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FOR THE YEAR ENDED |
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|
FINANCIAL STATEMENTS |
Contents |
Page |
Strategic report |
1 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
Consolidated statement of comprehensive income |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Consolidated statement of changes in equity |
14 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 |
|
STRATEGIC REPORT |
2024 | 2023 | ||
£ | £ | ||
Energy consumption used to calculate emissions (kWh) | 21,011,749 | 19,575,179 | |
Scope 1 emissions in metric tonnes CO2e | |||
Gas, propane and refigerant | 2,097 | 2,012 | |
Scope 2 emissions in metric tonnes CO2e | |||
Purchased electricity | 2,040 | 1,798 | |
Scope 3 emissions in metric tonnes CO2e | |||
Combined scope 3 usage | 65,342 | 78,740 | |
Total gross emissions in metric tonnes CO2e | 69,479 | 82,550 | |
Intensity ratio | |||
Tonnes / £m turnover | 307 | 403 | |
|
Director |
Registered office: |
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DIRECTORS' REPORT |
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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 |
|
Chartered accountants & statutory auditor |
Tower House |
Lucy Tower Street |
Lincoln |
LN1 1XW |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
--------------- |
--------------- |
|
Gross profit |
|
|
Distribution costs |
|
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
--------------- |
--------------- |
||
Operating profit |
6 |
|
|
Share of profit of associates |
15 |
|
|
Other interest receivable and similar income |
10 |
|
|
Interest payable and similar expenses |
11 |
|
|
--------------- |
--------------- |
||
Profit before taxation |
|
|
|
Tax on profit |
12 |
|
|
--------------- |
--------------- |
||
Profit for the financial year and total comprehensive income |
|
|
|
--------------- |
--------------- |
||
|
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2024 |
2023 |
|
Note |
£ |
£ |
Tangible assets |
14 |
|
|
Investments: |
15 |
||
Investments in associates |
301,170 |
264,000 |
|
--------------- |
--------------- |
||
|
|
||
Stocks |
16 |
|
|
Debtors |
17 |
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|
Cash at bank and in hand |
|
|
|
--------------- |
--------------- |
||
|
|
||
Creditors: amounts falling due within one year |
18 |
|
|
--------------- |
--------------- |
||
Net current assets |
|
|
|
--------------- |
--------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
19 |
|
|
Provisions |
21 |
|
|
--------------- |
--------------- |
||
Net assets |
|
|
|
--------------- |
--------------- |
||
Called up share capital |
25 |
|
|
Other reserves, including the fair value reserve |
26 |
|
– |
Profit and loss account |
26 |
|
|
--------------- |
--------------- |
||
Shareholders funds |
|
|
|
--------------- |
--------------- |
||
|
Director |
|
COMPANY STATEMENT OF FINANCIAL POSITION |
2024 |
2023 |
|
Note |
£ |
£ |
Tangible assets |
14 |
|
|
Investments |
15 |
|
|
--------------- |
------------- |
||
|
|
||
Debtors |
17 |
|
|
Cash at bank and in hand |
|
|
|
------------- |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
18 |
|
|
------------- |
------------- |
||
Net current assets |
|
|
|
--------------- |
--------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
19 |
|
– |
--------------- |
--------------- |
||
Net assets |
|
|
|
--------------- |
--------------- |
||
Called up share capital |
25 |
|
|
Profit and loss account |
26 |
|
|
--------------- |
--------------- |
||
Shareholders funds |
|
|
|
--------------- |
--------------- |
||
|
Director |
|
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
|||
At 1 July 2022 |
|
– |
|
|
||
Profit for the year |
|
|
||||
---- |
---- |
-------------- |
-------------- |
|||
Total comprehensive income for the year |
– |
– |
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
|
---- |
---- |
-------------- |
-------------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
At 30 June 2023 |
|
– |
|
|
||
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from fair value reserve to profit and loss account |
– |
|
(
|
– |
||
---- |
------------- |
-------------- |
-------------- |
|||
Total comprehensive income for the year |
– |
|
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
|
---- |
---- |
------------- |
------------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
---- |
------------- |
-------------- |
-------------- |
|||
At 30 June 2024 |
