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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 27 |
|
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 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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Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
– |
Cost of sales |
|
– |
------------ |
---- |
|
Gross profit |
|
– |
Administrative expenses |
|
– |
|
------------ |
---- |
||
Operating profit |
5 |
|
– |
Other interest receivable and similar income |
9 |
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– |
Amounts written off investments |
|
– |
|
------------ |
---- |
||
Loss before taxation |
(
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– |
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Tax on loss |
10 |
(
|
– |
------------ |
---- |
||
Loss for the financial year |
(
|
– |
|
------------ |
---- |
||
Revaluation of tangible assets |
|
– |
Merger relief |
7,611,068 |
– |
Tax relating to components of other comprehensive income |
(
|
– |
------------ |
---- |
|
Other comprehensive income for the year |
|
– |
------------ |
---- |
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Total comprehensive income for the year |
|
– |
------------ |
---- |
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Consolidated Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Intangible assets |
12 |
|
– |
Tangible assets |
13 |
|
– |
------------ |
---- |
||
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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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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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Provisions |
18 |
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– |
------------ |
---- |
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Net assets |
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------------ |
---- |
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Called up share capital |
22 |
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Revaluation reserve |
23 |
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– |
Capital redemption reserve |
23 |
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– |
Merger reserve |
23 |
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– |
Profit and loss account |
23 |
(
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– |
------------ |
---- |
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Shareholders funds |
|
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------------ |
---- |
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Director |
|
Company 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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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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– |
--------- |
---- |
||
Net current (liabilities)/assets |
(
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|
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------------ |
---- |
||
Total assets less current liabilities |
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Provisions |
18 |
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– |
------------ |
---- |
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Net assets |
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------------ |
---- |
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Called up share capital |
22 |
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Profit and loss account |
23 |
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– |
------------ |
---- |
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Shareholders funds |
|
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|
------------ |
---- |
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|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Capital redemption reserve |
Merger reserve |
Profit and loss account |
Total |
|||
Note |
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 May 2022 |
– |
– |
– |
– |
– |
– |
||
Profit for the year |
– |
– |
||||||
Issue of shares |
|
– |
– |
– |
– |
|
||
---- |
---- |
---- |
---- |
---- |
---- |
|||
Total investments by and distributions to owners |
|
– |
– |
– |
– |
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||
At 30 April 2023 |
|
– |
– |
– |
– |
|
