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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 |
6 |
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Statement of comprehensive income |
10 |
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Statement of financial position |
11 |
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Statement of changes in equity |
12 |
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Statement of cash flows |
13 |
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Notes to the financial statements |
14 |
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Officers and Professional Advisers |
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The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered accountants & Statutory Auditor |
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Axis 15, Axis Court |
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Mallard Way |
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Riverside Business Park |
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Swansea |
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SA7 0AJ |
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Strategic Report |
| 2024 | 2023 | ||
| Turnover (£) | 12,360,315 | 11,531,474 | |
| Gross Profit (%) | 32 | 34 | |
| Net Profit (%) | 12 | 9 | |
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Directors' Report |
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Mr G M El-Hoss
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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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Axis 15, Axis Court |
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Mallard Way |
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Riverside Business Park |
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Swansea |
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SA7 0AJ |
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Statement of Comprehensive Income |
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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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Other Costs |
– |
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Administrative expenses |
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------------ |
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OPERATING PROFIT |
5 |
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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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------------ |
------------ |
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PROFIT BEFORE TAXATION |
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Tax on profit |
12 |
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(
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------------ |
------------ |
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PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME |
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------------ |
------------ |
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Statement of Financial Position |
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2024 |
2023 |
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Note |
£ |
£ |
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Tangible assets |
14 |
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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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CREDITORS: amounts falling due within one year |
17 |
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NET CURRENT ASSETS |
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------------ |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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------------ |
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NET ASSETS |
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------------ |
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Called up share capital |
19 |
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Share premium account |
20 |
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Profit and loss account |
20 |
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SHAREHOLDERS FUNDS |
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Statement of Changes in Equity |
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Called up share capital |
Share premium account |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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AT 1 NOVEMBER 2022 (AS PREVIOUSLY REPORTED) |
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Prior period adjustments |
– |
– |
(4,032,053) |
(4,032,053) |
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-------- |
--------- |
------------- |
------------- |
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AT 1 NOVEMBER 2022 (RESTATED) |
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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 |
13 |
– |
– |
(
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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 31 OCTOBER 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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Dividends paid and payable |
13 |
– |
– |
(
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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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-------- |
--------- |
------------ |
------------ |
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AT 31 OCTOBER 2024 |
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-------- |
--------- |
------------ |
------------ |
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Statement of Cash Flows |
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2024 |
2023 |
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Note |
£ |
£ |
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Cash generated from operations |
21 |
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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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--------- |
--------- |
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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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Proceeds from sale of other investments |
– |
160,000 |
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--------- |
--------- |
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Net cash (used in)/from investing activities |
(
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--------- |
--------- |
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Proceeds from borrowings |
– |
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Dividends paid |
(
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(
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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)/INCREASE IN CASH AND CASH EQUIVALENTS |
(
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CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
3,346,292 |
3,312,640 |
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CASH AND CASH EQUIVALENTS AT END OF YEAR |
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------------ |
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Notes to the Financial Statements |
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Land and buildings |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor Vehicles |
- |
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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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United Kingdom |
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Overseas |
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------------- |
------------- |
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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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Gains on disposal of tangible assets |
– |
(
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Impairment of trade debtors |
– |
11,802 |
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Research and development expenditure written off |
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Operating lease rentals |
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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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2024 |
2023 |
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No. |
No. |
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Production staff |
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Administrative staff |
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---- |
---- |
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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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------------ |
------------ |
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2024 |
2023 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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– |
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------------ |
--------- |
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------------ |
--------- |
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2024 |
2023 |
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No. |
No. |
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Defined contribution plans |
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– |
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---- |
---- |
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2024 |
2023 |
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£ |
£ |
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Aggregate remuneration |
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Company contributions to defined contribution pension plans |
|
– |
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--------- |
--------- |
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--------- |
--------- |
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2024 |
2023 |
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£ |
£ |
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Loan write offs |
– |
214,847 |
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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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Interest on tax repayments |
397 |
– |
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Other interest receivable and similar income |
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-------- |
-------- |
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-------- |
-------- |
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|
2024 |
2023 |
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£ |
£ |
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Interest payable on overdue taxes |
195 |
– |
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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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Adjustments in respect of prior periods |
(
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(
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--------- |
--------- |
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Total current tax |
|
(
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--------- |
--------- |
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Origination and reversal of timing differences |
– |
(
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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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------------ |
------------ |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
(
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(
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Effect of expenses not deductible for tax purposes |
(
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(
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Effect of capital allowances and depreciation |
(
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Effect of different UK tax rates on some earnings |
– |
6,662 |
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Utilisation of tax losses |
(
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Deferred Tax |
– |
(25,928) |
|
------------ |
------------ |
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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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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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--------- |
--------- |
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Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
|||||
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At 1 November 2023 |
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Additions |
– |
– |
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Disposals |
– |
– |
– |
(
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(
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--------- |
--------- |
--------- |
--------- |
------------ |
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At 31 October 2024 |
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--------- |
--------- |
--------- |
--------- |
------------ |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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Disposals |
– |
– |
– |
(
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(
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--------- |
--------- |
--------- |
--------- |
------------ |
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At 31 October 2024 |
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--------- |
--------- |
--------- |
--------- |
------------ |
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Carrying amount |
|||||
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At 31 October 2024 |
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--------- |
--------- |
--------- |
--------- |
------------ |
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At 31 October 2023 |
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--------- |
--------- |
--------- |
--------- |
------------ |
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| 2024 | 2023 | ||
| £ | £ | ||
| Freehold Land & Buildings | 158,320 | 163,978 | |
| --------- | --------- | ||
|
2024 |
2023 |
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£ |
£ |
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Raw materials, consumables and finished goods |
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------------ |
------------ |
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2024 |
2023 |
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|
£ |
£ |
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Trade debtors |
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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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Trade creditors |
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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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|
60,192 |
|
60,192 |
|
-------- |
-------- |
-------- |
-------- |
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|
2024 |
2023 |
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|
£ |
£ |
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Profit for the financial year |
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Adjustments for: |
||
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Depreciation of tangible assets |
|
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Other interest receivable and similar income |
(
|
(
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Interest payable and similar expenses |
|
– |
|
Gains on disposal of tangible assets |
– |
(
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|
Tax on profit |
|
(
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Accrued expenses/(income) |
|
(
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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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At 1 Nov 2023 |
Cash flows |
At 31 Oct 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
(356,106) |
|
|
------------ |
--------- |
------------ |
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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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-------- |
-------- |
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| 2024 | 2023 | ||
| £ | £ | ||
| Balance due (to)/from key management personnel | (7,104) | (5,508) | |
| ------ | ------ | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Balance due (to)/from other related parties | 296,472 | 342,309 | |
| Sales to other related parties | 1,140,594 | 985,775 | |
| Purchases from other related parties | 117,149 | 109,905 | |