|
|
|
|
||
---- |
------------- |
-------------- |
-------------- |
|||
|
COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
||
£ |
£ |
£ |
||
At 1 July 2022 |
|
(
|
(
|
|
Profit for the year |
|
|
||
---- |
-------------- |
-------------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
-------------- |
-------------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
At 30 June 2023 |
|
13,133,974
|
13,133,980
|
|
Profit for the year |
|
|
||
---- |
-------------- |
-------------- |
||
Total comprehensive income for the year |
– |
|
|
|
Dividends paid and payable |
13 |
– |
(
|
(
|
---- |
------------- |
------------- |
||
Total investments by and distributions to owners |
– |
(
|
(
|
|
---- |
-------------- |
-------------- |
||
At 30 June 2024 |
|
|
|
|
---- |
-------------- |
-------------- |
||
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Share of profit of associates |
(
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
|
– |
Tax on profit |
|
|
Accrued (income)/expenses |
(
|
|
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 |
|
– |
Acquisition of subsidiaries |
(
|
– |
--------------- |
--------------- |
|
Net cash used in investing activities |
(
|
(
|
--------------- |
--------------- |
|
Repayments of borrowings |
(
|
(
|
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
(
|
--------------- |
--------------- |
|
Net cash used in financing activities |
(
|
(
|
--------------- |
--------------- |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
13,527,888 |
13,102,964 |
--------------- |
--------------- |
|
Cash and cash equivalents at end of year |
|
|
--------------- |
--------------- |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
Building Improvements |
- |
|
|
Plant and machinery |
- |
8%/33% straight line/20% reducing balance
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
--------------- |
--------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Rental income |
|
|
Other operating income |
|
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Loss on disposal of tangible assets |
|
– |
Impairment of trade debtors |
59,961 |
257,027 |
Foreign exchange differences |
|
(
|
------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
--------- |
--------- |
|
Taxation advisory services |
|
|
Other non-audit services |
|
|
--------- |
--------- |
|
22,310 |
16,387 |
|
--------- |
--------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
--------------- |
--------------- |
|
|
|
|
--------------- |
--------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
Interest on loan to director |
|
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
– |
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
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 |
|
|
Effect of expenses not deductible for tax purposes |
|
|
Effect of capital allowances and depreciation |
(
|
(
|
--------------- |
--------------- |
|
Tax on profit |
|
|
--------------- |
--------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Equity dividends on ordinary shares |
|
|
------------- |
---------- |
|
Group |
Freehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Investment property |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jul 2023 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
(
|
(
|
(
|
(
|
(
|
(
|
Revaluations |
– |
– |
– |
– |
|
|
Transfers |
(
|
|
|
– |
|
|
------------- |
-------------- |
------------- |
---------- |
-------------- |
-------------- |
|
At 30 Jun 2024 |
|
|
|
|
|
|
------------- |
-------------- |
------------- |
---------- |
-------------- |
-------------- |
|
Depreciation |
||||||
At 1 Jul 2023 |
|
|
|
|
– |
|
Charge for the year |
|
|
|
|
– |
|
Disposals |
(
|
(
|
(
|
(
|
– |
(
|
Transfers |
– |
|
– |
– |
– |
|
------------- |
-------------- |
------------- |
---------- |
-------------- |
-------------- |
|
At 30 Jun 2024 |
|
|
|
|
– |
|
------------- |
-------------- |
------------- |
---------- |
-------------- |
-------------- |
|
Carrying amount |
||||||
At 30 Jun 2024 |
|
|
|
|
|
|
------------- |
-------------- |
------------- |
---------- |
-------------- |
-------------- |
|
At 30 Jun 2023 |
|
|
|
|
|
|
------------- |
-------------- |
------------- |
---------- |
-------------- |
-------------- |
|
Company |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Equipment |
Investment property |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jul 2023 |
|
– |
|
– |
|
|
Additions |
– |
|
|
|
|
|
Transfers |
(
|
– |
– |
|
(
|
– |
------------- |
