|
|
For the year ended |
|
|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
Directors' responsibilities statement |
6 |
Independent auditor's report to the members |
7 |
Consolidated statement of comprehensive income |
12 |
Consolidated statement of financial position |
13 |
Company statement of financial position |
15 |
Consolidated statement of changes in equity |
16 |
Company statement of changes in equity |
17 |
Consolidated statement of cash flows |
18 |
Notes to the financial statements |
20 |
|
Officers and Professional Advisers |
The board of directors |
C Brown (Appointed 1 August 2023)
|
G Mitchell (Resigned 9 April 2024)
|
|
J Drake (Appointed 8 January 2024)
|
|
P Duffill (Appointed 8 May 2024)
|
|
|
|
M G Negus (Resigned 8 January 2024)
|
|
Registered office |
|
|
|
|
|
|
|
Auditor |
|
Chartered accountants & statutory auditor |
|
Enterprise House |
|
38 Tyndall Court |
|
Commerce Road |
|
Lynch Wood |
|
Peterborough |
|
Cambridgeshire |
|
PE2 6LR |
|
|
Strategic Report |
2022 £'000 | 2023 £'000 | 2024 £'000 | ||
Revenue | 31,289 | 37,826 | 26,687 | |
Gross Profit | 10,059 | 10,920 | 9,841 | |
Operating Profit/(Loss) | 3,514 | 1,966 | 900 | |
EBITDA (pre exceptionals) | 5,421 | 4,251 | 2,317 | |
Cash Headroom | 6,567 | 3,808 | 5,624 | |
|
Director |
Registered office: |
|
|
|
|
|
Directors' Report |
|
|
|
(Appointed
|
J Drake
|
(Appointed
|
|
(Appointed
|
|
(Resigned
|
|
(Resigned
|
J Drake
|
Director |
Registered office: |
|
|
|
|
|
Directors' Responsibilities Statement |
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered accountants & statutory auditor |
Enterprise House |
38 Tyndall Court |
Commerce Road |
Lynch Wood |
Peterborough |
Cambridgeshire |
PE2 6LR |
|
Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
(restated) |
|||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
--------------- |
--------------- |
|
Gross profit |
|
|
Distribution costs |
|
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
--------------- |
--------------- |
||
Operating (loss)/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 |
(
|
|
|
------------- |
---------- |
||
|
Consolidated Statement of Financial Position |
2024 |
2023 |
||
(restated) |
|||
Note |
£ |
£ |
|
Intangible assets |
13 |
|
|
|
Tangible assets |
14 |
|
|
|
--------------- |
--------------- |
|||
|
|
|||
Stocks |
16 |
|
|
|
Debtors |
17 |
|
|
|
Cash at bank and in hand |
|
|
||
--------------- |
--------------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
18 |
|
|
|
--------------- |
--------------- |
|||
Net current (liabilities)/assets |
(
|
|
||
--------------- |
--------------- |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
19 |
|
|
|
Provisions |
20 |
|
|
|
--------------- |
--------------- |
|||
Net assets |
|
|
||
--------------- |
--------------- |
|||
Called up share capital |
25 |
|
|
|
Share premium account |
26 |
|
|
|
Profit and loss account |
26 |
|
|
|
---------- |
------------- |
|||
Shareholders funds |
|
|
||
---------- |
------------- |
|||
|
Consolidated Statement of Financial Position (continued) |
J Drake
|
Director |
|
Company Statement of Financial Position |
2024 |
2023 |
||
Note |
£ |
£ |
|
Investments |
15 |
|
|
|
Debtors |
17 |
|
|
|
Creditors: amounts falling due within one year |
18 |
|
|
|
--------- |
--------- |
|||
Net current assets |
|
|
||
--------- |
--------- |
|||
Total assets less current liabilities |
|
|
||
--------- |
--------- |
|||
Called up share capital |
25 |
|
|
|
Share premium account |
26 |
|
|
|
Profit and loss account |
26 |
(
|
(
|
|
--------- |
--------- |
|||
Shareholders funds |
|
|
||
--------- |
--------- |
|||
J Drake
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
|
At 1 August 2022 |
|
|
|
|
Profit for the year |
|
|
||
------- |
--------- |
------------- |
------------- |
|
Total comprehensive income for the year |
– |
– |
|
|
Issue of shares |
|
|
– |
|
Cancellation of subscribed capital |
(
|
– |
– |
(
|
------- |
--------- |
------------- |
------------- |
|
Total investments by and distributions to owners |
|
|
– |
|
At 31 July 2023 |
|
|
|
|
Loss for the year |
(
|
(
|
||
------- |
--------- |
------------- |
------------- |
|
Total comprehensive income for the year |
– |
– |
(
|
(
|
Issue of shares |
|
|
– |
|
---- |
------- |
---- |
------- |
|
Total investments by and distributions to owners |
|
|
– |
|
------- |
--------- |
---------- |
---------- |
|
At 30 July 2024 |
|
|
|
|
------- |
--------- |
---------- |
---------- |
|
|
Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
|
At 1 August 2022 |
|
|
– |
|
Loss for the year |
(
|
(
|
||
------- |
