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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 10 |
Consolidated statement of income and retained earnings |
11 |
Company statement of income and retained earnings |
12 |
Consolidated statement of financial position |
13 |
Company statement of financial position |
14 |
Consolidated statement of cash flows |
15 |
Notes to the financial statements |
16 to 29 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Aisling House |
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50 Stranmillis Embankment |
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Belfast |
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BT9 5FL |
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Bankers |
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35 University Road |
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Belfast |
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BT7 1ND |
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Solicitors |
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Huntershill Business Centre |
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25 Auchinarin Road |
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Glasgow |
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G64 1RX |
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Aisling House |
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50 Stranmillis Embankment |
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Belfast |
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BT9 5FL |
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Strategic Report |
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Director |
Director |
Registered office: |
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Directors' Report |
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Director |
Director |
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 |
Aisling House |
50 Stranmillis Embankment |
Belfast |
BT9 5FL |
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Consolidated Statement of Income and Retained Earnings |
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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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
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------------ |
------------ |
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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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------------ |
------------ |
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Profit before taxation |
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Tax on profit |
12 |
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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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Dividends paid and payable |
13 |
(
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(
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Retained earnings at the start of the year |
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------------ |
------------ |
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Retained earnings at the end of the year |
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------------ |
------------ |
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Company Statement of Income and Retained Earnings |
2024 |
2023 |
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Note |
£ |
£ |
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Profit for the financial year and total comprehensive income |
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Dividends paid and payable |
13 |
(
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(
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Retained earnings at the start of the year |
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--------- |
--------- |
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Retained earnings at the end of 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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Intangible assets |
14 |
– |
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Tangible assets |
15 |
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Stocks |
17 |
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Debtors |
18 |
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Cash at bank and in hand |
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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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Creditors: amounts falling due after more than one year |
21 |
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Taxation including deferred tax |
23 |
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Net assets |
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Called up share capital |
27 |
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Profit and loss account |
28 |
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Shareholders funds |
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------------ |
------------ |
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Director |
Director |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
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Investments |
16 |
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Debtors |
18 |
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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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--------- |
--------- |
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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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Net assets |
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--------- |
--------- |
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Called up share capital |
27 |
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Profit and loss account |
28 |
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--------- |
--------- |
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Shareholders funds |
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--------- |
--------- |
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Director |
Director |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
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Note |
£ |
£ |
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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Interest payable and similar expenses |
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Loss on disposal of tangible assets |
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Tax on profit |
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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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(
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Trade and other creditors |
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(
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------------ |
------------ |
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Cash generated from operations |
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(
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Interest paid |
(
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(
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Interest received |
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Tax received/(paid) |
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(
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--------- |
--------- |
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Net cash from/(used in) operating activities |
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(
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--------- |
--------- |
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Purchase of tangible assets |
(
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(
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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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Proceeds from borrowings |
(
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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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--------- |
--------- |
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Net cash from/(used in) financing activities |
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(
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--------- |
--------- |
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Net increase/(decrease) in cash and cash equivalents |
|
(
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Cash and cash equivalents at beginning of year |
676,776 |
1,253,774 |
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------------ |
------------ |
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Cash and cash equivalents at end of year |
19 |
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------------ |
------------ |
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Notes to the Financial Statements |
Goodwill |
- |
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Premises Alterations |
