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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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Directors' report |
4 |
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Independent auditor's report to the members |
7 |
|
Consolidated income statement |
11 |
|
Consolidated statement of comprehensive income |
12 |
|
Consolidated statement of financial position |
13 |
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Company statement of financial position |
15 |
|
Consolidated statement of changes in equity |
17 |
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Company statement of changes in equity |
18 |
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Consolidated statement of cash flows |
19 |
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Notes to the financial statements |
20 |
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Officers and Professional Advisers |
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The board of directors |
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Registered office |
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England |
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Auditor |
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Chartered Certified Accountants & Statutory Auditor |
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Maruti House |
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1st Floor |
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369 Station Road |
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Harrow |
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Middx |
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HA1 2AW |
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Bankers |
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39, Cornhill |
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London |
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UK |
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EC3V 3ND |
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2 Triton Square |
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Regent's Place |
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London |
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NW1 3AN |
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Strategic Report |
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Director |
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Registered office: |
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England |
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Directors' Report |
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Director |
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Registered office: |
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England |
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Independent Auditor's Report to the Members 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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Maruti House |
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1st Floor |
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369 Station Road |
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Harrow |
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Middx |
|
HA1 2AW |
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Consolidated Income Statement |
|
2024 |
2023 |
||
|
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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Administrative expenses |
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------------ |
------------ |
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Operating loss |
5 |
(
|
(
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Interest payable and similar expenses |
9 |
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------------ |
------------ |
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Loss before taxation |
(
|
(
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Tax on loss |
10 |
(
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--------- |
--------- |
||
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Profit/(loss) for the financial year |
|
(
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|
|
--------- |
--------- |
||
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Consolidated Statement of Comprehensive Income |
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2024 |
2023 |
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£ |
£ |
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Profit/(loss) for the financial year |
468,959
|
(1,051,043) |
|
Share of profit of non controlling interest |
(34,031) |
173,798 |
|
--------- |
------------ |
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Other comprehensive income for the year |
(
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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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The owners of the parent company |
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(
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Non-controlling interests |
|
(
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--------- |
--------- |
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(
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--------- |
--------- |
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Consolidated Statement of Financial Position |
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2024 |
2023 |
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Note |
£ |
£ |
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Intangible assets |
11 |
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Tangible assets |
12 |
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------------ |
------------- |
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Stocks |
14 |
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Debtors |
15 |
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Cash at bank and in hand |
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------------- |
------------- |
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Prepayments and accrued income |
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Creditors: amounts falling due within one year |
