|
|
|
|
|
|
|
|
|
Financial Statements |
|
Contents |
Page |
|
Officers and professional advisers |
1 |
|
Strategic report |
2 |
|
Directors' report |
4 |
|
Independent auditor's report to the members |
7 |
|
Consolidated statement of income and retained earnings |
11 |
|
Company statement of income and retained earnings |
12 |
|
Consolidated statement of financial position |
13 |
|
Company statement of financial position |
14 |
|
Consolidated statement of cash flows |
15 |
|
Notes to the financial statements |
16 |
|
|
|
Officers and Professional Advisers |
|
The board of directors |
|
|
|
|
|
|
|
|
|
|
|
Registered office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auditor |
|
|
Chartered Certified Accountants & Statutory Auditors |
|
|
Maruti House |
|
|
1st Floor |
|
|
369 Station Road |
|
|
Harrow |
|
|
HA1 2AW |
|
|
Solicitors |
|
|
1 Cornhill |
|
|
London |
|
|
EC3V 3ND |
|
|
|
|
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 Certified Accountants & Statutory Auditors |
|
Maruti House |
|
1st Floor |
|
369 Station Road |
|
Harrow |
|
HA1 2AW |
|
|
|
Consolidated Statement of Income and Retained Earnings |
|
2024 |
2023 |
||
|
Note |
£ |
£ |
|
|
Turnover |
4 |
|
|
|
Cost of sales |
|
|
|
------------- |
------------- |
|
|
Gross profit |
|
|
|
Distribution costs |
|
|
|
|
Administrative expenses |
|
|
|
|
Other operating income |
5 |
|
|
|
------------ |
------------ |
||
|
Operating profit |
6 |
|
|
|
Other interest receivable and similar income |
10 |
|
|
|
Interest payable and similar expenses |
11 |
|
|
|
------------ |
------------ |
||
|
Profit before taxation |
|
|
|
|
Tax on profit |
12 |
|
– |
|
--------- |
--------- |
||
|
Profit for the financial year and total comprehensive income |
|
|
|
|
--------- |
--------- |
||
|
Dividends paid and payable |
13 |
(
|
– |
|
Retained earnings at the start of the year |
|
|
|
------------ |
------------ |
|
|
Retained earnings at the end of the year |
|
|
|
------------ |
------------ |
|
|
|
|
Company Statement of Income and Retained Earnings |
|
2024 |
2023 |
||
|
Note |
£ |
£ |
|
|
Profit for the financial year and total comprehensive income |
|
(
|
|
|
Dividends paid and payable |
13 |
(
|
– |
|
Retained earnings at the start of the year |
|
|
|
------------ |
------------ |
|
|
Retained earnings at the end of the year |
|
2,893,696
|
|
------------ |
------------ |
|
|
|
|
Consolidated Statement of Financial Position |
|
2024 |
2023 |
|
|
Note |
£ |
£ |
|
Tangible assets |
15 |
|
|
|
Stocks |
17 |
|
|
|
Debtors |
18 |
|
|
|
Cash at bank and in hand |
|
|
|
|
------------ |
------------ |
||
|
|
|
||
|
Prepayments and accrued income |
|
|
|
Creditors: amounts falling due within one year |
19 |
|
|
|
------------ |
------------ |
||
|
Net current assets |
|
|
|
|
------------ |
------------ |
||
|
Total assets less current liabilities |
|
|
|
|
Accruals and deferred income |
|
|
|
------------ |
------------ |
|
|
Net assets |
|
|
|
------------ |
------------ |
|
|
Called up share capital |
22 |
|
|
|
Profit and loss account |
|
|
|
|
------------ |
------------ |
||
|
Shareholders funds |
|
|
|
|
------------ |
------------ |
||
|
|
|
Director |
|
|
|
Company Statement of Financial Position |
|
2024 |
2023 |
|
|
Note |
£ |
£ |
|
Tangible assets |
15 |
|
|
|
Investments |
16 |
|
|
|
--------- |
--------- |
||
|
|
|
||
|
Stocks |
17 |
|
|
|
Debtors |
18 |
|
|
|
Cash at bank and in hand |
|
|
|
|
------------ |
------------ |
||
|
|
|
||
|
Prepayments and accrued income |
|
|
|
Creditors: amounts falling due within one year |
19 |
|
|
|
------------ |
------------ |
||
|
Net current assets |
|
|
|
|
------------ |
------------ |
||
|
Total assets less current liabilities |
|
|
|
|
Accruals and deferred income |
|
|
|
------------ |
------------ |
|
|
Net assets |
|
|
|
------------ |
------------ |
|
|
Called up share capital |
22 |
|
|
|
Profit and loss account |
|
2,893,696
|
|
|
------------ |
------------ |
||
|
Shareholders funds |
|
|
|
|
------------ |
------------ |
||
|
|
|
Director |
|
|
|
Consolidated Statement of Cash Flows |
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Profit for the financial year |
|
|
|
Adjustments for: |
||
|
Depreciation of tangible assets |
|
|
|
Other interest receivable and similar income |
(
|
(
|
|
Interest payable and similar expenses |
|
|
|
Loss on disposal of tangible assets |
|
|
|
Tax on profit/(loss) |
|
– |
|
Accrued income |
(
|
(
|
|
Changes in: |
||
|
Stocks |
|
|
|
Trade and other debtors |
|
|
|
Trade and other creditors |
|
(
|
|
------------ |
------------ |
|
|
Cash generated from operations |
|
|
|
Interest paid |
(
|
(
|
|
Interest received |
|
|
|
Tax paid |
(
|
(
|
|
------------ |
------------ |
|
|
Net cash from operating activities |
|
|
|
------------ |
------------ |
|
|
Purchase of tangible assets |
(
|
(
|
|
Proceeds from sale of tangible assets |
(
|
– |
|
------------ |
------------ |
|
|
Net cash used in investing activities |
(
|
(
|
|
------------ |
------------ |
|
|
Proceeds from borrowings |
(
|
(
|
|
Proceeds from loans from group undertakings |
(
|
(
|
|
Dividends paid |
(
|
– |
|
------------ |
------------ |
|
|
Net cash used in financing activities |
(
|
(
|
|
------------ |
------------ |
|
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
|
