|
|
|
|
|
|
|
|
|
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 |
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 |
|
|
|
Officers and Professional Advisers |
|
The board of directors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company secretary |
|
|
Registered office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auditor |
|
|
Chartered accountants & statutory auditor |
|
|
3B Swallowfield Courtyard |
|
|
Wolverhampton Road |
|
|
Oldbury |
|
|
West Midlands |
|
|
B69 2JG |
|
|
|
|
Strategic Report |
|
|
|
Director |
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors' Report |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Director |
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
|
|
(Senior Statutory Auditor) |
|
For and on behalf of |
|
|
|
Chartered accountants & statutory auditor |
|
3B Swallowfield Courtyard |
|
Wolverhampton Road |
|
Oldbury |
|
West Midlands |
|
B69 2JG |
|
|
|
Consolidated Statement of Comprehensive Income |
|
2024 |
2023 |
||
|
Note |
£ |
£ |
|
|
Turnover |
4 |
|
|
|
Cost of sales |
|
|
|
------------- |
------------- |
|
|
Gross profit |
|
|
|
Administrative expenses |
|
|
|
|
------------ |
------------ |
||
|
Operating profit |
5 |
|
|
|
Income from other fixed asset investments |
9 |
|
|
|
Other interest receivable and similar income |
10 |
|
|
|
------------ |
------------ |
||
|
Profit before taxation |
|
|
|
|
Tax on profit |
11 |
|
|
|
------------ |
------------ |
||
|
Profit for the financial year |
|
|
|
|
------------ |
------------ |
||
|
Tax relating to components of other comprehensive income |
18,717 |
– |
|
Tax relating to components of other comprehensive income |
(
|
(
|
|
-------- |
-------- |
|
|
Other comprehensive income for the year |
– |
(
|
|
------------ |
------------ |
|
|
Total comprehensive income for the year |
|
|
|
------------ |
------------ |
|
|
|
|
Consolidated Statement of Financial Position |
|
2024 |
2023 |
|
|
Note |
£ |
£ |
|
Tangible assets |
13 |
|
|
|
Investments |
14 |
|
|
|
------------ |
------------ |
||
|
|
|
||
|
Stocks |
15 |
|
|
|
Debtors |
16 |
|
|
|
Cash at bank and in hand |
|
|
|
|
------------- |
------------- |
||
|
|
|
||
|
Creditors: amounts falling due within one year |
17 |
|
|
|
------------- |
------------- |
||
|
Net current assets |
|
|
|
|
------------- |
------------- |
||
|
Total assets less current liabilities |
|
|
|
|
Creditors: amounts falling due after more than one year |
18 |
|
– |
|
Provisions |
19 |
|
|
|
------------- |
------------- |
||
|
Net assets |
|
|
|
|
------------- |
------------- |
||
|
Called up share capital |
24 |
|
|
|
Merger reserve |
25 |
|
|
|
Profit and loss account |
25 |
|
|
|
------------- |
------------- |
||
|
Shareholders funds |
|
|
|
|
------------- |
------------- |
||
|
|
|
Director |
|
|
|
Company Statement of Financial Position |
|
2024 |
2023 |
|
|
Note |
£ |
£ |
|
Investments |
14 |
|
|
|
Cash at bank and in hand |
|
|
|
Creditors: amounts falling due within one year |
17 |
|
|
|
------------ |
------------ |
||
|
Net current assets |
|
|
|
|
------------ |
------------ |
||
|
Total assets less current liabilities |
|
|
|
|
Provisions |
19 |
|
|
|
------------ |
------------ |
||
|
Net assets |
|
|
|
|
------------ |
------------ |
||
|
Called up share capital |
24 |
|
|
|
Revaluation reserve |
25 |
|
|
|
Profit and loss account |
25 |
|
|
|
------------ |
------------ |
||
|
Shareholders funds |
|
|
|
|
------------ |
------------ |
||
|
|
|
Director |
|
|
|
Consolidated Statement of Changes in Equity |
|
Called up share capital |
Merger reserve |
Profit and loss account |
Total |
|||
|
£ |
£ |
£ |
£ |
|||
|
At 1 January 2023 |
|
|
(
|
|
||
|
Profit for the year |
|
|
||||
|
Other comprehensive income for the year: |
||||||
|
Tax relating to components of other comprehensive income |
11 |
– |
(
|
– |
(
|
|
|
------- |
------------- |
------------ |
------------- |
|||
|
Total comprehensive income for the year |
– |
(
|
|
|
||
|
Dividends paid and payable |
12 |
– |
– |
(
|
(
|
|
|
------- |
------------- |
------------ |
------------- |
|||
|
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
|
At 31 December 2023 |
|
|
|
|
||
|
Profit for the year |
|
|
||||
|
Other comprehensive income for the year: |
||||||
|
Tax relating to components of other comprehensive income |
– |
– |
18,717 |
18,717 |
||
|
Tax relating to components of other comprehensive income |
11 |
– |
(
|
– |
(
|
|
|
------- |
------------- |
------------ |
------------- |
|||
|
Total comprehensive income for the year |
– |
(
|
|
|
||
|
Dividends paid and payable |
12 |
– |
– |
(
|
(
|
|
|
---- |
---- |
------------ |
------------ |
|||
|
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
|
------- |
------------- |
------------ |
