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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Director's report |
5 |
Independent auditor's report to the members |
7 |
Consolidated statement of comprehensive income |
11 |
Consolidated statement of financial position |
12 |
Company statement of financial position |
13 |
Consolidated statement of changes in equity |
14 |
Company statement of changes in equity |
15 |
Consolidated statement of cash flows |
16 |
Notes to the financial statements |
17 |
|
Officers and Professional Advisers |
Director |
|
Registered office |
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Gloucestershire |
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Auditor |
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Chartered Accountants & statutory auditor |
|
Midway House |
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Staverton Technology Park |
|
Herrick Way, Staverton |
|
Cheltenham, Glos. |
|
GL51 6TQ |
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Strategic Report |
Registered office: |
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Gloucestershire |
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Director's Report |
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Registered office: |
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Gloucestershire |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Accountants & statutory auditor |
Midway House |
Staverton Technology Park |
Herrick Way, Staverton |
Cheltenham, Glos. |
GL51 6TQ |
|
Consolidated Statement of Comprehensive Income |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
------------- |
------------- |
|
Gross profit |
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Administrative expenses |
|
|
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Other operating income |
5 |
|
|
------------ |
------------ |
||
Operating profit |
6 |
|
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Loss on financial assets at fair value through profit or loss |
(
|
(
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|
Interest receivable |
10 |
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Interest payable |
11 |
(
|
|
------------ |
------------ |
||
Profit before taxation |
|
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Taxation on ordinary activities |
12 |
|
|
--------- |
------------ |
||
Profit for the financial year and total comprehensive income |
|
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|
--------- |
------------ |
||
The owners of the parent company |
|
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Non-controlling interests |
|
|
--------- |
------------ |
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|
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|
--------- |
------------ |
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Consolidated Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Intangible assets |
14 |
|
|
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
------------ |
------------ |
||
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||
Stocks |
17 |
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Debtors |
18 |
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|
Cash at bank and in hand |
|
|
|
------------ |
------------ |
||
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||
Creditors: amounts falling due within one year |
19 |
|
|
------------ |
------------ |
||
Net current assets |
|
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
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Creditors: amounts falling due after more than one year |
20 |
– |
|
Provisions |
21 |
|
|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
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Called up share capital |
26 |
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Capital redemption reserve |
27 |
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Profit and loss account |
27 |
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|
------------ |
------------ |
||
Equity attributable to the owners of the parent company |
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Non-controlling interests |
|
|
------------ |
------------ |
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|
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|
------------ |
------------ |
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|
Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
--------- |
------------ |
||
|
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||
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------ |
||
|
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||
Creditors: amounts falling due within one year |
19 |
|
|
------------ |
------------ |
||
Net current assets |
|
|
|
------------ |
