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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
Consolidated statement of comprehensive income |
10 |
Consolidated statement of financial position |
11 |
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 |
|
Officers and Professional Advisers |
The board of directors |
|
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Registered office |
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Auditor |
|
Chartered accountants & statutory auditor |
|
3B Swallowfield Courtyard |
|
Wolverhampton Road |
|
Oldbury |
|
West Midlands |
|
B69 2JG |
|
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Strategic Report |
|
Director |
Registered office: |
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Directors' Report |
|
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|
Director |
Registered office: |
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|
|
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Independent Auditor's Report to the Members of
|
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(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
3B Swallowfield Courtyard |
Wolverhampton Road |
Oldbury |
West Midlands |
B69 2JG |
|
Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------ |
|
Gross profit |
|
|
Distribution costs |
|
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
------------ |
------------ |
||
Operating profit |
6 |
|
|
Other interest receivable and similar income |
9 |
|
|
Interest payable and similar expenses |
10 |
|
|
------------ |
------------ |
||
Profit before taxation |
|
|
|
Tax on profit |
11 |
(
|
|
--------- |
--------- |
||
Profit for the financial year |
|
|
|
--------- |
--------- |
||
Remeasurement of the net defined benefit plan |
(
|
|
Tax relating to components of other comprehensive income |
|
(
|
-------- |
--------- |
|
Other comprehensive income for the year |
(
|
|
--------- |
--------- |
|
Total comprehensive income for the year |
|
|
--------- |
--------- |
|
The owners of the parent company |
|
|
Non-controlling interests |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
The owners of the parent company |
|
|
Non-controlling interests |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
|
Consolidated Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Negative goodwill |
12 |
(
|
(
|
Tangible assets |
13 |
|
|
------------ |
------------ |
||
|
|
||
Stocks |
15 |
|
|
Debtors |
16 |
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------ |
||
|
|
||
Creditors: amounts falling due within one year |
17 |
|
|
------------ |
------------ |
||
Net current assets |
|
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
18 |
|
|
Provisions |
20 |
(
|
(
|
------------ |
------------ |
||
Net assets excluding defined benefit pension plan liability |
3,482,488 |
2,535,752 |
|
Defined benefit pension plan liability |
22 |
(
|
(
|
------------ |
------------ |
||
Net assets including defined benefit pension plan liability |
|
|
|
------------ |
------------ |
||
Called up share capital |
25 |
|
|
Profit and loss account |
26 |
|
|
------------ |
--------- |
||
Equity attributable to the owners of the parent company |
|
|
|
Non-controlling interests |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
|
Consolidated Statement of Financial Position (continued) |
|
Director |
|
Company Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Investments |
14 |
|
|
Debtors |
16 |
|
|
Cash at bank and in hand |
|
|
|
-------- |
--------- |
||
|
|
||
Creditors: amounts falling due within one year |
17 |
|
|
-------- |
--------- |
||
Net current assets |
|
|
|
-------- |
-------- |
||
Total assets less current liabilities |
|
|
|
-------- |
-------- |
||
Net assets |
|
|
|
-------- |
-------- |
||
Called up share capital |
25 |
|
|
Profit and loss account |
26 |
|
|
-------- |
-------- |
||
Shareholders funds |
|
|
|
-------- |
-------- |
||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
|||
£ |
£ |
£ |
£ |
£ |
|||
At 1 May 2022 |
|
|
|
|
|
||
Profit for the year |
|
|
|
|
|||
Other comprehensive income for the year: |
|||||||
Remeasurement of the net defined benefit plan |
22 |
– |
|
|
|
|
|
Tax relating to components of other comprehensive income |
11 |
– |
(
|
(
|
(
|
(
|
|
---- |
--------- |
--------- |
--------- |
--------- |
|||
Total comprehensive income for the year |
– |
|
|
|
|
||
At 30 April 2023 |
|
|
|
|
|
||
Profit for the year |
|
|
|
|
|||
Other comprehensive income for the year: |
|||||||
Remeasurement of the net defined benefit plan |
22 |
– |
(
|
(
|
(
|
(
|
|
Tax relating to components of other comprehensive income |
11 |
– |
|
|
|
|
|
---- |
--------- |
--------- |
--------- |
------------ |
|||
Total comprehensive income for the year |
– |
|
|
|
|
||
---- |
------------ |
------------ |
------------ |
------------ |
|||
At 30 April 2024 |
|
|
|
|
|
||
---- |
------------ |
------------ |
------------ |
------------ |
|||
|
Company Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 1 May 2022 |
|
|
|
Profit for the year |
|
|
|
---- |
------- |
------- |
|
Total comprehensive income for the year |
– |
|
|
At 30 April 2023 |
|
|
|
Profit for the year |
|
|
|
---- |
-------- |
-------- |
|
Total comprehensive income for the year |
– |
|
|
---- |
-------- |
-------- |
|
At 30 April 2024 |
|
|
|
---- |
-------- |
-------- |
|
|
Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
(
|
(
|
Government grant income |
(16,155) |
(20,770) |
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Defined benefit pension plan employer contributions |
(
|
(
|
Tax on profit |
(
|
|