------------- |
|||
|
At 31 December 2024 |
|
|
|
|
||
|
------- |
------------- |
------------ |
------------- |
|||
|
|
|
Company Statement of Changes in Equity |
|
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
|||
|
Note |
£ |
£ |
£ |
£ |
||
|
At 1 January 2023 |
|
– |
– |
|
||
|
Profit for the year |
|
|
||||
|
Other comprehensive income for the year: |
||||||
|
Reclassification from revaluation reserve to profit and loss account |
– |
|
(
|
– |
||
|
Tax relating to components of other comprehensive income |
11 |
– |
(
|
– |
(
|
|
|
------- |
--------- |
------------ |
------------ |
|||
|
Total comprehensive income for the year |
– |
|
|
|
||
|
Dividends paid and payable |
12 |
– |
– |
(
|
(
|
|
|
------- |
--------- |
------------ |
------------ |
|||
|
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
|
At 31 December 2023 |
|
|
2,946,208
|
3,444,671
|
||
|
Profit for the year |
|
|
||||
|
Other comprehensive income for the year: |
||||||
|
Tax relating to components of other comprehensive income |
– |
(18,717) |
18,717 |
– |
||
|
------- |
--------- |
------------ |
------------ |
|||
|
Total comprehensive income for the year |
– |
(
|
|
|
||
|
Dividends paid and payable |
12 |
– |
– |
(
|
(
|
|
|
---- |
---- |
------------ |
------------ |
|||
|
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
|
------- |
--------- |
------------ |
------------ |
|||
|
At 31 December 2024 |
|
|
|
|
||
|
------- |
--------- |
------------ |
------------ |
|||
|
|
|
Consolidated Statement of Cash Flows |
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Profit for the financial year |
|
|
|
Adjustments for: |
||
|
Depreciation of tangible assets |
|
|
|
Fair value adjustment of investment property |
(
|
– |
|
Other interest receivable and similar income |
(
|
(
|
|
Gains on disposal of tangible assets |
(
|
(
|
|
Tax on profit |
|
|
|
Changes in: |
||
|
Stocks |
(
|
|
|
Trade and other debtors |
|
(
|
|
Trade and other creditors |
(
|
|
|
------------ |
------------ |
|
|
Cash generated from operations |
|
|
|
Interest received |
|
|
|
Tax paid |
(
|
(
|
|
------------ |
------------ |
|
|
Net cash from operating activities |
|
|
|
------------ |
------------ |
|
|
Purchase of tangible assets |
(
|
(
|
|
Proceeds from sale of tangible assets |
|
|
|
Purchases of other investments |
– |
(647,294) |
|
------------ |
------------ |
|
|
Net cash used in investing activities |
(
|
(
|
|
------------ |
------------ |
|
|
Proceeds from borrowings |
(
|
– |
|
Dividends paid |
(
|
(
|
|
------------ |
------------ |
|
|
Net cash used in financing activities |
(
|
(
|
|
------------ |
------------ |
|
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at beginning of year |
6,275,100 |
5,862,069 |
|
------------ |
------------ |
|
|
Cash and cash equivalents at end of year |
|
|
|
------------ |
------------ |
|
|
|
|
Notes to the Financial Statements |
|
Freehold property |
- |
|
|
|
Plant and machinery |
- |
|
|
|
Fixtures and fittings |
- |
|
|
|
Motor vehicles |
- |
|
|
|
Laboratory on site |
- |
20
% straight line |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Sale of goods |
|
|
|
------------- |
------------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
United Kingdom |
|
|
|
Overseas |
|
|
|
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Depreciation of tangible assets |
|
|
|
Gains on disposal of tangible assets |
(
|
(
|
|
Fair value adjustments to investment property |
(
|
– |
|
Impairment of trade debtors |
31,318 |
5,059 |
|
Exchange differences |
(19,916) |
– |
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Fees payable for the audit of the financial statements |
|
|
|
-------- |
------- |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Production staff |
|
|
|
Administrative staff |
|
|
|
Management staff |
7 |
7 |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
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 |
|
|
£ |
£ |
|
|
Rents received |
168,690 |
104,955 |
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Interest on cash and cash equivalents |
|
|
|
Interest on bank deposits |
|
|
|
Interest on corporation tax |
42,197 |
(4,600) |
|
--------- |
-------- |
|
|
|
|
|
|
--------- |
-------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
UK current tax expense |
|
|
|
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 |
|
|
|
Enhanced research & development expenditure |
5,307 |
– |
|
Patent box deduction |
(6,479) |
(6,718) |
|
Effect of superdeduction |
– |
(1,309) |
|
Change in rate of deferred tax |
– |
44,002 |
|
------------ |
------------ |
|
|
Tax on profit |
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
– |
|
Dividends proposed before the year end and recognised as a liability |
590,000 |
1,000,000 |
