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Financial Statements |
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Contents |
Page |
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Officers and professional advisers |
1 |
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Strategic report |
2 |
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Director's report |
4 |
|
Director's responsibilities statement |
5 |
|
Independent auditor's report to the member |
6 |
|
Consolidated statement of comprehensive income |
10 |
|
Consolidated statement of financial position |
11 |
|
Company statement of financial position |
12 |
|
Consolidated statement of changes in equity |
13 |
|
Company statement of changes in equity |
14 |
|
Consolidated statement of cash flows |
15 |
|
Notes to the financial statements |
16 |
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Officers and Professional Advisers |
|
Director |
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Company secretary |
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Registered office |
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Scotland |
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Auditor |
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Chartered Certified Accountants & Statutory Auditor |
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Stannergate House |
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|
41 Dundee Road West |
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Broughty Ferry |
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Dundee |
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DD5 1NB |
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Strategic Report |
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Director |
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Registered office: |
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Scotland |
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Director's Report |
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Director |
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Registered office: |
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Scotland |
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Director's Responsibilities Statement |
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Independent Auditor's Report to the Member of
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(Senior Statutory Auditor) |
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For and on behalf of |
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Chartered Certified Accountants & Statutory Auditor |
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Stannergate House |
|
41 Dundee Road West |
|
Broughty Ferry |
|
Dundee |
|
DD5 1NB |
|
|
|
Consolidated Statement of Comprehensive Income |
|
2024 |
2023 |
||
|
Note |
£ |
£ |
|
|
Turnover |
4 |
|
|
|
Other operating income |
5 |
|
|
|
------------- |
------------ |
||
|
13,903,701 |
9,566,672 |
||
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Raw material and consumables |
|
|
|
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Staff costs |
8 |
|
|
|
Depreciation and other amounts written off tangible and intangible fixed assets |
|
|
|
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Other operating expenses |
|
|
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|
------------- |
------------ |
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Operating profit |
6 |
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Interest payable and similar expenses |
10 |
|
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|
------------- |
------------ |
||
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Profit before taxation |
|
|
|
|
11 |
|
– |
|
|
------------ |
--------- |
||
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Profit for the financial year and total comprehensive income |
|
|
|
|
------------ |
--------- |
||
|
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Consolidated Statement of Financial Position |
|
2024 |
2023 |
|
|
Note |
£ |
£ |
|
Intangible assets |
12 |
|
|
|
Tangible assets |
13 |
|
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|
------------ |
------------ |
||
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Stocks |
15 |
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Debtors |
16 |
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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 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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Taxation including deferred tax |
21 |
|
– |
|
------------ |
------------ |
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Net assets |
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|
------------ |
------------ |
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Called up share capital |
24 |
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Profit and loss account |
25 |
|
(
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|
------------ |
------------ |
