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FINANCIAL STATEMENTS |
Contents |
Pages |
Officers and professional advisers |
1 |
Strategic report |
2 to 4 |
Directors' report |
5 to 7 |
Independent auditor's report to the members |
8 to 11 |
Consolidated statement of comprehensive income |
12 |
Consolidated statement of financial position |
13 |
Company statement of financial position |
14 |
Consolidated statement of changes in equity |
15 |
Company statement of changes in equity |
16 |
Consolidated statement of cash flows |
17 |
Notes to the financial statements |
18 to 31 |
|
OFFICERS AND PROFESSIONAL ADVISERS |
The board of directors |
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Registered office |
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England |
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Auditor |
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Chartered Certified Accountants & statutory auditor |
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Numeric House |
|
98 Station Road |
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Sidcup |
|
Kent |
|
DA15 7BY |
|
Bankers |
|
1 Churchill Place |
|
Canary Wharf |
|
London |
|
E14 5HP |
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Solicitors |
|
5 Fleet Place |
|
London |
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EC4M 7RD |
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STRATEGIC REPORT |
|
Director |
|
DIRECTORS' REPORT |
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Unit |
2023 |
2022 |
|
Emissions resulting from activities for which the group is responsible |
tCO2e |
1,612,255 |
1,562,903 |
------------ |
------------ |
||
Total emissions |
tCO2e |
1,612,255 |
1,562,903 |
Carbon emissions per employee |
2,854.00 |
2,873.00 |
|
------------ |
------------ |
||
|
Director |
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
Chartered Certified Accountants & statutory auditor |
Numeric House |
98 Station Road |
Sidcup |
Kent |
DA15 7BY |
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
|
|
-------------- |
-------------- |
|
Gross profit |
|
|
Administrative expenses |
|
|
|
Other operating income |
5 |
|
|
-------------- |
-------------- |
||
Operating profit |
6 |
|
|
Gain/(loss) on financial assets at fair value through profit or loss |
|
(
|
|
Other interest receivable and similar income |
10 |
|
|
-------------- |
-------------- |
||
Profit before taxation |
|
|
|
Tax on profit |
11 |
|
|
---------- |
------------ |
||
Profit for the financial year and total comprehensive income |
|
|
|
---------- |
------------ |
||
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
||
Note |
£ |
£ |
|
Intangible assets |
12 |
|
|
|
Tangible assets |
13 |
|
|
|
Investments |
14 |
|
|
|
-------------- |
-------------- |
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Stocks |
15 |
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Debtors |
16 |
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Investments |
17 |
|
– |
|
Cash at bank and in hand |
|
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-------------- |
-------------- |
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Creditors: amounts falling due within one year |
19 |
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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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Creditors: amounts falling due after more than one year |
20 |
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Provisions |
22 |
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-------------- |
-------------- |
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Net assets |
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-------------- |
-------------- |
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Called up share capital |
26 |
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Profit and loss account |
(
|
(
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||
-------------- |
-------------- |
|||
Shareholders funds |
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||
-------------- |
-------------- |
|||
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Director |
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COMPANY STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
||
Note |
£ |
£ |
|
Tangible assets |
13 |
|
|
|
Investments |
14 |
|
|
|
-------------- |
-------------- |
|||
|
|
|||
Debtors |
16 |
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Cash at bank and in hand |
|
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||
------------ |
------------ |
|||
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|
|||
Creditors: amounts falling due within one year |
19 |
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------------ |
------------ |
|||
Net current assets |
|
|
||
-------------- |
-------------- |
|||
Total assets less current liabilities |
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|
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Creditors: amounts falling due after more than one year |
20 |
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Provisions |
22 |
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-------------- |
