|
|
|
|
Financial Statements
|
Contents
|
Pages
|
Officers and professional advisers
|
1
|
Strategic report
|
2 to 3
|
Director's report
|
4 to 5
|
Independent auditor's report to the members
|
6 to 9
|
Consolidated statement of income and retained earnings
|
10
|
Company statement of income and retained earnings
|
11
|
Consolidated statement of financial position
|
12 to 13
|
Company statement of financial position
|
14 to 15
|
Consolidated statement of cash flows
|
16
|
Accounting policies
|
17 to 22
|
Notes to the financial statements
|
23 to 30
|
|
Officers and Professional Advisers
|
Director
|
|
Registered office
|
|
|
|
|
|
|
|
England
|
|
|
|
Auditor
|
|
Chartered accountants & statutory auditor
|
|
3B Swallowfield Courtyard
|
|
Wolverhampton Road
|
|
Oldbury
|
|
West Midlands
|
|
B69 2JG
|
|
|
Strategic Report
|
2021 | 2020 | ||
£ | £ | ||
Turnover (£'000) | 10,363 | 15,013 | |
Gross profit margin (%) | 22 | 30 | |
Cash at bank and in hand (£'000) | 189 | 128 | |
|
|
Director
|
|
Registered office:
|
|
|
|
|
England
|
|
|
Director's Report
|
|
|
|
|
Director
|
|
Registered office:
|
|
|
|
|
England
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor)
|
For and on behalf of
|
|
Chartered accountants & statutory auditor
|
3B Swallowfield Courtyard
|
Wolverhampton Road
|
Oldbury
|
West Midlands
|
B69 2JG
|
|
Consolidated Statement of Income and Retained Earnings
|
2021
|
2020
|
||
Note
|
£
|
£
|
|
Turnover
|
3
|
|
|
Cost of sales
|
|
|
-------------
|
-------------
|
|
Gross profit
|
|
|
Administrative expenses
|
|
|
|
Other operating income
|
4
|
|
|
------------
|
------------
|
||
Operating profit
|
5
|
|
|
Other interest receivable and similar income
|
8
|
|
|
Interest payable and similar expenses
|
9
|
|
|
------------
|
------------
|
||
(Loss)/profit before taxation
|
(
|
|
|
Tax on (loss)/profit
|
10
|
(
|
|
--------
|
---------
|
||
(Loss)/profit for the financial year and total comprehensive income
|
(
|
|
|
--------
|
---------
|
||
Dividends paid and payable
|
11
|
(
|
(
|
Retained earnings at the start of the year
|
|
|
---------
|
---------
|
|
Retained earnings at the end of the year
|
|
|
---------
|
---------
|
|
|
Company Statement of Income and Retained Earnings
|
2021
|
2020
|
||
Note
|
£
|
£
|
|
(Loss)/profit for the financial year and total comprehensive income
|
|
|
|
Dividends paid and payable
|
11
|
(
|
(
|
Retained earnings at the start of the year
|
|
–
|
---------
|
---------
|
|
Retained earnings at the end of the year
|
|
|
---------
|
---------
|
|
|
Consolidated Statement of Financial Position
|
2021
|
2020
|
|
Note
|
£
|
£
|
Tangible assets
|
12
|
|
|
Stocks
|
14
|
|
|
Debtors
|
15
|
|
|
Cash at bank and in hand
|
|
|
|
------------
|
------------
|
||
|
|
||
Creditors: amounts falling due within one year
|
17
|
|
|
------------
|
------------
|
||
Net current liabilities
|
|
|
|
------------
|
------------
|
||
Total assets less current liabilities
|
|
|
|
Creditors: amounts falling due after more than one year
|
18
|
|
|
Provisions
|
20
|
|
|
------------
|
------------
|
||
Net assets
|
|
|
|
------------
|
------------
|
||
|
Consolidated Statement of Financial Position (continued)
|
2021
|
2020
|
|
Note
|
£
|
£
|
Called up share capital
|
25
|
|
|
Profit and loss account
|
|
|
|
---------
|
---------
|
||
Shareholders funds
|
|
|
|
---------
|
---------
|
||
|
|
Director
|
|
|
Company Statement of Financial Position
|
2021
|
2020
|
|
Note
|
£
|
£
|
Investments
|
13
|
|
|
Debtors
|
15
|
|
|
Cash at bank and in hand
|
|
|
|
---------
|
--------
|
||
|
|
||
Creditors: amounts falling due within one year
|
17
|
|
|
---------
|
--------
|
||
Net current assets/(liabilities)
|
|
(
|
|
--------
|
----
|
||
Total assets less current liabilities
|
|
|
|
--------
|
----
|
||
Net assets
|
|
|
|
--------
|
----
|
||
|
Company Statement of Financial Position (continued)
|
2021
|
2020
|
|
Note
|
£
|
£
|
Called up share capital
|
25
|
|
|
Profit and loss account
|
|
|
|
--------
|
----
|
||
Shareholders funds
