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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 |
Statement of comprehensive income |
10 |
Statement of financial position |
11 to 12 |
Statement of changes in equity |
13 |
Statement of cash flows |
14 |
Notes to the financial statements |
15 to 29 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered Accountants & statutory auditor |
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3B Swallowfield Courtyard |
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Wolverhampton Road |
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Oldbury |
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West Midlands |
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B69 2JG |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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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 auditor |
3B Swallowfield Courtyard |
Wolverhampton Road |
Oldbury |
West Midlands |
B69 2JG |
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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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Gross profit |
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Distribution costs |
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Administrative expenses |
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit |
6 |
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Interest receivable |
10 |
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Interest payable |
11 |
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------------ |
------------ |
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Profit before taxation |
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Taxation on ordinary activities |
12 |
(
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– |
--------- |
--------- |
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Profit for the financial year |
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--------- |
--------- |
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Remeasurement of the net defined benefit plan |
(
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Tax relating to components of other comprehensive income |
|
(
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-------- |
--------- |
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Other comprehensive income 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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Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
£ |
Tangible assets |
13 |
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Investments |
14 |
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– |
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------------ |
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Stocks |
15 |
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Debtors |
16 |
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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 |
17 |
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------------ |
------------ |
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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 |
18 |
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Taxation including deferred tax |
20 |
(
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(
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------------ |
------------ |
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Net assets excluding defined benefit pension plan liability |
4,576,095 |
3,610,708 |
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Defined benefit pension plan liability |
22 |
(
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(
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------------ |
------------ |
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Net assets including defined benefit pension plan liability |
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------------ |
------------ |
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Called up share capital |
25 |
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Profit and loss account |
26 |
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------------ |
------------ |
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Shareholders funds |
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Statement of Financial Position (continued) |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 May 2022 |
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Profit for the year |
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Other comprehensive income for the year: |
|||||
Remeasurement of the net defined benefit plan |
22 |
– |
|
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Tax relating to components of other comprehensive income |
12 |
– |
(
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(
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-------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
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At 30 April 2023 |
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Profit for the year |
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Other comprehensive income for the year: |
|||||
Remeasurement of the net defined benefit plan |
22 |
– |
(
|
(
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Tax relating to components of other comprehensive income |
12 |
– |
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-------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
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-------- |
------------ |
------------ |
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At 30 April 2024 |
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-------- |
------------ |
------------ |
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Statement of Cash Flows |
2024 |
2023 |
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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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Government grant income |
(
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(
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Interest receivable |
(
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(
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Interest payable |
|
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Gains on disposal of tangible assets |
(
|
(
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Defined benefit pension plan employer contributions |
(
|
(
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Taxation on ordinary activities |
(
|
– |
Net finance cost in respect of defined benefit scheme |
48,000 |
54,000 |
Defined benefit expenses |
106,000 |
– |
Changes in: |
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Stocks |
|
(
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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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Interest received |
|
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------------ |
--------- |
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Net cash from/(used in) operating activities |
|
(
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------------ |
--------- |
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Purchase of tangible assets |
(
|
(
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Proceeds from sale of tangible assets |
|
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Acquisition of subsidiaries |
(
|
– |
------------ |
--------- |
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Net cash used in investing activities |
(
|
(
|
------------ |
--------- |
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Repayments of borrowings |
(
|
(
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Government grant income |
|
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Payments of finance lease liabilities |
(
|
(
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Proceeds from asset refinancing |
1,233,737 |
231,236 |
------------ |
--------- |
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Net cash from/(used in) financing activities |
|
(
|
------------ |
--------- |
