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Consolidated Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' 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 consolidated financial statements |
14 |
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Strategic Report |
Registered office: |
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Directors' Report |
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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 |
4 Church Green East, |
Redditch, |
Worcs, |
B98 8BT |
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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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------------ |
------------ |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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Other operating income |
5 |
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(
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------------ |
------------ |
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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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------------ |
------------ |
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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 |
|||
Note |
£ |
£ |
||
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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Investments |
19 |
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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 |
20 |
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------------- |
------------- |
||||
Net current assets |
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|||
------------- |
------------- |
||||
Total assets less current liabilities |
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|
|||
Taxation including deferred tax |
21 |
|
|
||
------------- |
------------- |
||||
Net assets |
|
|
|||
------------- |
------------- |
||||
Called up share capital |
26 |
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||
Revaluation reserve |
27 |
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||
Capital redemption reserve |
27 |
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||
Profit and loss account |
27 |
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||
------------- |
------------- |
||||
Shareholders funds |
|
|
|||
------------- |
------------- |
||||
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Company Statement of Financial Position |
2024 |
2023 |
|||
Note |
£ |
£ |
||
Tangible assets |
15 |
|
|
||
Investments |
16 |
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||
------------ |
------------ |
||||
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||||
Stocks |
17 |
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||
Debtors |
18 |
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Investments |
19 |
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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 |
20 |
|
|
||
------------- |
------------- |
||||
Net current assets |
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|
|||
------------- |
------------- |
||||
Total assets less current liabilities |
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|
|||
Taxation including deferred tax |
21 |
|
|
||
------------- |
------------- |
||||
Net assets |
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|
|||
------------- |
------------- |
||||
Called up share capital |
26 |
|
|
||
Revaluation reserve |
27 |
|
|
||
Capital redemption reserve |
27 |
|
|
||
Profit and loss account |
27 |
|
|
||
------------- |
------------- |
||||
Shareholders funds |
|
|
|||
------------- |
------------- |
||||
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Consolidated Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Capital redemption reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
£ |
|||
At 1 June 2022 |
|
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|
|
|
||
Profit for the year |
|
|
|||||
Other comprehensive income for the year: |
|||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
– |
|
– |
||
------- |
--------- |
------- |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
(
|
– |
|
|
||
At 31 May 2023 |
|
|
|
|
|
||
Profit for the year |
|
|
|||||
Other comprehensive income for the year: |
|||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
– |
|
– |
||
------- |
--------- |
------- |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
(
|
– |
|
|
||
Dividends paid and payable |
14 |
– |
– |
– |
(
|
(
|
|
---- |
---- |
---- |