------------ |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
– |
|
Provisions |
21 |
|
|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
||
Called up share capital |
26 |
|
|
Capital redemption reserve |
27 |
|
|
Profit and loss account |
27 |
|
|
------------ |
------------ |
||
Shareholders funds |
|
|
|
------------ |
------------ |
||
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
||
£ |
£ |
£ |
£ |
£ |
£ |
||
At 1 April 2021 |
|
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|
|
|
|
Profit for the year |
|
|
|
|
|||
-------- |
-------- |
------------ |
------------ |
--------- |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
(
|
(
|
-------- |
-------- |
------------ |
------------ |
--------- |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
(
|
(
|
|
At 31 March 2022 |
|
|
|
|
|
|
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Profit for the year |
|
|
|
|
|||
-------- |
-------- |
------------ |
------------ |
--------- |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
(
|
(
|
---- |
---- |
------- |
------- |
--------- |
--------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
(
|
(
|
|
-------- |
-------- |
------------ |
------------ |
--------- |
------------ |
||
At 31 March 2023 |
|
|
|
|
|
|
|
-------- |
-------- |
------------ |
------------ |
--------- |
------------ |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
||
At 1 April 2021 |
|
|
|
|
|
Profit for the year |
|
|
|||
-------- |
-------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
-------- |
-------- |
------------ |
------------ |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
At 31 March 2022 |
|
|
|
|
|
Profit for the year |
|
|
|||
-------- |
-------- |
------------ |
------------ |
||
Total comprehensive income for the year |
– |
– |
|
|
|
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
---- |
---- |
------- |
------- |
||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
|
-------- |
-------- |
------------ |
------------ |
||
At 31 March 2023 |
|
|
|
|
|
-------- |
-------- |
------------ |
------------ |
||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Government grant income |
– |
(
|
Loss on financial assets at fair value through profit or loss |
88,633 |
71,098 |
Interest receivable |
(
|
(
|
Interest payable |
(
|
|
Gains on disposal of tangible assets |
(
|
(
|
Taxation on ordinary activities |
|
|
Accrued expenses |
|
|
Movement on bad debt provision |
– |
66,003 |
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
|
(
|
Trade and other creditors |
(
|
|
Other operating cash flow changes |
(2,891) |
170 |
------------ |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
--------- |
------------ |
|
Net cash (used in)/from operating activities |
(
|
|
--------- |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
Purchases of other investments |
– |
(75,010) |
Proceeds from sale of other investments |
– |
65,000 |
--------- |
------------ |
|
Net cash used in investing activities |
(
|
(
|
--------- |
------------ |
|
Proceeds from borrowings |
(
|
(
|
Government grant income |
– |
|
Dividends paid |
(
|
(
|
--------- |
------------ |
|
Net cash used in financing activities |
(
|
(
|
--------- |
------------ |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
3,654,906 |
1,937,831 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures & fittings |
- |
|
|
Motor vehicles |
- |
|
|
Equipment |
- |
10
% straight line |
|
2023 |
2022 |
|
£ |
£ |
|
Construction contracts |
|
|
------------- |
------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Rental income |
|
|
Government grant income |
– |
|
Other operating income |
|
|
-------- |
--------- |
|
|
|
|
-------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Impairment of trade debtors |
– |
(66,003) |
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
6 |
6 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2023 |
2022 |
|
No. |
No. |
|
Defined benefit plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on loans and receivables |
14,086 |
224 |
-------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
(
|
– |
Other interest payable and similar charges |
|
|
------- |
-------- |
|
(
|
|
|
------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax income |
|
|
Adjustments in respect of prior periods |
– |
(
|
--------- |
--------- |
|
Total current tax |
|
|
--------- |
--------- |
|
Origination and reversal of timing differences |
|
(
|
--------- |
--------- |
|
Taxation on ordinary activities |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
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 capital allowances and depreciation |
|
(
|
Tax adjustments and other timing differences |
32,703 |
(46,936) |
--------- |
------------ |
|
Tax on profit |
|
|
--------- |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends on equity shares |
