|
|
For the year ended |
|
|
Financial Statements |
Contents |
Page |
Strategic report |
1 |
Directors' report |
5 |
Independent auditor's report to the members |
7 |
Consolidated statement of income and retained earnings |
12 |
Company statement of income and retained earnings |
13 |
Consolidated statement of financial position |
14 |
Company statement of financial position |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
18 |
|
Strategic Report |
2023 | 2022 | ||
£ | £ | ||
PERFORMANCE | |||
Gross profit margin % | 8 | 7 | |
Operating margin % | – | 1 | |
Net profit margin % | 1 | – | |
EBITDA | 386,457 | 506,768 | |
Net asset turnover | 14 | 12 | |
2023 | 2022 | ||
£ | £ | ||
LIQUIDITY | |||
Current ratio | 1 | 1 | |
Quickratio | – | – | |
2023 | 2022 | ||
£ | £ | ||
SOLVENCY | |||
Net gearing % | 136 | 121 | |
Gross gearing % | 156 | 131 | |
Asset cover ratio | 2 | 2 | |
|
Director |
Registered office: |
|
|
|
United Kingdom |
|
|
Directors' Report |
|
|
|
|
|
|
|
Director |
Registered office: |
|
|
|
United Kingdom |
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
132 Burnt Ash Road |
Lee |
London |
SE12 8PU |
|
Consolidated Statement of Income and Retained Earnings |
Period from |
|||
Year to |
1 Oct 21 to |
||
31 Dec 23 |
31 Dec 22 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
-------------- |
-------------- |
|
Gross profit |
|
|
Distribution costs |
|
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
------------- |
------------- |
||
Operating profit |
6 |
|
|
Other interest receivable and similar income |
10 |
– |
|
Interest payable and similar expenses |
11 |
|
|
------------- |
------------- |
||
(Loss)/profit before taxation |
(
|
|
|
Tax on (loss)/profit |
12 |
|
(
|
---------- |
---------- |
||
(Loss)/profit for the financial year and total comprehensive income |
(
|
|
|
---------- |
---------- |
||
Dividends paid and payable |
13 |
(
|
(
|
Retained earnings at the start of the year (as previously reported) |
|
|
Prior period adjustments |
144,993 |
– |
------------- |
------------- |
|
Retained earnings at the start of the year (restated) |
|
|
------------- |
------------- |
|
Retained earnings at the end of the year |
|
3,008,308
|
------------- |
------------- |
|
|
Company Statement of Income and Retained Earnings |
Period from |
|||
Year to |
1 Oct 21 to |
||
31 Dec 23 |
31 Dec 22 |
||
Note |
£ |
£ |
|
(Loss)/profit for the financial year and total comprehensive income |
(
|
|
|
Dividends paid and payable |
13 |
(
|
(
|
Retained earnings at the start of the year |
|
|
------------- |
------------- |
|
Retained earnings at the end of the year |
|
|
------------- |
------------- |
|
|
Consolidated Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
14 |
|
|
Tangible assets |
15 |
|
|
Investments |
16 |
(
|
– |
------------- |
------------- |
||
|
|
||
Stocks |
17 |
|
|
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
------------- |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
19 |
|
|
------------- |
------------- |
||
Net current assets |
|
|
|
------------- |
------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
|
|
Provisions |
22 |
|
|
------------- |
------------- |
||
Net assets |
|
|
|
------------- |
------------- |
||
Called up share capital |
26 |
|
|
Profit and loss account |
|
3,044,266
|
|
------------- |
------------- |
||
Shareholders funds |
|
|
|
------------- |
------------- |
||
|
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
------------- |
------------- |
||
|
|
||
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
--------- |
---------- |
||
|
|
||
Creditors: amounts falling due within one year |
19 |
|
|
------------- |
------------- |
||
Net current liabilities |
|
|
|
------------- |
------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
|
|
------------- |
------------- |
||
Net assets |
|
|
|
------------- |
------------- |
||
Called up share capital |
26 |
|
|
Profit and loss account |
|
|
|
------------- |
------------- |
||
Shareholders funds |
|
|
|
------------- |
------------- |
||
|
Director |
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
(Loss)/profit for the financial year |
(
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Government grant income |
– |
(
|
Other interest receivable and similar income |
– |
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Tax on (loss)/profit |
|
(
|
Accrued income |
(
|
(
|
Other operating cash flow adjustment |
– |
19,152 |
Other operating cash flow adjustment |
144,993 |
– |
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 |
|
|
Purchase of intangible assets |
– |
(
|
Proceeds from sale of subsidiaries |
|
– |
------------- |
------------- |
|
Net cash used in investing activities |
(
|
(
|
------------- |
------------- |
|
Proceeds from borrowings |
(
|
|
Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
(
|
------------- |
------------- |
|
Net cash (used in)/from financing activities |
(
|
|
------------- |
------------- |
|
|
Consolidated Statement of Cash Flows (continued) |
2023 |
2022 |
|
Note |
£ |
£ |
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
316,855 |
348,674 |
---------- |
---------- |
|
Cash and cash equivalents at end of year |
|
|
---------- |
---------- |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Freehold property |
- |
|
|
Short leasehold property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures, fittings and equipment |
- |
|
|
Motor vehicles |
- |
|
|
Integral features |
- |
25
% reducing balance |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
Sale of goods |
|
|
-------------- |
-------------- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
Rental income |
|
|
Commission receivable |
|
|
Government grant income |
– |
|
Other operating income |
– |
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
74,639 |
10 |
---------- |
---------- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
7 |
5 |
---- |
---- |
|
|
|
|
---- |
---- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
Interest on bank deposits |
– |
|
---- |
---- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