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Net increase/(decrease) in cash and cash equivalents |
|
(
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Cash and cash equivalents at beginning of year |
457,158 |
684,302 |
--------- |
--------- |
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Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
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Notes to the Financial Statements |
Long leasehold property |
- |
|
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Plant and machinery |
- |
10% - 20% straight line |
|
IT Equipment |
- |
20% - 50% straight line |
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Motor vehicles |
- |
|
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Fixtures & fittings |
- |
20% - 50% straight line |
|
Tooling |
- |
33
% straight line |
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
------------- |
------------ |
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2024 |
2023 |
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£ |
£ |
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United Kingdom |
|
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Overseas |
|
|
------------- |
------------ |
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------------- |
------------ |
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2024 |
2023 |
|
£ |
£ |
|
Government grant income |
|
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Other operating income |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
(9,522) |
6,691 |
Operating lease rentals |
– |
82,640 |
Defined contributions plan expense |
105,042 |
94,945 |
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
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No. |
No. |
|
Production staff |
|
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Administrative staff |
|
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Sales staff |
1 |
1 |
---- |
---- |
|
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|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
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Social security costs |
|
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Other pension costs |
|
|
------------ |
------------ |
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------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Net finance costs in respect of defined benefit pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Origination and reversal of timing differences |
(
|
– |
-------- |
---- |
|
Taxation on ordinary activities |
(
|
– |
-------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
--------- |
--------- |
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Profit 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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Unused tax losses |
(
|
(
|
Defined benefit scheme timing differences |
(27,740) |
(19,000) |
Disposal of property |
(44,033) |
– |
Impact of research and development |
(5,833) |
(23,222) |
--------- |
--------- |
|
Tax on profit |
(
|
– |
--------- |
--------- |
|
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Tooling & Hand Tools |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 May 2023 |
|
|
|
|
28,007 |
|
Additions |
|
|
|
– |
9,488 |
|
Disposals |
(
|
(
|
(
|
– |
(
2,168) |
(
|
Transfers |
– |
(16,440) |
– |
– |
– |
(16,440) |
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
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At 30 Apr 2024 |
|
|
|
|
35,327 |
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
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Depreciation |
||||||
At 1 May 2023 |
|
|
|
|
10,731 |
|
Charge for the year |
|
|
|
|
10,908 |
|
Disposals |
(
|
(
|
(
|
– |
(
963) |
(
|
Transfers |
– |
(16,440) |
– |
– |
– |
(16,440) |
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
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At 30 Apr 2024 |
|
|
|
|
20,676 |
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
Carrying amount |
||||||
At 30 Apr 2024 |
|
|
|
– |
14,651 |
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
At 30 Apr 2023 |
|
|
|
|
17,276 |
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
Plant and machinery |
|
£ |
|
At 30 April 2024 |
|
------------ |
|
At 30 April 2023 |
|
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Contracted for but not provided for in the financial statements |
– |
|
---- |
-------- |
|
Shares in group undertakings |
|
£ |
|
Cost |
|
At 1 May 2023 |
– |
Additions |
|
-------- |
|
At 30 April 2024 |
|
-------- |
|
Impairment |
|
At 1 May 2023 and 30 April 2024 |
– |
-------- |
|
Carrying amount |
|
At 30 April 2024 |
|
-------- |
|
At 30 April 2023 |
– |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Raw materials |
|
|
Work in progress |
|
|
Finished goods |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Prepayments and accrued income |
|
|
Other debtors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Accruals and deferred income |
|
|
Social security and other taxes |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
Other creditors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
Accruals and deferred income |
67,807 |
83,010 |
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
------------ |
--------- |
|
|
|
|
------------ |
--------- |
|
Deferred tax (note 21) |
|
£ |
|
At 1 May 2023 |
(
|
Additions |
(
|
--------- |
|
At 30 April 2024 |
(
|
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Included in provisions (note 20) |
(
|
(
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
Unused tax losses |
(
|
(
|
Provisions |
(
|
(
|
Pension plan obligations |
(
|
(
|
--------- |
--------- |
|
(357,833) |
(250,000) |
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Present value of defined benefit obligations |
(
|
(
|
Fair value of plan assets |
|
|
------------ |
------------ |
|
(
|
(
|
|
------------ |
------------ |
|
2024 |
||
£ |
||
At 1 May 2023 |
|
|
Interest expense |
|
|
Benefits paid |
(522,000) |
|
Remeasurements: |
||
Actuarial gains and losses |
|
|
------------ |
||
At 30 April 2024 |
|
|
------------ |
||
2024 |
||
£ |
||
At 1 May 2023 |
|
|
Benefits paid |
(
|
|
Contributions by employer |
|
|
Expenses |
(105,000) |
|
Remeasurements: |
||
Actuarial gains and losses |
(
|
|
Return on plan assets, excluding amount included in interest income |
|
|
------------ |
||
At 30 April 2024 |
|
|
------------ |
||
2024 |
2023 |
|
£ |
£ |
|
Net interest income |
(
|
(
|
-------- |
-------- |
|
Experience gains and losses on liabilities |
(160,000) |
(21,000) |
Changes in assumptions |
157,000 |
2,054,000 |
Return on plan assets, excluding amounts included in net interest |
(41,000) |
(1,261,000) |
--------- |
------------ |
|
(44,000) |
772,000 |
|
--------- |
------------ |
|
2024 |
2023 |
|
% |
% |
|
Equity instruments |
|
|
Property |
|
|
Cash and cash equivalents |
|
|
Bonds |
28.00 |
35.00 |
Insured pensions |
11.00 |
11.00 |
Alternatives |
7.00 |
7.00 |
2024 |
2023 |
||
£ |
£ |
||
Equity Instruments |
3,636,000 |
3,251,000 |
|
Property |
97,000 |
125,000 |
|
Cash |
181,000 |
96,000 |
|
Bonds |
1,985,000 |
2,530,000 |
|
Insured pensions |
740,000 |
793,000 |
|
Alternatives |
481,000 |
504,000 |
|
------------ |
------------ |
||
Total of net assets available for benefits |
7,120,000 |
7,299,000 |
|
------------ |
------------ |
||
2024 |
2023 |
|
£ |
£ |
|
Return on assets of benefit plan |
|
(
|
---- |
------- |
|
2024 |
2023 |
|
% |
% |
|
Discount rate |
|
|
Inflation RPI - 20 years |
3.41 |
3.20 |
Inflation CPI - 20 years |
2.71 |
2.50 |
----- |
----- |
|
2024 |
2023 |
|
£ |
£ |
|
Government grants recognised directly in income |
|
|
-------- |
-------- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
95,000 |
|
95,000 |
-------- |
-------- |
-------- |
-------- |
|
At 1 May 2023 |
Cash flows |
At 30 Apr 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
374,588 |
|
Debt due within one year |
(312,169) |
(260,697) |
(572,866) |
Debt due after one year |
(717,583) |
(630,707) |
(1,348,290) |
--------- |
--------- |
------------ |
|
(
|
(
|
(
|
|
--------- |
--------- |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
Later than 5 years |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements (continued) |