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Loss for the year |
(
|
(
|
||||||
Other comprehensive income for the year: |
||||||||
Revaluation of tangible assets |
13 |
– |
|
– |
– |
– |
|
|
Merger relief |
– |
– |
2,000 |
7,609,068 |
– |
7,611,068 |
||
Tax relating to components of other comprehensive income |
10 |
– |
(
|
– |
– |
– |
(
|
|
---- |
------------ |
------- |
------------ |
------------ |
------------ |
|||
Total comprehensive income for the year |
– |
|
|
|
(
|
|
||
Issue of shares |
|
– |
– |
– |
– |
|
||
Dividends paid and payable |
11 |
– |
– |
– |
– |
(
|
(
|
|
------- |
---- |
---- |
---- |
--------- |
--------- |
|||
Total investments by and distributions to owners |
|
– |
– |
– |
(
|
(
|
||
------- |
--------- |
------- |
------------ |
------------ |
------------ |
|||
At 30 April 2024 |
|
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|
|
(
|
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||
------- |
--------- |
------- |
------------ |
------------ |
------------ |
|||
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 May 2022 |
– |
– |
– |
|
Profit for the year |
– |
– |
||
Issue of shares |
|
– |
|
|
---- |
---- |
---- |
||
Total investments by and distributions to owners |
|
– |
|
|
At 30 April 2023 |
|
– |
|
|
Profit for the year |
|
|
||
---- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
|
|
|
Issue of shares |
|
– |
|
|
Dividends paid and payable |
11 |
– |
(
|
(
|
------- |
--------- |
--------- |
||
Total investments by and distributions to owners |
|
(
|
(
|
|
------- |
------------ |
------------ |
||
At 30 April 2024 |
|
|
|
|
------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Loss for the financial year |
(
|
– |
Adjustments for: |
||
Depreciation of tangible assets |
|
– |
Amortisation of intangible assets |
|
– |
Amounts written back to investments |
|
– |
Loss on financial assets at fair value through profit or loss |
125 |
– |
Other interest receivable and similar income |
(
|
– |
Gains on disposal of tangible assets |
(
|
– |
Tax on profit |
(
|
– |
Accrued expenses |
|
– |
Changes in: |
||
Stocks |
(
|
– |
Trade and other debtors |
(
|
(
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Trade and other creditors |
|
– |
------------ |
---- |
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Cash generated from operations |
(
|
(
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Interest received |
|
– |
--------- |
---- |
|
Net cash used in operating activities |
(
|
(
|
--------- |
---- |
|
Purchase of tangible assets |
(
|
– |
Proceeds from sale of tangible assets |
|
– |
Purchase of intangible assets |
(
|
– |
Acquisition of subsidiaries |
|
– |
------------ |
---- |
|
Net cash from investing activities |
|
– |
------------ |
---- |
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Proceeds from issue of ordinary shares |
– |
|
Dividends paid |
(
|
– |
------------ |
---- |
|
Net cash (used in)/from financing activities |
(
|
|
------------ |
---- |
|
Net increase in cash and cash equivalents |
|
– |
Cash and cash equivalents at beginning of year |
– |
– |
------------ |
---- |
|
Cash and cash equivalents at end of year |
|
– |
------------ |
---- |
|
|
Notes to the Financial Statements |
Goodwill |
- |
7 years |
|
Patents, trademarks and licences |
- |
8 years |
|
Freehold property |
- |
|
|
Plant and machinery |
- |
15% on reducing balance and 15% straight line |
|
Fixtures and fittings |
- |
15% on reducing balance and 15%, 20% and 33% straight line |
|
Motor vehicles |
- |
25% reducing balance and 20% straight line |
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
– |
------------ |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
– |
Depreciation of tangible assets |
|
– |
Gains on disposal of tangible assets |
(
|
– |
Impairment of trade debtors |
123 |
– |
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 |
– |
---- |
---- |
|
|
– |
|
---- |
---- |
|
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 cash and cash equivalents |
|
– |
-------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
– |
Origination and reversal of timing differences |
(
|
– |
-------- |
---- |
|
Tax on profit |
(
|
– |
-------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Loss on ordinary activities before taxation |
(
|
– |
------------ |
---- |
|
Loss on ordinary activities by rate of tax |
(
|
– |
Effect of expenses not deductible for tax purposes |
|
– |
