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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Director's report |
3 |
Independent auditor's report to the members |
5 |
Statement of comprehensive income |
9 |
Statement of financial position |
10 |
Statement of changes in equity |
11 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Strategic Report |
2022 | 2021 | ||
£ | £ | ||
Turnover | 19,316,787 | 19,398,393 | |
Gross profit | 5,518,085 | 5,550,156 | |
GP% | 29 | 29 | |
Net profit before tax | 815,461 | 962,165 | |
NP% | 4 | 5 | |
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Director |
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Registered office: |
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Director's 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) |
For and on behalf of |
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Chartered Certified Accountants & statutory auditor |
Britannic House |
279 Chanterlands Avenue |
Hull |
HU5 4DS |
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Statement of Comprehensive Income |
2022 |
2021 |
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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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Other operating income |
5 |
– |
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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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Profit before taxation |
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Tax on profit |
12 |
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(
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--------- |
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Profit for the financial year |
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Profit/(Loss) on value of derivative contracts |
(38,032) |
(12,028)
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Tax on value of derivative contracts |
(8,921)
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2,286
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-------- |
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Other comprehensive income for the year |
(
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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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Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
£ |
£ |
Tangible assets |
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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Creditors: amounts falling due after more than one year |
18 |
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Taxation including deferred tax |
20 |
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Net assets |
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Called up share capital |
25 |
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Profit and loss account |
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Shareholders funds |
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Director |
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Statement of Changes in Equity |
Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 1 November 2020 |
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Profit for the year |
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Other comprehensive income for the year: |
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Profit/(Loss) on value of derivative contracts |
– |
(12,028)
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(12,028)
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Tax on value of derivative contracts |
– |
2,286
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2,286
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
13 |
– |
(
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(
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Total investments by and distributions to owners |
– |
(
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(
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At 31 October 2021 |
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Profit for the year |
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Other comprehensive income for the year: |
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Profit/(Loss) on value of derivative contracts |
– |
(38,032)
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(38,032)
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Tax on value of derivative contracts |
– |
(8,921)
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(8,921)
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Total comprehensive income for the year |
– |
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Dividends paid and payable |
13 |
– |
(
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(
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---- |
--------- |
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Total investments by and distributions to owners |
– |
(
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(
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---- |
------------ |
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At 31 October 2022 |
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---- |
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Statement of Cash Flows |
2022 |
2021 |
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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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Government grant income |
– |
(
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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(Gains)/loss on disposal of tangible assets |
(
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Tax on profit |
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(
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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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(
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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 paid |
(
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(
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Interest received |
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Tax paid |
– |
(
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------------ |
------------ |
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Net cash from operating activities |
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------------ |
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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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Profits/(losses) on market value of future contracts |
(
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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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Proceeds from borrowings |
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Repayments of borrowings |
(
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(
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Government grant income |
– |
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Payments of finance lease liabilities |
(
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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/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
156,551 |
393,355 |
--------- |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
Freehold property |
- |
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Long leasehold property |
- |
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Plant and machinery |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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2022 |
2021 |
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£ |
£ |
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Sale of goods UK |
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Sale of goods outside if UK |
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------------- |
------------- |
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------------- |
------------- |
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2022 |
2021 |
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£ |
£ |
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Government grant income |
– |
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---- |
-------- |
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2022 |
2021 |
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£ |
£ |
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Depreciation of tangible assets |
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495,064
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(Gains)/loss on disposal of tangible assets |
(
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Impairment of trade debtors |
32,301 |
(1,377) |
Foreign exchange differences |
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--------- |
--------- |
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2022 |
2021 |
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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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2022 |
2021 |
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No. |
No. |
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Production staff |
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Management staff |
5 |
5 |
---- |
---- |
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---- |
---- |
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2022 |
2021 |
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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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------------ |
------------ |
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2022 |
2021 |
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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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--------- |
--------- |
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2022 |
2021 |
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£ |
£ |
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Interest on bank deposits |
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-------- |
-------- |
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2022 |
2021 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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-------- |
-------- |
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2022 |
2021 |
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£ |
£ |
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UK current tax income |
– |
(
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Adjustments in respect of prior periods |
– |
(
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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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--------- |
--------- |
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2022 |
2021 |
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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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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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Unused tax losses |
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– |
Deferred tax charge |
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(
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Effects of research and development costs |
(83,585)
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(165,604)
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--------- |
--------- |
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Tax on profit |
|
(
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--------- |
--------- |
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2022 |
2021 |
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£ |
£ |
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Dividends on equity shares |
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--------- |
--------- |
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Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Assets under construction |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Nov 2021 |
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Additions |
– |
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– |
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Disposals |
– |
(
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– |
– |
– |
(
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Transfers |
– |
– |
– |
– |
(
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(
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------------ |
------------ |
-------- |
--------- |
--------- |
------------ |
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At 31 Oct 2022 |
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------------ |
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-------- |
--------- |
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Depreciation |
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At 1 Nov 2021 |
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– |
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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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At 31 Oct 2022 |
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– |
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------------ |
------------ |
-------- |
--------- |
--------- |
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Carrying amount |
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At 31 Oct 2022 |
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------------ |
------------ |
-------- |
--------- |
--------- |
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At 31 Oct 2021 |
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------------ |
------------ |
-------- |
--------- |
--------- |
------------ |
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2022 |
2021 |
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£ |
£ |
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Finished goods and goods for resale |
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------------ |
------------ |
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2022 |
2021 |
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£ |
£ |
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Trade debtors |
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Amounts owed by undertakings in which the company has a participating interest |
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Prepayments and accrued income |
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Corporation tax repayable |
– |
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VAT |
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Other debtors |
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------------ |
------------ |
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------------ |
------------ |
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2022 |
2021 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to undertakings in which the company has a participating interest |
– |
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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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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Factoring account |
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------------ |
------------ |
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------------ |
------------ |
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2022 |
2021 |
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£ |
£ |
|
Bank loans and overdrafts |
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Obligations under finance leases and hire purchase contracts |
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Derivative financial liability |
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------------ |
------------ |
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------------ |
------------ |
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2022 |
2021 |
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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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Deferred tax (note 21) |
|
£ |
|
At 1 November 2021 |
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Additions |
|
--------- |
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At 31 October 2022 |
|
--------- |
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2022 |
2021 |
|
£ |
£ |
|
Included in provisions (note 20) |
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--------- |
--------- |
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2022 |
2021 |
|
£ |
£ |
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Government grants recognised directly in income |
– |
|
---- |
-------- |
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2022 |
2021 |
|
£ |
£ |
|
Financial assets measured at fair value through profit or loss |
56,696 |
9,743 |
-------- |
------- |
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2022 |
2021 |
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No. |
£ |
No. |
£ |
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|
80 |
|
80 |
---- |
---- |
---- |
---- |
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At 1 Nov 2021 |
Cash flows |
At 31 Oct 2022 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
218,209 |
|
Debt due within one year |
(353,513) |
(86,024) |
(439,537) |
Debt due after one year |
(1,053,899) |
63,204 |
(990,695) |
------------ |
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(
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(
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------------ |
--------- |
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