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FINANCIAL STATEMENTS |
CONTENTS |
PAGE |
Strategic report |
1 |
Director's report |
3 |
Independent auditor's report to the members |
5 |
Profit and loss account |
9 |
Balance sheet |
10 |
Statement of cash flows |
11 |
Notes to the financial statements |
12 |
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STRATEGIC REPORT |
2022 | 2021 | ||
Turnover (£'000) | 35,769 | 31,382 | |
Gross Profit (%) | 9.6 | 5.2 | |
Profit/(Loss) before taxation (£'000) | (50) | 277 | |
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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) |
For and on behalf of |
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Chartered Accountants & statutory auditor |
Cedar House |
Hazell Drive |
Newport |
NP10 8FY |
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PROFIT AND LOSS ACCOUNT |
2022 |
2021 |
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Note |
£ |
£ |
|
TURNOVER |
4 |
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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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Other operating income |
5 |
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------------ |
------------ |
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OPERATING (LOSS)/PROFIT |
6 |
(
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Interest payable and similar expenses |
10 |
(
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(
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------------ |
------------ |
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(LOSS)/PROFIT BEFORE TAXATION |
(
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Tax on (loss)/profit |
11 |
(
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(
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-------- |
--------- |
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(LOSS)/PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME |
(
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|
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-------- |
--------- |
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Dividends paid and payable |
12 |
(
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– |
RETAINED EARNINGS AT THE START OF THE YEAR |
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------------ |
------------ |
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RETAINED EARNINGS AT THE END OF THE YEAR |
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------------ |
------------ |
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BALANCE SHEET |
2022 |
2021 |
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Note |
£ |
£ |
Intangible assets |
13 |
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Tangible assets |
14 |
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--------- |
--------- |
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Stocks |
16 |
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Debtors |
17 |
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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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(
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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 |
21 |
(
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(
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------------ |
------------ |
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NET ASSETS |
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------------ |
------------ |
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Called up share capital |
24 |
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Profit and loss account |
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------------ |
------------ |
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SHAREHOLDERS FUNDS |
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------------ |
------------ |
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Director |
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STATEMENT OF CASH FLOWS |
2022 |
2021 |
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Note |
£ |
£ |
(Loss)/profit for the financial year |
(
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Adjustments for: |
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Depreciation of tangible assets |
141,744 |
146,382 |
Amortisation of intangible assets |
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Government grant income |
(
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(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
(
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(
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Tax on (loss)/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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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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(
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Interest paid |
(
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(
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Tax received/(paid) |
|
(
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--------- |
--------- |
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Net cash used in operating activities |
(
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(
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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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--------- |
--------- |
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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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– |
(Repayment)/Funds introduced by director |
(
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(
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Government grant income |
|
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Movement on stocking loan |
|
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Dividends paid |
(
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– |
--------- |
--------- |
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Net cash from financing activities |
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--------- |
--------- |
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NET DECREASE IN CASH AND CASH EQUIVALENTS |
(
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(
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CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
(887,635) |
(561,399) |
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------------ |
--------- |
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CASH AND CASH EQUIVALENTS AT END OF YEAR |
18 |
(
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(
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------------ |
--------- |
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NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
5 - 10% straight line |
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Leasehold Property |
- |
10% Straight line |
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Plant & Machinery |
- |
20% Straight Line |
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Fixtures & Fittings |
- |
33.33% Straight Line |
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Motor Vehicles |
- |
33% Straight line |
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2022 |
2021 |
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£ |
£ |
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Sale of goods |
|
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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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Other operating income |
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– |
--------- |
--------- |
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|
|
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--------- |
--------- |
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2022 |
2021 |
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£ |
£ |
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Amortisation of intangible assets |
|
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Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
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Impairment of trade debtors |
28,357 |
35 |
--------- |
--------- |
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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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2022 |
2021 |
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No. |
No. |
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Production staff |
|