|
|
--------- |
--------- |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 April 2022 and 31 March 2023 |
|
-------- |
|
Amortisation |
|
At 1 April 2022 |
|
Charge for the year |
|
-------- |
|
At 31 March 2023 |
|
-------- |
|
Carrying amount |
|
At 31 March 2023 |
|
-------- |
|
At 31 March 2022 |
|
-------- |
|
Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Apr 2022 |
|
|
|
|
300,629 |
|
Additions |
– |
|
– |
|
37,712 |
|
Disposals |
– |
– |
– |
(
|
– |
(
|
--------- |
--------- |
-------- |
--------- |
--------- |
------------ |
|
At 31 Mar 2023 |
|
|
|
|
338,341 |
|
--------- |
--------- |
-------- |
--------- |
--------- |
------------ |
|
Depreciation |
||||||
At 1 Apr 2022 |
|
|
|
|
256,439 |
|
Charge for the year |
|
|
|
|
33,566 |
|
Disposals |
– |
– |
– |
(
|
– |
(
|
--------- |
--------- |
-------- |
--------- |
--------- |
------------ |
|
At 31 Mar 2023 |
|
|
|
|
290,005 |
|
--------- |
--------- |
-------- |
--------- |
--------- |
------------ |
|
Carrying amount |
||||||
At 31 Mar 2023 |
|
|
|
|
48,336 |
|
--------- |
--------- |
-------- |
--------- |
--------- |
------------ |
|
At 31 Mar 2022 |
|
|
|
|
44,190 |
781,393
|
--------- |
--------- |
-------- |
--------- |
--------- |
------------ |
|
Company |
Freehold property |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 April 2022 |
|
|
|
118,459 |
|
Additions |
– |
– |
|
9,093 |
|
Disposals |
– |
– |
(
|
– |
(
|
--------- |
-------- |
--------- |
--------- |
--------- |
|
At 31 March 2023 |
|
|
|
127,552 |
|
--------- |
-------- |
--------- |
--------- |
--------- |
|
Depreciation |
|||||
At 1 April 2022 |
|
|
|
84,862 |
|
Charge for the year |
|
– |
|
18,563 |
|
Disposals |
– |
– |
(
|
– |
(
|
--------- |
-------- |
--------- |
--------- |
--------- |
|
At 31 March 2023 |
|
|
|
103,425 |
|
--------- |
-------- |
--------- |
--------- |
--------- |
|
Carrying amount |
|||||
At 31 March 2023 |
|
– |
|
24,127 |
|
--------- |
-------- |
--------- |
--------- |
--------- |
|
At 31 March 2022 |
|
– |
|
33,597 |
|
--------- |
-------- |
--------- |
--------- |
--------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 April 2022 |
|
Revaluations |
(
|
--------- |
|
At 31 March 2023 |
|
--------- |
|
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
--------- |
|
Carrying amount |
|
At 31 March 2023 |
|
--------- |
|
At 31 March 2022 |
|
--------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2022 |
|
|
|
Revaluations |
– |
(
|
(
|
--------- |
--------- |
--------- |
|
At 31 March 2023 |
|
|
|
--------- |
--------- |
--------- |
|
Impairment |
|||
At 1 April 2022 and 31 March 2023 |
– |
– |
– |
--------- |
--------- |
--------- |
|
Carrying amount |
|||
At 31 March 2023 |
|
|
|
--------- |
--------- |
--------- |
|
At 31 March 2022 |
|
|
|
--------- |
--------- |
--------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
85 |
|
Ordinary |
85 |
|
Ordinary |
85 |
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials |
|
|
– |
– |
Work in progress |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
|
|
– |
– |
|
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Prepayments and accrued income |
– |
|
– |
|
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
--------- |
|
|
|
|
|
|
------------ |
------------ |
------------ |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Accruals and deferred income |
|
|
– |
– |
Corporation tax |
|
|
– |
– |
Social security and other taxes |
|
|
|
|
Director loan accounts |
– |
|
– |
– |
Other creditors |
81,316 |
72,346 |
15,640 |
15,616 |
Other creditors |
– |
|
– |
– |
------------ |
------------ |
--------- |
-------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
|
– |
|
---- |
--------- |
---- |
--------- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 April 2022 |
|
Additions |
|
-------- |
|
At 31 March 2023 |
|
-------- |
|
Company |
Deferred tax (note 22) |
£ |
|
At 1 April 2022 |
|
------- |
|
At 31 March 2023 |
|
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
|
|
-------- |
------- |
------- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
– |
|
-------- |
------- |
---- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants released to profit or loss |
– |
|
– |
– |
---- |
-------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
24,906 |
|
24,906 |
-------- |
-------- |
-------- |
-------- |
|
At 1 Apr 2022 |
Cash flows |
At 31 Mar 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(610,287) |
|
Debt due within one year |
(38,151) |
(111,881) |
(150,032) |
Debt due after one year |
(156,790) |
156,790 |
– |
------------ |
--------- |
------------ |
|
|
(
|
|
|
------------ |
--------- |
------------ |
|
|
Notes to the Financial Statements (continued) |
Balance brought forward and outstanding |
||
2023 |
2022 |
|
£ |
£ |
|
|
|
(
|
------- |
------- |
|