|
|
|
|
--------
|
----
|
||
|
|
Director
|
|
|
Consolidated Statement of Cash Flows
|
2021
|
2020
|
|
Note
|
£
|
£
|
(Loss)/profit for the financial year
|
(
|
|
Adjustments for:
|
||
Depreciation of tangible assets
|
|
|
Fair value adjustment of investment property
|
–
|
(
|
Other interest receivable and similar income
|
(
|
(
|
Interest payable and similar expenses
|
|
|
Loss on disposal of tangible assets
|
|
|
Tax on profit
|
(
|
|
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
|
|
–
|
Repayments of borrowings
|
(
|
(
|
Proceeds from loans from participating interests
|
|
|
Repayments of loans from participating interests
|
(
|
(
|
Payments of finance lease liabilities
|
(
|
(
|
Dividends paid
|
(
|
(
|
---------
|
------------
|
|
Net cash used in financing activities
|
(
|
(
|
---------
|
------------
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
(
|
|
Cash and cash equivalents at beginning of year
|
(564,817)
|
220,165
|
|
---------
|
---------
|
||
Cash and cash equivalents at end of year
|
16
|
(
|
(
|
---------
|
---------
|
||
|
Accounting Policies
|
Plant and machinery
|
-
|
|
|
Fixtures and fittings
|
-
|
|
|
Motor vehicles
|
-
|
|
|
Equipment
|
-
|
25
% reducing balance
|
|
|
Notes to the Financial Statements
|
2021
|
2020
|
|
£
|
£
|
|
Sale of goods
|
|
|
-------------
|
-------------
|
|
2021
|
2020
|
|
£
|
£
|
|
Rental income
|
|
|
Management charges receivable
|
|
–
|
Government grant income
|
|
|
Other operating income
|
–
|
|
------------
|
--------
|
|
|
|
|
------------
|
--------
|
|
2021
|
2020
|
|
£
|
£
|
|
Depreciation of tangible assets
|
|
|
Loss on disposal of tangible assets
|
|
|
Fair value adjustments to investment property
|
–
|
(
|
Impairment of trade debtors
|
(67,359)
|
66,469
|
---------
|
---------
|
|
2021
|
2020
|
|
No.
|
No.
|
|
Total staffing numbers
|
70
|
69
|
----
|
----
|
|
2021
|
2020
|
|
£
|
£
|
|
Wages and salaries
|
|
|
Social security costs
|
|
|
Other pension costs
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2021
|
2020
|
|
£
|
£
|
|
Remuneration
|
|
|
Company contributions to defined contribution pension plans
|
|
–
|
--------
|
--------
|
|
|
|
|
--------
|
--------
|
|
2021
|
2020
|
|
£
|
£
|
|
Interest on cash and cash equivalents
|
|
|
----
|
----
|
|
2021
|
2020
|
|
£
|
£
|
|
Interest on banks loans and overdrafts
|
|
|
Interest on obligations under finance leases and hire purchase contracts
|
|
|
Other interest payable and similar charges
|
|
|
---------
|
---------
|
|
|
|
|
---------
|
---------
|
|
2021
|
2020
|
|
£
|
£
|
|
Adjustments in respect of prior periods
|
(
|
(
|
Origination and reversal of timing differences
|
(
|
|
--------
|
--------
|
|
Tax on profit
|
(
|
|
--------
|
--------
|
|
2021
|
2020
|
|
£
|
£
|
|
(Loss)/profit on ordinary activities before taxation
|
(
|
|
--------
|
---------
|
|
(Loss)/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
|
|
|
Deferred tax not provided for
|
(11,009)
|
9,650
|
--------
|
---------
|
|
Tax on profit
|
(
|
|
--------
|
---------
|
|
2021
|
2020
|
|
£
|
£
|
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
|
|
|
--------
|
---------
|
|
Group
|
Investment property
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
||||||
At 1 Apr 2020
|
|
|
|
|
51,720
|
|
Additions
|
–
|
|
|
|
2,367
|
|
Disposals
|
–
|
–
|
–
|
(
|
–
|
(
|
---------
|
------------
|
-------
|
---------
|
--------
|
------------
|
|
At 31 Mar 2021
|
|
|
|
|
54,087
|
|
---------
|
------------
|
-------
|
---------
|
--------
|
------------
|
|
Depreciation
|
||||||
At 1 Apr 2020
|
–
|
|
|
|
38,496
|
|
Charge for the year
|
–
|
|
|
|
3,583
|
|
Disposals
|
–
|
–
|
–
|
(
|
–
|
(
|
---------
|
------------
|
-------
|
---------
|
--------
|
------------
|
|
At 31 Mar 2021
|
–
|
|
|
|
42,079
|
|
---------
|
------------
|
-------
|
---------
|
--------
|
------------
|
|
Carrying amount
|
||||||
At 31 Mar 2021
|
|
|
|
|
12,008
|
|
---------
|
------------
|
-------
|
---------
|
--------
|
------------
|
|
At 31 Mar 2020
|
|
|