Net finance costs in respect of defined benefit scheme |
48,000 |
54,000 |
Defined benefit expenses |
106,000 |
– |
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 |
(
|
– |
------------ |
--------- |
|
Net cash used in investing activities |
(
|
(
|
------------ |
--------- |
|
Proceeds from borrowings |
|
– |
Repayments of borrowings |
(
|
(
|
Government grant income |
|
|
Payments of finance lease liabilities |
(
|
(
|
Proceeds from asset refinancing |
1,233,737 |
231,236 |
------------ |
--------- |
|
Net cash from/(used in) financing activities |
|
(
|
------------ |
--------- |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
749,151 |
820,494 |
--------- |
--------- |
|
Cash and cash equivalents at end of year |
|
|
--------- |
--------- |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Long leasehold property |
- |
|
|
Plant and machinery |
- |
10%-20% straight line |
|
Fixtures and fittings |
- |
20%-50% straight line |
|
Motor vehicles |
- |
|
|
IT Equipment |
- |
10%-20% straight line |
|
Tooling |
- |
33
% straight line |
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
– |
|
------------- |
------------ |
|
|
|
|
------------- |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------- |
------------ |
|
|
|
|
------------- |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Government grant income |
|
|
Other operating income |
|
|
--------- |
-------- |
|
|
|
|
--------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Amortisation of intangible assets |
(
|
(
|
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 |
|
|
-------- |
-------- |
|
Other non-audit services |
– |
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
2 |
2 |
Sales staff |
1 |
1 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
– |
Interest on obligations under finance leases and hire purchase contracts |
|
|
Net finance costs in respect of defined benefit pension plans |
|
|
Other interest payable and similar charges |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
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 |
|
|
Effect of expenses not deductible for tax purposes |
(
|
(
|
Effect of capital allowances and depreciation |
|
(
|
Unused tax losses |
(
|
– |
Defined benefit scheme timing differences |
(27,740) |
– |
Property disposal |
(44,033) |
– |
Effect of super deduction |
– |
(6,317) |
Impact of research and development |
(5,833) |
(23,222) |
--------- |
--------- |
|
Tax on profit |
(
|
|
--------- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 May 2023 |
(
|
Additions |
|
------------ |
|
At 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 |
(
|
------------ |
|
Group |
Long leasehold property |
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) |
(
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
At 30 Apr 2024 |
|
|
|
|
35,327 |
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
Depreciation |
||||||
At 1 May 2023 |
|
|
|
|
10,731 |
|
Charge for the year |
|
|
|
|
10,908 |
|
Disposals |
(
|
(
|
(
|
– |
(
963) |
(
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
At 30 Apr 2024 |
|
|
|
|
20,676 |
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
Carrying amount |
||||||
At 30 Apr 2024 |
|
|
|
– |
14,651 |
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
At 30 Apr 2023 |
|
|
|
|
17,276 |
|
------------ |
------------ |
------------ |
------- |
-------- |
------------ |
|
Group |
Plant and machinery |
£ |
|
At 30 April 2024 |
|
------------ |
|
At 30 April 2023 |
|
------------ |
|
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 |
75 |
|
Ordinary |
57.98 |
|
Ordinary |
57.98 |
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 |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
|
|
|
|
------------ |
------------ |
-------- |
-------- |
|
|
|
|
|
|
------------ |
------------ |
-------- |
-------- |
|
Group |
Company |
|||
2024 |
2023 |
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 |
|
|
– |
– |
------------ |
------------ |
-------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
-------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
67,807 |
83,010 |
– |
– |
------------ |
--------- |
---- |
---- |
|
|
|
– |
– |
|
------------ |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
--------- |
---- |
---- |
|
|
|
– |
– |
|
------------ |
--------- |
---- |
---- |
|
Group |
Deferred tax (note 21) |
£ |
|
At 1 May 2023 |
(
|
Additions |
(
|
--------- |
|
At 30 April 2024 |
(
|
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
(
|
(
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
(
|
– |
– |
Unused tax losses |
(
|
|
– |
– |
Provisions |
(
|
|
– |
– |
Pension plan obligations |
(
|
(
|
– |
– |
--------- |
--------- |
---- |
---- |
|
(389,525) |
(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 |
|
|
Transfer in |
(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 |
1,985,000 |
2,530,000 |
Insured pensions |
740,000
|
793,000
|
Alternatives |
481,000
|
504,000
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
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 |
----- |
----- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
30 |
|
30 |
---- |
---- |
---- |
---- |
|
At 1 May 2023 |
Cash flows |
At 30 Apr 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
169,211 |
|
Debt due within one year |
(402,945) |
(333,124) |
(736,069) |
Debt due after one year |
(717,583) |
(630,707) |
(1,348,290) |
--------- |
--------- |
------------ |
|
(
|
(
|
(
|
|
--------- |
--------- |
------------ |
|
|
Notes to the Financial Statements (continued) |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
Later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|