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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 |
Statement of changes in equity |
12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 to 25 |
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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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United Kingdom |
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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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United Kingdom |
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Directors' Report |
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Director |
Registered office: |
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United Kingdom |
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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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Administrative expenses |
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------------ |
------------ |
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Operating loss |
5 |
(
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(
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Other interest receivable and similar income |
9 |
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Loan relationship write off |
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– |
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------------ |
------------ |
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Loss before taxation |
(
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(
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Tax on loss |
10 |
(
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(
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------------ |
-------- |
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Loss for the financial year |
(
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(
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------------ |
-------- |
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Revaluation of tangible assets |
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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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Total comprehensive income for the year |
(
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(
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------------ |
------- |
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Statement of Financial Position |
2024 |
2023 |
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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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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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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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Capital redemption reserve |
23 |
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Profit and loss account |
23 |
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Shareholders funds |
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------------ |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Capital redemption reserve |
Profit and loss account |
Total |
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Note |
£ |
£ |
£ |
£ |
£ |
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At 1 May 2022 |
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– |
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Loss for the year |
(
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(
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------- |
---- |
------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
(
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(
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Dividends paid and payable |
11 |
– |
– |
– |
(
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(
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------- |
---- |
------- |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
– |
– |
(
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(
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At 30 April 2023 |
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– |
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Loss for the year |
(
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(
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Other comprehensive income for the year: |
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Revaluation of tangible assets |
13 |
– |
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– |
– |
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Reclassification from revaluation reserve to profit and loss account |
– |
(
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– |
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– |
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Tax relating to components of other comprehensive income |
10 |
– |
(
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– |
– |
(
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------- |
------------ |
------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
(
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(
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Dividends paid and payable |
11 |
– |
– |
– |
(
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(
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---- |
---- |
---- |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
– |
– |
(
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(
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------- |
---- |
------- |
------------ |
------------ |
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At 30 April 2024 |
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– |
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------- |
---- |
------- |
------------ |
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Statement of Cash Flows |
2024 |
2023 |
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£ |
£ |
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Loss for the financial year |
(
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(
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Adjustments for: |
||
Depreciation of tangible assets |
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Amortisation of intangible assets |
1,599 |
253 |
Impairment of loans |
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– |
Loss on financial assets at fair value through profit or loss |
125 |
– |
Other interest receivable and similar income |
(
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(
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Gains on disposal of tangible assets |
(
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(
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Tax on loss |
(
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(
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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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(
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Interest received |
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Tax received |
– |
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-------- |
--------- |
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Net cash used in operating activities |
(
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(
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-------- |
--------- |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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Purchase of intangible assets |
(
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(
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--------- |
--------- |
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Net cash used in investing activities |
(
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(
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--------- |
--------- |
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Proceeds from loans from group undertakings |
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– |
Dividends paid |
(
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(
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--------- |
--------- |
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Net cash used in financing activities |
(
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(
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--------- |
--------- |
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Net decrease in cash and cash equivalents |
(
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(
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Cash and cash equivalents at beginning of year |
3,509,320 |
4,066,854 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
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------------ |
------------ |
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Notes to the Financial Statements |
Goodwill |
- |
7 years |
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Patents, trademarks and licences |
- |
8 years |
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Freehold property |
- |
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Plant and machinery |
- |
15% on reducing balance and 15% straight line |
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Fixtures and fittings |
- |
15% on reducing balance and 15%, 20%, and 33% straight line |
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Motor vehicles |
- |
25% on reducing balance and 20% straight line |
|
2024 |
2023 |
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£ |