|
|
13,224
|
|
---------
|
------------
|
-------
|
---------
|
--------
|
------------
|
|
Company
|
Shares in group undertakings
|
£
|
|
Cost
|
|
At 1 April 2020 and 31 March 2021
|
|
----
|
|
Impairment
|
|
At 1 April 2020 and 31 March 2021
|
–
|
----
|
|
Carrying amount
|
|
At 1 April 2020 and 31 March 2021
|
|
----
|
|
At 31 March 2020
|
|
----
|
|
Class of share
|
Percentage of shares held
|
|
Subsidiary undertakings
|
||
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Raw materials and consumables
|
|
|
–
|
–
|
---------
|
---------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Trade debtors
|
|
|
–
|
–
|
Amounts owed by group undertakings
|
–
|
–
|
|
|
Prepayments and accrued income
|
|
|
–
|
–
|
Other debtors
|
|
|
|
|
------------
|
------------
|
---------
|
--------
|
|
|
|
|
|
|
------------
|
------------
|
---------
|
--------
|
|
2021
|
2020
|
|
£
|
£
|
|
Cash at bank and in hand
|
|
|
Bank overdrafts
|
(
|
(
|
---------
|
---------
|
|
(
|
(
|
|
---------
|
---------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
–
|
–
|
Trade creditors
|
|
|
–
|
–
|
Amounts owed to group undertakings
|
–
|
–
|
|
–
|
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
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
–
|
–
|
Obligations under finance leases and hire purchase contracts
|
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
|
|
–
|
–
|
|
------------
|
------------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
–
|
–
|
Later than 1 year and not later than 5 years
|
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
|
|
–
|
–
|
|
------------
|
------------
|
----
|
----
|
|
Group
|
Deferred tax (note 21)
|
£
|
|
At 1 April 2020
|
|
Additions
|
|
Charge against provision
|
(
|
---------
|
|
At 31 March 2021
|
|
---------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Included in provisions (note 20)
|
|
|
–
|
–
|
---------
|
---------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
–
|
–
|
Revaluation of tangible assets
|
|
|
–
|
–
|
Unused tax losses
|
(
|
(
|
–
|
–
|
---------
|
---------
|
----
|
----
|
|
232,816
|
247,540
|
–
|
–
|
|
---------
|
---------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Government grants recognised directly in income
|
|
|
–
|
–
|
---------
|
-------
|
----
|
----
|
|
Group
|
|||
2021
|
2020
|
||
£
|
£
|
||
Trade debtors
|
1,187,404
|
1,747,695
|
|
Other debtors
|
418,347
|
306,653
|
|
Cash at bank and in hand
|
188,935
|
128,486
|
|
------------
|
------------
|
||
|
|
||
------------
|
------------
|
||
Group
|
|||
2021
|
2020
|
||
£
|
£
|
||
Bank loans and overdrafts
|
1,153,398
|
1,204,947
|
|
Trade creditors
|
1,243,558
|
1,497,826
|
|
Other creditors
|
3,779
|
1,594
|
|
Directors' loan accounts
|
1,536
|
72,314
|
|
------------
|
------------
|
||
|
|
||
------------
|
------------
|
||
2021
|
2020
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
99
|
|
99
|
----
|
----
|
----
|
----
|
|
At 1 Apr 2020
|
Cash flows
|
At 31 Mar 2021
|
|
£
|
£
|
£
|
|
Cash at bank and in hand
|
|
60,449
|
|
Bank overdrafts
|
(693,303)
|
109,046
|
(584,257)
|
Debt due within one year
|
(576,977)
|
(955)
|
(577,932)
|
Debt due after one year
|
(1,838,828)
|
(291,096)
|
(2,129,924)
|
------------
|
---------
|
------------
|
|
(
|
(
|
(
|
|
------------
|
---------
|
------------
|
|
|
Notes to the Financial Statements (continued)
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
–
|
–
|
Later than 1 year and not later than 5 years
|
|
|
–
|
–
|
Later than 5 years
|
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
|
|
–
|
–
|
|
------------
|
------------
|
----
|
----
|
|
2021
|
|||||
Balance brought forward
|
Advances/ (credits) to the director
|
Amounts repaid
|
Balance outstanding
|
||
£
|
£
|
£
|
£
|
||
|
–
|
(
|
–
|
(
|
|
----
|
-------
|
----
|
-------
|
||
2020
|
|||||
Balance brought forward
|
Advances/ (credits) to the director
|
Amounts repaid
|
Balance outstanding
|
||
£
|
£
|
£
|
£
|
||
|
|
–
|
(
|
–
|
|
----
|
----
|
----
|
----
|
||