interest receivable and similar income |
9 |
|
|
Interest payable and similar expenses |
|
|
|
------------ |
------------ |
||
Profit before taxation |
|
|
|
Tax on profit |
11 |
|
|
------------ |
------------ |
||
Profit for the financial year and total comprehensive income |
|
|
|
------------ |
------------ |
||
Retained earnings at the start of the year |
|
|
------------- |
------------- |
|
Retained earnings at the end of the year |
|
|
------------- |
------------- |
|
|
Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Intangible assets |
12 |
|
|
Tangible assets |
13 |
|
|
------------ |
------------ |
||
|
|
||
Stocks |
14 |
|
|
Debtors |
15 |
|
|
Cash at bank and in hand |
|
|
|
------------- |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
16 |
|
|
------------- |
------------- |
||
Net current assets |
|
|
|
------------- |
------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
17 |
|
|
Provisions |
19 |
|
|
------------- |
------------- |
||
Net assets |
|
|
|
------------- |
------------- |
||
Called up share capital |
23 |
|
|
Profit and loss account |
|
|
|
------------- |
------------- |
||
Shareholders funds |
|
|
|
------------- |
------------- |
||
|
Director |
|
Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
– |
(
|
Tax on profit |
|
|
Accrued expenses |
|
– |
Accrued income/expenses |
– |
23,680 |
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
|
(
|
Trade and other creditors |
|
|
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash from operating activities |
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
– |
|
Purchase of intangible assets |
– |
(
|
Cash advances and loans granted |
– |
(
|
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Repayments of borrowings |
(
|
(
|
Payments of finance lease liabilities |
(
|
(
|
------------ |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------ |
------------ |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
1,306,579 |
3,550,196 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
2024 | 2023 | ||
£ | £ | ||
Cash at bank and on hand | 3,206,450 | 1,306,579 | |
------------ | ------------ | ||
|
Notes to the Financial Statements |
Patents, trademarks and licences |
- |
|
|
Factory Improvements |
- |
|
|
Plant and machinery |
- |
|
|
Motor vehicles |
- |
|
|
Equipment, fixtures & fittings |
- |
|
|
2024 | 2023 | ||
£ | £ | ||
Sale of goods | 13,303,040 | 11,391,181 | |
------------- | ------------- | ||
2024 | 2023 | ||
£ | £ | ||
UK | 13,238,600 | 11,274,520 | |
Europe | 64,440 | 116,661 | |
------------- | ------------- | ||
13,303,040 | 11,391,181 | ||
------------- | ------------- | ||
2024 |
2023 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
– |
(
|
Impairment of trade debtors |
3,287 |
(15,556) |
Operating lease rentals |
|
|
Foreign exchange differences |
(
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
2 |
2 |
Sales |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
-------- |
|
|
|
|
--------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on bank deposits |
|
|
-------- |
------- |
|
2024 |
2023 |
||
£ |
£ |
||
Total interest expense on financial liabilities not measured at fair value through the profit & loss |
16,688 |
17,042 |
|
-------- |
-------- |
||
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
|
– |
--------- |
--------- |
|
Total current tax |
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
(
|
(
|
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
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 revenue exempt from tax |
– |
(
|
Rounding on tax charge |
(
1) |
1 |
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
Patents, trademarks and licences |
|
£ |
|
Cost |
|
At 1 May 2023 and 30 April 2024 |
|
------- |
|
Amortisation |
|
At 1 May 2023 |
|
Charge for the year |
|
------- |
|
At 30 April 2024 |
|
------- |
|
Carrying amount |
|
At 30 April 2024 |
|
------- |
|
At 30 April 2023 |
|
------- |
|
Improve-ments to factories |
Plant and machinery |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 May 2023 |
|
|
|
|
|
Additions |
– |
|
– |
|
|
--------- |
------------ |
--------- |
--------- |
------------ |
|
At 30 April 2024 |
|
|
|
|
|
--------- |
------------ |
--------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 May 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
--------- |
------------ |
--------- |
--------- |
------------ |
|
At 30 April 2024 |
|
|
|
|
|
--------- |
------------ |
--------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 30 April 2024 |
|
|
|
|
|
--------- |
------------ |
--------- |
--------- |
------------ |
|
At 30 April 2023 |
|
|
|
|
|
--------- |
------------ |
--------- |
--------- |
------------ |
|
Motor vehicles |
|
£ |
|
At 30 April 2024 |
|
-------- |
|
At 30 April 2023 |
|
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Raw materials and consumables |
|
|
Work in progress |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
Directors loan account |
|
|
Other debtors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 | 2023 | ||
£ | £ | ||
Amounts due by related parties | 5,543,359 | 5,543,359 | |
Other | 24,210 | 11,534 | |
Corporation tax repayable | 23,217 | 23,217 | |
------------ | ------------ | ||
5,590,786 | 5,578,110 | ||
------------ | ------------ | ||
2024 | 2023 | ||
£ | £ | ||
Corporation tax repayable | 23,217 | 23,217 | |
-------- | -------- | ||
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Accruals and deferred income |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
Other creditors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 | 2023 | ||
£ | £ | ||
Secured creditors | 20,399 | 37,644 | |
-------- | -------- | ||
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
--------- |
--------- |
|
2024 |
2023 |
||
£ |
£ |
||
Secured creditors |
227,642 |
245,035 |
|
--------- |
--------- |
||
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
|
|
------- |
-------- |
|
2024 | 2023 | ||
£ | £ | ||
Present value of minimum lease payments | 5,575 | 23,654 | |
------- | -------- | ||
Deferred tax (note 20) |
|
£ |
|
At 1 May 2023 |
|
Unused amounts reversed |
(
|
--------- |
|
At 30 April 2024 |
|
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Included in provisions (note 19) |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
--------- |
--------- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
---- |
---- |
---- |
---- |
|
At 1 May 2023 |
Cash flows |
At 30 Apr 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
1,899,871 |
|
Debt due within one year |
(37,644) |
17,245 |
(20,399) |
Debt due after one year |
(245,035) |
17,393 |
(227,642) |
------------ |
------------ |
------------ |
|
|
|
|
|
------------ |
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
|
|
|
|
-------- |
---- |
-------- |
||
2023 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
|
|
|
|
-------- |
------- |
-------- |
||
|
Notes to the Financial Statements (continued) |