|
|
|
|
|
|
|
|
|
Financial Statements |
|
Contents |
Page |
|
Strategic report |
1 |
|
Directors' report |
3 |
|
Independent auditor's report to the members |
5 |
|
Consolidated statement of income and retained earnings |
9 |
|
Company statement of income and retained earnings |
10 |
|
Consolidated statement of financial position |
11 |
|
Company statement of financial position |
12 |
|
Consolidated statement of cash flows |
13 |
|
Notes to the financial statements |
14 |
|
|
|
Strategic Report |
| 2024 | 2023 | ||
| £ | £ | ||
| Revenue | 13,254,392 | 11,065,922 | |
| Gross Profit | 2,879,566 | 2,983,886 | |
| Gross Margin % | 22 | 27 | |
| Net Profit | – | 112,550 | |
| Net Loss | 681,372 | – | |
| Net Assets | 1,312,118 | 2,012,409 | |
|
|
|
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 |
|
The Old Mill, |
|
9 Soar Lane |
|
Leicester |
|
LE3 5DE |
|
|
|
Consolidated Statement of Income and Retained Earnings |
|
2024 |
2023 |
||
|
(restated) |
|||
|
Note |
£ |
£ |
|
|
Turnover |
4 |
|
|
|
Cost of sales |
|
|
|
------------- |
------------- |
|
|
Gross profit |
|
|
|
Distribution costs |
|
|
|
|
Administrative expenses |
|
|
|
|
Other operating income |
5 |
|
|
|
------------ |
------------ |
||
|
Operating (loss)/profit |
6 |
(
|
|
|
Loss on impairment or disposal of operations |
(
|
– |
|
|
Other interest receivable and similar income |
10 |
– |
|
|
Interest payable and similar expenses |
11 |
|
|
|
------------ |
------------ |
||
|
(Loss)/profit before taxation |
(
|
|
|
|
Tax on (loss)/profit |
12 |
|
|
|
--------- |
--------- |
||
|
(Loss)/profit for the financial year and total comprehensive income |
(
|
|
|
|
--------- |
--------- |
||
|
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 |
|
|
(restated) |
||
|
Note |
£ |
£ |
|
(Loss)/profit for the financial year and total comprehensive income |
(
|
(
|
|
Retained earnings at the start of the year |
|
|
|
--------- |
------------ |
|
|
Retained earnings at the end of the year |
|
|
|
--------- |
------------ |
|
|
|
|
Consolidated Statement of Financial Position |
|
2024 |
2023 |
|
|
(restated) |
||
|
Note |
£ |
£ |
|
Intangible assets |
13 |
|
|
|
Tangible assets |
14 |
|
|
|
------------ |
------------ |
||
|
|
|
||
|
Stocks |
16 |
|
|
|
Debtors |
17 |
|
|
|
Cash at bank and in hand |
|
|
|
|
------------ |
------------ |
||
|
|
|
||
|
Creditors: amounts falling due within one year |
18 |
|
|
|
------------ |
------------ |
||
|
Net current (liabilities)/assets |
(
|
|
|
|
------------ |
------------ |
||
|
Total assets less current liabilities |
|
|
|
|
Creditors: amounts falling due after more than one year |
19 |
|
|
|
Provisions |
20 |
|
|
|
------------ |
------------ |
||
|
Net assets |
|
|
|
|
------------ |
------------ |
||
|
Called up share capital |
23 |
|
|
|
Profit and loss account |
|
|
|
|
------------ |
------------ |
||
|
Shareholders funds |
|
|
|
|
------------ |
------------ |
||
|
|
|
Director |
|
|
|
Company Statement of Financial Position |
|
2024 |
2023 |
|
|
(restated) |
||
|
Note |
£ |
£ |
|
Intangible assets |
13 |
|
|
|
Tangible assets |
14 |
|
|
|
Investments |
15 |
|
|
|
------------ |
------------ |
||
|
|
|
||
|
Stocks |
16 |
|
|
|
Debtors |
17 |
|
|
|
Cash at bank and in hand |
|
|
|
|
------------ |
------------ |
||
|
|
|
||
|
Creditors: amounts falling due within one year |
18 |
|
|
|
------------ |
------------ |
||
|
Net current assets |
|
|
|
|
------------ |
------------ |
||
|
Total assets less current liabilities |
|
|
|
|
Creditors: amounts falling due after more than one year |
19 |
|
|
|
Provisions |
– |
|
|
------------ |
------------ |
|
|
Net assets |
|
|
|
------------ |
------------ |
|
|
Called up share capital |
23 |
|
|
|
Profit and loss account |
|
|
|
|
--------- |
------------ |
||
|
Shareholders funds |
|
|
|
|
--------- |
------------ |
||
|
|
|
Director |
|
|
|
Consolidated Statement of Cash Flows |
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
(Loss)/profit for the financial year |
(
|
|
|
Adjustments for: |
||
|
Depreciation of tangible assets |
|
|
|
Amortisation of intangible assets |
|
|
|
Other interest receivable and similar income |
– |
(
|
|
Interest payable and similar expenses |
|
|
|
Loss on disposal of tangible assets |
|
– |
|
Gain on impairment or disposal of operations |
