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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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Directors' report
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4
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Independent auditor's report to the members
|
7
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Consolidated statement of comprehensive income
|
9
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Consolidated statement of financial position
|
10
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Company statement of financial position
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11
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Consolidated statement of changes in equity
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12
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Company statement of changes in equity
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13
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Consolidated statement of cash flows
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14
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Notes to the financial statements
|
15
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Officers and Professional Advisers
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The board of directors
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Company secretary
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Registered office
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Auditor
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Chartered accountant & statutory auditor
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Ashford House
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95 Dixons Green
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Dudley
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West Midlands
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DY2 7DJ
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Bankers
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Bitterscote House
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Bonehill Road
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Tamworth
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B78 3HQ
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Solicitors
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Capstan House
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The Waterfront
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Merry Hill
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West Midlands
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DY5 1XL
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Strategic Report
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2017 | 2016 | ||
£ | £ | ||
Turnover from continuing operations | 29,735,648 | 25,953,968 | |
Operating profit | 2,396,291 | 1,491,501 | |
Working capital | 5,546,447 | 4,845,472 | |
|
Director
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Registered office:
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Directors' Report
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Director
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Registered office:
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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 accountant & statutory auditor
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Ashford House
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95 Dixons Green
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Dudley
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West Midlands
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DY2 7DJ
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Consolidated Statement of Comprehensive Income
|
2017
|
2016
|
||
Note
|
£
|
£
|
|
Turnover
|
4
|
|
|
Change in stocks of finished goods and in work in progress
|
(
|
|
-------------
|
-------------
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|
28,923,467
|
26,569,653
|
|
Raw material and consumables
|
|
|
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Other external charges
|
|
|
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Staff costs
|
7
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|
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Depreciation and other amounts written off tangible and intangible fixed assets
|
|
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Other operating expenses
|
|
|
|
-------------
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-------------
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||
Operating profit
|
5
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|
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Other interest receivable and similar income
|
9
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Interest payable and similar expenses
|
10
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|
-------------
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-------------
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||
Profit before taxation
|
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|
11
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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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------------
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------------
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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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------------
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------------
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Consolidated Statement of Financial Position
|
2017
|
2016
|
||
Note
|
£
|
£
|
|
Tangible assets
|
12
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|
|
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Stocks
|
14
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Debtors
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15
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Cash at bank and in hand
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|
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||
-------------
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-------------
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|||
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|||
Creditors: amounts falling due within one year
|
16
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-------------
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-------------
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|||
Net current assets
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|
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||
-------------
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------------
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|||
Total assets less current liabilities
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|
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Creditors: amounts falling due after more than one year
|
17
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Taxation including deferred tax
|
19
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-------------
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------------
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|||
Net assets
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|