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Administrative staff |
|
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---- |
---- |
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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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------------ |
------------ |
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2022 |
2021 |
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£ |
£ |
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Remuneration |
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-------- |
------- |
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2022 |
2021 |
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£ |
£ |
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Interest on banks loans and overdrafts |
|
– |
Other interest payable and similar charges |
|
|
-------- |
---- |
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-------- |
---- |
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2022 |
2021 |
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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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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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Tax on (loss)/profit |
|
|
------- |
-------- |
|
2022 |
2021 |
|
£ |
£ |
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(Loss)/profit on ordinary activities before taxation |
(
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|
-------- |
--------- |
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(Loss)/profit on ordinary activities by rate of tax |
|
|
Adjustment to tax charge in respect of prior periods |
– |
(33,473) |
Effect of expenses not deductible for tax purposes |
(
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Effect of capital allowances and depreciation |
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Effect of different UK tax rates on some earnings |
(22,042) |
20,375 |
Super-deduction |
3,792 |
– |
-------- |
--------- |
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Tax on (loss)/profit |
|
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-------- |
--------- |
|
2022 |
2021 |
|
£ |
£ |
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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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Goodwill |
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£ |
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Cost |
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At 1 January 2022 and 31 December 2022 |
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--------- |
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Amortisation |
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At 1 January 2022 |
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Charge for the year |
|
--------- |
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At 31 December 2022 |
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--------- |
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Carrying amount |
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At 31 December 2022 |
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--------- |
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At 31 December 2021 |
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--------- |
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Leasehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
|||||
At 1 January 2022 |
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Additions |
|
|
– |
|
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Disposals |
– |
– |
– |
(
|
(
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------------ |
--------- |
-------- |
-------- |
------------ |
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At 31 December 2022 |
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------------ |
--------- |
-------- |
-------- |
------------ |
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Depreciation |
|||||
At 1 January 2022 |
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Charge for the year |
|
|
|
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Disposals |
– |
– |
– |
(
|
(
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------------ |
--------- |
-------- |
-------- |
------------ |
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At 31 December 2022 |
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|
|
|
|
------------ |
--------- |
-------- |
-------- |
------------ |
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Carrying amount |
|||||
At 31 December 2022 |
|
|
– |
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|
------------ |
--------- |
-------- |
-------- |
------------ |
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At 31 December 2021 |
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------------ |
--------- |
-------- |
-------- |
------------ |
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Shares in group undertakings |
|
£ |
|
Cost |
|
At 1 January 2022 |
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Disposals |
(
|
--------- |
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At 31 December 2022 |
– |
--------- |
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Impairment |
|
At 1 January 2022 |
|
Disposals |
(
|
--------- |
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At 31 December 2022 |
– |
--------- |
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Carrying amount |
|
At 31 December 2022 |
– |
--------- |
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At 31 December 2021 |
– |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Stock |
|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Director's loan account |
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Other debtors |
|
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------------ |
--------- |
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|
|
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------------ |
--------- |
|
2022 |
2021 |
|
£ |
£ |
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Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
(
|
------------ |
--------- |
|
(
|
(
|
|
------------ |
--------- |
|
2022 |
2021 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
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Trade creditors |
|
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Accruals and deferred income |
|
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Corporation tax |
|
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Social security and other taxes |
|
– |
Stocking loan |
1,583,687 |
1,177,165 |
Other creditors |
|
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------------ |
------------ |
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|
|
------------ |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
– |
--------- |
---- |
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Deferred tax (note 22) |
|
£ |
|
At 1 January 2022 |
|
Additions |
|
-------- |
|
At 31 December 2022 |
|
-------- |
|
2022 |
2021 |
|
£ |
£ |
|
Included in provisions (note 21) |
|
|
-------- |
-------- |
|
2022 |
2021 |
|
£ |
£ |
|
Accelerated capital allowances |
|
|
-------- |
-------- |
|
2022 |
2021 |
|
£ |
£ |
|
Government grants recognised directly in income |
8,000 |
426,421 |
Government grants released to profit or loss |
– |
62,500 |
------- |
--------- |
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------- |
--------- |
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2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,000 |
|
10,000 |
-------- |
-------- |
-------- |
-------- |
|
At 1 Jan 2022 |
Cash flows |
At 31 Dec 2022 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
280 |
|
Bank overdrafts |
(894,757) |
(461,248) |
(1,356,005) |
Debt due within one year |
– |
(71,834) |
(71,834) |
Debt due after one year |
– |
(106,328) |
(106,328) |
--------- |
--------- |
------------ |
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(
|
(
|
(
|
|
--------- |
--------- |
------------ |
|
2022 |
2021 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
------- |
------- |
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|
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|
------- |
------- |
|
2022 |
|||||
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
|
|
(
|
|
|
--------- |
--------- |
--------- |
--------- |
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2021 |
|||||
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
£ |
||
|
(
|
|
(
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--------- |
--------- |
--------- |
--------- |
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NOTES TO THE FINANCIAL STATEMENTS (continued) |