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For the year ended |
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Consolidated Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
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 consolidated financial statements |
17 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Enterprise House |
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38 Tyndall Court |
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Commerce Road |
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Lynch Wood |
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Peterborough |
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Cambridgeshire |
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PE2 6LR |
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Bankers |
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Bridle Road |
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Bootle |
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Merseyside |
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L30 4GB |
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Strategic Report |
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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 |
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Chartered accountants & statutory auditor |
Enterprise House |
38 Tyndall Court |
Commerce Road |
Lynch Wood |
Peterborough |
Cambridgeshire |
PE2 6LR |
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Consolidated 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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------------- |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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Other operating income |
5 |
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------------ |
------------ |
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Operating (loss)/profit |
6 |
(
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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------------ |
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(Loss)/profit before taxation |
(
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Tax on (loss)/profit |
12 |
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--------- |
--------- |
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(Loss)/profit for the financial year |
(
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--------- |
--------- |
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Foreign currency retranslation |
(
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(
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--------- |
-------- |
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Total comprehensive income for the year |
(
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(
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--------- |
-------- |
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Consolidated Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
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Intangible assets |
13 |
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Tangible assets |
14 |
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Investments: |
15 |
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Investments in associates |
25 |
62,531 |
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Other fixed asset investments |
1,310 |
1,310 |
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------------ |
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Stocks |
16 |
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Debtors |
17 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
18 |
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------------ |
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Net current assets |
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------------ |
------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
19 |
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Provisions |
20 |
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------------ |
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Net assets |
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------------ |
------------ |
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Called up share capital |
23 |
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Share premium account |
24 |
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Reserve for own shares |
24 |
(
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– |
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Profit and loss account |
24 |
(
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------------ |
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Shareholders funds |
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------------ |
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Director |
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Company Statement of Financial Position |
2024 |
2023 |
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Note |
£ |
£ |
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Investments |
15 |
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Debtors |
17 |
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Cash at bank and in hand |
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------- |
-------- |
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Creditors: amounts falling due within one year |
18 |
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------------ |
------------ |
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Net current liabilities |
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------------- |
------------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
19 |
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------------- |
------------- |
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Net assets |
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Called up share capital |
23 |
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Share premium account |
24 |
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Reserve for own shares |
24 |
(
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– |
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Profit and loss account |
24 |
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------------ |
------------ |
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Shareholders funds |
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------------ |
------------ |
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Director |
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Consolidated Statement of Changes in Equity |
Called up share capital |
Share premium account |
Reserve for own shares |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
£ |
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At 1 September 2022 |
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– |
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Profit for the year |
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Other comprehensive income for the year: |
||||||
Foreign currency retranslation |
– |
– |
– |
(
|
(
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------------ |
-------- |
---- |
--------- |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
(
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(
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At 31 August 2023 |
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– |
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Loss for the year |
(
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(
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Other comprehensive income for the year: |
||||||
Foreign currency retranslation |
– |
– |
– |
(
|
(
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------------ |
-------- |
---- |
--------- |
------------ |
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Total comprehensive income for the year |
– |
– |
– |
(
|
(
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Purchase of treasury shares |
– |
– |
(
|
– |
(
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|
---- |
---- |
-------- |
---- |
-------- |
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Total investments by and distributions to owners |
– |
– |
(
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– |
(
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------------ |
-------- |
-------- |
-------- |
------------ |
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At 31 August 2024 |
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(
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(
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------------ |
-------- |
-------- |
-------- |
------------ |
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Company Statement of Changes in Equity |
Called up share capital |
Share premium account |
Reserve for own shares |
Profit and loss account |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
At 1 September 2022 |
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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 August 2023 |
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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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Purchase of treasury shares |