--------- |
--------- |
|||
Total investments by and distributions to owners |
– |
– |
– |
(
|
(
|
||
------- |
--------- |
------- |
------------- |
------------- |
|||
At 31 May 2024 |
|
|
|
|
|
||
------- |
--------- |
------- |
------------- |
------------- |
|||
|
Company Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Capital redemption reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
£ |
|||
At 1 June 2022 |
|
|
|
|
|
||
Profit for the year |
|
|
|||||
Other comprehensive income for the year: |
|||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
– |
|
– |
||
------- |
--------- |
------- |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
(
|
– |
|
|
||
At 31 May 2023 |
|
|
|
|
|
||
Profit for the year |
|
|
|||||
Other comprehensive income for the year: |
|||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
– |
|
– |
||
------- |
--------- |
------- |
------------- |
------------- |
|||
Total comprehensive income for the year |
– |
(
|
– |
|
|
||
Dividends paid and payable |
14 |
– |
– |
– |
(
|
(
|
|
---- |
---- |
---- |
--------- |
--------- |
|||
Total investments by and distributions to owners |
– |
– |
– |
(
|
(
|
||
------- |
--------- |
------- |
------------- |
------------- |
|||
At 31 May 2024 |
|
|
|
|
|
||
------- |
--------- |
------- |
------------- |
------------- |
|||
|
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 |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Tax on profit |
|
|
Fair value adjustment for listed investments |
(505,789) |
136,609 |
Loss on disposal of investments |
4,673 |
18,537 |
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 |
|
|
Purchases of other investments |
(
|
(
|
Proceeds from sale of other investments |
|
|
Dividends received |
|
|
------------ |
------------ |
|
Net cash used in investing activities |
(
|
(
|
------------ |
------------ |
|
Dividends paid |
(
|
– |
------------ |
------------ |
|
Net cash used in financing activities |
(
|
– |
------------ |
------------ |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
1,496,897 |
2,947,845 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Consolidated Financial Statements |
Buildings |
- |
|
|
Equipment |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
||
£ |
£ |
||
Sale of goods |
|
|
|
------------ |
------------ |
||
2024 |
2023 |
||
£ |
£ |
||
United Kingdom |
|
|
|
Overseas |
|
|
|
------------ |
------------ |
||
|
|
||
------------ |
------------ |
||
2024 |
2023 |
||
£ |
£ |
||
Rental income |
|
|
|
Fair value adjustment for listed investments |
|
(
|
|
--------- |
--------- |
||
|
(
|
||
--------- |
--------- |
||
2024 |
2023 |
||
£ |
£ |
||
Depreciation of tangible assets |
|
|
|
Gains on disposal of tangible assets |
(
|
(
|
|
Impairment of trade debtors |
(387) |
(2,514) |
|
Foreign exchange differences |
|
|
|
(Profit)/loss on fair value movement of investments |
(
|
|
|
Loss on disposal of investments |
|
|
|
--------- |
--------- |
||
2024 |
2023 |
||
£ |
£ |
||
Fees payable for the audit of the consolidated financial statements |
|
|
|
-------- |
-------- |
||
2024 |
2023 |
||
No. |
No. |
||
Production staff |
|
|
|
Distribution staff |
|
|
|
Administrative staff |
|
|
|
Management staff |
3 |
3 |
|
---- |
---- |
||
|
|
||
---- |
---- |
||
2024 |
2023 |
||
£ |
£ |
||
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
||
|
|
||
------------ |
------------ |
||
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 |
20,122 |
14,615 |
|
-------- |
-------- |
||
2024 |
2023 |
||
£ |
£ |
||
Interest on cash and cash equivalents |
|
|
|
Other interest receivable and similar income |
– |
|
|
--------- |
--------- |
||
|
|
||
--------- |
--------- |
||
2024 |
2023 |
||
£ |
£ |
||
Other interest payable and similar charges |
|
|
|
------- |
------- |
||
2024 |
2023 |
||
£ |
£ |
||
UK current tax expense |
|
|
|
Adjustments in respect of prior periods |
|
(
|
|
--------- |
--------- |
||
Total current tax |
|
|
|
--------- |
--------- |
||
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 |
|
|
|
Adjustment to tax charge in respect of prior periods |
|
(
|
|
Effect of expenses not deductible for tax purposes |
|
|
|
Effect of capital allowances and depreciation |
|
(
|
|
Effect of revenue exempt from tax |
(
|
(
|
|
Investment income |
(
|
(
|
|
Difference in tax rates |
– |
(
|
|
Effect of disposal of investments |
|
|
|
------------ |
------------ |
||
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 |
Freehold Property |
Equipment |
Fixtures and Fittings |
Motor Vehicles |
Investment Property |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost/Valuation |
||||||
At 1 Jun 2023 |
