|
|
|
|
|
|
|
|
|
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 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 Accountants & statutory auditor |
|
|
No 1 Pavilion Square |
|
|
Cricketers Way |
|
|
Westhoughton |
|
|
Bolton |
|
|
BL5 3AJ |
|
|
Bankers |
|
|
Leicester |
|
|
LE87 2BB |
|
|
|
|
Strategic Report |
|
|
|
|
Director |
Company Secretary |
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
|
Directors' Report |
|
|
|
|
|
|
|
|
|
|
Director |
Company Secretary |
|
Registered office: |
|
|
|
|
|
|
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
|
|
(Senior Statutory Auditor) |
|
For and on behalf of |
|
|
|
Chartered Accountants & statutory auditor |
|
No 1 Pavilion Square |
|
Cricketers Way |
|
Westhoughton |
|
Bolton |
|
BL5 3AJ |
|
|
|
Consolidated Statement of Income and Retained Earnings |
|
2024 |
2023 |
||
|
Note |
£ |
£ |
|
|
Turnover |
4 |
|
|
|
Cost of sales |
|
|
|
------------- |
------------- |
|
|
Gross profit |
|
|
|
Administrative expenses |
|
|
|
|
Other operating income |
5 |
|
|
|
------------ |
------------ |
||
|
Operating loss |
6 |
(
|
(
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
10 |
|
|
|
------------ |
------------ |
||
|
Loss before taxation |
(
|
(
|
|
|
Tax on loss |
11 |
(
|
(
|
|
--------- |
--------- |
||
|
Profit/(loss) for the financial year and total comprehensive income |
|
(
|
|
|
--------- |
--------- |
||
|
Dividends paid and payable |
12 |
(
|
(
|
|
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/(loss) for the financial year and total comprehensive income |
|
|
|
|
Dividends paid and payable |
12 |
(
|
(
|
|
Retained earnings at the start of the year |
|
|
|
------------ |
------------ |
|
|
Retained earnings at the end of the year |
|
|
|
------------ |
------------ |
|
|
|
|
Consolidated Statement of Financial Position |
|
2024 |
2023 |
||
|
Note |
£ |
£ |
|
|
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 |
|
|
|
|
Taxation including deferred tax |
21 |
|
(
|
|
|
------------ |
------------ |
|||
|
Net assets |
|
|
||
|
------------ |
------------ |
|||
|
Called up share capital |
24 |
|
|
|
|
Profit and loss account |
|
|
||
|
------------ |
------------ |
|||
|
Shareholders funds |
|
|
||
|
------------ |
------------ |
|||
|
|
|
|
Director |
|
|
|
|
Company Statement of Financial Position |
|
2024 |
2023 |
||
|
Note |
£ |
£ |
|
|
Tangible assets |
14 |
|
|
|
|
Investments |
15 |
|
|
|
|
--------- |
------------ |
|||
|
|
|
|||
|
Debtors |
17 |
|
|
|
|
Cash at bank and in hand |
|
|
||
|
--------- |
--------- |
|||
|
|
|
|||
|
Creditors: amounts falling due within one year |
18 |
|
|
|
|
--------- |
--------- |
|||
|
Net current assets |
|
|
||
|
------------ |
------------ |
|||
|
Total assets less current liabilities |
|
|
||
|
Taxation including deferred tax |
21 |
|
|
|
|
------------ |
------------ |
|||
|
Net assets |
|
|
||
|
------------ |
------------ |
|||
|
Called up share capital |
24 |
|
|
|
|
Profit and loss account |
|
|
||
|
------------ |
------------ |
|||
|
Shareholders funds |
|
|
||
|
------------ |
------------ |
|||
|
|
|
|
Director |
|
|
|
|
Consolidated Statement of Cash Flows |
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Profit/(loss) for the financial year |
|
(
|
|
Adjustments for: |
||
|
Depreciation of tangible assets |
|
|
|
Fair value adjustment of investment property |
|
(
|
|
Other interest receivable and similar income |
(
|
(
|
|
Interest payable and similar expenses |
|
|
|
Loss on disposal of tangible assets |
|
– |
|
Tax on profit |
(
|
(
|
|
Accrued (income)/expenses |
(
|
|
|
Changes in: |
||
|
Stocks |
(
|
|
|
Trade and other debtors |
(
|
(
|
|
Trade and other creditors |
|
|
|
--------- |
------------ |
|
|
Cash generated from operations |
(
|
|
|
Interest paid |
(
|
(
|
|
Interest received |
|
|
|
Tax received/(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 |
(
|
(
|
|
Payments of finance lease liabilities |
(
|
(
|
|
Dividends paid |
(
|
(
|
|
--------- |
------------ |
|
|
Net cash used in financing activities |
(
|
(
|
|
--------- |
------------ |
|
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
|
Cash and cash equivalents at beginning of year |
1,473,499 |
1,017,788 |
|