--------- |
---- |
--------- |
|
Total comprehensive income for the year |
– |
– |
(
|
(
|
Issue of shares |
|
|
– |
|
Cancellation of subscribed capital |
(
|
– |
– |
(
|
------- |
--------- |
---- |
--------- |
|
Total investments by and distributions to owners |
|
|
– |
|
At 31 July 2023 |
|
|
(
|
|
Profit for the year |
– |
– |
||
Issue of shares |
|
|
– |
|
---- |
------- |
---- |
------- |
|
Total investments by and distributions to owners |
|
|
– |
|
------- |
--------- |
---- |
--------- |
|
At 30 July 2024 |
|
|
(
|
|
------- |
--------- |
---- |
--------- |
|
|
Consolidated Statement of Cash Flows |
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
(Loss)/profit for the financial year |
(
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Government grant income |
(949) |
(12,858) |
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Loss on disposal of tangible assets |
|
|
Tax on profit |
(
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
|
Trade and other debtors |
|
|
Trade and other creditors |
|
(
|
Provisions and employee benefits |
|
|
------------- |
------------- |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Tax paid |
(
|
(
|
------------- |
------------- |
|
Net cash from operating activities |
|
|
------------- |
------------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchase of intangible assets |
(
|
– |
Interest received |
|
|
------------- |
------------- |
|
Net cash used in investing activities |
(
|
(
|
------------- |
------------- |
|
Proceeds from issue of ordinary shares |
|
– |
Proceeds from borrowings |
(
|
(
|
Government grant income |
|
– |
Payments of finance lease liabilities |
– |
(
|
Movement in loan notes |
3,870,787 |
(2,092,207) |
Movement in invoice discounting advances |
(354,936) |
786,131 |
------------- |
------------- |
|
Net cash from/(used in) financing activities |
|
(
|
------------- |
------------- |
|
|
Consolidated Statement of Cash Flows (continued) |
2024 |
2023 |
|
(restated) |
||
Note |
£ |
£ |
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
960,818 |
2,278,993 |
------------- |
------------- |
|
Cash and cash equivalents at end of year |
|
|
------------- |
------------- |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Short term leasehold property |
- |
To break point in the lease |
|
Plant and machinery |
- |
33% on cost and 25% on reducing balance |
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Sale of goods |
|
|
--------------- |
--------------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
United Kingdom |
|
|
Europe |
1,128,256 |
3,718,937 |
Rest of the World |
3,954,899 |
5,109,528 |
--------------- |
--------------- |
|
|
|
|
--------------- |
--------------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Government grant income |
|
|
Other operating income |
|
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Loss on disposal of tangible assets |
|
|
Impairment of trade debtors |
76,149 |
37,489 |
Foreign exchange differences |
(
|
(
|
Operating lease charges |
373,092 |
577,826 |
------------- |
------------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
--------- |
--------- |
|
Taxation advisory services |
|
|
Other non-audit services |
|
|
--------- |
--------- |
|
22,550 |
15,016 |
|
--------- |
--------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Distribution staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
(
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
2024 |
2023 |
|
(restated) |
||
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
---------- |
---------- |
|
|
|
|
---------- |
---------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Interest on cash and cash equivalents |
– |
|
Interest on bank deposits |
|
– |
Other interest receivable and similar income |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Other interest payable and similar charges |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
(
|
– |
---------- |
---------- |
|
Total current tax |
|
|
---------- |
---------- |
|
Origination and reversal of timing differences |
(
|
|
---------- |
---------- |
|
Tax on profit |
(
|
|
---------- |
---------- |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
(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 |
|
|
Utilisation of tax losses |
(
|
|
Other adjustments |
15,951 |
6,065 |
Prior period adjustments |
(255,098) |
(41,662) |
------------- |
---------- |
|
Tax on profit |
(
|
|
------------- |
---------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 August 2023 (as restated) |
|
Additions |
|
--------------- |
|
At 30 July 2024 |