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Bank loans and overdrafts |
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– |
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Payments received on account |
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Trade creditors |
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Other creditors including taxation and social security |
16 |
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------------- |
------------- |
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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 |
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Other creditors including taxation and social security |
17 |
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Provisions |
19 |
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Accruals and deferred income |
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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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Profit and loss account |
24 |
(
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(
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------------ |
------------ |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
(
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(
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------------ |
------------ |
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------------ |
------------ |
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Consolidated Statement of Financial Position (continued) |
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Director |
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Company Statement of Financial Position |
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2024 |
2023 |
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Note |
£ |
£ |
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Tangible assets |
12 |
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Investments |
13 |
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--------- |
--------- |
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Debtors |
15 |
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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 |
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Payments received on account |
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Trade creditors |
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Other creditors including taxation and social security |
16 |
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------------- |
------------- |
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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 |
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Other creditors including taxation and social security |
17 |
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Provisions |
19 |
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Accruals and deferred income |
|
|
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|
------------- |
------------- |
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Net assets |
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|
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|
------------- |
------------- |
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Called up share capital |
23 |
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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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Company Statement of Financial Position (continued) |
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Director |
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Consolidated Statement of Changes in Equity |
|
Called up share capital |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
|
£ |
£ |
£ |
£ |
£ |
||
|
At 1 October 2022 |
|
(
|
|
– |
|
|
|
Loss for the year |
(
|
(
|
(
|
(1,051,043) |
||
|
Other comprehensive income for the year: |
||||||
|
Share of profit of non controlling interest |
– |
173,798 |
173,798 |
– |
173,798 |
|
|
------------ |
--------- |
------------ |
--------- |
------------ |
||
|
Total comprehensive income for the year |
– |
(
|
(
|
(
|
(
|
|
|
Issue of shares |
– |
– |
– |
|
|
|
|
------------ |
--------- |
------------ |
--------- |
------------ |
||
|
Total investments by and distributions to owners |
– |
– |
– |
|
|
|
|
At 30 September 2023 |
|
(
|
|
(
|
|
|
|
Profit for the year |
|
|
|
468,959
|
||
|
Other comprehensive income for the year: |
||||||
|
Share of profit of non controlling interest |
– |
(34,031) |
(34,031) |
– |
(34,031) |
|
|
------------ |
------------ |
------------ |
--------- |
------------ |
||
|
Total comprehensive income for the year |
– |
|
|
|
|
|
|
------------ |
------------ |
------------ |
--------- |
------------ |
||
|
At 30 September 2024 |
|
(
|
|
(
|
|
|
|
------------ |
------------ |
------------ |
--------- |
------------ |
||
|
|
|
Company Statement of Changes in Equity |
|
Called up share capital |
Profit and loss account |
Total |
|
|
£ |
£ |
£ |
|
|
At 1 October 2022 |
|
|
|
|
Profit for the year |
|
|
|
|
------------ |
--------- |
------------ |
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|
Total comprehensive income for the year |
– |
|
|
|
At 30 September 2023 |
|
|
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|
Profit for the year |
|
|
|
|
------------ |
--------- |
------------ |
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|
Total comprehensive income for the year |
– |
|
|
|
------------ |
--------- |
------------ |
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|
At 30 September 2024 |
|
|
|
|
------------ |
--------- |
------------ |
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|
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|
Consolidated Statement of Cash Flows |
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Profit/(loss) for the financial year |
434,928
|
(877,245) |
|
Adjustments for: |
||
|
Depreciation of tangible assets |
|
|
|
Amortisation of intangible assets |
|
|
|
Interest payable and similar expenses |
|
|
|
Loss on disposal of tangible assets |
– |
|
|
Tax on profit |
(
|
|
|
Accrued expenses/(income) |
|
(
|
|
Changes in: |
||
|
Stocks |