Effect of capital allowances and depreciation |
(
|
– |
------------ |
---- |
|
Tax on profit |
(
|
– |
------------ |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends on equity shares |
|
– |
--------- |
---- |
|
Group |
Goodwill |
Patents, trademarks and licences |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 May 2023 |
– |
– |
– |
Additions |
– |
|
|
Transfers |
171,663 |
12,161 |
183,824 |
--------- |
-------- |
--------- |
|
At 30 April 2024 |
|
|
|
--------- |
-------- |
--------- |
|
Amortisation |
|||
At 1 May 2023 |
– |
– |
– |
Charge for the year |
– |
|
|
Transfers |
171,663 |
786 |
172,449 |
--------- |
-------- |
--------- |
|
At 30 April 2024 |
|
|
|
--------- |
-------- |
--------- |
|
Carrying amount |
|||
At 30 April 2024 |
– |
|
|
--------- |
-------- |
--------- |
|
At 30 April 2023 |
– |
– |
– |
--------- |
-------- |
--------- |
|
Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 May 2023 |
– |
– |
– |
– |
– |
Additions |
|
|
– |
|
|
Disposals |
– |
– |
– |
(
|
(
|
Revaluations |
|
– |
– |
– |
|
Transfers |
783,716 |
2,654,068 |
385,662 |
286,764 |
4,110,210 |
------------ |
------------ |
--------- |
--------- |
------------ |
|
At 30 April 2024 |
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 May 2023 |
– |
– |
– |
– |
– |
Charge for the year |
|
|
|
|
|
Disposals |
– |
– |
– |
(
|
(
|
Revaluations |
(
|
– |
– |
– |
(
|
Transfers |
237,731 |
2,098,540 |
349,962 |
179,482 |
2,865,715 |
------------ |
------------ |
--------- |
--------- |
------------ |
|
At 30 April 2024 |
– |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 30 April 2024 |
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
------------ |
|
At 30 April 2023 |
– |
– |
– |
– |
– |
------------ |
------------ |
--------- |
--------- |
------------ |
|
Company |
Freehold property |
£ |
|
Cost |
|
At 1 May 2023 |
– |
Additions |
|
Transfers |
1,577,669 |
------------ |
|
At 30 April 2024 |
|
------------ |
|
Depreciation |
|
At 1 May 2023 and 30 April 2024 |
– |
------------ |
|
Carrying amount |
|
At 30 April 2024 |
|
------------ |
|
At 30 April 2023 |
– |
------------ |
|
Group |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 May 2023 |
– |
Transfers |
125 |
---- |
|
At 30 April 2024 |
|
---- |
|
Impairment |
|
At 1 May 2023 |
– |
Impairment losses |
|
---- |
|
At 30 April 2024 |
|
---- |
|
Carrying amount |
|
At 30 April 2024 |
– |
---- |
|
At 30 April 2023 |
– |
---- |
|
Company |
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 |
– |
------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
– |
– |
– |
Work in progress |
|
– |
– |
– |
Finished goods and goods for resale |
|
– |
– |
– |
--------- |
---- |
---- |
---- |
|
|
– |
– |
– |
|
--------- |
---- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
– |
|
– |
Prepayments and accrued income |
|
– |
– |
– |
Directors loan account |
|
– |
– |
– |
Other debtors |
|
|
– |
|
------------ |
---- |
------- |
---- |
|
|
|
|
|
|
------------ |
---- |
------- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
– |
– |
– |
Amounts owed to group undertakings |
– |
– |
|
– |
Accruals and deferred income |
|
– |
|
– |
Corporation tax |
|
– |
|
– |
Social security and other taxes |
|
– |
|
– |
Director loan accounts |
|
– |
– |
– |
Other creditors |
|
– |
– |
– |
------------ |
---- |
--------- |
---- |
|
|
– |
|
– |
|
------------ |
---- |
--------- |
---- |
|
Group |
Deferred tax (note 19) |
£ |
|
At 1 May 2023 |
– |
Additions |
|
Transfers |
|
--------- |
|
At 30 April 2024 |
|
--------- |
|
Company |
Deferred tax (note 19) |
£ |
|
At 1 May 2023 |
– |
Transfers |
|
-------- |
|
At 30 April 2024 |
|
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 18) |
|
– |
|
– |
--------- |
---- |
-------- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
– |
– |
– |
Fair value adjustment of investment property |
|
– |
|
– |
Unused tax losses |
(
|
– |
– |
– |
Provisions |
(
|
– |
– |
– |
--------- |
---- |
-------- |
---- |
|
214,225 |
– |
99,835 |
– |
|
--------- |
---- |
-------- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
8,000 |
|
1 |
------- |
------- |
---- |
---- |
|
At 1 May 2023 |
Cash flows |
At 30 Apr 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
– |
2,790,335 |
|
Debt due within one year |
– |
(100,000) |
(100,000) |
---- |
------------ |
------------ |
|
– |
|
|
|
---- |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
– |
– |
– |
-------- |
---- |
---- |
---- |
|