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FINANCIAL STATEMENTS
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CONTENTS
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PAGE
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Officers and professional advisers
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1
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Strategic report
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2
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Director's report
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4
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Independent auditor's report to the members
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6
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Profit and loss account
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10
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Balance sheet
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11
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Statement of cash flows
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12
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Notes to the financial statements
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13
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OFFICERS AND PROFESSIONAL ADVISERS
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Director
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Registered office
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England
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Auditor
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Chartered Accountants & statutory auditor
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Cedar House
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Hazell Drive
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Newport
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NP10 8FY
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STRATEGIC REPORT
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Director
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DIRECTOR'S REPORT
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Director
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
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(Senior Statutory Auditor)
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For and on behalf of
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Chartered Accountants & statutory auditor
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Cedar House
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Hazell Drive
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Newport
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NP10 8FY
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PROFIT AND LOSS ACCOUNT
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2019
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2018
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Note
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£
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£
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TURNOVER
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5
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Cost of sales
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(
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(
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GROSS PROFIT
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Administrative expenses
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(
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(
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Other operating income
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6
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OPERATING PROFIT
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7
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Other interest receivable and similar income
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11
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PROFIT BEFORE TAXATION
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Tax on profit
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12
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(
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(
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PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
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Dividends paid and payable
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13
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(
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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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BALANCE SHEET
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2019
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2018
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Note
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£
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£
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Intangible assets
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14
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–
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Tangible assets
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15
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Stocks
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16
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Debtors
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17
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Cash at bank and in hand
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CREDITORS: amounts falling due within one year
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18
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(
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(
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NET CURRENT ASSETS
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS
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19
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(
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(
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NET ASSETS
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Called up share capital
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22
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Capital redemption reserve
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23
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Profit and loss account
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23
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SHAREHOLDERS FUNDS
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Director
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STATEMENT OF CASH FLOWS
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2019
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2018
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£
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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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Amortisation of intangible assets
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–
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Other interest receivable and similar income
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(
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(
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Loss on disposal of tangible assets
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–
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Tax on profit
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Accrued expenses
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Changes in:
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Stocks
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(
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(
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Trade and other debtors
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(
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(
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Trade and other creditors
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(
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Cash generated from operations
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Interest received
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Tax paid
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(
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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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(
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Purchase of intangible assets
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(
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–
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Net cash used in investing activities
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(
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(
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Dividends paid
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(
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(
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Net cash used in financing activities
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(
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(
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NET INCREASE IN CASH AND CASH EQUIVALENTS
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CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
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6,114,897
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5,170,119
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CASH AND CASH EQUIVALENTS AT END OF YEAR
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NOTES TO THE FINANCIAL STATEMENTS
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Patents, trademarks and licences
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-
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3 years straight line
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Freehold property
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-
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Plant and machinery
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-
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Fixtures, fittings and equipment
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-
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Motor vehicles
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-
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Property improvements
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-
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25
% reducing balance
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2019
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2018
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£
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£
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Sale of goods
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2019
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2018
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£
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£
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Commission receivable
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--------
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--------
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2019
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2018
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£
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£
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Amortisation of intangible assets
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–
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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–
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Impairment of trade debtors
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(567)
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3,403
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Research and development expenditure written off
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---------
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2019
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2018
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£
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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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-------
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2019
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2018
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No.
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No.
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Directors
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1
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1
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Other staff
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45
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46
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----
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----
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----
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----
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2019
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2018
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£
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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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------------
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2019
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2018
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£
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£
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Remuneration
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Company contributions to defined contribution pension plans
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---------
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2019
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2018
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No.
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No.
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Defined contribution plans
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----
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----
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2019
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2018
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£
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£
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Interest on cash and cash equivalents
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Other interest receivable and similar income
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–
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--------
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--------
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--------
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--------
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2019
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2018
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£
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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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(
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–
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Total current tax
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------------
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Origination and reversal of timing differences
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(
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---------
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Tax on profit
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---------
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2019
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2018
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£
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£
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Profit on ordinary activities before taxation
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------------
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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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(302,583)
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–
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Effect of expenses not deductible for tax purposes
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Effect of capital allowances and depreciation
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(
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Patent Box relief
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(23,166)
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–
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------------
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Tax on profit
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------------
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2019
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2018
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£
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£
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
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------------
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Patents, trademarks and licences
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£
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Cost
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At 1 January 2019
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Additions
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--------
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At 31 December 2019
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--------
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Amortisation
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At 1 January 2019
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Charge for the year
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--------
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At 31 December 2019
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--------
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Carrying amount
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At 31 December 2019
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--------
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At 31 December 2018
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–
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--------
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Freehold property
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Plant and machinery
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Fixtures, fittings and equipment
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Motor vehicles
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Property Improvements
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Total
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£
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£
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£
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£
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£
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£
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Cost
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At 1 Jan 2019
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9,357
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Additions
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–
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–
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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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–
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(
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---------
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---------
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---------
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--------
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-------
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At 31 Dec 2019
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9,357
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---------
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---------
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---------
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--------
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-------
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Depreciation
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At 1 Jan 2019
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4,093
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Charge for the year
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1,316
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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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–
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(
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---------
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---------
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---------
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--------
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-------
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At 31 Dec 2019
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5,409
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---------
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--------
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Carrying amount
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At 31 Dec 2019
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3,948
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---------
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---------
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---------
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--------
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At 31 Dec 2018
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5,264
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---------
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---------
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---------
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--------
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-------
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2019
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2018
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£
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£
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Stock
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---------
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---------
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2019
|
2018
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£
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£
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Trade debtors
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Prepayments and accrued income
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Corporation tax repayable
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–
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Other debtors
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------------
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------------
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------------
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2019
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2018
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£
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£
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Trade creditors
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Accruals and deferred income
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Corporation tax
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–
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Social security and other taxes
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Director loan accounts
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–
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Other creditors
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------------
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------------
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------------
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------------
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Deferred tax (note 20)
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£
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At 1 January 2019
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Charge against provision
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--------
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At 31 December 2019
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--------
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2019
|
2018
|
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£
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£
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Included in provisions (note 19)
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--------
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--------
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2019
|
2018
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£
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£
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Accelerated capital allowances
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Patent Box
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(83)
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(112)
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--------
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--------
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55,584
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15,498
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--------
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--------
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2019
|
2018
|
|||
No.
|
£
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No.
|
£
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|
58
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58
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-------
|
----
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-------
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----
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At 1 Jan 2019
|
Cash flows
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At 31 Dec 2019
|
|
£
|
£
|
£
|
|
Cash at bank and in hand
|
|
543,078
|
|
Debt due within one year
|
–
|
(1,676)
|
(1,676)
|
------------
|
---------
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------------
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------------
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---------
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------------
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2019
|
2018
|
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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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--------
|
--------
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--------
|
--------
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