(
|
(
|
|
Trade and other debtors |
(
|
(
|
|
Trade and other creditors |
(
|
|
|
------------ |
------------ |
|
|
Cash generated from operations |
(
|
(
|
|
Interest paid |
(
|
(
|
|
Tax received/(paid) |
|
(
|
|
------------ |
------------ |
|
|
Net cash used in operating activities |
(
|
(
|
|
------------ |
------------ |
|
|
Purchase of tangible assets |
(
|
(
|
|
Proceeds from sale of tangible assets |
– |
|
|
------------ |
------------ |
|
|
Net cash used in investing activities |
(
|
(
|
|
------------ |
------------ |
|
|
Proceeds from disposal of shares |
– |
|
|
Proceeds from borrowings |
|
|
|
Payments of finance lease liabilities |
(
|
(
|
|
------------ |
------------ |
|
|
Net cash from financing activities |
|
|
|
------------ |
------------ |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
|
Cash and cash equivalents at beginning of year |
191,196 |
1,547,909 |
|
--------- |
------------ |
|
|
Cash and cash equivalents at end of year |
|
|
|
--------- |
------------ |
|
|
|
|
Notes to the Financial Statements |
|
Development costs |
- |
|
|
|
Plant and machinery |
- |
|
|
|
Fixtures and fittings |
- |
|
|
|
Motor vehicles |
- |
|
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Sale of goods |
|
|
|
------------- |
------------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
|
|
Administrative expenses |
– |
107,381 |
|
|
Loss on disposal of tangible assets |
– |
|
|
|
Operating lease rentals |
|
|
|
|
Foreign exchange differences |
(
|
|
|
|
--------- |
--------- |
||
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Fees payable for the audit of the financial statements |
|
|
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Production staff |
|
|
|
Management staff |
3 |
3 |
|
Administrative |
18 |
18 |
|
Maintenance |
14 |
14 |
|
Sales |
4 |
4 |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Remuneration |
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
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 |
(
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Loss on ordinary activities before taxation |
(
|
(
|
|
--------- |
--------- |
|
|
Loss on ordinary activities by rate of tax |
(
|
(
|
|
Adjustment to tax charge in respect of prior periods |
(247,624) |
– |
|
Effect of expenses not deductible for tax purposes |
– |
|
|
Effect of capital allowances and depreciation |
(
|
(
|
|
Effect of revenue exempt from tax |
|
|
|
--------- |
--------- |
|
|
Tax on profit |
(
|
|
|
--------- |
--------- |
|
|
Group |
Development costs |
|
£ |
|
|
Cost |
|
|
At 1 October 2023 and 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 |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|||||
|
At 1 October 2023 |
|
|
|
|
|
|
Additions |
– |
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
|
At 30 September 2024 |
|
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
|
Depreciation |
|||||
|
At 1 October 2023 |
– |
|
|
|
|
|
Charge for the year |
– |
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
|
At 30 September 2024 |
– |
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
|
Carrying amount |
|||||
|
At 30 September 2024 |
|
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
|
At 30 September 2023 |
|
|
|
|
7,287,224
|
|
------------ |
------------ |
--------- |
-------- |
------------ |
|
|
Company |
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
|
|
Cost |
|||
|
At 1 October 2023 |
|
– |
|
|
Additions |
|
|
|
|
--------- |
-------- |
--------- |
|
|
At 30 September 2024 |
|
|
|
|
--------- |
-------- |
--------- |
|
|
Depreciation |
|||
|
At 1 October 2023 |
|
– |
|
|
Charge for the year |
|
|
|
|
--------- |
-------- |
--------- |
|
|
At 30 September 2024 |
|
|
|
|
--------- |
-------- |
--------- |
|
|
Carrying amount |
|||
|
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 |
85 |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Raw materials and consumables |
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
|
Other debtors |
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
|
|
|
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Corporation tax |
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
Obligations under finance leases |
|
|
|
|
|
Director loan accounts |
|
|
– |
– |
|
Other creditors |
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Obligations under finance leases |
|
|
|
|
|
Other creditors |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
|
|
|
|
Later than 1 year and not later than 5 years |
|
|
|
|
|
--------- |
--------- |
-------- |
-------- |
|
|
|
|
|
|
|
|
--------- |
--------- |
-------- |
-------- |
|
|
Group |
Deferred tax (note 20) |
|
£ |
|
|
At 1 October 2023 |
|
|
Additions |
(
|
|
------------ |
|
|
At 30 September 2024 |
|
|
------------ |
|
|
Company |
Deferred tax (note 20) |
|
£ |
|
|
At 1 October 2023 |
|
|
Additions |
|
|
-------- |
|
|
At 30 September 2024 |
|
|
-------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Included in provisions (note 19) |
|
|
|
|
|
------------ |
------------ |
-------- |
-------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Accelerated capital allowances |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,979,100 |
|
1,979,100 |
|
|
|
2 |
|
2 |
|
|
|
5,980,860 |
|
5,980,860 |
|
------------- |
------------ |
------------- |
------------ |
|
|
|
7,959,962 |
|
7,959,962 |
|
|
------------- |
------------ |
------------- |
------------ |
|
|
At 1 Oct 2023 |
Cash flows |
At 30 Sep 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
5,230 |
|
|
Debt due within one year |
(122,150) |
(4,652,715) |
(4,774,865) |
|
Debt due after one year |
(105,060) |
33,216 |
(71,844) |
|
--------- |
------------ |
------------ |
|
|
(
|
(
|
(
|
|
|
--------- |
------------ |
------------ |
|
|
|
|
Notes to the Financial Statements (continued) |
|
2024 |
||||
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
|
£ |
£ |
£ |
||
|
|
(
|
– |
(
|
|
|
-------- |
---- |
-------- |
||
|
2023 |
||||
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
|
£ |
£ |
£ |
||
|
|
– |
(
|
(
|
|
|
---- |
-------- |
-------- |
||
|
Transaction value |
Balance owed by/(owed to) |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Midwest Polychem Limited |
16,696,279 |
14,494,660 |
(
16,696,279) |
(
14,494,660) |
|
------------- |
------------- |
------------- |
------------- |
|