-------------- |
|||
Net assets |
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||
-------------- |
-------------- |
|||
Called up share capital |
26 |
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Profit and loss account |
|
|
||
-------------- |
-------------- |
|||
Shareholders funds |
|
|
||
-------------- |
-------------- |
|||
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Director |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 1 April 2021 |
|
(
|
|
Profit for the year |
|
|
|
-------------- |
---------- |
-------------- |
|
Total comprehensive income for the year |
– |
|
|
At 31 March 2022 |
|
(
|
|
Profit for the year |
|
|
|
-------------- |
---------- |
-------------- |
|
Total comprehensive income for the year |
– |
|
|
-------------- |
---------- |
-------------- |
|
At 31 March 2023 |
|
(
|
|
-------------- |
---------- |
-------------- |
|
|
COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
|
At 1 April 2021 |
|
|
|
Profit for the year |
|
|
|
-------------- |
------------ |
-------------- |
|
Total comprehensive income for the year |
– |
|
|
At 31 March 2022 |
|
|
|
Profit for the year |
|
|
|
-------------- |
------------ |
-------------- |
|
Total comprehensive income for the year |
– |
|
|
-------------- |
-------------- |
-------------- |
|
At 31 March 2023 |
|
|
|
-------------- |
-------------- |
-------------- |
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
|
Note |
£ |
£ |
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Amortisation of intangible assets |
|
|
Government grant income |
– |
(
|
(Gain)/loss on financial assets at fair value through profit or loss |
(2,750) |
14,050 |
Other interest receivable and similar income |
(
|
(
|
Tax on profit |
|
|
Accrued income |
(
|
(
|
Changes in: |
||
Stocks |
(
|
(
|
Trade and other debtors |
(
|
|
Trade and other creditors |
|
(
|
------------ |
------------ |
|
Cash generated from operations |
(
|
|
Interest received |
|
|
Tax paid |
(
|
(
|
---------- |
------------ |
|
Net cash (used in)/from operating activities |
(
|
|
---------- |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Purchase of intangible assets |
– |
(
|
Purchases of other investments |
– |
(
|
---------- |
------------ |
|
Net cash used in investing activities |
(
|
(
|
---------- |
------------ |
|
Government grant income |
– |
|
Payments of finance lease liabilities |
(
|
(
|
---------- |
------------ |
|
Net cash (used in)/from financing activities |
(
|
|
---------- |
------------ |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
|
Cash and cash equivalents at beginning of year |
15,397,511 |
13,221,949 |
|
-------------- |
-------------- |
||
Cash and cash equivalents at end of year |
18 |
|
|
-------------- |
-------------- |
||
|
NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
10 years straight line |
|
Plant and machinery |
- |
20% reducing balance |
|
Fixtures, fittings and equipment |
- |
10% reducing balance and 3 years straight line |
|
Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Rendering of services |
|
|
Construction contracts |
|
|
-------------- |
-------------- |
|
|
|
|
-------------- |
-------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Rental income |
– |
|
Government grant income |
– |
|
Other operating income |
|
|
-------- |
---------- |
|
|
|
|
-------- |
---------- |
|
2023 |
2022 |
|
£ |
£ |
|
Amortisation of intangible assets |
|
|
Depreciation of tangible assets |
|
|
Impairment of trade debtors |
(187,348) |
(558,239) |
Foreign exchange differences |
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
------- |
------- |
|
Audit of the financial statements of associates |
|
|
Other non-audit services |
|
|
-------- |
-------- |
|
50,481 |
49,176 |
|
-------- |
-------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
5 |
5 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
-------------- |
-------------- |
|
|
|
|
-------------- |
-------------- |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
---------- |
---------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
Interest on bank deposits |
|
|
Corporation tax interest receivable |
|
– |
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
(
|
– |
---------- |
---------- |
|
Total current tax |
|
|
---------- |
---------- |
|
Origination and reversal of timing differences |
(
|
|
---------- |
---------- |
|
Tax on profit |
|
|
---------- |
---------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
---------- |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
(
|
– |
Effect of expenses not deductible for tax purposes |
(
|
|
Effect of capital allowances and depreciation |
|
|
Effect of deferred taxation |
(
|
|
---------- |
------------ |
|
Tax on profit |
|
|
---------- |
------------ |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 April 2022 and 31 March 2023 |
|
-------------- |
|
Amortisation |
|
At 1 April 2022 |
|
Charge for the year |
|
-------------- |
|
At 31 March 2023 |
|
-------------- |
|
Carrying amount |
|
At 31 March 2023 |
|
-------------- |
|
At 31 March 2022 |
|
-------------- |
|
Group |
Freehold property |
Long leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
£ |
|
Cost |
||||||
