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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
5 |
Independent auditor's report to the members |
8 |
Consolidated statement of comprehensive income |
13 |
Consolidated statement of financial position |
14 |
Company statement of financial position |
15 |
Consolidated statement of changes in equity |
16 |
Company statement of changes in equity |
17 |
Consolidated statement of cash flows |
18 |
Notes to the financial statements |
19 |
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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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5 Godalming Business Centre |
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Woolsack Way |
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Godalming |
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Surrey |
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GU7 1XW |
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Bankers |
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Andrews House |
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College Road |
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Guildford |
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Surrey |
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GU1 4RG |
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Corporate Banking |
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P.O. Box 673 |
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Town Gate House |
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Church Street East |
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Woking |
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Surrey |
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GU21 1XW |
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Strategic Report |
2024 | 2023 | 2022 | ||
£ | £ | £ | ||
Turnover | 8,283,810 | 4,590,694 | 7,341,934 | |
Profit before tax | 1,545,763 | 261,697 | 291,264 | |
Profit (%) | 19 | 6 | 4 | |
|
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 |
5 Godalming Business Centre |
Woolsack Way |
Godalming |
Surrey |
GU7 1XW |
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Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
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Cost of sales |
(
|
(
|
------------ |
------------ |
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Gross profit |
|
|
Distribution costs |
(
|
(
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Administrative expenses |
(
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(
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Other operating income |
5 |
|
– |
------------ |
------------ |
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Operating profit |
6 |
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Income from other fixed asset investments |
10 |
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Other interest receivable and similar income |
11 |
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Interest payable and similar expenses |
12 |
(
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– |
------------ |
------------ |
||
Profit before taxation |
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Tax on profit |
13 |
(
|
(
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------------ |
--------- |
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Profit for the financial year and total comprehensive income |
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------------ |
--------- |
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Consolidated Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
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Tangible assets |
15 |
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Investments |
16 |
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------------ |
-------- |
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Stocks |
17 |
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Debtors |
18 |
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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 |
19 |
(
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(
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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 |
20 |
(
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– |
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Taxation including deferred tax |
21 |
(
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(
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Other provisions |
21 |
(
|
(
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--------- |
--------- |
|||
(127,047) |
(184,342) |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
25 |
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Share premium account |
26 |
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Capital redemption reserve |
26 |
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Profit and loss account |
26 |
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
|
Investments |
16 |
|
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Debtors |
18 |
– |
|
|
Creditors: amounts falling due within one year |
19 |
(
|
(
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---- |
--------- |
|||
Net current liabilities |
(
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– |
||
--------- |
--------- |
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Total assets less current liabilities |
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--------- |
--------- |
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Called up share capital |
25 |
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Share premium account |
26 |
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Capital redemption reserve |
26 |
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--------- |
--------- |
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Shareholders funds |
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--------- |
--------- |
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Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Capital redemption reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 1 July 2022 |
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Profit for the year |
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-------- |
--------- |
-------- |
------------ |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
|
|
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Dividends paid and payable |
14 |
– |
– |
– |
(
|
(
|
-------- |
--------- |
-------- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
– |
(
|
(
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At 30 June 2023 |
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Profit for the year |
|
|
||||
-------- |
--------- |
-------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
– |
|
|
|
-------- |
--------- |
-------- |
------------ |
------------ |
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At 30 June 2024 |
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|
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-------- |
--------- |
-------- |
------------ |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Capital redemption reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 1 July 2022 |
|
|
|
– |
|
|
Profit for the year |
|
|
||||
-------- |
--------- |
-------- |
--------- |
--------- |
||
Total comprehensive income for the year |
