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Financial Statements
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Contents
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Pages
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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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3 to 5
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Independent auditor's report to the members
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6 to 9
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Consolidated statement of comprehensive income
|
10
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Consolidated statement of financial position
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11
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Company statement of financial position
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12
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Consolidated statement of changes in equity
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13
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Company statement of changes in equity
|
14
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Consolidated statement of cash flows
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15
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Notes to the financial statements
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16 to 27
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Officers and Professional Advisers
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The board of directors
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Registered office
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United Kingdom
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Auditor
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Chartered Accountants & statutory auditor
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3B Swallowfield Courtyard
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Wolverhampton Road
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Oldbury
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West Midlands
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B69 2JG
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Strategic Report
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Director
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Registered office:
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United Kingdom
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Directors' Report
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Director
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Registered office:
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United Kingdom
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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 Accountants & statutory auditor
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3B Swallowfield Courtyard
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Wolverhampton Road
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Oldbury
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West Midlands
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B69 2JG
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Consolidated Statement of Comprehensive Income
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2021
|
2020
|
||
Note
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£
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£
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Turnover
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4
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|
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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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Distribution costs
|
|
|
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Administrative expenses
|
|
|
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Other operating income
|
5
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|
–
|
------------
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------------
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||
Operating profit
|
6
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Interest receivable
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10
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Interest payable
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11
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------------
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------------
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||
Profit before taxation
|
|
|
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Taxation on ordinary activities
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12
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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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||
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Consolidated Statement of Financial Position
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2021
|
2020
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||
Note
|
£
|
£
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|
Tangible assets
|
15
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|
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Stocks
|
17
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Debtors
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18
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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
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19
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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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|||
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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Taxation including deferred tax
|
21
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|
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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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|||
Called up share capital
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25
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Share premium account
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26
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Capital redemption reserve
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26
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Profit and loss account
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26