- |
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Plant & 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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Rental income |
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Commission receivable |
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Other operating income |
|
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-------- |
-------- |
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-------- |
-------- |
|
2024 |
2023 |
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£ |
£ |
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Amortisation of intangible assets |
|
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Depreciation of tangible assets |
|
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Loss on disposal of tangible assets |
|
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Impairment of trade debtors |
(48,000) |
(35,684) |
Foreign exchange differences |
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--------- |
--------- |
|
2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
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No. |
No. |
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Administrative staff |
|
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Management staff |
4 |
4 |
Number of other 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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--------- |
--------- |
|
2024 |
2023 |
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£ |
£ |
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Interest on loans and receivables |
3,520 |
– |
Interest on cash and cash equivalents |
|
|
-------- |
------- |
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-------- |
------- |
|
2024 |
2023 |
|
£ |
£ |
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Interest on banks loans and overdrafts |
|
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Interest on obligations under finance leases and hire purchase contracts |
|
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Interest payable on overdue tax |
|
(
|
--------- |
-------- |
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--------- |
-------- |
|
2024 |
2023 |
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£ |
£ |
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UK current tax expense |
|
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Adjustments in respect of prior periods |
|
|
-------- |
-------- |
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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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-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
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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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Adjustment to tax charge in respect of prior periods |
|
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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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(
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Utilisation of tax losses |
– |
(
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Origination and reversal of timing differences |
|
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Research and development credit |
(
|
(
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Tax at different rate |
– |
(
|
--------- |
------------ |
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Tax on profit |
|
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--------- |
------------ |
|
2024 |
2023 |
|
£ |
£ |
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Equity dividends on ordinary shares |
|
|
--------- |
--------- |
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Group |
Goodwill |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
--------- |
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Amortisation |
|
At 1 April 2023 |
|
Charge for the year |
|
--------- |
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At 31 March 2024 |
|
--------- |
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Carrying amount |
|
At 31 March 2024 |
– |
--------- |
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At 31 March 2023 |
|
--------- |
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Group |
At 1 April 2023 |
Additions |
Disposals |
At 31 March 2024 |
£ |
£ |
£ |
£ |
|
Cost |
||||
Freehold property |
|
– |
– |
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Short leasehold property |
|
– |
– |
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Plant and machinery |
|
|
– |
|
Fixtures and fittings |
|
– |
– |
|
Motor vehicles |
|
|
(
|
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Investment properties |
|
– |
– |
|
------------ |
--------- |
--------- |
------------ |
|
|
|
(
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|
------------ |
--------- |
--------- |
------------ |
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At 1 April 2023 |
Charge for the year |
Disposals |
At 31 March 2024 |
|
£ |
£ |
£ |
£ |
|
Depreciation |
||||
Freehold property |
– |
– |
– |
– |
Short leasehold property |
|
|
– |
|
Plant and machinery |
– |
– |
– |
– |
Fixtures and fittings |
|
|
– |
|
Motor vehicles |
|
|
(
|
|
------------ |
--------- |
--------- |
------------ |
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|
|
(
|
|
|
------------ |
--------- |
--------- |
------------ |
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At 31 March 2024 |
At 31 March 2023 |
|
£ |
£ |
|
Carrying amount |
||
Freehold property |
|
|
Short leasehold property |
|
|
Plant and machinery |
|
|
Fixtures and fittings |
|
|
Motor vehicles |
|
|
Investment properties |
|
|
------------ |
------------ |
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|
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|
------------ |
------------ |
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Group |
Motor vehicles |
£ |
|
At 31 March 2024 |
|
--------- |
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At 31 March 2023 |
|
--------- |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
------------ |
|
Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
At 31 March 2023 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Work in progress |
|
|
– |
– |
Trading property stock |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
|
|
– |
– |
|
------------- |
------------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by undertakings in which the company has a participating interest |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Corporation tax repayable |
– |
|
– |
– |
Directors loan account |
|
|
|
|
Other debtors - Amounts owed by connected parties |
|
– |
– |
– |
Other debtors |
|
|
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|
------------ |
------------ |
--------- |
-------- |
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|
------------ |
------------ |
--------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
– |
(
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
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Accruals and deferred income |
|
|
|
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Corporation tax |
|
– |
|
|
Social security and other taxes |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Other creditors |
|
|
– |
– |
------------- |
------------- |
--------- |
--------- |
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|
------------- |
------------- |
--------- |
--------- |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Bank loans |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
Group |
Deferred tax (note 24) |
£ |
|
At 1 April 2023 |
|
Additions |
|
-------- |
|
At 31 March 2024 |
|
-------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 23) |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
-------- |
-------- |
---- |
---- |
|
Group |
|||
2024 |
2023 |
||
£ |
£ |
||
Financial assets that are debt instruments measured at amortised cost |
205,874 |
4,130,287 |
|
--------- |
------------ |
||
Group |
|||
2024 |
2023 |
||
£ |
£ |
||
Financial liabilities measured at amortised cost |
838,269 |
12,449,483 |
|
--------- |
------------- |
||
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
3 |
|
3 |
|
|
2 |
|
2 |
---- |
---- |
---- |
---- |
|
|
5 |
|
5 |
|
---- |
---- |
---- |
---- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(138,605) |
|
Bank overdrafts |
(479,114) |
479,114 |
– |
Debt due within one year |
(194,136) |
(66,966) |
(261,102) |
Debt due after one year |
(178,594) |
(372,736) |
(551,330) |
------------ |
--------- |
------------ |
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|
(
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|
|
------------ |
--------- |
------------ |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
Notes to the Financial Statements (continued) |
2024 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
|
|
|
|
|
|
|
|
|
-------- |
-------- |
--------- |
||
|
|
|
||
-------- |
-------- |
--------- |
||
2023 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
(
|
|
|
|
|
|
|
|
|
-------- |
-------- |
-------- |
||
|
|
|
||
-------- |
-------- |
-------- |
||