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For the period ended |
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Consolidated 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 |
6 |
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Consolidated statement of comprehensive income |
11 |
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Consolidated statement of financial position |
12 |
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Company statement of financial position |
14 |
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Consolidated statement of changes in equity |
15 |
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Company statement of changes in equity |
16 |
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Consolidated statement of cash flows |
17 |
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Notes to the consolidated financial statements |
18 |
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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 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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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 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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Consolidated Statement of Comprehensive Income |
|
2024 |
2023 |
||
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Note |
£000 |
£000 |
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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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Other operating income |
5 |
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------- |
------- |
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Operating profit |
6 |
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Income from other current asset investments |
10 |
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Gain/loss on current asset investments |
11 |
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Interest payable and similar expenses |
12 |
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------- |
------- |
||
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Profit before taxation |
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Tax on profit |
13 |
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------- |
------- |
||
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Profit for the financial year |
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------- |
------- |
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Defined benefit scheme asset not recognised |
(1,425) |
– |
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------- |
------- |
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Total comprehensive income for the year |
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------- |
------- |
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Consolidated Statement of Financial Position |
|
2024 |
2023 |
||
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Note |
£000 |
£000 |
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Intangible assets |
15 |
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Tangible assets |
16 |
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Investments |
17 |
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-------- |
-------- |
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Stocks |
18 |
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Debtors |
19 |
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Investments |
20 |
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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 |
21 |
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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 |
22 |
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Taxation including deferred tax |
23 |
– |
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-------- |
-------- |
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Net assets excluding defined benefit pension plan liability |
16,483 |
17,093 |
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Defined benefit pension plan asset |
25 |
(
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– |
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-------- |
-------- |
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Net assets including defined benefit pension plan liability |
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-------- |
-------- |
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Called up share capital |
27 |
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Merger reserve |
28 |
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Capital redemption reserve |
28 |
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Profit and loss account |
28 |
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-------- |
-------- |
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Shareholders funds |
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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 |
£000 |
£000 |
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Investments |
17 |
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– |
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Creditors: amounts falling due within one year |
21 |
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– |
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---- |
---- |
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Net current liabilities |
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– |
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-------- |
---- |
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Total assets less current liabilities |
|
– |
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-------- |
---- |
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Called up share capital |
27 |
|
– |
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Capital redemption reserve |
28 |
|
– |
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Profit and loss account |
28 |
(
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– |
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-------- |
---- |