UK current tax income |
|
– |
Origination and reversal of timing differences |
|
(
|
--------- |
--------- |
|
Tax on (loss)/profit |
|
(
|
--------- |
--------- |
|
Period from |
||
Year to |
1 Oct 21 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
(Loss)/profit on ordinary activities before taxation |
(
|
|
---------- |
--------- |
|
(Loss)/profit on ordinary activities by rate of tax |
|
|
Effect of expenses not deductible for tax purposes |
|
– |
Effect of capital allowances and depreciation |
|
(
|
Effect of revenue exempt from tax |
(
|
(
|
Utilisation of tax losses |
– |
|
Unused tax losses |
– |
|
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs |
46,743 |
(33,649) |
Other tax adjustment to increase/(decrease) tax liability 2 - desc in a/cs |
76,242 |
– |
---------- |
---------- |
|
Tax on (loss)/profit |
|
(
|
---------- |
---------- |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
---------- |
---------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 January 2023 and 31 December 2023 |
|
---------- |
|
Amortisation |
|
At 1 January 2023 |
|
Charge for the year |
|
---------- |
|
At 31 December 2023 |
|
---------- |
|
Carrying amount |
|
At 31 December 2023 |
|
---------- |
|
At 31 December 2022 |
|
---------- |
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Integral features |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jan 2023 |
|
|
|
|
102,848 |
|
Additions |
|
|
|
|
– |
|
Disposals |
– |
(
|
(
|
– |
– |
(
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
|
At 31 Dec 2023 |
|
|
|
|
102,848 |
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
|
Depreciation |
||||||
At 1 Jan 2023 |
|
|
|
|
10,283 |
|
Charge for the year |
|
|
|
|
10,283 |
|
Disposals |
– |
(
|
(
|
– |
– |
(
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
|
At 31 Dec 2023 |
|
|
|
|
20,566 |
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
|
Carrying amount |
||||||
At 31 Dec 2023 |
|
|
|
|
82,282 |
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
|
At 31 Dec 2022 |
|
|
|
– |
92,565 |
|
------------- |
---------- |
---------- |
--------- |
---------- |
------------- |
|
Company |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Equipment |
Integral features |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Jan 2023 |
|
|
|
135,407 |
102,848 |
|
Additions |
|
– |
|
– |
– |
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
|
At 31 Dec 2023 |
|
|
|
135,407 |
102,848 |
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
|
Depreciation |
||||||
At 1 Jan 2023 |
|
|
|
33,852 |
10,283 |
|
Charge for the year |
|
|
|
25,389 |
10,283 |
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
|
At 31 Dec 2023 |
|
|
|
59,241 |
20,566 |
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
|
Carrying amount |
||||||
At 31 Dec 2023 |
|
|
|
76,166 |
82,282 |
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
|
At 31 Dec 2022 |
|
|
|
101,555 |
92,565 |
|
------------- |
---------- |
---------- |
---------- |
---------- |
------------- |
|
Group |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 |
– |
Disposals |
(
|
---- |
|
At 31 December 2023 |
(
|
---- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
---- |
|
Carrying amount |
|
At 31 December 2023 |
(
|
---- |
|
At 31 December 2022 |
– |
---- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 January 2023 |
|
Disposals |
(
|
---------- |
|
At 31 December 2023 |
|
---------- |
|
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
---------- |
|
Carrying amount |
|
At 31 December 2023 |
|
---------- |
|
At 31 December 2022 |
|
---------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
Finished goods and goods for resale |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
|
|
– |
– |
|
------------- |
------------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Prepayments and accrued income |
|
|
– |
(
|
Other debtors |
– |
31,770 |
– |
– |
Other debtors |
|
|
– |
|
---------- |
---------- |
--------- |
---------- |
|
|
|
|
|
|
---------- |
---------- |
--------- |
---------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
Amounts owed to undertakings in which the company has a participating interest |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
– |
|
Social security and other taxes |
|
|
|
– |
Obligations under finance leases and hire purchase contracts |
– |
|
– |
– |
Other creditors |
|
|
– |
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
Director loan accounts |
|
|
– |
– |
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
– |
|
– |
– |
--------- |
---------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
---------- |
---- |
---- |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 January 2023 |
|
Additions |
|
--------- |
|
At 31 December 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 22) |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Provisions |
|
– |
– |
– |
--------- |
--------- |
---- |
---- |
|
54,417 |
40,134 |
– |
– |
|
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
---- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,920 |
|
1,920 |
|
|
40 |
|
40 |
|
|
40 |
|
40 |
------- |
------- |
------- |
------- |
|
|
2,000 |
|
2,000 |
|
------- |
------- |
------- |
------- |
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
200,685 |
|
Debt due within one year |
(315,249) |
315,249 |
– |
Debt due after one year |
(3,672,183) |
(213,442) |
(3,885,625) |
------------- |
---------- |
------------- |
|
(
|
|
(
|
|
------------- |
---------- |
------------- |
|
|
Notes to the Financial Statements (continued) |
2023 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
(
|
(
|
|
(
|
|
|
(
|
(
|
|
(
|
|
|
(
|
(
|
|
(
|
|
------------- |
---------- |
---------- |
------------- |
||
(
|
(
|
|
(
|
||
------------- |
---------- |
---------- |
------------- |
||
2022 |
|||||
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
(
|
(
|
|
(
|
|
|
(
|
(
|
|
(
|
|
|
(
|
(
|
|
(
|
|
------------- |
---------- |
---------- |
------------- |
||
(
|
(
|
|
(
|
||
------------- |
---------- |
---------- |
------------- |
||