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||
-------------
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------------
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|||
Called up share capital
|
23
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Share premium account
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24
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Capital redemption reserve
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24
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Profit and loss account
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24
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------------
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------------
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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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||
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------------
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------------
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Company Statement of Financial Position
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2017
|
2016
|
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Note
|
£
|
£
|
|
Investments
|
13
|
|
|
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Debtors
|
15
|
–
|
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Cash at bank and in hand
|
|
–
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||
--------
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--------
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|||
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|||
--------
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--------
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|||
Net current assets
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|
|
||
------------
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------------
|
|||
Total assets less current liabilities
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|
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||
------------
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------------
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|||
Called up share capital
|
23
|
|
|
|
Share premium account
|
24
|
|
|
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Profit and loss account
|
24
|
|
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|
------------
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------------
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|||
Shareholders funds
|
|
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||
------------
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------------
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|||
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Consolidated Statement of Changes in Equity
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Called up share capital
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Share premium account
|
Capital redemption reserve
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Profit and loss account
|
Equity attributable to the owners of the parent company
|
Non-controlling interests
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
£
|
|
At 1 May 2015
|
|
|
|
|
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|
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Profit for the year
|
|
|
|
|
|||
----
|
------------
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---------
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------------
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------------
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---------
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------------
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Total comprehensive income for the year
|
–
|
–
|
–
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At 30 April 2016
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Profit for the year
|
|
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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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Total comprehensive income for the year
|
–
|
–
|
–
|
|
|
|
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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 30 April 2017
|
|
|
|
|
|
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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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Company Statement of Changes in Equity
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Called up share capital
|
Share premium account
|
Profit and loss account
|
Total
|
|
£
|
£
|
£
|
£
|
|
At 1 May 2015
|
|
|
|
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Profit for the year
|
–
|
–
|
||
At 30 April 2016
|
|
|
|
|
Profit for the year
|
–
|
–
|
||
----
|
------------
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------------
|
------------
|
|
At 30 April 2017
|
|
|
|
|
----
|
------------
|
------------
|
------------
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|
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Consolidated Statement of Cash Flows
|
2017
|
2016
|
|
£
|
£
|
|
Profit for the financial year
|
|
|
Adjustments for:
|
||
Depreciation of tangible assets
|
|
|
Other interest receivable and similar income
|
(
|
(
|
Interest payable and similar expenses
|
|
|
Gains on disposal of tangible assets
|
(
|
–
|
Tax on 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
|
(
|
(
|
------------
|
------------
|
|
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
|
(
|
(
|
------------
|
------------
|
|
Net cash from/(used in) financing activities
|
|
(
|
------------
|
------------
|
|
Net increase in cash and cash equivalents
|
|
|
Cash and cash equivalents at beginning of year
|
3,887,085
|
3,044,873
|
------------
|
------------
|
|
Cash and cash equivalents at end of year
|
|
|
------------
|
------------
|
|
|
Notes to the Financial Statements
|
Freehold property
|
-
|
100 years
|
|
Long leasehold property
|
-
|
125 years
|
|
Plant and machinery
|
-
|
4 years
|
|
Fixtures and fittings
|
-
|
7 years
|
|
Motor vehicles
|
-
|
4 years
|
|
2017
|
2016
|
|
£
|
£
|
|
Sale of goods
|
|
|
-------------
|
-------------
|
|
2017
|
2016
|
|
£
|
£
|
|
United Kingdom
|
|
|
Overseas
|
|
|
-------------
|
-------------
|
|
|
|
|
-------------
|
-------------
|
|
2017
|
2016
|
|
£
|
£
|
|
Gains on disposal of tangible assets
|
(
|
–
|
Impairment of trade debtors
|
19,042
|
(1,017)
|
Operating lease rentals
|
|
|
Depreciation on tangible fixed assets
|
401,464
|
511,265
|
Depreciation on tangible fixed assets held under hire purchase
|
42,290
|
42,290
|
---------
|
---------
|
|
2017
|
2016
|
|
£
|
£
|
|
Fees payable for the audit of the financial statements
|
|
|
--------
|
--------
|
|
Other non-audit services
|
|
|
--------
|
--------
|
|
2017
|
2016
|
|
No.
|
No.
|
|
Production staff
|
|
|
Administrative staff
|
|
|
Management staff
|
4
|
4
|
Number of technical staff
|
25
|
25
|
----
|
----
|
|
|
|
|
----
|
----
|
|
2017
|
2016
|
|
£
|
£
|
|
Wages and salaries
|
|
|
Social security costs
|
|
|
Other pension costs
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2017
|
2016
|
|
£
|
£
|
|
Remuneration
|
|
|
Company contributions to defined contribution pension plans
|
–
|
|
------------
|
---------
|
|
|
|
|
------------
|
---------
|
|
2017
|
2016
|
|
No.
|
No.
