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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Director's report |
2 |
Independent auditor's report to the members |
4 |
Consolidated statement of comprehensive income |
8 |
Consolidated statement of financial position |
9 |
Company statement of financial position |
10 |
Consolidated statement of changes in equity |
11 |
Company statement of changes in equity |
12 |
Consolidated statement of cash flows |
13 |
Notes to the financial statements |
14 |
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Strategic Report |
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Director |
Company Secretary |
Registered office: |
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Director's Report |
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Director |
Company Secretary |
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 |
269 Farnborough Road |
Farnborough |
Hampshire |
GU14 7LY |
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Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
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 profit |
5 |
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Income from other fixed asset investments |
9 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
10 |
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------------ |
------------- |
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Profit before taxation |
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Tax on profit |
11 |
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------------ |
------------- |
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Profit for the financial year |
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------------ |
------------- |
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Business combination in year |
– |
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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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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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Creditors: amounts falling due after more than one year |
18 |
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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 |
23 |
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Other reserves, including the fair value reserve |
24 |
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Profit and loss account |
24 |
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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 |
£ |
£ |
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Tangible assets |
13 |
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– |
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Investments |
14 |
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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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------------- |
------------- |
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Net current assets |
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------------- |
------------- |
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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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------------- |
------------- |
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Net assets |
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------------- |
------------- |
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Called up share capital |
23 |
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Profit and loss account |
24 |
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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 |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
|||
At 1 April 2022 |
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– |
(
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(
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Profit for the year |
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Other comprehensive income for the year: |
||||||
Business combination in year |
– |
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– |
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||
---- |
------------- |
------------- |
------------- |
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
12 |
– |
– |
(
|
(
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---- |
------------- |
------------- |
------------- |
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Total investments by and distributions to owners |
– |
– |
(
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(
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At 31 March 2023 |
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Profit 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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Dividends paid and payable |
12 |
– |
– |
(
|
(
|
|
---- |
---- |
------------ |
------------ |
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Total investments by and distributions to owners |
– |
– |
(
|
(
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||
---- |
------------- |
------------- |
------------- |
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At 31 March 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 April 2022 |
|
(
|
(
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|
Profit for the year |
|
|
||
---- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
|
|
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Dividends paid and payable |
12 |
– |
(
|
(
|
---- |
------------- |
------------- |
||
Total investments by and distributions to owners |
– |
(
|
(
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|
At 31 March 2023 |
|
|
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Profit for the year |
|
|
||
---- |
------------- |
------------- |
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Total comprehensive income for the year |
– |
|
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Dividends paid and payable |
12 |
– |
(
|
(
|
---- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
---- |
------------- |
------------- |
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At 31 March 2024 |
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---- |
------------- |
------------- |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
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Profit for the financial year |
|
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Adjustments for: |
||
Depreciation of tangible assets |
– |
|
Income from other fixed asset investments |
(
|
(
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Other interest receivable and similar income |
(
|
(
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Interest payable and similar expenses |
|
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Tax on profit |
1,254,323 |
5,631,939 |
Accrued expenses |
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Changes in: |
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Stocks |
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Trade and other debtors |
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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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(