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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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Director
|
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Company Statement of Financial Position
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2021
|
2020
|
||
Note
|
£
|
£
|
|
Investments
|
16
|
|
|
|
Cash at bank and in hand
|
|
|
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Creditors: amounts falling due within one year
|
19
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|
|
|
------------
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------------
|
|||
Net current liabilities
|
|
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||
------------
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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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|
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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
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25
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|
|
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Share premium account
|
26
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|
|
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Capital redemption reserve
|
26
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|
|
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Profit and loss account
|
26
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|
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------------
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------------
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|||
Shareholders funds
|
|
|
||
------------
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------------
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|||
|
Director
|
|
Consolidated Statement of Changes in Equity
|
Called up share capital
|
Share premium account
|
Capital redemption reserve
|
Profit and loss account
|
Total
|
||
£
|
£
|
£
|
£
|
£
|
||
At 1 April 2019
|
|
|
|
|
|
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Profit for the year
|
|
|
||||
---------
|
------------
|
----
|
------------
|
------------
|
||
Total comprehensive income for the year
|
–
|
–
|
–
|
|
|
|
Dividends paid and payable
|
13
|
–
|
–
|
–
|
(
|
(
|
Redemption of shares
|
(
|
–
|
|
(
|
(
|
|
Cancellation of treasury shares
|
(
|
–
|
|
–
|
–
|
|
---------
|
------------
|
--------
|
------------
|
------------
|
||
Total investments by and distributions to owners
|
(
|
–
|
|
(
|
(
|
|
At 31 March 2020
|
|
|
|
|
|
|
Profit for the year
|
|
|
||||
---------
|
------------
|
--------
|
------------
|
------------
|
||
Total comprehensive income for the year
|
–
|
–
|
–
|
|
|
|
Dividends paid and payable
|
13
|
–
|
–
|
–
|
(
|
(
|
Redemption of shares
|
(
|
–
|
|
(
|
(
|
|
-------
|
----
|
-------
|
------------
|
------------
|
||
Total investments by and distributions to owners
|
(
|
–
|
|
(
|
(
|
|
--------
|
------------
|
--------
|
------------
|
------------
|
||
At 31 March 2021
|
|
|
|
|
|
|
--------
|
------------
|
--------
|
------------
|
------------
|
||
|
Company Statement of Changes in Equity
|
Called up share capital
|
Share premium account
|
Capital redemption reserve
|
Profit and loss account
|
Total
|
||
£
|
£
|
£
|
£
|
£
|
||
At 1 April 2019
|
|
|
|
|
|
|
Profit for the year
|
|
|
||||
---------
|
------------
|
----
|
------------
|
------------
|
||
Total comprehensive income for the year
|
–
|
–
|
–
|
|
|
|
Dividends paid and payable
|
13
|
–
|
–
|
–
|
(
|
(
|
Redemption of shares
|
(
|
–
|
|
(
|
(
|
|
Cancellation of treasury shares
|
(
|
–
|
|
–
|
–
|
|
---------
|
------------
|
--------
|
------------
|
------------
|
||
Total investments by and distributions to owners
|
(
|
–
|
|
(
|
(
|
|
At 31 March 2020
|
|
|
|
|
|
|
Profit for the year
|
|
|
||||
---------
|
------------
|
--------
|
------------
|
------------
|
||
Total comprehensive income for the year
|
–
|
–
|
–
|
|
|
|
Dividends paid and payable
|
13
|
–
|
–
|
–
|
(
|
(
|
Redemption of shares
|
(
|
–
|
|
(
|
(
|
|
-------
|
----
|
-------
|
------------
|
------------
|
||
Total investments by and distributions to owners
|
(
|
–
|
|
(
|
(
|
|
--------
|
------------
|
--------
|
------------
|
------------
|
||
At 31 March 2021
|
|
|
|
|
|
|
--------
|
------------
|
--------
|
------------
|
------------
|
||
|
Consolidated Statement of Cash Flows
|
2021
|
2020
|
|
£
|
£
|
|
Profit for the financial year
|
|
|
Adjustments for:
|
||
Depreciation of tangible assets
|
|
|
Government grant income
|
(
|
–
|
Interest receivable
|
(
|
(
|
Interest payable
|
|
|
Gains on disposal of tangible assets
|
(
|
(
|
Taxation on ordinary activities
|
|
|
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
|
(
|
(
|
------------
|
------------
|
|
Purchase of own shares
|
(
|
(
|
Repayments of borrowings
|
(
|
(
|
Government grant income
|
|
–
|
Dividends paid
|
(
|
(
|
------------
|
------------
|
|
Net cash used in financing activities
|
(
|
(
|
------------
|
------------
|
|
Net increase/(decrease) in cash and cash equivalents
|
|
(
|
Cash and cash equivalents at beginning of year
|
3,367,362
|
4,421,092
|
------------
|
------------
|
|
Cash and cash equivalents at end of year
|
|
|
------------
|
------------
|
|
|
Notes to the Financial Statements
|
Goodwill
|
-
|
|
|
Freehold property
|
-
|
|
|
Leasehold property improvements
|
-
|
|
|
Plant & Machinery
|
-
|
|
|
Motor vehicles
|
-
|
|
|
2021
|
2020
|
|
£
|
£
|
|
Sale of goods
|
|
|
------------
|
-------------
|
|
2021
|
2020
|
|
£
|
£
|
|
United Kingdom
|
|
|
Europe
|
|
|
Asia
|
|
|
America
|
|
|
Australasia
|
|
|
Africa
|
|
|
Middle East
|
|
|
------------
|
-------------
|
|
|
|
|
------------
|
-------------
|
|
2021
|
2020
|
|
£
|
£
|
|
Government grant income
|
|
–
|
-------
|
----
|
|
2021
|
2020
|
|
£
|
£
|
|
Depreciation of tangible assets
|
|
|
Gains on disposal of tangible assets
|
(
|
(
|
Impairment of trade debtors
|
2,796
|
15,122
|
Foreign exchange differences
|
(
|
(
|
Operating lease rental
|
|
|
---------
|
---------
|
|
2021
|
2020
|
|
£
|
£
|
|
Fees payable for the audit of the financial statements
|
|
|
-------
|
-------
|
|
Audit-related assurance services
|
|
|
Taxation advisory services
|
|
|
Other non-audit services
|
|
|
--------
|
--------
|
|
20,173
|
20,500
|
|
--------
|
--------
|
|
2021
|
2020
|
|
No.
|
No.
|
|
Production staff
|
|
|
Administrative staff
|
|
|
----
|
----
|
|
|
|
|
----
|
----
|
|
2021
|
2020
|
|
£
|
£
|
|
Wages and salaries
|
|
|
Social security costs
|
|
|
Other pension costs
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2021
|
2020
|
|
£
|
£
|
|
Remuneration
|
|
|
Company contributions to defined contribution pension plans
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2021
|
2020
|
|
No.
|
No.
