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Financial Statements |
Contents |
Pages |
Officers and professional advisers |
1 |
Strategic report |
2 to 3 |
Directors' report |
4 to 5 |
Independent auditor's report to the members |
6 to 9 |
Profit and loss account |
10 |
Balance sheet |
11 |
Statement of changes in equity |
12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 to 22 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditors |
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384 Linthorpe Road |
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Middlesbrough |
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TS5 6HA |
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Bankers |
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The team at Virgin Money |
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Sunderland |
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United Kingdom |
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SR43 4JB |
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Solicitors |
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Tobias House |
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St Mark's Court |
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Teesdale Business Park |
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Stockton-on-Tees |
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TS17 6QW |
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Strategic Report |
2024 | 2023 | ||
£ | £ | ||
Turnover | 12,299,556 | 13,874,311 | |
Gross profit margin (%) | 11 | 13 | |
Return on invested capital (%) | 5 | 12 | |
Average number of production staff | 171 | 124 | |
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Director |
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Directors' Report |
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Director |
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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 auditors |
384 Linthorpe Road |
Middlesbrough |
TS5 6HA |
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Profit and Loss Account |
2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
(
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(
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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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Other interest receivable and similar income |
9 |
– |
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Interest payable and similar expenses |
10 |
(
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(
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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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--------- |
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Profit for the financial year |
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--------- |
--------- |
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Revaluation of tangible assets |
– |
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Tax relating to components of other comprehensive income |
– |
(
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---- |
--------- |
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Other comprehensive income for the year |
– |
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--------- |
--------- |
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Total comprehensive income for the year |
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--------- |
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Balance Sheet |
2024 |
2023 |
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Note |
£ |
£ |
£ |
Tangible assets |
12 |
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Debtors |
13 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
14 |
(
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(
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
15 |
(
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(
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Taxation including deferred tax |
17 |
(
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(
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Net assets |
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Called up share capital |
20 |
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Revaluation reserve |
21 |
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Profit and loss account |
21 |
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Shareholders funds |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
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Note |
£ |
£ |
£ |
£ |
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At 1 June 2022 |
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– |
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Profit for the year |
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Other comprehensive income for the year: |
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Revaluation of tangible assets |
12 |
– |
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– |
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Tax relating to components of other comprehensive income |
11 |
– |
(
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– |
(
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---- |
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Total comprehensive income for the year |
– |
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At 31 May 2023 |
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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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---- |
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At 31 May 2024 |
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---- |
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Statement of Cash Flows |
2024 |
2023 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Other interest receivable and similar income |
– |
(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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(
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Tax on profit |
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Accrued income |
(
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(
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Changes in: |
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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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(
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--------- |
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Net cash (used in)/from operating activities |
(
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--------- |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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--------- |
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Net cash used in investing activities |
(
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(
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Proceeds from loans from group undertakings |
– |
(
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Payments of finance lease liabilities |
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Net cash from financing activities |
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Net decrease in cash and cash equivalents |
(
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(
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Cash and cash equivalents at beginning of year |
410,916 |
449,728 |
--------- |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
Freehold property |
- |
Held at valuation |
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Plant and machinery |
- |
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Motor vehicles |
- |
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2024 |
2023 |
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£ |
£ |
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Rendering of services |
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------------- |
------------- |
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2024 |
2023 |
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£ |
£ |
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United Kingdom |
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Overseas |
– |
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------------- |
------------- |
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------------- |
------------- |
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2024 |
2023 |
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£ |
£ |
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Depreciation of tangible assets |
|
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Gains on disposal of tangible assets |
(
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(
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Impairment of trade debtors |
64,533 |
103,027 |
--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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-------- |
-------- |
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2024 |