|
– |
|
Tax on (loss)/profit |
|
|
|
Accrued expenses/(income) |
|
(
|
|
Changes in: |
||
|
Stocks |
(
|
(
|
|
Trade and other debtors |
|
|
|
Trade and other creditors |
|
|
|
--------- |
------------ |
|
|
Cash generated from operations |
|
|
|
Interest paid |
(
|
(
|
|
Interest received |
– |
|
|
Tax (paid)/received |
(
|
|
|
--------- |
------------ |
|
|
Net cash (used in)/from operating activities |
(
|
|
|
--------- |
------------ |
|
|
Purchase of tangible assets |
(
|
(
|
|
Purchase of intangible assets |
(
|
(
|
|
------------ |
------------ |
|
|
Net cash used in investing activities |
(
|
(
|
|
------------ |
------------ |
|
|
Proceeds from borrowings |
(
|
|
|
------------ |
------------ |
|
|
Net cash (used in)/from financing activities |
(
|
|
|
------------ |
------------ |
|
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
|
Cash and cash equivalents at beginning of year |
3,235,753 |
2,090,742 |
|
------------ |
------------ |
|
|
Cash and cash equivalents at end of year |
|
|
|
------------ |
------------ |
|
|
|
|
Notes to the Financial Statements |
|
Goodwill |
- |
|
|
|
Short leasehold property |
- |
|
|
|
Fixtures and fittings |
- |
|
|
|
Motor vehicles |
- |
|
|
|
Equipment |
- |
15
% straight line |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
Sale of goods |
|
|
|
------------- |
------------- |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
Commission receivable |
|
|
|
--------- |
-------- |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
Amortisation of intangible assets |
|
|
|
Depreciation of tangible assets |
|
8,814
|
|
Loss on disposal of tangible assets |
|
– |
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
Fees payable for the audit of the financial statements |
|
– |
|
-------- |
---- |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Production staff |
|
|
|
Administrative staff |
|
|
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
Wages and salaries |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
Remuneration |
|
|
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
Interest on bank deposits |
– |
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
Interest on banks loans and overdrafts |
|
|
|
Interest payable |
|
– |
|
Other interest payable and similar charges |
– |
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
UK current tax expense |
(
|
|
|
Adjustments in respect of prior periods |
|
– |
|
-------- |
-------- |
|
|
Total current tax |
|
|
|
-------- |
-------- |
|
|
Origination and reversal of timing differences |
|
|
|
-------- |
-------- |
|
|
Tax on (loss)/profit |
|
|
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
(restated) |
||
|
£ |
£ |
|
|
(Loss)/profit on ordinary activities before taxation |
(
|
|
|
--------- |
--------- |
|
|
(Loss)/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 |
|
|
|
Effect of revenue exempt from tax |
(
|
– |
|
Utilisation of tax losses |
– |
|
|
Unused tax losses |
|
– |
|
--------- |
--------- |
|
|
Tax on (loss)/profit |
|
|
|
--------- |
--------- |
|
|
Group |
Goodwill |
|
£ |
|
|
Cost |
|
|
At 1 April 2023 (as restated) |
|
|
Additions |
|
|
Disposals of previously acquired businesses |
(
|
|
------------ |
|
|
At 31 March 2024 |
|
|
------------ |
|
|
Amortisation |
|
|
At 1 April 2023 |
|
|
Charge for the year |
|
|
Disposals of previously acquired businesses |
(
|
|
------------ |
|
|
At 31 March 2024 |
|
|
------------ |
|
|
Carrying amount |
|
|
At 31 March 2024 |
|
|
------------ |
|
|
At 31 March 2023 |
|
|
------------ |
|
|
Company |
Goodwill |
|
£ |
|
|
Cost |
|
|
At 1 April 2023 (as restated) and 31 March 2024 |
|
|
--------- |
|
|
Amortisation |
|
|
At 1 April 2023 |
|
|
Charge for the year |
|
|
--------- |
|
|
At 31 March 2024 |
|
|
--------- |
|
|
Carrying amount |
|
|
At 31 March 2024 |
|
|
--------- |
|
|
At 31 March 2023 |
|
|
--------- |
|
|
Group |
Freehold property |
Short leasehold property |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
||||||
|
At 1 Apr 2023 (as restated) |
|
|
|
|
163 |
|
|
Additions |
|
– |
|
– |
411 |
|
|
Disposals |
– |
– |
(
|
– |
– |
(
|
|
------------ |
--------- |
--------- |
------- |
---- |
------------ |
|
|
At 31 Mar 2024 |
|
|
|
|
574 |
|
|
------------ |
--------- |