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Interest received |
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Tax paid |
(
|
(
|
------------ |
------------- |
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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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Purchases of other investments |
(
|
(
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Proceeds from sale of other investments |
10,828,375
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4,782,260
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Dividends received |
|
|
Other investing cash flow adjustment |
– |
|
------------- |
------------- |
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Net cash (used in)/from investing activities |
(
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|
------------- |
------------- |
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Proceeds from borrowings |
(
|
– |
Dividends paid |
(
|
(
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------------- |
------------- |
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Net cash used in financing activities |
(
|
(
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------------- |
------------- |
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
24,049,123 |
11 |
------------- |
------------- |
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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 |
- |
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2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services |
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------------ |
------------- |
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------------ |
------------- |
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2024 |
2023 |
|
£ |
£ |
|
United Kingdom |
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|
Overseas |
|
|
------------ |
------------- |
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------------ |
------------- |
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2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
– |
|
Foreign exchange differences |
|
(
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
-------- |
--------- |
|
|
|
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-------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
------- |
------- |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends from other fixed asset investments |
515,628 |
386,261 |
Gain from disposal of fixed asset investments |
173,222 |
179,517 |
Gain on fair value adjustment on fixed asset investments |
2,184,351 |
673,347 |
------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
|
£ |
£ |
|
Interest payable |
|
|
Other interest payable and similar charges |
– |
|
--------- |
--------- |
|
|
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|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Origination and reversal of timing differences |
|
(
|
Other component of deferred tax expense (income) |
(
|
|
------------ |
------------ |
|
Total deferred tax |
|
|
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------ |
------------- |
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Profit on ordinary activities by rate of tax |
|
|
Effect of capital allowances and depreciation |
– |
(
|
Effect of revenue exempt from tax |
(
|
– |
Utilisation of tax losses |
(
|
– |
Impact of fair value movements |
|
(
|
Disposal of investments adjustment |
10,073
|
– |
------------ |
------------- |
|
Tax on profit |
|
|
------------ |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
------------ |
--------- |
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Group |
Land and buildings |
Plant and machinery |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2023 and 31 March 2024 |
|
|
|
------------ |
-------- |
------------ |
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Depreciation |
|||
At 1 April 2023 and 31 March 2024 |
– |
|
|
------------ |
-------- |
------------ |
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Carrying amount |
|||
At 31 March 2024 |
|
|
|
------------ |
-------- |
------------ |
|
At 31 March 2023 |
|
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|
------------ |
-------- |
------------ |
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Company |
Plant and machinery |
Total |
£ |
£ |
|
Cost |
||
At 1 April 2023 |
– |
– |
Additions |
|
|
------- |
------- |
|
At 31 March 2024 |
|
|
------- |
------- |
|
Depreciation |
||
At 1 April 2023 and 31 March 2024 |
– |
– |
------- |
------- |
|
Carrying amount |
||
At 31 March 2024 |
|
|
------- |
------- |
|
At 31 March 2023 |
– |
– |
------- |
------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 April 2023 |
|
Additions |
|
Disposals |
(
|
Revaluations |
|
------------- |
|
At 31 March 2024 |
|
------------- |
|
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
------------- |
|
Carrying amount |
|
At 31 March 2024 |
|
------------- |
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At 31 March 2023 |
|
------------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2023 |
|
|
|
Additions |
– |
|
|
Disposals |
– |
(
|
(
|
Revaluations |
– |
|
|
---- |
------------- |
------------- |
|
At 31 March 2024 |
|
|
|
---- |
------------- |
------------- |
|
Impairment |
|||
At 1 April 2023 and 31 March 2024 |
– |
– |
– |
---- |
------------- |
------------- |
|
Carrying amount |
|||
At 31 March 2024 |
|
|
|
---- |
------------- |
------------- |
|
At 31 March 2023 |
|
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|
---- |
------------- |
------------- |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
71-75 Shelton Street |
Ordinary |
100 |
Covent Garden |
|||
London |
|||
WC2H 9JQ |
|||
|
71-75 Shelton Street |
Ordinary |
100 |
Covent Garden |
|||
London |
|||
WC2H 9JQ |
|||
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Finished goods and goods for resale |
– |
|
– |
– |
---- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
– |
|
– |
– |
Amounts owed by group undertakings |
– |
– |
– |
|
Prepayments and accrued income |
– |
|
– |
– |
Corporation tax repayable |
|
– |
– |
– |
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 |
Deferred tax (note 20) |
£ |
|
At 1 April 2023 |
|
Additions |
|
Charge against provision |
(
|
--------- |
|
At 31 March 2024 |
|
--------- |
|
Company |
Deferred tax (note 20) |
£ |
|
At 1 April 2023 |
– |
Additions |
|
--------- |
|
At 31 March 2024 |
|
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 19) |
|
|
|
– |
--------- |
--------- |
--------- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Fair value adjustment of financial assets |
|
|
|
– |
--------- |
--------- |
--------- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Financial assets measured at fair value through profit or loss |
36,152,544 |
31,314,858 |
36,152,544 |
– |
------------- |
------------- |
------------- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
---- |
---- |
---- |
---- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(3,328,291) |
|
Debt due within one year |
(19,690) |
6 |
(19,684) |
Debt due after one year |
(3,283,288) |
– |
(3,283,288) |
------------- |
------------ |
------------- |
|
|
(
|
|
|
------------- |
------------ |
------------- |
|