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Financial Statements |
Contents |
Pages |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 to 5 |
Independent auditor's report to the members |
6 to 9 |
Statement of income and retained earnings |
10 |
Statement of financial position |
11 to 12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 to 24 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered Accountants & statutory auditor |
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3B Swallowfield Courtyard |
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Wolverhampton Road |
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Oldbury |
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West Midlands |
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B69 2JG |
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Strategic Report |
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Director |
Registered office: |
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Directors' Report |
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(Resigned
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(Resigned
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Director |
Registered office: |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered Accountants & statutory auditor |
3B Swallowfield Courtyard |
Wolverhampton Road |
Oldbury |
West Midlands |
B69 2JG |
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Statement of Income and Retained Earnings |
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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Operating profit |
5 |
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Interest receivable |
9 |
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(
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Profit before taxation |
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Taxation on ordinary activities |
10 |
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Profit for the financial year and total comprehensive income |
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Dividends paid and payable |
11 |
(
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(
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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Statement of Financial Position |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Tangible assets |
13 |
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Investments |
14 |
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Stocks |
15 |
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Debtors |
16 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
17 |
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Net current assets |
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Total assets less current liabilities |
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Taxation including deferred tax |
18 |
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Net assets |
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Statement of Financial Position (continued) |
2023 |
2022 |
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Note |
£ |
£ |
£ |
Called up share capital |
22 |
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Share premium account |
23 |
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Capital redemption reserve |
23 |
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Profit and loss account |
23 |
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Shareholders funds |
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Director |
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Statement of Cash Flows |
2023 |
2022 |
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£ |
£ |
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Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Interest receivable |
(
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Loss/(gains) on disposal of tangible assets |
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(
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Taxation on ordinary activities |
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Changes in: |
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Stocks |
(
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(
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Trade and other debtors |
(
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Trade and other creditors |
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Cash generated from operations |
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Interest received |
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(
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Tax paid |
(
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(
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Net cash from operating activities |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
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Net cash used in investing activities |
(
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(
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Dividends paid |
(
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(
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Net cash used in financing activities |
(
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(
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
4,412,420 |
4,022,395 |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
Goodwill |
- |
20 years straight Line |
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Freehold property |
- |
No depreciation charged |
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Leasehold property improvement |
- |
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Plant and machinery |
- |
10%-20% straight Line |
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Motor vehicles |
- |
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2023 |
2022 |
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£ |
£ |
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Sale of goods |
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2023 |
2022 |
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£ |
£ |
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United Kingdom |
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Europe |
5,659,007 |
4,377,576 |
Asia |
923,635 |
623,721 |
America |
4,134,994 |
2,331,951 |
Australasia |
332,885 |
144,199 |
Africa |
17,732 |
15,499 |
Middle East |
81,228 |
57,815 |
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2023 |
2022 |
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£ |
£ |
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Depreciation of tangible assets |
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Loss/(gains) on disposal of tangible assets |
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(
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Impairment of trade debtors |
3,909 |
2,180 |
Foreign exchange differences |
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Operating lease rental |
103,630 |
103,630 |
--------- |
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2023 |
2022 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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-------- |
-------- |
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Other non-audit services |
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-------- |
-------- |
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2023 |
2022 |
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No. |
No. |
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Production staff |
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Administrative staff |
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---- |
---- |
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---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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2023 |
2022 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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2023 |
2022 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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2023 |
2022 |
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£ |
£ |
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Aggregate remuneration |
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Company contributions to defined contribution pension plans |
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2023 |
2022 |
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£ |
£ |
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Interest on cash and cash equivalents |
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(
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------- |
---- |
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2023 |
2022 |
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£ |
£ |
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UK current tax expense |
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Adjustments in respect of prior periods |
– |
(
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Total current tax |
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Origination and reversal of timing differences |
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(
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Taxation on ordinary activities |
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2023 |
2022 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
– |
(
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Effect of expenses not deductible for tax purposes |
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(
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Effect of capital allowances and depreciation |
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– |
Research and development claims |
(304,068) |
(312,625) |
Rate difference on deferred tax |
33,884 |
– |
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Tax on profit |
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2023 |
2022 |
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£ |
£ |
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Dividends on equity shares |
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Goodwill |
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£ |
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Cost |
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At 1 April 2022 and 31 March 2023 |
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Amortisation |
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At 1 April 2022 and 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
– |
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At 31 March 2022 |
– |
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Freehold property |
Leasehold property improvements |
Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 April 2022 |
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Additions |
– |
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– |
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Disposals |
– |
– |
(
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(
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(
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--------- |
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------------ |
-------- |
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At 31 March 2023 |
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-------- |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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– |
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Disposals |
– |
– |
(
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(
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(
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--------- |
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-------- |
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At 31 March 2023 |
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-------- |
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Carrying amount |
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At 31 March 2023 |
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– |
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-------- |
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At 31 March 2022 |
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-------- |
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2023 |
2022 |
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£ |
£ |
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Contracted for but not provided for in the financial statements |
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– |
--------- |
---- |
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Shares in group undertakings |
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£ |
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Cost |
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At 1 April 2022 and 31 March 2023 |
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Impairment |
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At 1 April 2022 and 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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2023 |
2022 |
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£ |
£ |
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Resistance Wires Limited (dormant) |
100 |
100 |
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Precision Shaped Wires Limited (dormant) |
100 |
100 |
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2023 |
2022 |
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£ |
£ |
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2023 |
2022 |
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£ |
£ |
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Raw materials |
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings |
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– |
Prepayments and accrued income |
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Other debtors |
– |
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------------ |
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2023 |
2022 |
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£ |
£ |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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------------ |
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Deferred tax (note 19) |
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£ |
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At 1 April 2022 |
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Additions |
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--------- |
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At 31 March 2023 |
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2023 |
2022 |
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£ |
£ |
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Included in provisions (note 18) |
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-------- |
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2023 |
2022 |
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£ |
£ |
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Accelerated capital allowances |
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--------- |
-------- |
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2023 |
2022 |
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No. |
£ |
No. |
£ |
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181,400 |
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181,400 |
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93,149 |
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93,149 |
--------- |
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At 1 Apr 2022 |
Cash flows |
At 31 Mar 2023 |
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£ |
£ |
£ |
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Cash at bank and in hand |
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(1,062,217) |
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------------ |
------------ |
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2023 |
2022 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Later than 5 years |
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--------- |
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Notes to the Financial Statements (continued) |