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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 |
|
Strategic Report |
2023 | 2022 | ||
£ | £ | ||
Turnover | 11,227,393 | 9,522,494 | |
Gross profit | 5,033,671 | 4,018,109 | |
Gross profit margin (%) | 45 | 42 | |
Net assets | 6,210,186 | 5,022,499 | |
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Director |
Registered office: |
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England |
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Directors' Report |
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Director |
Registered office: |
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England |
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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 |
Camburgh House |
27 New Dover Road |
Canterbury |
Kent |
CT1 3DN |
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Consolidated Statement of Comprehensive Income |
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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Gross profit |
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Distribution costs |
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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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Profit before taxation |
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Tax on profit |
10 |
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------------ |
--------- |
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Profit for the financial year |
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------------ |
--------- |
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Foreign currency retranslation |
(
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(
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------------ |
--------- |
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Total comprehensive income for the year |
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------------ |
--------- |
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The owners of the parent company |
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Non-controlling interests |
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------------ |
--------- |
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------------ |
--------- |
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The owners of the parent company |
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Non-controlling interests |
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------------ |
--------- |
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------------ |
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Consolidated Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Intangible assets |
12 |
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Tangible assets |
13 |
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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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Provisions |
19 |
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------------ |
------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
22 |
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Share premium account |
23 |
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Revaluation reserve |
23 |
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Profit and loss account |
23 |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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------------ |
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Director |
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Company Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
Investments |
14 |
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Creditors: amounts falling due within one year |
17 |
– |
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---- |
--------- |
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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 |
22 |
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Share premium account |
23 |
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Profit and loss account |
23 |
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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 |
Revaluation reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
£ |
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At 1 January 2022 |
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Profit for the year |
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Other comprehensive income for the year: |
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Foreign currency retranslation |
– |
– |
– |
(
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(
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– |
(
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------- |
-------- |
--------- |
------------ |
------------ |
--------- |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
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At 31 December 2022 |
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Profit for the year |
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Other comprehensive income for the year: |
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Foreign currency retranslation |
– |
– |
– |
(
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(
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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 |
11 |
– |
– |
– |
(
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(
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– |
(
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---- |
---- |
---- |
-------- |
-------- |
---- |
-------- |
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Total investments by and distributions to owners |
– |
– |
– |
(
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(
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– |
(
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------- |
-------- |
--------- |
------------ |
------------ |
--------- |
------------ |
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At 31 December 2023 |
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------- |
-------- |
--------- |
------------ |
------------ |
--------- |
------------ |
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Company Statement of Changes in Equity |
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Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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At 1 January 2022 |
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– |
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Profit for the year |
– |
– |
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At 31 December 2022 |
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– |
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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 December 2023 |
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------- |
-------- |
--------- |
--------- |
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Consolidated Statement of Cash Flows |
2023 |
2022 |
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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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Amortisation of intangible assets |
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Other interest receivable and similar income |
(
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(
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Gains on disposal of tangible assets |
– |
(
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Unrealised foreign currency gains |
(41,148) |
(58,296) |
Tax on profit |
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Accrued expenses |
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Changes in: |
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Stocks |
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(
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Trade and other debtors |
(
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(
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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 received |
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Tax paid |
(
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(
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------------ |
--------- |
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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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(
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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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------------ |
--------- |
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Payments of finance lease liabilities |
(
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Dividends paid |
(
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– |
------------ |
--------- |
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Net cash (used in)/from financing activities |
(
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------------ |
--------- |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
1,942,170 |
1,435,954 |
------------ |
------------ |
