Director
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15/02/2025
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Director
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for and on behalf of
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Chartered Certified Accountants
Statutory Auditors
56 Upper English Street
County Armagh
BT61 7LG
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2023 | 2022 | |||
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Notes | £ | £ | ||
TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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Other operating income |
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OPERATING PROFIT | 5 |
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Loss on disposal of fixed assets |
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Other interest receivable and similar income |
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Interest payable and similar charges | 10 |
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PROFIT BEFORE TAXATION |
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Tax on Profit | 11 |
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PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |
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2023 | 2022 | |||
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£ | £ | |||
PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME FOR THE YEAR | - | - | ||
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |
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2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 12 |
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CURRENT ASSETS | |||||
Debtors | 14 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 15 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 16 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 19 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 5,179,206 | 4,742,480 | |||
Director
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2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Investments | 13 |
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Creditors: Amounts Falling Due Within One Year | 15 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 19 |
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SHAREHOLDERS' FUNDS | 22,500 | 22,500 | |||
Director
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Share Capital | Profit and Loss Account | Total | |
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£ | £ | £ | |
As at 1 January 2022 |
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4,589,700 |
Profit for the year and total comprehensive income | - |
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152,780 |
As at 31 December 2022 and 1 January 2023 |
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4,742,480 |
Profit for the year and total comprehensive income | - |
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436,726 |
As at 31 December 2023 |
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5,179,206 |
2023 | 2022 | |||
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Notes | £ | £ | ||
Cash flows from operating activities | ||||
Net cash generated from/(used in) operations | 1 |
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Interest paid |
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Net cash generated from/(used in) operating activities |
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Cash flows from investing activities | ||||
Purchase of tangible assets |
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Proceeds from disposal of tangible assets |
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Grants received |
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Interest received |
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Net cash used in investing activities |
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Cash flows from financing activities | ||||
Repayment of finance leases |
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Amount introduced by directors | - | 89,471 | ||
Amount withdrawn by directors | (97,865) | - | ||
Net cash generated from financing activities |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning of year | 2 |
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Cash and cash equivalents at end of year | 2 |
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2023 | 2022 | ||
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£ | £ | ||
Profit for the financial year |
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Adjustments for: | |||
Tax on profit |
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Interest expense |
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Interest income |
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Depreciation of tangible assets |
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Loss on disposal of tangible assets | 77,518 | 3,817 | |
Grant income | (2,413) | (2,682) | |
Movements in working capital: | |||
Decrease/(increase) in trade and other debtors |
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Decrease in trade and other creditors |
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Net cash generated from/(used in) operations |
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2023 | 2022 | ||
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£ | £ | ||
Cash at bank and in hand |
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As at 1 January 2023 | Cash flows | As at 31 December 2023 | |
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£ | £ | £ | |
Cash at bank and in hand |
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322,908 |
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Finance leases | (163,549) | (103,161) | (266,710) |
2,455,824 | 219,747 | 2,675,571 | |
Leasehold |
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Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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2023 | 2022 | ||
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£ | £ | ||
United Kingdom |
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Europe |
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7,057,103 | 6,660,709 | ||
2023 | 2022 | ||
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£ | £ | ||
Grant income |
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2,413 | 2,682 | ||
2023 | 2022 | ||
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£ | £ | ||
Depreciation of tangible fixed assets |
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2023 | 2022 | ||
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£ | £ | ||
Audit Services | |||
Audit of the company's financial statements |
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2023 | 2022 | ||
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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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2023 | 2022 | ||
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Office and administration |
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Manufacturing |
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2023 | 2022 | ||
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£ | £ | ||
Emoluments |
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Company contributions to money purchase pension schemes |
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2023 | 2022 | ||
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£ | £ | ||
Bank loans and overdrafts | - |
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Finance charges payable under finance leases and hire purchase contracts | 12,580 | 15,477 | |
Other finance charges |
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17,921 | 23,584 | ||
The tax charge on the profit for the year was as follows:
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Tax Rate | 2023 | 2022 | |||
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2023 | 2022 | £ | £ | ||
Current tax | |||||
UK Corporation Tax | 23.5% | 19.0% |
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Total tax charge for the period |
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The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
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2023 | 2022 | ||||
£ | £ | ||||
Profit before tax | 545,331 | 152,780 | |||
Tax on profit at 23.5% (UK standard rate) |
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Expenses not deductible for tax purposes |
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Tax losses utilised |
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Capital allowances |
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Total tax charge for the period | 108,605 | - | |||
Land & Property | |||||
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Leasehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
£ | £ | £ | £ | £ | |
Cost | |||||
As at 1 January 2023 |
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Additions |
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Disposals |
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As at 31 December 2023 |
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Depreciation | |||||
As at 1 January 2023 |
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Provided during the period |
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Disposals |
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As at 31 December 2023 |
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Net Book Value | |||||
As at 31 December 2023 |
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As at 1 January 2023 |
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Subsidiaries | |
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£ | |
Cost | |
As at 1 January 2023 |
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As at 31 December 2023 |
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Provision | |
As at 1 January 2023 |
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As at 31 December 2023 |
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Net Book Value | |
As at 31 December 2023 |
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As at 1 January 2023 |
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Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
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Northern Ireland |
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- |
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Northern Ireland |
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Group | Company | ||||||
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2023 | 2022 | 2023 | 2022 | ||||
£ | £ | £ | £ | ||||
Due within one year | |||||||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Group | Company | ||||||
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2023 | 2022 | 2023 | 2022 | ||||
£ | £ | £ | £ | ||||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Corporation tax |
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Other taxes and social security |
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- | - | |||
VAT |
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- | - | |||
Other creditors |
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Other creditors (1) |
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Accruals and deferred income |
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Directors' loan accounts | - |
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- | - | |||
Amounts owed to group undertakings | - | - |
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Group | ||||
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2023 | 2022 | |||
£ | £ | |||
Net obligations under finance lease and hire purchase contracts |
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Group | ||||
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2023 | 2022 | |||
£ | £ | |||
The future minimum finance lease payments are as follows: | ||||
Not later than one year |
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Later than one year and not later than five years |
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Group | ||||
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2023 | 2022 | |||
£ | £ | |||
Balance at 1 January 2023 | 24,135 | 26,817 | ||
Increase / (Decrease) in the year | (2,413) | (2,682) | ||
Balance at 31 December 2023 | 21,722 | 24,135 | ||