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Shareholder funds |
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|
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|
------------ |
------------ |
||
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|
Director |
|
|
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|
Company Statement of Financial Position |
|
2024 |
2023 |
|
|
Note |
£ |
£ |
|
Investments |
14 |
|
|
|
------------ |
------------ |
||
|
Total assets less current liabilities |
|
|
|
|
------------ |
------------ |
||
|
Called up share capital |
24 |
|
|
|
------------ |
------------ |
||
|
Shareholder funds |
|
|
|
|
------------ |
------------ |
||
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|
Director |
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|
Consolidated Statement of Changes in Equity |
|
Called up share capital |
Profit and loss account |
Total |
|
|
£ |
£ |
£ |
|
|
At 1 October 2022 |
|
(
|
|
|
Profit for the year |
|
|
|
|
------------ |
--------- |
------------ |
|
|
Total comprehensive income for the year |
– |
|
|
|
At 30 September 2023 |
|
(
|
|
|
Profit for the year |
|
|
|
|
------------ |
--------- |
------------ |
|
|
Total comprehensive income for the year |
– |
|
|
|
------------ |
--------- |
------------ |
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|
At 30 September 2024 |
|
|
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|
------------ |
--------- |
------------ |
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|
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|
Company Statement of Changes in Equity |
|
Called up share capital |
Profit and loss account |
Total |
|
|
£ |
£ |
£ |
|
|
At 1 October 2022 |
|
– |
|
|
Profit for the year |
– |
– |
|
|
At 30 September 2023 |
|
– |
|
|
Profit for the year |
– |
– |
|
|
------------ |
---- |
------------ |
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|
At 30 September 2024 |
|
– |
|
|
------------ |
---- |
------------ |
|
|
|
|
Consolidated Statement of Cash Flows |
|
2024 |
2023 |
|
|
Note |
£ |
£ |
|
Profit for the financial year |
|
|
|
Adjustments for: |
||
|
Depreciation of tangible assets |
|
|
|
Amortisation of intangible assets |
|
|
|
Interest payable and similar expenses |
|
|
|
Gains on disposal of tangible assets |
(
|
– |
|
Tax on profit |
|
– |
|
Accrued expenses |
|
|
|
Changes in: |
||
|
Stocks |
(
|
(
|
|
Trade and other debtors |
(
|
(
|
|
Trade and other creditors |
(
|
|
|
------------ |
------------ |
|
|
Cash generated from operations |
(
|
|
|
Interest paid |
(
|
(
|
|
--------- |
------------ |
|
|
Net cash (used in)/from operating activities |
(
|
|
|
--------- |
------------ |
|
|
Purchase of tangible assets |
(
|
(
|
|
Proceeds from sale of tangible assets |
|
– |
|
Purchase of intangible assets |
(
|
(
|
|
Disposal of intangible assets |
|
– |
|
--------- |
------------ |
|
|
Net cash used in investing activities |
(
|
(
|
|
--------- |
------------ |
|
|
Net (advances to)/proceeds received from, associated undertakings |
(
|
|
|
Net advance/(repayment) of hire purchase agreements |
|
(
|
|
--------- |
------------ |
|
|
Net cash from financing activities |
|
|
|
--------- |
------------ |
|
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
|
|
Cash and cash equivalents at beginning of year |
(1,879,986) |
(1,938,782) |
|
|
------------ |
------------ |
||
|
Cash and cash equivalents at end of year |
17 |
(
|
(
|
|
------------ |
------------ |
||
|
|
|
Notes to the Financial Statements |
|
Goodwill on consolidation |
- |
|
|
|
Deferred development expenditure |
- |
|
|
|
Plant and machinery |
- |
|
|
|
Fixtures and fittings |
- |
|
|
|
Motor vehicles |
- |
25% straight line
|
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Sale of goods |
|
|
|
------------- |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
United Kingdom |
|
|
|
Overseas |
|
|
|
------------- |
------------ |
|
|
|
|
|
|
------------- |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Management charges receivable |
|
|
|
--------- |
-------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Gains on disposal of tangible assets |
(
|
– |
|
Foreign exchange differences |
|
|
|
Operating lease rent |
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Fees payable for the audit of the financial statements |
|
|
|
-------- |
-------- |
|
|
Other non-audit services |
|
|
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Production staff |
|
|
|
Administrative staff |
|
|
|
Management staff |
8 |
6 |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Defined contribution plans |
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Aggregate remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Interest on banks loans and overdrafts |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
UK current tax income |
|
– |
|
Origination and reversal of timing differences |
|
– |
|
--------- |
---- |
|
|
Tax on profit |
|
– |
|
--------- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Profit on ordinary activities before taxation |
|
|
|
------------ |
--------- |
|
|
Profit on ordinary activities by rate of tax |