|
--------------- |
|
Amortisation |
|
At 1 August 2023 |
|
Charge for the year |
|
--------------- |
|
At 30 July 2024 |
|
--------------- |
|
Carrying amount |
|
At 30 July 2024 |
|
--------------- |
|
At 31 July 2023 |
|
--------------- |
|
Group |
Short term Leasehold Property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 August 2023 (as restated) |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
(
|
– |
(
|
– |
(
|
---------- |
------------- |
------------- |
--------- |
------------- |
|
At 30 July 2024 |
|
|
|
|
|
---------- |
------------- |
------------- |
--------- |
------------- |
|
Depreciation |
|||||
At 1 August 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
(
|
– |
(
|
– |
(
|
---------- |
------------- |
------------- |
--------- |
------------- |
|
At 30 July 2024 |
|
|
|
|
|
---------- |
------------- |
------------- |
--------- |
------------- |
|
Carrying amount |
|||||
At 30 July 2024 |
|
|
|
– |
|
---------- |
------------- |
------------- |
--------- |
------------- |
|
At 31 July 2023 |
|
|
|
|
|
---------- |
------------- |
------------- |
--------- |
------------- |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 August 2023 as restated and 30 July 2024 |
|
---- |
|
Impairment |
|
At 1 August 2023 as restated and 30 July 2024 |
– |
---- |
|
Carrying amount |
|
At 1 August 2023 and 30 July 2024 |
|
---- |
|
At 31 July 2023 |
|
---- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Work in progress |
|
|
– |
– |
Finished goods and goods for resale |
|
|
– |
– |
------------- |
------------- |
---- |
---- |
|
|
|
– |
– |
|
------------- |
------------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Deferred tax asset |
|
– |
– |
– |
Prepayments and accrued income |
|
|
– |
– |
Corporation tax repayable |
|
– |
– |
– |
Other debtors |
|
|
|
|
------------- |
------------- |
--------- |
--------- |
|
|
|
|
|
|
------------- |
------------- |
--------- |
--------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
– |
Accruals and deferred income |
|
|
– |
– |
Corporation tax |
– |
|
|
|
Social security and other taxes |
|
|
– |
– |
Other creditors |
285,160 |
171,698 |
– |
– |
Deferred consideration |
3,039,005 |
2,495,978 |
– |
– |
--------------- |
--------------- |
---- |
---- |
|
|
|
|
|
|
--------------- |
--------------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Accruals and deferred income |
|
|
– |
– |
Other creditors |
5,499,287 |
1,628,500 |
– |
– |
Deferred consideration |
2,000,000 |
– |
– |
– |
--------------- |
--------------- |
---- |
---- |
|
|
|
– |
– |
|
--------------- |
--------------- |
---- |
---- |
|
Group |
Warranties |
Deferred tax (note 21) |
Dilapidation |
Total |
£ |
£ |
£ |
£ |
|
At 1 August 2023 (as restated) |
|
|
412,931 |
|
Additions |
|
|
534,408 |
|
Charge against provision |
(
|
(
|
– |
(
|
---------- |
---------- |
---------- |
------------- |
|
At 30 July 2024 |
|
– |
947,339 |
|
---------- |
---------- |
---------- |
------------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Included in debtors (note 17) |
|
– |
– |
– |
Included in provisions (note 20) |
– |
(
|
– |
– |
---------- |
---------- |
---- |
---- |
|
|
(
|
– |
– |
|
---------- |
---------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
Unused tax losses |
(
|
– |
– |
– |
Pension plan obligations |
(
|
(
|
– |
– |
---------- |
---------- |
---- |
---- |
|
(163,493) |
265,445 |
– |
– |
|
---------- |
---------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
|
|
– |
– |
---- |
--------- |
---- |
---- |
|
2024 |
2023 |
|||
(restated) |
||||
No. |
£ |
No. |
£ |
|
|
|
2,362 |
|
2,362 |
|
|
1,952 |
|
1,952 |
|
|
545 |
|
545 |
|
|
50 |
|
50 |
|
|
504 |
– |
– |
------------- |
------- |
------------- |
------- |
|
|
5,414 |
|
4,910 |
|
------------- |
------- |
------------- |
------- |
|
At 1 Aug 2023 |
Cash flows |
At 30 Jul 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
2,495,700 |
|
Debt due within one year |
(4,271,256) |
(65,365) |
(4,336,621) |
Debt due after one year |
(9,094,492) |
1,763,718 |
(7,330,774) |
--------------- |
------------- |
------------- |
|
(
|
|
(
|
|
--------------- |
------------- |
------------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Tangible assets |
|
– |
– |
– |
---------- |
---- |
---- |
---- |
|
|
Notes to the Financial Statements (continued) |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
(restated) |
(restated) |
|||
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
Later than 5 years |
|
– |
– |
– |
------------- |
---------- |
---- |
---- |
|
|
|
– |
– |
|
------------- |
---------- |
---- |
---- |
|