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For the year ended |
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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
5 |
Independent auditor's report to the members |
7 |
Statement of income and retained earnings |
12 |
Statement of financial position |
13 |
Statement of cash flows |
15 |
Notes to the financial statements |
16 |
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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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132 Burnt Ash Road |
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Lee |
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London |
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SE12 8PU |
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Bankers |
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87 High Street |
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Sidcup |
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Kent |
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DA14 6DL |
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Strategic Report |
2023 | 2022 | ||
Gross profit margin % | 5 | 6 | |
Operating margin % | 1 | 1 | |
Net profit margin % | – | 1 | |
Net asset turnover | 24 | 20 | |
2023 | 2022 | ||
Current ratio | 2 | 1 | |
2023 | 2022 | ||
Net gearing | 56 | 58 | |
Gross gearing | 88 | 68 | |
Asset cover ratio | 2 | 3 | |
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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 auditor |
132 Burnt Ash Road |
Lee |
London |
SE12 8PU |
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Statement of Income and Retained Earnings |
Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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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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Operating profit |
6 |
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Interest payable and similar expenses |
10 |
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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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(Loss)/profit for the financial year and total comprehensive income |
(
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---------- |
---------- |
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Dividends paid and payable |
12 |
(
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(
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Tangible assets |
13 |
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Investments |
14 |
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---------- |
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Stock |
15 |
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Debtors |
16 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
17 |
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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 |
18 |
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Taxation including deferred tax |
20 |
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Net assets |
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Called up share capital |
23 |
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Profit and loss account |
24 |
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Shareholders funds |
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Statement of Financial Position (continued) |
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Director |
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Statement of Cash Flows |
2023 |
2022 |
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£ |
£ |
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(Loss)/profit for the financial year |
(
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Adjustments for: |
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Depreciation of tangible assets |
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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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(
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Accrued income |
(
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(
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Changes in: |
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Stock |
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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 paid |
(
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(
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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)/from investing activities |
(
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---------- |
------------- |
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Proceeds from borrowings |
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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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(
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Dividends paid |
(
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(
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---------- |
------------- |
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Net cash 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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(
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Cash and cash equivalents at beginning of year |
184,202 |
347,574 |
---------- |
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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 |
Freehold buildings |
- |
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Plant and machinery |
- |
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Office equipment |
- |
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Fixtures and fittings |
- |
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Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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£ |
£ |
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Sales of cars and associated income |
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-------------- |
-------------- |
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Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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£ |
£ |
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Rental income |
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Commission receivable |
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---------- |
---------- |
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---------- |
---------- |
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Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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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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--------- |
--------- |
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Period from |
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Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
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£ |
£ |
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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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Production staff |
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Administrative staff |
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Management staff |
3 |
3 |
---- |
---- |
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---- |
---- |
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Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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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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Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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£ |
£ |
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Remuneration |
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--------- |
--------- |
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Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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£ |
£ |
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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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---------- |
---------- |
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---------- |
---------- |
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Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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£ |
£ |
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UK current tax expense |
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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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Period from |
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Year to |
1 Oct 21 to |
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31 Dec 23 |
31 Dec 22 |
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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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Utilisation of tax losses |
– |
(
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Movement in deferred tax provision |
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(
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Other tax adjustment to increase/(decrease) tax liability |
|
– |
---------- |
---------- |
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Tax on profit |
|
(
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---------- |
---------- |
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2023 |
2022 |
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£ |
£ |
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Dividends on equity shares |
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---------- |
------------- |
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Plant and machinery |
Office equipment |
Fixtures and fittings |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 January 2023 |
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229,807
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Additions |
|
– |
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Disposals |
(
|
– |
– |
(
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---------- |
--------- |
---------- |
---------- |
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At 31 December 2023 |
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233,807
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---------- |
--------- |
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---------- |
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Depreciation |
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At 1 January 2023 |
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163,658
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Charge for the year |
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17,536
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Disposals |
(
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– |
– |
(
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---------- |
--------- |
---------- |
---------- |
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At 31 December 2023 |
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181,194
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---------- |
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Carrying amount |
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At 31 December 2023 |
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52,613
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---------- |
--------- |
---------- |
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At 31 December 2022 |
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66,149
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---------- |
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---------- |
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Shares in group undertakings |
|
£ |
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Cost |
|
At 1 January 2023 and 31 December 2023 |
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---- |
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Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
---- |
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Carrying amount |
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At 31 December 2023 |
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---- |
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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 |
2023 |
2022 |
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£ |
£ |
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Finished goods and goods for resale |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
– |
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Other debtors |
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------------- |
------------- |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Trade creditors |
|
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Accruals and deferred income |
|
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Corporation tax |
|
– |
Social security and other taxes |
|
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Obligations under finance leases and hire purchase contracts |
– |
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Director loan accounts |
– |
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Other creditors |
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------------- |
------------- |
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------------- |
------------- |
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
|
– |
Obligations under finance leases and hire purchase contracts |
|
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Director loan accounts |
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– |
------------- |
--------- |
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------------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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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 21) |
|
£ |
|
At 1 January 2023 |
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Additions |
|
--------- |
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At 31 December 2023 |
|
--------- |
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2023 |
2022 |
|
£ |
£ |
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Included in provisions (note 20) |
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--------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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Accelerated capital allowances |
|
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Provisions |
|
– |
--------- |
--------- |
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54,417 |
40,134 |
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--------- |
--------- |
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2023 |
2022 |
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No. |
£ |
No. |
£ |
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1,000 |
|
1,000 |
------- |
------- |
------- |
------- |
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At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
282,303 |
|
Debt due within one year |
(1,141,644) |
1,141,644 |
– |
Debt due after one year |
(65,815) |
(1,217,410) |
(1,283,225) |
------------- |
------------- |
------------- |
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(
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(
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------------- |
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2023 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
||
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(
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(
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(
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(
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(
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(
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(
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(
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(
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------------- |
---------- |
---------- |
------------- |
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(
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(
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(
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------------- |
---------- |
---------- |
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2022 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
(
|
(
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|
(
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(
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(
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(
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(
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(
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(
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------------- |
---------- |
---------- |
------------- |
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(
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(
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(
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------------- |
---------- |
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Notes to the Financial Statements (continued) |