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Shareholders funds |
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– |
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-------- |
---- |
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Director |
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Consolidated Statement of Changes in Equity |
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Called up share capital |
Merger reserve |
Capital redemption reserve |
Profit and loss account |
Total |
|||
|
£000 |
£000 |
£000 |
£000 |
£000 |
|||
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At 1 October 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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Dividends paid and payable |
14 |
– |
– |
– |
(
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(
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Redemption of shares |
(
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– |
– |
– |
(
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||
|
------- |
-------- |
------- |
------- |
-------- |
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Total investments by and distributions to owners |
(
|
– |
– |
(
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(
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At 30 September 2023 |
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Profit for the year |
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Other comprehensive income for the year: |
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Defined benefit scheme asset not recognised |
– |
– |
– |
(1,425) |
(1,425) |
||
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------- |
-------- |
------- |
------- |
-------- |
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Total comprehensive income for the year |
– |
– |
– |
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Issue of shares |
|
(
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– |
– |
(
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||
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Dividends paid and payable |
14 |
– |
– |
– |
(
|
(
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Cancellation of subscribed capital |
(
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– |
– |
– |
(
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||
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Redemption of 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 30 September 2024 |
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-------- |
------- |
------- |
---- |
-------- |
|||
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Company Statement of Changes in Equity |
|
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
At 1 October 2022 |
– |
– |
– |
– |
|
Profit for the year |
– |
– |
||
|
Profit for the year |
– |
– |
||
|
Issue of shares |
|
– |
– |
|
|
Redemption of shares |
(
|
|
(
|
(
|
|
-------- |
---- |
---- |
-------- |
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|
Total investments by and distributions to owners |
|
|
(
|
|
|
-------- |
---- |
---- |
-------- |
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|
At 30 September 2024 |
|
|
(
|
|
|
-------- |
---- |
---- |
-------- |
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|
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Consolidated Statement of Cash Flows |
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Profit for the financial year |
|
|
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Adjustments for: |
||
|
Depreciation of tangible assets |
|
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Amortisation of intangible assets |
|
|
|
Government grant income |
(
|
(
|
|
Income from other current asset investments |
(
|
(
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|
Gain/loss on current asset investments |
(
|
(
|
|
Interest payable and similar expenses |
|
|
|
Defined benefit pension plan employer contributions |
(
|
– |
|
Tax on profit |
|
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Accrued expenses |
|
|
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Changes in: |
||
|
Stocks |
(
|
|
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Trade and other debtors |
(
|
|
|
Trade and other creditors |
|
(
|
|
------- |
------- |
|
|
Cash generated from operations |
|
|
|
Interest paid |
(
|
(
|
|
Gain or loss on current asset investment |
|
|
|
Tax paid |
(
|
(
|
|
------- |
------- |
|
|
Net cash from operating activities |
|
|
|
------- |
------- |
|
|
Purchase of tangible assets |
(
|
(
|
|
Purchases of other investments |
(670) |
(143) |
|
Dividends received |
|
|
|
------- |
------- |
|
|
Net cash used in investing activities |
(
|
(
|
|
------- |
------- |
|
|
Redemption of preference shares |
(
|
(
|
|
Proceeds from borrowings |
(
|
(
|
|
Government grant income |
|
|
|
Payments of finance lease liabilities |
– |
(
|
|
Dividends paid |
(
|
(
|
|
------- |
------- |
|
|
Net cash used in financing activities |
(
|
(
|
|
------- |
------- |
|
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at beginning of year |
5,303 |
3,651 |
|
------- |
------- |
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|
Cash and cash equivalents at end of year |
|
|
|
------- |
------- |
|
|
|
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Notes to the Consolidated Financial Statements |
|
Goodwill |
- |
10 years straight line |
|
|
Software |
- |
|
|
|
Freehold property |
- |
|
|
|
Fixtures and fittings |
- |
|
|
|
Motor vehicles |
- |
|
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Rendering of services |
|
|
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Government grant income |
|
|
|
Other operating income |
|
|
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
|
|
Impairment of trade debtors |
28 |
134 |
|
Foreign exchange differences |
|
(
|
|
Operating lease payments |
180 |
165 |
|
------- |
------- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Fees payable for the audit of the consolidated financial statements |
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Administrative staff |
|
|
|
Management staff |
5 |
5 |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------- |
------- |
|
|
|
|
|
|
------- |
------- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Remuneration |
|
|
|
Company contributions to defined contribution pension plans |
– |
|
|
Company contributions to defined benefit pension plans |
|
– |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Income from other current asset investments |
198 |
140 |
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Interest on cash and cash equivalents |
|
|
|
Gain on fair value adjustment of financial assets at fair value through profit or loss |
211 |
210 |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Interest on banks loans and overdrafts |
|
|
|
Other interest payable and similar charges |
– |
|
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
UK current tax income |
|
|
|
Adjustments in respect of prior periods |
– |
|
|
---- |
------- |
|
|
Total current tax |
|
|
|
---- |
------- |
|
|
Origination and reversal of timing differences |
(
|
– |
|
---- |
------- |
|
|
Tax on profit |
|
|
|
---- |
------- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
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 |
(
|
(
|
|
Deferred tax not recognised |
(356) |
– |
|
------- |
------- |
|
|
Tax on profit |
|
|
|
------- |
------- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
|
---- |
---- |
|
|
Group |
Goodwill |
Software |
Total |
|
£000 |
£000 |
£000 |
|
|
Cost |
|||
|
At 1 October 2023 and 30 September 2024 |
|
|
|
|
-------- |
---- |
-------- |
|
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Amortisation |
|||
|
At 1 October 2023 |
|
|
|
|
Charge for the year |
|
– |
|
|
-------- |
---- |
-------- |
|
|
At 30 September 2024 |
|
|
|
|
-------- |
---- |
-------- |
|
|
Carrying amount |
|||
|
At 30 September 2024 |
|
– |
|
|
-------- |
---- |
-------- |
|
|
At 30 September 2023 |
|
– |
|
|
-------- |
---- |
-------- |
|
|
Group |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
|
£000 |
£000 |
£000 |
£000 |
|
|
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 |
|
|
|
|
|
------- |
---- |
---- |
------- |
|
|
Group |
Unlisted investments |
|
£000 |
|
|
Cost |
|
|
At 1 October 2023 |
|
|
Additions |
|
|
---- |
|
|
At 30 September 2024 |
|
|
---- |
|
|
Impairment |
|
|
At 1 October 2023 and 30 September 2024 |
– |
|
---- |
|
|
Carrying amount |
|
|
At 30 September 2024 |
|
|
---- |
|
|
At 30 September 2023 |
|
|
---- |
|
|
Company |
Shares in group undertakings |
|
£000 |
|
|
Cost |
|
|
At 1 October 2023 |
– |
|
Additions |
|
|
-------- |
|
|
At 30 September 2024 |
|
|
-------- |
|
|
Impairment |
|
|
At 1 October 2023 and 30 September 2024 |
– |
|
-------- |
|
|
Carrying amount |
|
|
At 30 September 2024 |
|
|
-------- |
|
|
At 30 September 2023 |
– |
|
-------- |
|
|
Registered office |
Class of share |
Percentage of shares held |
|
|
Subsidiary undertakings |
|||
|
|
Registered office same as group address |
Ordinary |
100 |
|
|
Registered office same as group address |
Ordinary |
100 |
|
|
Registered office same as group address |
Ordinary |
99.5 |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Raw materials and consumables |
|
|
– |
– |
|
---- |
---- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Trade debtors |
|
|
– |
– |
|
Deferred tax asset |
|
– |
– |
– |
|
Prepayments and accrued income |
|
|
– |
– |
|
Directors loan account |
|
|
– |
– |
|
Other debtors |
|
|
– |
– |
|
------- |
------- |
---- |
---- |
|
|
|
|
– |
– |
|
|
------- |
------- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Listed investments |
3,003 |
2,433 |
– |
– |
|
------- |
------- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Bank loans and overdrafts |
|
|
– |
– |
|
Trade creditors |
|
|
– |
– |
|
Amounts owed to group undertakings |
– |
– |
|
– |
|
Accruals and deferred income |
|
|
– |
– |
|
Corporation tax |
|
|
– |
– |
|
Social security and other taxes |
|
|
– |
– |
|
Other creditors |
|
|
– |
– |
|
-------- |
------- |
---- |
---- |
|
|
|
|
|
– |
|
|
-------- |
------- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Bank loans and overdrafts |
|
|
– |
– |
|
---- |
---- |
---- |
---- |
|
|
Group |
Deferred tax (note 24) |
|
£000 |
|
|
At 1 October 2023 |
|
|
Additions |
(
|
|
---- |
|
|
At 30 September 2024 |
– |
|
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Included in debtors (note 19) |
|
– |
– |
– |
|
Included in provisions (note 23) |
– |
(
|
– |
– |
|
---- |
---- |
---- |
---- |
|
|
|
(
|
– |
– |
|
|
---- |
---- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Accelerated capital allowances |
(
|
|
– |
(
|
|
---- |
---- |
---- |
---- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Present value of defined benefit obligations |
(
|
– |
|
Fair value of plan assets |
|
– |
|
------- |
---- |
|
|
|
– |
|
|
Irrecoverable surplus |
(
|
– |
|
------- |
---- |
|
|
(
|
– |
|
|
------- |
---- |
|
|
2024 |
|
|
£000 |
|
|
Current service cost |
|
|
---- |
|
|
2024 |
|
|
£000 |
|
|
Contributions by employer |
|
|
------- |
|
|
2024 |
2023 |
|
|
£000 |
£000 |
|
|
Current service cost |
|
– |
|
---- |
---- |
|
|
2024 |
2023 |
|
|
% |
% |
|
|
Discount rate |
|
– |
|
Expected rate of increase in pensions |
|
– |
|
Future pensioners at 65 - male |
24.70 |
– |
|
Future pensioners at 65 - female |
27.50 |
– |
|
------- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Government grants released to profit or loss |
|
|
– |
– |
|
---- |
---- |
---- |
---- |
|
|
2024 |
2023 |
|||
|
No. |
£000 |
No. |
£000 |
|
|
|
|
7,160 |
– |
– |
|
|
|
951 |
– |
– |
|
|
|
190 |
– |
– |
|
|
|
571 |
– |
– |
|
|
|
571 |
– |
– |
|
Ordinary Class F shares of £1 each |
570,713 |
571 |
– |
– |
|
Ordinary Class G shares of £1 each |
951,188 |
951 |
– |
– |
|
------------- |
-------- |
---- |
---- |
|
|
|
10,964 |
– |
– |
|
|
------------- |
-------- |
---- |
---- |
|
|
At 1 Oct 2023 |
Cash flows |
At 30 Sep 2024 |
|
|
£000 |
£000 |
£000 |
|
|
Cash at bank and in hand |
|
628 |
|
|
Debt due within one year |
(116) |
1 |
(115) |
|
Debt due after one year |
(580) |
111 |
(469) |
|
Current asset investments |
|
570 |
|
|
------- |
------- |
------- |
|
|
|
|
|
|
|
------- |
------- |
------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
|
|
– |
– |
|
---- |
---- |
---- |
---- |
|
|
|
|
– |
– |
|
|
---- |
---- |
---- |
---- |
|
|
|
|
Notes to the Consolidated Financial Statements (continued) |