--------- |
------- |
---- |
------------ |
|
|
Depreciation |
||||||
|
At 1 Apr 2023 |
– |
|
|
|
6 |
|
|
Charge for the year |
– |
– |
|
|
53 |
|
|
Disposals |
– |
– |
(
|
– |
– |
(
|
|
------------ |
--------- |
--------- |
------- |
---- |
------------ |
|
|
At 31 Mar 2024 |
– |
|
|
|
59 |
|
|
------------ |
--------- |
--------- |
------- |
---- |
------------ |
|
|
Carrying amount |
||||||
|
At 31 Mar 2024 |
|
– |
|
|
515 |
|
|
------------ |
--------- |
--------- |
------- |
---- |
------------ |
|
|
At 31 Mar 2023 |
|
– |
|
|
157 |
|
|
------------ |
--------- |
--------- |
------- |
---- |
------------ |
|
|
Company |
Freehold property |
Short leasehold property |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|||||
|
At 1 April 2023 (as restated) |
|
|
|
163 |
|
|
Additions |
|
– |
|
411 |
|
|
------------ |
-------- |
-------- |
---- |
------------ |
|
|
At 31 March 2024 |
|
|
|
574 |
|
|
------------ |
-------- |
-------- |
---- |
------------ |
|
|
Depreciation |
|||||
|
At 1 April 2023 |
– |
|
|
6 |
|
|
Charge for the year |
– |
– |
|
53 |
|
|
------------ |
-------- |
-------- |
---- |
------------ |
|
|
At 31 March 2024 |
– |
|
|
59 |
|
|
------------ |
-------- |
-------- |
---- |
------------ |
|
|
Carrying amount |
|||||
|
At 31 March 2024 |
|
– |
|
515 |
|
|
------------ |
-------- |
-------- |
---- |
------------ |
|
|
At 31 March 2023 |
|
– |
|
157 |
2,099,130
|
|
------------ |
-------- |
-------- |
---- |
------------ |
|
|
Company |
Shares in group undertakings |
|
£ |
|
|
Cost |
|
|
At 1 April 2023 as restated and 31 March 2024 |
|
|
------------ |
|
|
Impairment |
|
|
At 1 April 2023 as restated and 31 March 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
|
At 1 April 2023 and 31 March 2024 |
|
|
------------ |
|
|
At 31 March 2023 |
|
|
------------ |
|
|
Class of share |
Percentage of shares held |
|
|
Subsidiary undertakings |
||
|
|
Ordinary |
100 |
|
|
Ordinary |
100 |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
(restated) |
(restated) |
|||
|
£ |
£ |
£ |
£ |
|
|
Raw materials and consumables |
|
|
|
|
|
------------ |
--------- |
--------- |
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
(restated) |
(restated) |
|||
|
£ |
£ |
£ |
£ |
|
|
Trade debtors |
|
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
Other debtors |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
(restated) |
(restated) |
|||
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
|
|
|
|
|
Trade creditors |
|
|
|
|
|
Amounts owed to group undertakings |
– |
– |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Corporation tax |
|
|
– |
|
|
Social security and other taxes |
|
|
|
|
|
Director loan accounts |
|
|
|
|
|
Other creditors |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
(restated) |
(restated) |
|||
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
Group |
Deferred tax (note 21) |
|
£ |
|
|
At 1 April 2023 (as restated) |
|
|
Additions |
|
|
Unused amounts reversed |
(
|
|
-------- |
|
|
At 31 March 2024 |
|
|
-------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
(restated) |
(restated) |
|||
|
£ |
£ |
£ |
£ |
|
|
Included in provisions (note 20) |
|
|
– |
|
|
-------- |
------- |
---- |
------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
(restated) |
(restated) |
|||
|
£ |
£ |
£ |
£ |
|
|
Accelerated capital allowances |
|
|
– |
– |
|
-------- |
------- |
---- |
---- |
|
|
2024 |
2023 |
|||
|
(restated) |
||||
|
No. |
£ |
No. |
£ |
|
|
|
|
200,000 |
|
200,000 |
|
--------- |
--------- |
--------- |
--------- |
|
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
(2,143,946) |
|
|
Debt due within one year |
(2,741,317) |
(22,358) |
(2,763,675) |
|
Debt due after one year |
(6,688,772) |
296,208 |
(6,392,564) |
|
------------ |
------------ |
------------ |
|
|
(
|
(
|
(
|
|
|
------------ |
------------ |
------------ |
|
|
|
|
Notes to the Financial Statements (continued) |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
(restated) |
(restated) |
|||
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
|
– |
|
|
Later than 1 year and not later than 5 years |
|
|
– |
|
|
Later than 5 years |
|
|
– |
|
|
------------ |
------------ |
---- |
------------ |
|
|
|
|
– |
|
|
|
------------ |
------------ |
---- |
------------ |
|