|
--------- |
------------ |
|
|
Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Laboratory |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
||||||
|
At 1 Jan 2024 |
|
|
|
|
37,439 |
|
|
Additions |
– |
|
|
|
– |
|
|
Disposals |
– |
– |
– |
(
|
– |
(
|
|
------------ |
------------ |
--------- |
--------- |
-------- |
------------ |
|
|
At 31 Dec 2024 |
|
|
|
|
37,439 |
|
|
------------ |
------------ |
--------- |
--------- |
-------- |
------------ |
|
|
Depreciation |
||||||
|
At 1 Jan 2024 |
|
|
|
|
7,412 |
|
|
Charge for the year |
|
|
|
|
7,488 |
|
|
Disposals |
– |
– |
– |
(
|
– |
(
|
|
------------ |
------------ |
--------- |
--------- |
-------- |
------------ |
|
|
At 31 Dec 2024 |
|
|
|
|
14,900 |
|
|
------------ |
------------ |
--------- |
--------- |
-------- |
------------ |
|
|
Carrying amount |
||||||
|
At 31 Dec 2024 |
|
|
|
|
22,539 |
|
|
------------ |
------------ |
--------- |
--------- |
-------- |
------------ |
|
|
At 31 Dec 2023 |
|
|
|
|
30,027 |
|
|
------------ |
------------ |
--------- |
--------- |
-------- |
------------ |
|
|
Group |
Investment property |
|
£ |
|
|
Cost |
|
|
At 1 January 2024 |
|
|
Revaluations |
|
|
------------ |
|
|
At 31 December 2024 |
|
|
------------ |
|
|
Impairment |
|
|
At 1 January 2024 and 31 December 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
------------ |
|
|
At 31 December 2023 |
|
|
------------ |
|
|
Company |
Shares in group undertakings |
Investment property |
Total |
|
£ |
£ |
£ |
|
|
Cost |
|||
|
At 1 January 2024 |
|
|
|
|
Revaluations |
– |
|
|
|
------- |
------------ |
------------ |
|
|
At 31 December 2024 |
|
|
|
|
------- |
------------ |
------------ |
|
|
Impairment |
|||
|
At 1 January 2024 and 31 December 2024 |
– |
– |
– |
|
------- |
------------ |
------------ |
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
------- |
------------ |
------------ |
|
|
At 31 December 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 |
|
|
– |
– |
|
Finished goods and goods for resale |
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
|
|
– |
– |
|
|
------------ |
------------ |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Trade debtors |
|
|
– |
– |
|
Prepayments and accrued income |
|
|
– |
– |
|
Other debtors |
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
|
|
– |
– |
|
|
------------ |
------------ |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Trade creditors |
|
|
|
|
|
Accruals and deferred income |
|
|
– |
– |
|
Corporation tax |
|
|
|
|
|
Social security and other taxes |
|
|
– |
– |
|
Director loan accounts |
|
|
|
|
|
Other creditors |
68,308 |
56,241 |
– |
– |
|
Other creditors |
|
– |
|
– |
|
------------ |
------------ |
--------- |
------------ |
|
|
|
|
|
|
|
|
------------ |
------------ |
--------- |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Accruals and deferred income |
|
– |
– |
– |
|
-------- |
---- |
---- |
---- |
|
|
Group |
Deferred tax (note 20) |
|
£ |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
--------- |
|
|
At 31 December 2024 |
|
|
--------- |
|
|
Company |
Deferred tax (note 20) |
|
£ |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
--------- |
|
|
At 31 December 2024 |
|
|
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Included in provisions (note 19) |
|
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Accelerated capital allowances |
|
|
– |
– |
|
Fair value adjustment of investment property |
|
|
|
|
|
Pension plan obligations |
(
|
(
|
– |
– |
|
--------- |
--------- |
--------- |
--------- |
|
|
522,029 |
312,512 |
128,212 |
109,495 |
|
|
--------- |
--------- |
--------- |
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Deferred government grants due after more than one year |
|
– |
– |
– |
|
-------- |
---- |
---- |
---- |
|
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,000 |
|
2,000 |
|
------- |
------- |
------- |
------- |
|
|
At 1 Jan 2024 |
Cash flows |
At 31 Dec 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
306,530 |
|
|
Debt due within one year |
(1,236,578) |
552,045 |
(684,533) |
|
------------ |
--------- |
------------ |
|
|
|
|
|
|
|
------------ |
--------- |
------------ |
|
|
|
|
Notes to the Financial Statements (continued) |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Tangible assets |
– |
|
– |
– |
|
---- |
------------ |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
|
|
– |
– |
|
Later than 5 years |
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|
|
|
|
– |
– |
|
|
------------ |
------------ |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
– |
|
– |
|
Later than 1 year and not later than 5 years |
|
– |
|
– |
|
--------- |
---- |
--------- |
---- |
|
|
|
– |
|
– |
|
|
--------- |
---- |
--------- |
---- |
|