At 1 Apr 2022 |
|
|
|
|
|
|
Additions |
|
– |
– |
|
– |
|
Disposals |
– |
– |
– |
(
|
– |
(
|
------------ |
------------ |
------- |
------------ |
-------- |
-------------- |
|
At 31 Mar 2023 |
|
|
|
|
|
|
------------ |
------------ |
------- |
------------ |
-------- |
-------------- |
|
Depreciation |
||||||
At 1 Apr 2022 |
– |
– |
|
|
|
|
Charge for the year |
– |
– |
– |
|
|
|
Disposals |
– |
– |
– |
(
|
– |
(
|
------------ |
------------ |
------- |
------------ |
-------- |
-------------- |
|
At 31 Mar 2023 |
– |
– |
|
|
|
|
------------ |
------------ |
------- |
------------ |
-------- |
-------------- |
|
Carrying amount |
||||||
At 31 Mar 2023 |
|
|
– |
|
|
|
------------ |
------------ |
------- |
------------ |
-------- |
-------------- |
|
At 31 Mar 2022 |
|
|
– |
|
|
|
------------ |
------------ |
------- |
------------ |
-------- |
-------------- |
|
Company |
Freehold property |
Motor vehicles |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2022 |
|
|
|
Additions |
|
– |
|
Transfer from group undertaking |
|
– |
|
------------ |
-------- |
------------ |
|
At 31 March 2023 |
|
|
|
------------ |
-------- |
------------ |
|
Depreciation |
|||
At 1 April 2022 |
– |
|
|
Charge for the year |
– |
|
|
------------ |
-------- |
------------ |
|
At 31 March 2023 |
– |
|
|
------------ |
-------- |
------------ |
|
Carrying amount |
|||
At 31 March 2023 |
|
|
|
------------ |
-------- |
------------ |
|
At 31 March 2022 |
|
|
|
------------ |
-------- |
------------ |
|
Group and company |
Motor vehicles |
£ |
|
At 31 March 2023 |
|
-------- |
|
At 31 March 2022 |
|
-------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 April 2022 |
|
Revaluations |
|
---------- |
|
At 31 March 2023 |
|
---------- |
|
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
---------- |
|
Carrying amount |
|
At 31 March 2023 |
|
---------- |
|
At 31 March 2022 |
|
---------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 April 2022 |
|
|
|
Revaluations |
– |
|
|
-------------- |
---------- |
-------------- |
|
At 31 March 2023 |
|
|
|
-------------- |
---------- |
-------------- |
|
Impairment |
|||
At 1 April 2022 and 31 March 2023 |
– |
– |
– |
-------------- |
---------- |
-------------- |
|
Carrying amount |
|||
At 31 March 2023 |
|
|
|
-------------- |
---------- |
-------------- |
|
At 31 March 2022 |
|
|
|
-------------- |
---------- |
-------------- |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
---------- |
---------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by customers on construction contracts |
|
|
– |
– |
Deferred tax asset |
|
– |
– |
– |
Prepayments and accrued income |
|
|
– |
|
Corporation tax repayable |
|
|
– |
– |
Other debtors |
|
|
|
|
-------------- |
-------------- |
------------ |
-------- |
|
|
|
|
|
|
-------------- |
-------------- |
------------ |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Short-term deposits |
8,136,341 |
– |
– |
– |
------------ |
---- |
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Cash at bank and in hand |
|
|
Short-term deposits |
|
– |
-------------- |
-------------- |
|
|
|
|
-------------- |
-------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Payments received on account |
|
|
– |
– |
Trade creditors |
|
|
|
– |
Accruals and deferred income |
|
|
|
|
Corporation tax |
– |
– |
|
– |
Social security and other taxes |
|
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
Other creditors |
|
|
|
|
-------------- |
-------------- |
---------- |
---------- |
|
|
|
|
|
|
-------------- |
-------------- |
---------- |
---------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
|
|
Later than 1 year and not later than 5 years |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
Group |
Deferred tax (note 23) |
£ |
|
At 1 April 2022 |
|
Additions |
|
Charge against provision |
(
|
---------- |
|
At 31 March 2023 |
|
---------- |
|
Company |
Deferred tax (note 23) |
£ |
|
At 1 April 2022 |
|
Charge against provision |
(
|
------- |
|
At 31 March 2023 |
|
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in debtors (note 16) |
|
– |
– |
– |
Included in provisions (note 22) |
(
|
(
|
(
|
(
|
---------- |
---------- |
------- |
------- |
|
(
|
(
|
(
|
(
|
|
---------- |
---------- |
------- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Accelerated depreciation charges |
(
|
(
|
– |
– |
---------- |
---------- |
------- |
------- |
|
157,754 |
167,582 |
4,486 |
4,546 |
|
---------- |
---------- |
------- |
------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
-------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
40,000,000 |
|
40,000,000 |
-------------- |
-------------- |
-------------- |
-------------- |
|
At 1 Apr 2022 |
Cash flows |
At 31 Mar 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(9,910,867) |
|
Debt due within one year |
(5,880) |
– |
(5,880) |
Debt due after one year |
(21,507) |
5,880 |
(15,627) |
Current asset investments |
– |
8,136,341 |
|
-------------- |
------------ |
-------------- |
|
|
(
|
|
|
-------------- |
------------ |
-------------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
|
– |
– |
------------ |
------------ |
---- |
---- |
|
|
|
– |
– |
|
------------ |
------------ |
---- |
---- |
|