---------- |
---------- |
------------- |
-------------- |
-------------- |
|
At 30 Jun 2024 |
|
|
|
|
|
|
------------- |
---------- |
---------- |
------------- |
-------------- |
-------------- |
|
Depreciation |
||||||
At 1 Jul 2023 |
– |
– |
|
– |
– |
|
Charge for the year |
– |
|
|
– |
– |
|
------------- |
---------- |
---------- |
------------- |
-------------- |
-------------- |
|
At 30 Jun 2024 |
– |
|
|
– |
– |
|
------------- |
---------- |
---------- |
------------- |
-------------- |
-------------- |
|
Carrying amount |
||||||
At 30 Jun 2024 |
|
|
|
|
|
|
------------- |
---------- |
---------- |
------------- |
-------------- |
-------------- |
|
At 30 Jun 2023 |
|
– |
|
– |
|
|
------------- |
---------- |
---------- |
------------- |
-------------- |
-------------- |
|
Group |
Plant and machinery |
£ |
|
At 30 June 2024 |
– |
---- |
|
At 30 June 2023 |
|
---------- |
|
Group |
Interests in associates |
£ |
|
Share of net assets/cost |
|
At 1 July 2023 |
|
Share of profit or loss |
|
---------- |
|
At 30 June 2024 |
|
---------- |
|
Impairment |
|
At 1 July 2023 and 30 June 2024 |
– |
---------- |
|
Carrying amount |
|
At 30 June 2024 |
|
---------- |
|
At 30 June 2023 |
|
---------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 July 2023 |
|
Additions |
|
------------- |
|
At 30 June 2024 |
|
------------- |
|
Impairment |
|
At 1 July 2023 and 30 June 2024 |
– |
------------- |
|
Carrying amount |
|
At 30 June 2024 |
|
------------- |
|
At 30 June 2023 |
|
------------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Finished goods and goods for resale |
|
|
– |
– |
Parts stock |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
|
|
– |
– |
|
------------- |
------------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
– |
Prepayments and accrued income |
|
|
|
|
Directors loan account |
|
|
– |
– |
Other debtors |
|
|
|
|
--------------- |
--------------- |
------------- |
--------- |
|
|
|
|
|
|
--------------- |
--------------- |
------------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
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 |
– |
|
– |
– |
Other creditors |
|
|
|
– |
--------------- |
--------------- |
------------- |
--------- |
|
|
|
|
|
|
--------------- |
--------------- |
------------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Other creditors |
|
– |
|
– |
------------- |
------------- |
------------- |
---- |
|
|
|
|
– |
|
------------- |
------------- |
------------- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
– |
|
– |
– |
---- |
--------- |
---- |
---- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 July 2023 |
|
Additions |
|
Charge against provision |
|
------------- |
|
At 30 June 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 |
|
– |
– |
– |
------------- |
------------- |
---- |
---- |
|
4,408,246 |
1,880,000 |
– |
– |
|
------------- |
------------- |
---- |
---- |
|
Group |
|||
2024 |
2023 |
||
£ |
£ |
||
Trade debtors |
11,284,164 |
14,186,649 |
|
--------------- |
--------------- |
||
Group |
|||
2024 |
2023 |
||
£ |
£ |
||
Bank loans |
1,697,267 |
1,848,974 |
|
Hire purchase agreements |
– |
11,401 |
|
Trade creditors |
13,613,278 |
14,996,211 |
|
--------------- |
--------------- |
||
|
|
||
--------------- |
--------------- |
||
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
6 |
|
6 |
---- |
---- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Reclassification from fair value reserve to profit and loss account |
2,491,919 |
– |
– |
– |
------------- |
---- |
---- |
---- |
|
At end of year |
|
– |
– |
– |
------------- |
---- |
---- |
---- |
|
At 1 Jul 2023 |
Cash flows |
At 30 Jun 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(4,223,818) |
|
Debt due within one year |
(152,142) |
(622,689) |
(774,831) |
Debt due after one year |
(1,708,233) |
(4,936,951) |
(6,645,184) |
--------------- |
------------- |
------------- |
|
|
(
|
|
|
--------------- |
------------- |
------------- |
|
£ |
|
Cash |
|
Deferred consideration |
|
------------- |
|
|
|
------------- |
|
Fair value |
|
£ |
|
Tangible assets acquired |
|
Trade debtors acquired |
|
Cash and cash equivalents acquired |
|
Other creditors assumed |
(
|
Provisions assumed |
(
|
Bank loans assumed |
(
|
--------------- |
|
|
|
--------------- |
|
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) |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
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– |
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