|
|
Defined contribution plans
|
–
|
|
----
|
----
|
|
2017
|
2016
|
|
£
|
£
|
|
Aggregate remuneration
|
|
|
---------
|
---------
|
|
2017
|
2016
|
|
£
|
£
|
|
Interest on cash and cash equivalents
|
|
|
-------
|
-------
|
|
2017
|
2016
|
|
£
|
£
|
|
Interest on banks loans and overdrafts
|
|
|
Interest on obligations under finance leases and hire purchase contracts
|
|
|
--------
|
--------
|
|
|
|
|
--------
|
--------
|
|
2017
|
2016
|
|
£
|
£
|
|
UK current tax expense
|
|
|
Adjustments in respect of prior periods
|
(
|
(
|
---------
|
---------
|
|
Total current tax
|
|
|
---------
|
---------
|
|
Origination and reversal of timing differences
|
(
|
(
|
---------
|
---------
|
|
Tax on profit
|
|
|
---------
|
---------
|
|
2017
|
2016
|
|
£
|
£
|
|
Profit on ordinary activities before taxation
|
|
|
------------
|
------------
|
|
Profit on ordinary activities by rate of tax
|
|
|
Adjustment to tax charge in respect of prior periods
|
(1,448)
|
(4)
|
Effect of expenses not deductible for tax purposes
|
|
|
Effect of capital allowances and depreciation
|
(
|
(
|
Rounding on tax charge
|
(
59)
|
(
5)
|
------------
|
------------
|
|
Tax on profit
|
|
|
------------
|
------------
|
|
Group
|
Freehold property
|
Long leasehold property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
||||||
At 1 May 2016
|
|
|
|
|
|
|
Additions
|
–
|
–
|
|
–
|
–
|
|
Disposals
|
–
|
–
|
–
|
–
|
(
|
(
|
---------
|
------------
|
------------
|
---------
|
---------
|
-------------
|
|
At 30 Apr 2017
|
|
|
|
|
|
|
---------
|
------------
|
------------
|
---------
|
---------
|
-------------
|
|
Depreciation
|
||||||
At 1 May 2016
|
|
|
|
|
|
|
Charge for the year
|
|
|
|
|
|
|
Disposals
|
–
|
–
|
–
|
–
|
(
|
(
|
---------
|
------------
|
------------
|
---------
|
---------
|
-------------
|
|
At 30 Apr 2017
|
|
|
|
|
|
|
---------
|
------------
|
------------
|
---------
|
---------
|
-------------
|
|
Carrying amount
|
||||||
At 30 Apr 2017
|
|
|
|
|
|
|
---------
|
------------
|
------------
|
---------
|
---------
|
-------------
|
|
At 30 Apr 2016
|
|
|
|
|
|
|
---------
|
------------
|
------------
|
---------
|
---------
|
-------------
|
|
Group
|
Plant and machinery
|
£
|
|
At 30 April 2017
|
|
---------
|
|
At 30 April 2016
|
|
---------
|
|
Company
|
Shares in group undertakings
|
£
|
|
Cost
|
|
At 1 May 2016 and 30 April 2017
|
|
------------
|
|
Impairment
|
|
At 1 May 2016 and 30 April 2017
|
–
|
------------
|
|
Carrying amount
|
|
At 1 May 2016 and 30 April 2017
|
|
------------
|
|
At 30 April 2016
|
|
------------
|
|
Class of share
|
Percentage of shares held
|
|
Subsidiary undertakings
|
||
|
Ordinary
|
95
|
Ordinary "B"
|
5
|
|
|
Ordinary
|
100
|
|
Ordinary
|
92
|
Group
|
Company
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
Raw materials and consumables
|
|
|
–
|
–
|
Finished goods and goods for resale
|
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
|
|
–
|
–
|
|
------------
|
------------
|
----
|
----
|
|
Group
|
Company
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
Trade debtors
|
|
|
–
|
–
|
Amounts owed by group undertakings
|
–
|
–
|
–
|
|
Prepayments and accrued income
|
|
|
–
|
–
|
Amount due from related company
|
805,573
|
1,346,252
|
–
|
–
|
Amount due from fellow subsidiary
|
1,015,993
|
–
|
–
|
–
|