2023 |
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No. |
No. |
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Production staff |
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Administrative staff |
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---- |
---- |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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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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------------ |
------------ |
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------------ |
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2024 |
2023 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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--------- |
--------- |
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--------- |
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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Bank interest received |
– |
866 |
---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Interest on obligations under finance leases and hire purchase contracts |
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Interest on factoring and taxation |
97,396 |
69,051 |
--------- |
-------- |
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--------- |
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2024 |
2023 |
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£ |
£ |
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UK current tax expense |
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Double taxation relief |
– |
(
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------- |
-------- |
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Total UK current tax |
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– |
Foreign current tax expense |
– |
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------- |
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Total current tax |
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– |
------- |
--------- |
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Origination and reversal of timing differences |
(
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------- |
--------- |
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Tax on profit |
|
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------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Profit on ordinary activities before taxation |
|
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--------- |
--------- |
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Profit on ordinary activities by rate of tax |
|
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Effect of expenses not deductible for tax purposes |
(
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Effect of capital allowances and depreciation |
|
(
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Foreign tax expense |
– |
116,153 |
Double taxation relief |
– |
(39,346) |
Deferred taxation movement |
(2,337) |
13,969 |
--------- |
--------- |
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Tax on profit |
|
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--------- |
--------- |
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Freehold property |
Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
||||
At 1 June 2023 |
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Additions |
– |
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Disposals |
– |
– |
(
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(
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--------- |
--------- |
--------- |
------------ |
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At 31 May 2024 |
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--------- |
--------- |
--------- |
------------ |
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Depreciation |
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At 1 June 2023 |
– |
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Charge for the year |
– |
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Disposals |
– |
– |
(
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(
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--------- |
--------- |
--------- |
------------ |
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At 31 May 2024 |
– |
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--------- |
--------- |
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Carrying amount |
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At 31 May 2024 |
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--------- |
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------------ |
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At 31 May 2023 |
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--------- |
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Freehold property |
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£ |
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At 31 May 2024 |
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Aggregate cost |
259,640 |
Aggregate depreciation |
(36,350) |
--------- |
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Carrying value |
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--------- |
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At 31 May 2023 |
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Aggregate cost |
259,640 |
Aggregate depreciation |
(31,157) |
--------- |
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Carrying value |
|
--------- |
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Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
|
At 31 May 2024 |
|
|
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-------- |
--------- |
--------- |
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At 31 May 2023 |
– |
|
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-------- |
--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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Corporation tax repayable |
|
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Directors loan account |
|
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Other debtors |
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
|
£ |
£ |
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Factoring advance |
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Trade creditors |
|
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Accruals and deferred income |
|
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Social security and other taxes |
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Obligations under finance leases and hire purchase contracts |
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Amounts owed to related parties |
256,749 |
334,285 |
Other creditors |
|
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------------ |
------------ |
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------------ |
------------ |
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2024 |
2023 |
|
£ |
£ |
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Obligations under finance leases and hire purchase contracts |
|
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--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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--------- |
--------- |
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--------- |
--------- |
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Deferred tax (note 18) |
|
£ |
|
At 1 June 2023 |
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Charge against provision |
(
|
-------- |
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At 31 May 2024 |
|
-------- |
|
2024 |
2023 |
|
£ |
£ |
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Included in provisions (note 17) |
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-------- |
-------- |
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2024 |
2023 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
Revaluation of tangible assets |
|
|
-------- |
-------- |
|
79,316 |
81,653 |
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-------- |
-------- |
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2024 |
2023 |
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No. |
£ |
No. |
£ |
|
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|
100 |
|
100 |
---- |
---- |
---- |
---- |
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At 1 Jun 2023 |
Cash flows |
At 31 May 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(220,253) |
|
Debt due within one year |
(64,448) |
(8,758) |
(73,206) |
Debt due after one year |
(223,297) |
(13,542) |
(236,839) |
--------- |
--------- |
--------- |
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(
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(
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--------- |
--------- |
--------- |
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Balance brought forward and outstanding |
||
2024 |
2023 |
|
£ |
£ |
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-------- |
-------- |
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