£ |
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United Kingdom |
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Rest of Europe |
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Rest of the world |
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Amortisation of intangible assets |
|
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Depreciation of tangible assets |
|
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Gains on disposal of tangible assets |
(
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(
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Impairment of trade debtors |
184 |
7,466 |
Operating lease rentals |
|
– |
Foreign exchange differences |
(
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|
--------- |
--------- |
|
2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
|
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-------- |
-------- |
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2024 |
2023 |
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No. |
No. |
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Production staff |
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Administrative staff |
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Management staff |
2 |
2 |
---- |
---- |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
|
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---- |
---- |
|
2024 |
2023 |
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£ |
£ |
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Aggregate remuneration |
|
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Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Interest on cash and cash equivalents |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
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UK current tax income |
– |
(
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Origination and reversal of timing differences |
(
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(
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-------- |
-------- |
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Tax on loss |
(
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(
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-------- |
-------- |
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2024 |
2023 |
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£ |
£ |
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Loss on ordinary activities before taxation |
(
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(
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------------ |
-------- |
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Loss on ordinary activities by rate of tax |
(
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(
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Adjustment to tax charge in respect of prior periods |
– |
(
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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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(
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------------ |
-------- |
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Tax on loss |
(
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(
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------------ |
-------- |
|
2024 |
2023 |
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£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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------------ |
--------- |
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Goodwill |
Patents, trademarks and licences |
Total |
|
£ |
£ |
£ |
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Cost |
|||
At 1 May 2023 |
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Additions |
– |
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--------- |
-------- |
--------- |
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At 30 April 2024 |
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--------- |
-------- |
--------- |
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Amortisation |
|||
At 1 May 2023 |
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Charge for the year |
– |
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--------- |
-------- |
--------- |
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At 30 April 2024 |
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--------- |
-------- |
--------- |
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Carrying amount |
|||
At 30 April 2024 |
– |
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--------- |
-------- |
--------- |
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At 30 April 2023 |
– |
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--------- |
-------- |
--------- |
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Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|||||
At 1 May 2023 |
|
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Additions |
|
|
– |
|
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Disposals |
(
|
– |
– |
(
|
(
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Revaluations |
|
– |
– |
– |
|
------------ |
------------ |
--------- |
--------- |
------------ |
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At 30 April 2024 |
– |
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------------ |
------------ |
--------- |
--------- |
------------ |
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Depreciation |
|||||
At 1 May 2023 |
|
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Charge for the year |
|
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Disposals |
– |
– |
– |
(
|
(
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Revaluations |
(
|
– |
– |
– |
(
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------------ |
------------ |
--------- |
--------- |
------------ |
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At 30 April 2024 |
– |
|
|
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|
------------ |
------------ |
--------- |
--------- |
------------ |
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Carrying amount |
|||||
At 30 April 2024 |
– |
|
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|
------------ |
------------ |
--------- |
--------- |
------------ |
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At 30 April 2023 |
|
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------------ |
------------ |
--------- |
--------- |
------------ |
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Shares in group undertakings |
|
£ |
|
Cost |
|
At 1 May 2023 and 30 April 2024 |
|
---- |
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Impairment |
|
At 1 May 2023 |
– |
Impairment losses |
|
---- |
|
At 30 April 2024 |
|
---- |
|
Carrying amount |
|
At 30 April 2024 |
– |
---- |
|
At 30 April 2023 |
|
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Raw materials and consumables |
|
|
Work in progress |
|
|
Finished goods and goods for resale |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
|
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Amounts owed by related parties |
– |
|
Prepayments and accrued income |
|
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Directors loan account |
|
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Other debtors |
|
|
------------ |
------------ |
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|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
|
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Amounts owed to group undertakings |
|
– |
Accruals and deferred income |
|
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Social security and other taxes |
|
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Director loan accounts |
|
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Other creditors |
|
|
------------ |
------------ |
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------------ |
------------ |
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Deferred tax (note 19) |
|
£ |
|
At 1 May 2023 |
|
Additions |
|
Transfers |
(
|
--------- |
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At 30 April 2024 |
|
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Included in provisions (note 18) |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
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Accelerated capital allowances |
|
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Unused tax losses |
(
|
(
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Provisions |
(
|
(
|
--------- |
--------- |
|
114,390 |
159,000 |
|
--------- |
--------- |
|
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
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|
5,400 |
|
5,400 |
|
|
1,100 |
|
1,100 |
|
|
1,000 |
|
1,000 |
|
|
500 |
|
500 |
------- |
------- |
------- |
------- |
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|
------- |
------- |
------- |
------- |
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At 1 May 2023 |
Cash flows |
At 30 Apr 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(803,239) |
|
Debt due within one year |
(400,000) |
255,601 |
(144,399) |
------------ |
--------- |
------------ |
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(
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------------ |
--------- |
------------ |
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Notes to the Financial Statements (continued) |
2024 |
2023 |
|
£ |
£ |
|
Tangible assets |
– |
|
---- |
------- |
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
– |
|
-------- |
-------- |
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-------- |
-------- |
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