– |
– |
(
|
– |
(
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---- |
---- |
-------- |
---- |
-------- |
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Total investments by and distributions to owners |
– |
– |
(
|
– |
(
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------------ |
-------- |
-------- |
------------ |
------------ |
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At 31 August 2024 |
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(
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------------ |
-------- |
-------- |
------------ |
------------ |
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Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
(Loss)/profit for the financial year |
(
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Adjustments for: |
||
Depreciation of tangible assets |
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Amortisation of intangible assets |
|
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
|
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Tax on profit |
301,026
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Accrued (income)/expenses |
(
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Changes in: |
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Stocks |
(
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Trade and other debtors |
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Trade and other creditors |
(
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(
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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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Interest received |
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Tax paid |
(
|
(
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--------- |
------------ |
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Net cash (used in)/from operating activities |
(
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--------- |
------------ |
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Purchase of tangible assets |
(
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(
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--------- |
------------ |
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Net cash used in investing activities |
(
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(
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--------- |
------------ |
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Purchase of own shares |
(
|
– |
Proceeds from borrowings |
|
– |
Repayments of borrowings |
(
|
(
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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 decrease in cash and cash equivalents |
(
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(
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Cash and cash equivalents at beginning of year |
1,796,545 |
2,535,077 |
------------ |
------------ |
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Cash and cash equivalents at end of year |
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------------ |
------------ |
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Notes to the Consolidated Financial Statements |
Goodwill |
- |
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Fixtures and fittings |
- |
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Equipment |
- |
|
|
2024 |
2023 |
|
£ |
£ |
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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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United Kingdom |
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Overseas |
|
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------------- |
------------- |
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------------- |
------------- |
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2024 |
2023 |
|
£ |
£ |
|
Other operating income |
|
|
------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
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Impairment of trade debtors |
(157) |
1,693 |
Foreign exchange differences |
|
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Operating leases |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the consolidated financial statements |
|
|
-------- |
-------- |
|
2024 |
2023 |
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No. |
No. |
|
Production staff |
|
|
Management staff |
5 |
5 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
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|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
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|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
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|
--------- |
--------- |
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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
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|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
-------- |
-------- |
|
2024 |
2023 |
|
£ |
£ |
|
Other interest payable and similar charges |
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
|
– |
--------- |
--------- |
|
Total current tax |
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
(
|
|
--------- |
--------- |
|
Tax on profit |
301,026
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
(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 |
|
|
Other adjustment to tax liability |
|
|
--------- |
--------- |
|
Tax on profit |
294,509
|
|
--------- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 September 2023 and 31 August 2024 |
|
------------- |
|
Amortisation |
|
At 1 September 2023 |
|
Charge for the year |
|
------------- |
|
At 31 August 2024 |
|
------------- |
|
Carrying amount |
|
At 31 August 2024 |
|
------------- |
|
At 31 August 2023 |
|
------------- |
|
Group |
Fixtures and fittings |
Equipment |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 September 2023 |
|
|
|
Additions |
– |
|
|
Disposals |
(
|
(
|
(
|
-------- |
--------- |
--------- |
|
At 31 August 2024 |
|
|
|
-------- |
--------- |
--------- |
|
Depreciation |
|||
At 1 September 2023 |
|
|
|
Charge for the year |
|
|
|
Disposals |
(
|
(
|
(
|
-------- |
--------- |
--------- |
|
At 31 August 2024 |
|
(
|
|
-------- |
--------- |
--------- |
|
Carrying amount |
|||
At 31 August 2024 |
|
|
|
-------- |
--------- |
--------- |
|
At 31 August 2023 |
|
|
|
-------- |
--------- |
--------- |
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Group |
Shares in group undertakings |
Interests in associates |
Total |
£ |
£ |
£ |
|
Share of net assets/cost |
|||
At 1 September 2023 and 31 August 2024 |
|
|
|
------- |
-------- |
-------- |
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Impairment |
|||
At 1 September 2023 |
– |
– |
– |
Disposals |
– |
|
|
------- |
-------- |
-------- |
|
At 31 August 2024 |
– |
|
|
------- |
-------- |
-------- |
|
Carrying amount |
|||
At 31 August 2024 |
|
|
|
------- |
-------- |
-------- |
|
At 31 August 2023 |
|
|
|
------- |
-------- |
-------- |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 September 2023 and 31 August 2024 |
|
------------- |
|
Impairment |
|
At 1 September 2023 and 31 August 2024 |
– |
------------- |
|
Carrying amount |
|
At 1 September 2023 and 31 August 2024 |
|
------------- |
|
At 31 August 2023 |
|
------------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Other significant holdings |
||
Light Source Systems Inc, PO Box 812, Lincoln, CA, United States, 95648-0812 |
Ordinary |
20 |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Prepayments and accrued income |
|
|
– |
|
Other debtors |
|
|
|
|
------------ |
------------ |
---- |
---- |
|
|
|
|
|
|
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade creditors |
|
|
– |
– |
Amounts owed to group undertakings |
– |
– |
|
|
Accruals and deferred income |
|
|
|
|
Social security and other taxes |
|
|
|
|
Director loan accounts |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
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|
|
|
------------ |
------------ |
------------ |
------------ |
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Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Director loan accounts |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
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Group |
Deferred tax (note 21) |
£ |
|
At 1 September 2023 |
|
Additions |
(
|
------- |
|
At 31 August 2024 |
|
------- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 20) |
|
|
– |
– |
---- |
------- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
– |
---- |
------- |
---- |
---- |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
51,300 |
|
51,300 |
|
|
2,955,000 |
|
2,955,000 |
------------ |
------------ |
------------ |
------------ |
|
|
3,006,300 |
|
3,006,300 |
|
------------ |
------------ |
------------ |
------------ |
|
At 1 Sep 2023 |
Cash flows |
At 31 Aug 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(1,080,433) |
|
Debt due within one year |
(867,864) |
433,932 |
(433,932) |
Debt due after one year |
(2,169,645) |
– |
(2,169,645) |
------------ |
------------ |
------------ |
|
(
|
(
|
(
|
|
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
– |
|
– |
– |
-------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
--------- |
---- |
---- |
|
|
Notes to the Consolidated Financial Statements (continued) |