|
|
|
|
|
|
Additions |
– |
|
– |
|
– |
|
Disposals |
– |
(
|
– |
(
|
– |
(
|
--------- |
------------ |
-------- |
--------- |
------------ |
------------ |
|
At 31 May 2024 |
|
|
|
|
|
|
--------- |
------------ |
-------- |
--------- |
------------ |
------------ |
|
Depreciation |
||||||
At 1 Jun 2023 |
|
|
|
|
– |
|
Charge for the year |
|
|
|
|
– |
|
Disposals |
– |
(
|
– |
(
|
– |
(
|
--------- |
------------ |
-------- |
--------- |
------------ |
------------ |
|
At 31 May 2024 |
|
|
|
|
– |
|
--------- |
------------ |
-------- |
--------- |
------------ |
------------ |
|
Carrying amount |
||||||
At 31 May 2024 |
|
|
|
|
|
|
--------- |
------------ |
-------- |
--------- |
------------ |
------------ |
|
At 31 May 2023 |
|
|
|
|
|
|
--------- |
------------ |
-------- |
--------- |
------------ |
------------ |
|
Company |
Freehold Property |
Equipment |
Fixtures and Fittings |
Motor Vehicles |
Investment Property |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost/Valuation |
||||||
At 1 Jun 2023 |
|
|
|
|
|
|
Additions |
– |
|
– |
|
– |
|
Disposals |
– |
(
|
– |
(
|
– |
(
|
--------- |
------------ |
------- |
--------- |
------------ |
------------ |
|
At 31 May 2024 |
|
|
|
|
|
|
--------- |
------------ |
------- |
--------- |
------------ |
------------ |
|
Depreciation |
||||||
At 1 Jun 2023 |
|
|
|
|
– |
|
Charge for the year |
|
|
|
|
– |
|
Disposals |
– |
(
|
– |
(
|
– |
(
|
--------- |
------------ |
------- |
--------- |
------------ |
------------ |
|
At 31 May 2024 |
|
|
|
|
– |
|
--------- |
------------ |
------- |
--------- |
------------ |
------------ |
|
Carrying amount |
||||||
At 31 May 2024 |
|
|
|
|
|
|
--------- |
------------ |
------- |
--------- |
------------ |
------------ |
|
At 31 May 2023 |
|
|
|
|
|
|
--------- |
------------ |
------- |
--------- |
------------ |
------------ |
|
Group and company |
|
£ |
|
At 31 May 2024 |
|
Aggregate cost |
231,107 |
Aggregate depreciation |
(52,506) |
--------- |
|
Carrying value |
|
--------- |
|
At 31 May 2023 |
|
Aggregate cost |
231,107 |
Aggregate depreciation |
(49,156) |
--------- |
|
Carrying value |
|
--------- |
|
Group |
Listed investments |
£ |
|
Cost/Valuation |
|
At 1 June 2023 |
|
Additions |
|
Disposals |
(
|
Revaluations |
|
------------ |
|
At 31 May 2024 |
|
------------ |
|
Impairment |
|
At 1 June 2023 and 31 May 2024 |
– |
------------ |
|
Carrying amount |
|
At 31 May 2024 |
|
------------ |
|
At 31 May 2023 |
|
------------ |
|
Company |
Shares in group undertakings |
Listed investments |
Total |
£ |
£ |
£ |
|
Cost/Valuation |
|||
At 1 June 2023 |
|
|
|
Additions |
– |
|
|
Disposals |
– |
(
|
(
|
Revaluations |
– |
|
|
--------- |
------------ |
------------ |
|
At 31 May 2024 |
|
|
|
--------- |
------------ |
------------ |
|
Impairment |
|||
At 1 June 2023 and 31 May 2024 |
– |
– |
– |
--------- |
------------ |
------------ |
|
Carrying amount |
|||
At 31 May 2024 |
|
|
|
--------- |
------------ |
------------ |
|
At 31 May 2023 |
|
|
|
--------- |
------------ |
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
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 |
|
|
|
|
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Other investments |
7,864,157 |
6,709,279 |
7,864,157 |
6,709,279 |
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Directors current accounts |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 June 2023 |
|
Origination and reversal of timing differences |
|
Revaluation of investments |
|
--------- |
|
At 31 May 2024 |
|
--------- |
|
Company |
Deferred tax (note 22) |
£ |
|
At 1 June 2023 |
|
Origination and reversal of timing differences |
|
Revaluation of investments |
|
--------- |
|
At 31 May 2024 |
|
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Revaluation of tangible assets |
|
|
|
|
Fair value adjustment of investment property |
|
|
|
|
Other revaluations |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
794,346 |
661,541 |
795,252 |
662,233 |
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Financial assets measured at fair value through profit or loss |
4,458,329 |
4,003,267 |
4,458,329 |
4,003,267 |
------------ |
------------ |
------------ |
------------ |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
6,311 |
|
6,311 |
------- |
------- |
------- |
------- |
|
At 1 Jun 2023 |
Cash flows |
At 31 May 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
328,834 |
|
Current asset investments |
|
1,154,878 |
|
------------ |
------------ |
------------ |
|
|
|
|
|
------------ |
------------ |
------------ |
|
|
Notes to the Consolidated Financial Statements (continued) |