Other debtors
|
|
|
–
|
–
|
------------
|
------------
|
----
|
--------
|
|
|
|
–
|
|
|
------------
|
------------
|
----
|
--------
|
|
Group
|
Company
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
–
|
–
|
Trade creditors
|
|
|
–
|
–
|
Accruals and deferred income
|
|
|
–
|
–
|
Corporation tax
|
|
|
–
|
–
|
Social security and other taxes
|
|
|
–
|
–
|
Obligations under finance leases and hire purchase contracts
|
|
|
–
|
–
|
Director loan accounts
|
|
|
–
|
–
|
Other creditors
|
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
|
|
–
|
–
|
|
------------
|
------------
|
----
|
----
|
|
Group
|
Company
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
–
|
–
|
Obligations under finance leases and hire purchase contracts
|
–
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
|
|
–
|
–
|
|
------------
|
------------
|
----
|
----
|
|
Group
|
Company
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
–
|
–
|
Later than 1 year and not later than 5 years
|
–
|
|
–
|
–
|
--------
|
---------
|
----
|
----
|
|
|
|
–
|
–
|
|
--------
|
---------
|
----
|
----
|
|
Group
|
Deferred tax (note 20)
|
£
|
|
At 1 May 2016
|
|
Additions
|
|
Charge against provision
|
(
|
--------
|
|
At 30 April 2017
|
|
--------
|
|
Group
|
Company
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
Included in provisions (note 19)
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
Group
|
Company
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
Group
|
|||
2017
|
2016
|
||
£
|
£
|
||
Trade debtors
|
5,213,135
|
10,320,384
|
|
Other debtors
|
2,005,390
|
2,981,258
|
|
Cash at bank in hand
|
4,727,207
|
7,774,168
|
|
-------------
|
-------------
|
||
|
|
||
-------------
|
-------------
|
||
Group
|
|||
2017
|
2016
|
||
£
|
£
|
||
Bank loans and overdrafts
|
1,300,000
|
1,400,000
|
|
Trade creditors
|
2,860,035
|
6,248,198
|
|
Other creditors
|
4,744,014
|
7,353,202
|
|
Finance leases
|
63,485
|
290,384
|
|
Provisions
|
30,318
|
100,308
|
|
------------
|
-------------
|
||
|
|
||
------------
|
-------------
|
||
2017
|
2016
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
300
|
|
300
|
----
|
----
|
----
|
----
|
|
Group
|
Company
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
–
|
–
|
Later than 1 year and not later than 5 years
|
|
|
–
|
–
|
Later than 5 years
|
|
|
–
|
–
|
---------
|
---------
|
----
|
----
|
|
|
|
–
|
–
|
|
---------
|
---------
|
----
|
----
|
|
2017
|
|||||
Balance brought forward
|
Advances/ (credits) to the directors
|
Amounts repaid
|
Balance outstanding
|
||
£
|
£
|
£
|
£
|
||
|
(
|
|
(
|
(
|
|
|
(
|
|
(
|
(
|
|
|
–
|
–
|
–
|
–
|
|
------------
|
---------
|
---------
|
------------
|
||
(
|
|
(
|
(
|
||
------------
|
---------
|
---------
|
------------
|
||
2016
|
|||||
Balance brought forward
|
Advances/ (credits) to the directors
|
Amounts repaid
|
Balance outstanding
|
||
£
|
£
|
£
|
£
|
||
|
(
|
|
(
|
(
|
|
|
–
|
–
|
–
|
–
|
|
|
–
|
–
|
(
|
(
|
|
------------
|
---------
|
---------
|
------------
|
||
(
|
|
(
|
(
|
||
------------
|
---------
|
---------
|
------------
|
||
Transaction value
|
Balance owed by/(owed to)
|
|||
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
|
|
4,010,138
|
|
–
|
–
|
|
–
|
–
|
|
|
|
3,780,171
|
–
|
–
|
–
|
------------
|
------------
|
---------
|
------------
|
|
|
–
|
–
|
|
–
|