Cash and cash equivalents at beginning of year |
2,459,604 |
819,322 |
|
------------ |
------------ |
|
|
Cash and cash equivalents at end of year |
|
|
|
------------ |
------------ |
|
|
|
|
Notes to the Financial Statements |
|
Development costs |
- |
Straight Line over 5 years |
|
|
Fixtures and fittings |
- |
Straight Line over 3 years |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Sale of goods |
|
|
|
------------- |
------------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
United Kingdom |
|
|
|
Overseas |
|
|
|
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Other operating income |
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Depreciation of tangible assets |
|
|
|
Loss on disposal of tangible assets |
|
|
|
Impairment of trade debtors |
513 |
6,140 |
|
Foreign exchange differences |
(
|
|
|
-------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Fees payable for the audit of the financial statements |
|
|
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Production staff |
|
|
|
Distribution staff |
|
|
|
Administrative staff |
|
|
|
Management staff |
2 |
2 |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Remuneration |
|
|
|
Company contributions to defined contribution pension plans |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Aggregate remuneration |
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Interest on cash and cash equivalents |
– |
|
|
Interest receivable |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Interest payable |
|
|
|
Other interest payable and similar charges |
|
– |
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
UK current tax expense |
|
– |
|
Tax on profit/(loss) |
|
– |
|
-------- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Profit on ordinary activities before taxation |
|
|
|
--------- |
--------- |
|
|
Profit on ordinary activities by rate of tax |
|
(
|
|
Effect of expenses not deductible for tax purposes |
|
– |
|
Effect of capital allowances and depreciation |
|
|
|
Utilisation of tax losses |
(
|
– |
|
Unused tax losses |
– |
|
|
--------- |
--------- |
|
|
Tax on profit/(loss) |
|
– |
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
– |
|
--------- |
---- |
|
|
Group and company |
Licence acquisition costs |
|
£ |
|
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
--------- |
|
|
Amortisation |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
--------- |
|
|
Carrying amount |
|
|
At 1 January 2024 and 31 December 2024 |
– |
|
--------- |
|
|
At 31 December 2023 |
– |
|
--------- |
|
|
Group |
Fixtures and fittings |
|
£ |
|
|
Cost |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
Disposals |
(
|
|
------------ |
|
|
At 31 December 2024 |
|
|
------------ |
|
|
Depreciation |
|
|
At 1 January 2024 |
|
|
Charge for the year |
|
|
------------ |
|
|
At 31 December 2024 |
|
|
------------ |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
------------ |
|
|
At 31 December 2023 |
|
|
------------ |
|
|
Company |
Fixtures and fittings |
|
£ |
|
|
Cost |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
------------ |
|
|
At 31 December 2024 |
|
|
------------ |
|
|
Depreciation |
|
|
At 1 January 2024 |
|
|
Charge for the year |
|
|
------------ |
|
|
At 31 December 2024 |
|
|
------------ |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
------------ |
|
|
At 31 December 2023 |
|
|
------------ |
|
|
Company |
Shares in group undertakings |
|
£ |
|
|
Cost |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
-------- |
|
|
Impairment |
|
|
At 1 January 2024 and 31 December 2024 |
– |
|
-------- |
|
|
Carrying amount |
|
|
At 1 January 2024 and 31 December 2024 |
|
|
-------- |
|
|
At 31 December 2023 |
|
|
-------- |
|
|
Class of share |
Percentage of shares held |
|
|
Subsidiary undertakings |
||
|
|
Ordinary Shares |
100 |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Finished goods and goods for resale |
|
|
|
|
|
--------- |
------------ |
--------- |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
|
Amounts owed by undertakings in which the company has a participating interest |
– |
|
– |
|
|
Other debtors |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
– |
|
– |
|
|
Trade creditors |
|
|
|
|
|
Amounts owed to group undertakings |
|
|
|
|
|
Corporation tax |
|
– |
|
– |
|
Social security and other taxes |
|
|
|
|
|
Other creditors |
103,297 |
509,344 |
41,814 |
469,100 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
|
-------- |
-------- |
-------- |
-------- |
|
|
At 1 Jan 2024 |
Cash flows |
At 31 Dec 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
(79,483) |
|
|
Debt due within one year |
(2,333,949) |
2,021,219 |
(312,730) |
|
------------ |
------------ |
------------ |
|
|
|
|
|
|
|
------------ |
------------ |
------------ |
|
|
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) |
|
Transaction value |
Balance owed by/(owed to) |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Companies under common control |
1,297,799 |
881,287 |
(
4,438) |
(
1,192,429) |
|
------------ |
--------- |
------- |
------------ |
|
|
Transaction value |
Balance owed by/(owed to) |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Companies under common control |
1,289,551 |
792,866 |
(
4,038) |
(
1,229,619) |
|
------------ |
--------- |
------- |
------------ |
|