|
|
|
Adjustment to tax charge in respect of prior periods |
|
– |
|
Effect of expenses not deductible for tax purposes |
|
|
|
Effect of capital allowances and depreciation |
|
|
|
Utilisation of tax losses |
(
|
(
|
|
------------ |
--------- |
|
|
Tax on profit |
|
– |
|
------------ |
--------- |
|
|
Group |
Goodwill |
Development costs |
Total |
|
£ |
£ |
£ |
|
|
Cost |
|||
|
At 1 October 2023 |
|
|
|
|
Additions |
– |
|
|
|
Disposals |
– |
(
|
(
|
|
--------- |
------------ |
------------ |
|
|
At 30 September 2024 |
|
|
|
|
--------- |
------------ |
------------ |
|
|
Amortisation |
|||
|
At 1 October 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
--------- |
------------ |
------------ |
|
|
At 30 September 2024 |
|
|
|
|
--------- |
------------ |
------------ |
|
|
Carrying amount |
|||
|
At 30 September 2024 |
|
|
|
|
--------- |
------------ |
------------ |
|
|
At 30 September 2023 |
|
|
|
|
--------- |
------------ |
------------ |
|
|
Group |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
|
|
Cost |
||||
|
At 1 October 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
(
|
(
|
(
|
(
|
|
------------ |
--------- |
-------- |
------------ |
|
|
At 30 September 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
------------ |
|
|
Depreciation |
||||
|
At 1 October 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
(
|
(
|
(
|
(
|
|
------------ |
--------- |
-------- |
------------ |
|
|
At 30 September 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
------------ |
|
|
Carrying amount |
||||
|
At 30 September 2024 |
|
|
|
|
|
------------ |
--------- |
-------- |
------------ |
|
|
At 30 September 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
------------ |
|
|
Group |
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
|
|
At 30 September 2024 |
|
|
|
|
--------- |
-------- |
--------- |
|
|
At 30 September 2023 |
|
|
|
|
--------- |
-------- |
--------- |
|
|
Company |
Shares in group undertakings |
|
£ |
|
|
Cost |
|
|
At 1 October 2023 and 30 September 2024 |
|
|
------------ |
|
|
Impairment |
|
|
At 1 October 2023 and 30 September 2024 |
|
|
------------ |
|
|
Carrying amount |
|
|
At 1 October 2023 and 30 September 2024 |
|
|
------------ |
|
|
At 30 September 2023 |
|
|
------------ |
|
|
Class of share |
Percentage of shares held |
|
|
Subsidiary undertakings |
||
|
|
Ordinary |
100 |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Raw materials and consumables |
|
|
– |
– |
|
Work in progress |
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
|
|
– |
– |
|
|
------------ |
------------ |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Trade debtors |
|
|
– |
– |
|
Prepayments and accrued income |
|
|
– |
– |
|
Other debtors |
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
|
|
– |
– |
|
|
------------ |
------------ |
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Cash at bank and in hand |
|
|
|
Bank overdrafts |
(
|
(
|
|
------------ |
------------ |
|
|
(
|
(
|
|
|
------------ |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
|
|
– |
– |
|
Trade creditors |
|
|
– |
– |
|
Amounts owed to other related parties |
|
|
– |
– |
|
Accruals and deferred income |
|
|
– |
– |
|
Corporation tax |
|
– |
– |
– |
|
Social security and other taxes |
|
|
– |
– |
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
|
Other creditors |
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
|
|
– |
– |
|
|
------------ |
------------ |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
– |
– |
|
Other creditors |
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
|
|
– |
– |
|
|
--------- |
--------- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
|
|
– |
– |
|
|
Less: future finance charges |
(
|
(
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
Present value of minimum lease payments |
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
Group |
Deferred tax (note 22) |
|
£ |
|
|
At 1 October 2023 |
– |
|
Additions |
|
|
--------- |
|
|
At 30 September 2024 |
|
|
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Included in provisions (note 21) |
|
– |
– |
– |
|
--------- |
---- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Accelerated capital allowances |
|
|
– |
– |
|
Unused tax losses |
– |
(
|
– |
– |
|
Pension plan obligations |
(
|
(
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
136,412 |
– |
– |
– |
|
|
--------- |
--------- |
---- |
---- |
|
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
4,300,000 |
|
4,300,000 |
|
------------ |
------------ |
------------ |
------------ |
|
|
At 1 Oct 2023 |
Cash flows |
At 30 Sep 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
77,910 |
|
|
Bank overdrafts |
(1,925,068) |
(539,368) |
(2,464,436) |
|
Debt due within one year |
(780,544) |
24,228 |
(756,316) |
|
Debt due after one year |
(51,157) |
(224,493) |
(275,650) |
|
------------ |
--------- |
------------ |
|
|
(
|
(
|
(
|
|
|
------------ |
--------- |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
|
|
– |
– |
|
|
--------- |
--------- |
---- |
---- |
|
|
|
|
Notes to the Financial Statements (continued) |