– |
– |
– |
|
|
|
Dividends paid and payable |
14 |
– |
– |
– |
(
|
(
|
-------- |
--------- |
-------- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
– |
(
|
(
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At 30 June 2023 |
|
|
|
– |
|
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Profit for the year |
– |
– |
||||
-------- |
--------- |
-------- |
--------- |
--------- |
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At 30 June 2024 |
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– |
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-------- |
--------- |
-------- |
--------- |
--------- |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Income from other fixed asset investments |
(
|
(
|
Other interest receivable and similar income |
(
|
(
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Interest payable and similar expenses |
|
– |
Unrealised foreign currency gains |
(880) |
– |
Tax on profit |
|
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Accrued expenses |
|
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Changes in: |
||
Stocks |
|
(
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Trade and other debtors |
|
(
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Trade and other creditors |
|
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Provisions and employee benefits |
(
|
(
|
------------ |
--------- |
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Cash generated from operations |
|
|
Interest paid |
(
|
– |
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
-------- |
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Net cash from operating activities |
|
|
------------ |
-------- |
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Purchase of tangible assets |
(
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(
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Dividends received |
|
|
------------ |
-------- |
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Net cash used in investing activities |
(
|
(
|
------------ |
-------- |
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Proceeds from borrowings |
|
|
Dividends paid |
– |
(
|
------------ |
--------- |
|
Net cash from/(used in) financing activities |
|
(
|
------------ |
--------- |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
3,007,423 |
3,020,560 |
Exchange gains on cash and cash equivalents |
|
– |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
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Motor vehicle |
- |
|
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Equipment |
- |
|
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Rental income |
|
– |
Commission receivable |
|
– |
-------- |
---- |
|
|
– |
|
-------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Foreign exchange differences |
(
|
|
Operating lease and storage costs |
94,470
|
83,142
|
Research & development expenditure |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
Taxation compliance services |
|
|
Taxation advisory services |
|
– |
-------- |
-------- |
|
21,245 |
2,930 |
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
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 |
|
£ |
£ |
|
Income from other fixed asset investments |
30 |
17 |
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
– |
-------- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax income |
|
|
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 |
|
|
Capital allowances for period in excess of depreciation |
|
|
Relief for enhanced Research & Development expenditure |
(
|
(
|
Non-taxable income |
(
|
(
|
Deferred tax |
(
|
(
|
------------ |
--------- |
|
Tax on profit |
|
|
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
– |
|
---- |
--------- |
|
Group |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Computer & Equipment |
Land & buildings |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jul 2023 |
|
|
|
|
– |
|
Additions |
– |
– |
– |
|
|
|
-------- |
-------- |
--------- |
--------- |
------------ |
------------ |
|
At 30 Jun 2024 |
|
|
|
|
|
|
-------- |
-------- |
--------- |
--------- |
------------ |
------------ |
|
Depreciation |
||||||
At 1 Jul 2023 |
|
|
|
|
– |
|
Charge for the year |
– |
– |
|
|
– |
|
-------- |
-------- |
--------- |
--------- |
------------ |
------------ |
|
At 30 Jun 2024 |
|
|
|
|
– |
|
-------- |
-------- |
--------- |
--------- |
------------ |
------------ |
|
Carrying amount |
||||||
At 30 Jun 2024 |
– |
|
|
|
|
|
-------- |
-------- |
--------- |
--------- |
------------ |
------------ |
|
At 30 Jun 2023 |
– |
|
|
|
– |
|
-------- |
-------- |
--------- |
--------- |
------------ |
------------ |
|
Group |
Shares in group undertakings |
Listed investments |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 July 2023 and 30 June 2024 |
|
|
|
---- |
---- |
---- |
|
Impairment |
|||
At 1 July 2023 and 30 June 2024 |
– |
– |
– |
---- |
---- |
---- |
|
Carrying amount |
|||
At 1 July 2023 and 30 June 2024 |
|
|
|
---- |
---- |
---- |
|
At 30 June 2023 |
|
|
|
---- |
---- |
---- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 July 2023 |
|
Additions |
|
--------- |
|
At 30 June 2024 |
|
--------- |
|
Impairment |
|
At 1 July 2023 and 30 June 2024 |
– |
--------- |
|
Carrying amount |
|
At 30 June 2024 |
|
--------- |
|
At 30 June 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 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 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
– |
Accruals and deferred income |
|
|
– |
– |
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
– |
– |
Director loan accounts |
– |
|
– |
|
Other creditors |
|
|
– |
– |
------------ |
--------- |
---- |
--------- |
|
|
|
|
|
|
------------ |
--------- |
---- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
– |
– |
– |
------------ |
---- |
---- |
---- |
|
Group |
Warranty provisions |
Deferred tax (note 22) |
Total |
£ |
£ |
£ |
|
At 1 July 2023 |
|
|
|
Additions |
|
– |
|
Charge against provision |
(
|
(
|
(
|
--------- |
------- |
--------- |
|
At 30 June 2024 |
|
|
|
--------- |
------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
– |
– |
------- |
------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Excess of depreciation over taxation allowances |
|
|
– |
– |
Other timing differences |
(
|
(
|
– |
– |
------- |
------- |
---- |
---- |
|
3,852 |
5,016 |
– |
– |
|
------- |
------- |
---- |
---- |
|
2024 | 2023 | ||
£ | £ | ||
At 1 July 2022 | (5,016) | (6,846) | |
Deferred tax movement | 1,164 | 1,830 | |
------- | ------- | ||
At 30 June 2023 | (3,852) | (5,016) | |
------- | ------- | ||
Group |
|||
2024 |
2023 |
||
£ |
£ |
||
Financial assets that are debt instruments measured at amortised cost |
1,237,670 |
1,122,441 |
|
------------ |
------------ |
||
Group |
|||
2024 |
2023 |
||
£ |
£ |
||
Financial liabilities measured at amortised cost |
2,076,750 |
966,076 |
|
------------ |
--------- |
||
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
26,804 |
|
26,804 |
-------- |
-------- |
-------- |
-------- |
|
At 1 Jul 2023 |
Cash flows |
Exchange rate differences |
At 30 Jun 2024 |
|
£ |
£ |
£ |
£ |
|
Cash at bank and in hand |
3,007,423 |
154,540 |
880 |
3,162,843 |
Debt due within one year |
(170,000) |
170,000 |
– |
– |
Debt due after one year |
– |
(1,250,000) |
– |
(1,250,000) |
------------ |
------------ |
---- |
------------ |
|
|
(
|
|
|
|
------------ |
------------ |
---- |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
|
Notes to the Financial Statements (continued) |