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Financial Statements |
Contents |
Pages |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 to 5 |
Independent auditor's report to the members |
6 to 10 |
Consolidated statement of comprehensive income |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Consolidated statement of changes in equity |
14 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 to 28 |
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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 Auditors |
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Aisling House |
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50 Stranmillis Embankment |
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Belfast |
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BT9 5FL |
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Bankers |
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7 Donegall Square North |
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Belfast |
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BT1 5LU |
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298 Antrim Road |
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Glengormley |
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BT36 5EG |
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Solicitors |
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Six Mile Chambers |
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59 Main Street |
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Ballyclare |
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BT39 9AA |
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Jefferson House |
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42 Queen Street |
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Belfast |
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BT1 6HL |
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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 Auditors |
Aisling House |
50 Stranmillis Embankment |
Belfast |
BT9 5FL |
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Consolidated 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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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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Foreign currency retranslation |
(
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--------- |
--------- |
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Total comprehensive income for the year |
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--------- |
--------- |
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Consolidated Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
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Negative goodwill |
13 |
(
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(
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Tangible assets |
14 |
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------------ |
------------ |
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Stocks |
16 |
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Debtors |
17 |
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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 |
18 |
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------------- |
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Net current assets |
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Total assets less current liabilities |
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Taxation including deferred tax |
19 |
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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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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
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Investments |
15 |
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Debtors |
17 |
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Creditors: amounts falling due within one year |
18 |
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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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------------ |
------------ |
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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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Consolidated 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: |
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Foreign currency retranslation |
– |
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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: |
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Foreign currency retranslation |
– |
(
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(
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------------ |
------------ |
------------- |
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Total comprehensive income for the year |
– |
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Issue of shares |
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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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Company 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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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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At 30 April 2023 |
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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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Issue of shares |
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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 2024 |
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------------ |
--------- |
------------ |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
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£ |
£ |
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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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Amortisation of intangible assets |
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Interest receivable |
(
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(
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Interest payable |
|
– |
Unrealised foreign currency (gains)/loss |
(16,223) |
32,317 |
Taxation on ordinary activities |
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Accrued expenses/(income) |
|
(
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Release of negative goodwill |
(35,879) |
(35,879) |
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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Tax paid |
(
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(
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--------- |
--------- |
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Net cash from operating activities |
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--------- |
--------- |
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Purchase of tangible 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 issue of ordinary shares |
|
– |
Proceeds from loans from participating interests |
|
(
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--------- |
--------- |
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Net cash from/(used in) financing activities |
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(
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--------- |
--------- |
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Net increase in cash and cash equivalents |
|
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Cash and cash equivalents at beginning of year |
2,147,969 |
2,044,400 |
------------ |
------------ |
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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 |
- |
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Pland & Machinery |
- |
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Fixtures & Fittings |
- |
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Motor Vehicles |
- |
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Equipment |
- |
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2024 |
2023 |
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£ |
£ |
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Rendering of services |
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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Management charges receivable |
|
– |
-------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
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Amortisation of intangible assets |
|
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Depreciation of tangible assets |
|
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Administrative expenses |
(35,879) |
(35,879) |
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Impairment of trade debtors |
14,789 |
31,481 |
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Operating lease rentals |
|
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Foreign exchange differences |
(
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--------- |
--------- |
||
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
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No. |
No. |
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Administrative staff |
|
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Number of sales staff |
|
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Number of production staff |
|
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---- |
---- |
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---- |
---- |
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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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------------ |
------------ |
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2024 |
2023 |
|
£ |
£ |
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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 bank deposits |
|
|
------- |
------- |
|
2024 |
2023 |
|
£ |
£ |
|
Other interest payable and similar charges |
|
– |
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
– |
(
|
--------- |
--------- |
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Total current tax |
|
|
--------- |
--------- |
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Origination and reversal of timing differences |
|
|
--------- |
--------- |
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Taxation on ordinary activities |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
--------- |
--------- |
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Profit on ordinary activities by rate of tax |
|
|
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 |
(
|
|
Utilisation of tax losses |
(
|
– |
Unused tax losses |
– |
|
Effect of changes in tax rates |
– |
6,479
|
Deferred tax movement |
|
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--------- |
--------- |
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Tax on loss |
|
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--------- |
--------- |
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Group |
Goodwill |
£ |
|
Cost |
|
At 1 May 2023 and 30 April 2024 |
|
------------ |
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Amortisation |
|
At 1 May 2023 |
|
Charge for the year |
|
Release of negative goodwill |
(
|
------------ |
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At 30 April 2024 |
|
------------ |
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Carrying amount |
|
At 30 April 2024 |
(
|
------------ |
|
At 30 April 2023 |
(
|
------------ |
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Group |
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 May 2023 |
|
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Additions |
– |
|
|
– |
|
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------------ |
-------- |
-------- |
-------- |
--------- |
------------ |
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At 30 Apr 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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At 30 Apr 2024 |
– |
|
|
|
|
|
------------ |
-------- |
-------- |
-------- |
--------- |
------------ |
|
Carrying amount |
||||||
At 30 Apr 2024 |
|
|
|
|
|
|
------------ |
-------- |
-------- |
-------- |
--------- |
------------ |
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At 30 Apr 2023 |
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|
|
------------ |
-------- |
-------- |
-------- |
--------- |
------------ |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 May 2023 and 30 April 2024 |
|
------------ |
|
Impairment |
|
At 1 May 2023 and 30 April 2024 |
– |
------------ |
|
Carrying amount |
|
At 1 May 2023 and 30 April 2024 |
|
------------ |
|
At 30 April 2023 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Work in progress |
|
|
– |
– |
Finished goods |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by undertakings in which the company has a participating interest |
|
|
|
|
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
|
|
------------- |
------------- |
--------- |
--------- |
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------------- |
------------- |
--------- |
--------- |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
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|
|
Amounts owed to undertakings in which the company has a participating interest |
|
|
|
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Accruals and deferred income |
|
|
|
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Corporation tax |
|
|
– |
|
Social security and other taxes |
|
|
|
|
Director loan accounts |
|
|
|
|
Other creditors - staff costs |
|
|
|
|
Pension control |
|
|
|
(
|
------------ |
------------ |
--------- |
--------- |
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|
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|
------------ |
------------ |
--------- |
--------- |
|
Group |
Deferred tax (note 20) |
£ |
|
At 1 May 2023 |
|
Additions |
|
------- |
|
At 30 April 2024 |
|
------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 19) |
|
|
– |
– |
------- |
------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
------- |
------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
3,749,488 |
|
3,749,488 |
|
|
787 |
– |
– |
------------ |
------------ |
------------ |
------------ |
|
|
3,750,275 |
|
3,749,488 |
|
------------ |
------------ |
------------ |
------------ |
|
At 1 May 2023 |
Cash flows |
At 30 Apr 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
293,261 |
|
Debt due within one year |
(782,825) |
(203,952) |
(986,777) |
------------ |
--------- |
------------ |
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|
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|
------------ |
--------- |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
-------- |
---- |
---- |
|
Balance brought forward and outstanding |
||
2024 |
2023 |
|
£ |
£ |
|
|
(
|
(
|
------- |
------- |
|
|
Notes to the Financial Statements (continued) |