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FINANCIAL STATEMENTS |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
4 |
Independent auditor's report to the members |
6 |
Statement of comprehensive income |
10 |
Statement of financial position |
11 |
Statement of changes in equity |
12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 |
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OFFICERS AND PROFESSIONAL ADVISERS |
Director |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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168 Church Road |
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Hove |
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East Sussex |
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BN3 2DL |
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STRATEGIC REPORT |
2024 | 2023 | ||
Turnover | 22,007,165 | 11,591,362 | |
Gross Profit | 11,665,206 | 7,217,230 | |
Gross Profit as proportion of turnover % | 53 | 62 | |
Operating Profit and Profit Before Taxation | 5,557,076 | 3,931,349 | |
Operating Profit and Profit Before Taxation % | 25 | 34 | |
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Director |
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Registered office: |
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DIRECTOR'S REPORT |
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Director |
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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 |
168 Church Road |
Hove |
East Sussex |
BN3 2DL |
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STATEMENT OF COMPREHENSIVE INCOME |
2024 |
2023 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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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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Other interest receivable and similar income |
9 |
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– |
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Profit before taxation |
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Tax on profit |
10 |
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Profit for the financial year and total comprehensive income |
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STATEMENT OF FINANCIAL POSITION |
2024 |
2023 |
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Note |
£ |
£ |
£ |
Tangible assets |
11 |
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Investments |
12 |
– |
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Stocks |
13 |
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Debtors |
14 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
15 |
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Net current assets/(liabilities) |
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(
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Total assets less current liabilities |
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Net assets |
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Called up share capital |
17 |
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Profit and loss account |
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Shareholders funds |
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Director |
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STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 January 2023 |
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(
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(
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Profit for the year |
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--------- |
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Total comprehensive income for the year |
– |
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At 31 December 2023 |
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Profit for the year |
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--------- |
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Total comprehensive income for the year |
– |
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At 31 December 2024 |
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--------- |
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STATEMENT OF CASH FLOWS |
2024 |
2023 |
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Note |
£ |
£ |
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Cash generated from operations |
18 |
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Interest received |
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– |
Tax paid |
(
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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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Net cash used in investing activities |
(
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(
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
2,571,789 |
1,386,762 |
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Cash and cash equivalents at end of year |
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NOTES TO THE FINANCIAL STATEMENTS |
Long leasehold property |
- |
over lease term |
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Artwork fixtures |
- |
over 165 months |
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Fixtures and fittings |
- |
7 years |
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Equipment |
- |
3 years |
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Improvements to property |
- |
over lease term |
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2024 |
2023 |
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£ |
£ |
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Sale of goods |
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--------------- |
--------------- |
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2024 |
2023 |
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£ |
£ |
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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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Depreciation of tangible assets |
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Operating lease rentals |
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Foreign exchange differences |
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(
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---------- |
---------- |
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2024 |
2023 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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--------- |
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Other non-audit services |
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--------- |
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2024 |
2023 |
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No. |
No. |
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Administrative staff |
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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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2024 |
2023 |
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£ |
£ |
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Interest on cash and cash equivalents |
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– |
------- |
---- |
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2024 |
2023 |
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£ |
£ |
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UK current tax expense |
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------------- |
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Tax on profit |
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------------- |
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2024 |
2023 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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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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Capitalised revenue expenditure |
(9,463) |
– |
------------- |
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Tax on profit |
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Long leasehold property |
Artwork fixture |
Fixtures and fittings |
Equipment |
Improvements to property |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Jan 2024 |
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– |
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127,406 |
5,250 |
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Additions |
– |
– |
– |
21,164 |
85,430 |
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Transfers |
– |
384,864 |
– |
– |
– |
384,864 |
------------- |
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At 31 Dec 2024 |
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148,570 |
90,680 |
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--------- |
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Depreciation |
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At 1 Jan 2024 |
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– |
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127,406 |
– |
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Charge for the year |
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4,920 |
21,791 |
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At 31 Dec 2024 |
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132,326 |
21,791 |
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Carrying amount |
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At 31 Dec 2024 |
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16,244 |
68,889 |
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------------- |
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At 31 Dec 2023 |
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– |
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– |
5,250 |
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--------- |
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Other investments other than loans |
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£ |
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Cost |
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At 1 January 2024 |
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Transfers |
(384,864) |
---------- |
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At 31 December 2024 |
– |
---------- |
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Impairment |
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At 1 January 2024 and 31 December 2024 |
– |
---------- |
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Carrying amount |
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At 31 December 2024 |
– |
---------- |
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At 31 December 2023 |
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---------- |
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2024 |
2023 |
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£ |
£ |
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Finished goods and goods for resale |
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------------- |
------------- |
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings |
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– |
Prepayments and accrued income |
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Other debtors |
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------------- |
------------- |
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------------- |
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2024 |
2023 |
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£ |
£ |
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Other debtors |
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---------- |
---------- |
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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------------- |
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------------- |
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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20,000 |
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20,000 |
--------- |
--------- |
--------- |
--------- |
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2024 |
2023 |
|
£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
539,051 |
493,682 |
Other interest receivable and similar income |
(
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– |
Tax on profit |
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Changes in: |
||
Stocks |
(
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(
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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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At 1 Jan 2024 |
Cash flows |
At 31 Dec 2024 |
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£ |
£ |
£ |
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Cash at bank and in hand |
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1,126,782 |
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------------- |
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2024 |
2023 |
|
£ |
£ |
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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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NOTES TO THE FINANCIAL STATEMENTS (continued) |