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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 |
Goodwill |
- |
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Patents, trademarks and licences |
- |
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Short leasehold property |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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Leased equipment |
- |
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2023 |
2022 |
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£ |
£ |
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Sale of goods |
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------------- |
------------ |
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2023 |
2022 |
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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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2023 |
2022 |
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£ |
£ |
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Amortisation of intangible assets |
|
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Depreciation of tangible assets |
|
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Gains on disposal of tangible assets |
– |
(
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Research and development expenditure written off |
– |
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Foreign exchange differences |
(
|
(
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--------- |
--------- |
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2023 |
2022 |
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£ |
£ |
|
Fees payable for the audit of the financial statements |
|
– |
-------- |
---- |
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2023 |
2022 |
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No. |
No. |
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Administration and production staff |
|
|
---- |
---- |
|
2023 |
2022 |
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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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2023 |
2022 |
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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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2023 |
2022 |
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£ |
£ |
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Interest on bank deposits |
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---- |
------- |
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2023 |
2022 |
|
£ |
£ |
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UK current tax income |
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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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2023 |
2022 |
|
£ |
£ |
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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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(
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Effect of capital allowances and depreciation |
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(
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Utilisation of tax losses |
(
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(
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Effect of deferred tax provisions |
(
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Research and development credit |
– |
(65,776)
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Effect of US taxation |
21,731
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18,078
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------------ |
--------- |
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Tax on profit |
|
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------------ |
--------- |
|
2023 |
2022 |
|
£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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– |
-------- |
---- |
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Group |
Goodwill |
Patents, trademarks and licences |
Total |
£ |
£ |
£ |
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Cost |
|||
At 1 January 2023 and 31 December 2023 |
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--------- |
--------- |
--------- |
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Amortisation |
|||
At 1 January 2023 |
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Charge for the year |
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--------- |
--------- |
--------- |
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At 31 December 2023 |
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--------- |
--------- |
--------- |
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Carrying amount |
|||
At 31 December 2023 |
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--------- |
--------- |
--------- |
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At 31 December 2022 |
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--------- |
--------- |
--------- |
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Group |
Short leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Leased equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
||||||
At 1 Jan 2023 |
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Additions |
– |
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– |
– |
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Disposals |
– |
(
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– |
– |
– |
(
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--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
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At 31 Dec 2023 |
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--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
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Depreciation |
||||||
At 1 Jan 2023 |
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Charge for the year |
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– |
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Disposals |
– |
(
|
– |
– |
– |
(
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--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
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At 31 Dec 2023 |
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|
--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
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Carrying amount |
||||||
At 31 Dec 2023 |
|
|
|
– |
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|
--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
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At 31 Dec 2022 |
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|
– |
– |
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--------- |
------------ |
--------- |
-------- |
--------- |
------------ |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
--------- |
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Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
--------- |
|
Carrying amount |
|
At 1 January 2023 and 31 December 2023 |
|
--------- |
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At 31 December 2022 |
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--------- |
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Class of share |
Percentage of shares held |
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Subsidiary undertakings |
||
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Ordinary |
100 |
|
Ordinary |
96.77 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Other debtors |
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– |
– |
------------ |
------------ |
---- |
---- |
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|
– |
– |
|
------------ |
------------ |
---- |
---- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
– |
|
Accruals and deferred income |
|
|
– |
– |
Corporation tax |
|
– |
– |
– |
Social security and other taxes |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
------------ |
------------ |
---- |
--------- |
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– |
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|
------------ |
------------ |
---- |
--------- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
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– |
– |
|
--------- |
--------- |
---- |
---- |
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Group |
Deferred tax (note 20) |
£ |
|
At 1 January 2023 |
|
Charge against provision |
(
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 19) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Unused tax credits |
(
|
– |
– |
– |
Provisions |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
160,181 |
171,003 |
– |
– |
|
--------- |
--------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
200 |
|
200 |
|
|
800 |
|
800 |
--------- |
------- |
--------- |
------- |
|
|
1,000 |
|
1,000 |
|
--------- |
------- |
--------- |
------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
1,028,330 |
|
Debt due within one year |
(315,116) |
129,785 |
(185,331) |
------------ |
------------ |
------------ |
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------------ |
------------ |
------------ |
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