------------ |
------------ |
|
|
Cash and cash equivalents at end of year |
|
|
|
------------ |
------------ |
|
|
|
|
Notes to the Financial Statements |
|
Goodwill |
- |
|
|
|
Plant and machinery |
- |
|
|
|
Fixtures and fittings |
- |
|
|
|
Motor vehicles |
- |
|
|
|
Equipment |
- |
|
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Rendering of services |
|
|
|
Construction contracts |
|
|
|
------------- |
------------- |
|
|
|
|
|
|
------------- |
------------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Other operating income |
|
|
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Depreciation of tangible assets |
|
|
|
Loss on disposal of tangible assets |
|
– |
|
Fair value adjustments to investment property |
|
(
|
|
Impairment of trade debtors |
26,283 |
15,014 |
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Fees payable for the audit of the financial statements |
|
|
|
-------- |
------- |
|
|
2024 |
2023 |
|
|
No. |
No. |
|
|
Production staff |
|
|
|
Management staff |
2 |
2 |
|
---- |
---- |
|
|
|
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other pension costs |
|
|
|
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Remuneration |
|
|
|
-------- |
-------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Interest on banks loans and overdrafts |
|
|
|
---- |
---- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
UK current tax income |
(
|
– |
|
Adjustments in respect of prior periods |
(
|
– |
|
--------- |
---- |
|
|
Total current tax |
(
|
– |
|
--------- |
---- |
|
|
Origination and reversal of timing differences |
|
(
|
|
--------- |
-------- |
|
|
Tax on profit |
(
|
(
|
|
--------- |
-------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Loss on ordinary activities before taxation |
(
|
(
|
|
--------- |
--------- |
|
|
Loss on ordinary activities by rate of tax |
(
|
|
|
Adjustment to tax charge in respect of prior periods |
(423,572) |
– |
|
Effect of expenses not deductible for tax purposes |
|
|
|
Effect of capital allowances and depreciation |
|
|
|
Effect of revenue exempt from tax |
– |
(
|
|
Effect of different UK tax rates on some earnings |
– |
2,400 |
|
Unused tax losses |
|
– |
|
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs |
(
|
– |
|
--------- |
--------- |
|
|
Tax on profit |
(
|
(
|
|
--------- |
--------- |
|
|
2024 |
2023 |
|
|
£ |
£ |
|
|
B Ordinary Shares |
|
|
|
C Ordinary Shares |
|
|
|
D Ordinary Shares |
|
|
|
E Ordinary Shares |
38,666 |
35,580 |
|
F Ordinary Shares |
236,280 |
229,986 |
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
|
Group |
Goodwill |
|
£ |
|
|
Cost |
|
|
At 1 December 2023 and 30 November 2024 |
|
|
-------- |
|
|
Amortisation |
|
|
At 1 December 2023 and 30 November 2024 |
|
|
-------- |
|
|
Carrying amount |
|
|
At 1 December 2023 and 30 November 2024 |
– |
|
-------- |
|
|
At 30 November 2023 |
– |
|
-------- |
|
|
Group |
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
User defined asset |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost or valuation |
||||||
|
At 1 Dec 2023 |
|
|
|
|
– |
|
|
Additions |
– |
– |
|
|
|
|
|
Disposals |
– |
– |
– |
(
|
– |
(
|
|
Revaluations |
(
|
– |
– |
– |
– |
(
|
|
--------- |
-------- |
--------- |
--------- |
-------- |
------------ |
|
|
At 30 Nov 2024 |
|
|
|
|
|
|
|
--------- |
-------- |
--------- |
--------- |
-------- |
------------ |
|
|
Depreciation |
||||||
|
At 1 Dec 2023 |
– |
|
|
|
– |
|
|
Charge for the year |
– |
|
|
|
– |
|
|
Disposals |
– |
– |
– |
(
|
– |
(
|
|
--------- |
-------- |
--------- |
--------- |
-------- |
------------ |
|
|
At 30 Nov 2024 |
– |
|
|
|
– |
|
|
--------- |
-------- |
--------- |
--------- |
-------- |
------------ |
|
|
Carrying amount |
||||||
|
At 30 Nov 2024 |
|
|
|
|
|
|
|
--------- |
-------- |
--------- |
--------- |
-------- |
------------ |
|
|
At 30 Nov 2023 |
|
|
|
|
– |
|
|
--------- |
-------- |
--------- |
--------- |
-------- |
------------ |
|
|
Company |
Land and buildings |
Fixtures and fittings |
User defined asset |
Total |
|
£ |
£ |
£ |
£ |
|
|
Cost or valuation |
||||
|
At 1 December 2023 |
|
|
– |
|
|
Additions |
– |
– |
|
|
|
Revaluations |
(
|
– |
– |
(
|
|
--------- |
-------- |
-------- |
------------ |
|
|
At 30 November 2024 |
|
|
|
|
|
--------- |
-------- |
-------- |
------------ |
|
|
Depreciation |
||||
|
At 1 December 2023 |
– |
|
– |
|
|
Charge for the year |
– |
|
– |
|
|
--------- |
-------- |
-------- |
------------ |
|
|
At 30 November 2024 |
– |
|
– |
|
|
--------- |
-------- |
-------- |
------------ |
|
|
Carrying amount |
||||
|
At 30 November 2024 |
|
|
|
|
|
--------- |
-------- |
-------- |
------------ |
|
|
At 30 November 2023 |
|
|
– |
|
|
--------- |
-------- |
-------- |
------------ |
|
|
Group |
Other investments other than loans |
|
£ |
|
|
Cost |
|
|
At 1 December 2023 and 30 November 2024 |
|
|
-------- |
|
|
Impairment |
|
|
At 1 December 2023 and 30 November 2024 |
– |
|
-------- |
|
|
Carrying amount |
|
|
At 1 December 2023 and 30 November 2024 |
|
|
-------- |
|
|
At 30 November 2023 |
|
|
-------- |
|
|
Company |
Shares in group undertakings |
|
£ |
|
|
Cost |
|
|
At 1 December 2023 and 30 November 2024 |
|
|
---- |
|
|
Impairment |
|
|
At 1 December 2023 and 30 November 2024 |
– |
|
---- |
|
|
Carrying amount |
|
|
At 1 December 2023 and 30 November 2024 |
|
|
---- |
|
|
At 30 November 2023 |
|
|
---- |
|
|
Class of share |
Percentage of shares held |
|
|
Subsidiary undertakings |
||
|
|
Ordinary shares |
100 |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Raw materials and consumables |
|
|
– |
– |
|
-------- |
-------- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Trade debtors |
|
|
– |
– |
|
Amounts owed by group undertakings |
– |
– |
|
– |
|
Amounts owed by customers on construction contracts |
– |
|
– |
– |
|
Prepayments and accrued income |
|
|
– |
– |
|
Corporation tax repayable |
|
– |
– |
– |
|
Directors loan account |
|
– |
– |
– |
|
Other debtors |
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
|
|
– |
– |
|
Trade creditors |
|
|
– |
– |
|
Accruals and deferred income |
|
|
|
|
|
Social security and other taxes |
|
|
– |
– |
|
Obligations under finance leases and hire purchase contracts |
– |
|
– |
– |
|
Other creditors |
|
|
– |
– |
|
------------ |
------------ |
------- |
------- |
|
|
|
|
|
|
|
|
------------ |
------------ |
------- |
------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Bank loans and overdrafts |
|
|
– |
– |
|
------- |
-------- |
---- |
---- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
– |
|
– |
– |
|
---- |
------- |
---- |
---- |
|
|
Group |
Deferred tax (note 22) |
|
£ |
|
|
At 1 December 2023 |
(
|
|
Additions |
|
|
-------- |
|
|
At 30 November 2024 |
|
|
-------- |
|
|
Company |
Deferred tax (note 22) |
|
£ |
|
|
At 1 December 2023 |
|
|
-------- |
|
|
At 30 November 2024 |
|
|
-------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Included in provisions (note 21) |
|
(
|
|
|
|
-------- |
------- |
-------- |
-------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Accelerated capital allowances |
|
|
– |
– |
|
Fair value adjustment of investment property |
|
|
|
|
|
Unused tax losses |
– |
(
|
– |
– |
|
-------- |
-------- |
-------- |
-------- |
|
|
23,924 |
(3,794) |
10,000 |
10,000 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
60 |
|
60 |
|
|
|
20 |
|
20 |
|
|
|
16 |
|
16 |
|
|
|
6 |
|
6 |
|
|
|
6 |
|
6 |
|
E Ordinary shares of £1 each |
6 |
6 |
6 |
6 |
|
F Ordinary shares of £1 each |
6 |
6 |
6 |
6 |
|
---- |
---- |
---- |
---- |
|
|
|
120 |
|
120 |
|
|
---- |
---- |
---- |
---- |
|
|
At 1 Dec 2023 |
Cash flows |
At 30 Nov 2024 |
|
|
£ |
£ |
£ |
|
|
Cash at bank and in hand |
|
(568,197) |
|
|
Debt due within one year |
(14,150) |
4,150 |
(10,000) |
|
Debt due after one year |
(16,465) |
10,051 |
(6,414) |
|
------------ |
--------- |
--------- |
|
|
|
(
|
|
|
|
------------ |
--------- |
--------- |
|
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
|
Not later than 1 year |
|
|
– |
– |
|
Later than 1 year and not later than 5 years |
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
|
|
|
– |
– |
|
|
--------- |
--------- |
---- |
---- |
|
|
2024 |
||||
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
|
£ |
£ |
£ |
||
|
|
– |
|
|
|
|
---- |
--------- |
--------- |
||
|
2023 |
||||
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
|
£ |
£ |
£ |
||
|
|
– |
– |
– |
|
|
---- |
---- |
---- |
||