|
|
Defined contribution plans
|
|
|
----
|
----
|
|
2021
|
2020
|
|
£
|
£
|
|
Aggregate remuneration
|
|
|
Company contributions to defined contribution pension plans
|
|
|
---------
|
---------
|
|
|
|
|
---------
|
---------
|
|
2021
|
2020
|
|
£
|
£
|
|
Interest on cash and cash equivalents
|
|
|
----
|
-------
|
|
2021
|
2020
|
|
£
|
£
|
|
Interest on banks loans and overdrafts
|
|
|
--------
|
--------
|
|
2021
|
2020
|
|
£
|
£
|
|
UK current tax expense
|
|
|
Adjustments in respect of prior periods
|
(
|
(
|
---------
|
---------
|
|
Total current tax
|
|
|
---------
|
---------
|
|
Origination and reversal of timing differences
|
|
|
---------
|
---------
|
|
Taxation on ordinary activities
|
|
|
---------
|
---------
|
|
2021
|
2020
|
|
£
|
£
|
|
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 different UK tax rates on some earnings
|
–
|
(128)
|
Consolidation adjustments
|
(
|
(
|
Research and development
|
(
|
(
|
------------
|
------------
|
|
Tax on profit
|
|
|
------------
|
------------
|
|
2021
|
2020
|
|
£
|
£
|
|
Dividends on equity shares
|
|
|
---------
|
---------
|
|
Group
|
Goodwill
|
£
|
|
Cost
|
|
At 1 April 2020 and 31 March 2021
|
|
------------
|
|
Amortisation
|
|
At 1 April 2020 and 31 March 2021
|
|
------------
|
|
Carrying amount
|
|
At 1 April 2020 and 31 March 2021
|
–
|
------------
|
|
At 31 March 2020
|
–
|
------------
|
|
Group
|
Freehold property
|
Long leasehold property
|
Plant and machinery
|
Motor vehicles
|
Total
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
|||||
At 1 April 2020
|
|
|
|
|
|
Additions
|
|
|
|
|
|
Disposals
|
–
|
(
|
(
|
(
|
(
|
------------
|
---------
|
------------
|
--------
|
------------
|
|
At 31 March 2021
|
|
|
|
|
|
------------
|
---------
|
------------
|
--------
|
------------
|
|
Depreciation
|
|||||
At 1 April 2020
|
|
|
|
|
|
Charge for the year
|
|
|
|
|
|
Disposals
|
–
|
(
|
(
|
(
|
(
|
Transfers
|
–
|
–
|
(
|
|
–
|
------------
|
---------
|
------------
|
--------
|
------------
|
|
At 31 March 2021
|
|
|
|
|
|
------------
|
---------
|
------------
|
--------
|
------------
|
|
Carrying amount
|
|||||
At 31 March 2021
|
|
|
|
|
|
------------
|
---------
|
------------
|
--------
|
------------
|
|
At 31 March 2020
|
|
|
|
|
|
------------
|
---------
|
------------
|
--------
|
------------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Contracted for but not provided for in the financial statements
|
–
|
|
–
|
–
|
----
|
--------
|
----
|
----
|
|
Company
|
Shares in group undertakings
|
Other investments other than loans
|
Total
|
£
|
£
|
£
|
|
Cost
|
|||
At 1 April 2020
|
|
|
|
Additions
|
–
|
|
|
------------
|
------------
|
------------
|
|
At 31 March 2021
|
|
|
|
------------
|
------------
|
------------
|
|
Impairment
|
|||
At 1 April 2020 and 31 March 2021
|
–
|
–
|
–
|
------------
|
------------
|
------------
|
|
Carrying amount
|
|||
At 31 March 2021
|
|
|
|
------------
|
------------
|
------------
|
|
At 31 March 2020
|
|
|
|
------------
|
------------
|
------------
|
|
Class of share
|
Percentage of shares held
|
|
Subsidiary undertakings
|
||
|
Ordinary
|
100
|
|
Ordinary
|
100
|
|
Ordinary
|
100
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Raw materials
|
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Trade debtors
|
|
|
–
|
–
|
Prepayments and accrued income
|
|
|
–
|
–
|
Other debtors
|
–
|
|
–
|
–
|
------------
|
------------
|
----
|
----
|
|
|
|
–
|
–
|
|
------------
|
------------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Trade creditors
|
|
|
–
|
–
|
Amounts owed to group undertakings
|
–
|
–
|
|
|
Accruals and deferred income
|
|
|
|
|
Corporation tax
|
|
|
|
|
Social security and other taxes
|
|
|
|
|
Director loan accounts
|
|
|
–
|
–
|
Other creditors
|
|
|
|
|
------------
|
------------
|
------------
|
------------
|
|
|
|
|
|
|
------------
|
------------
|
------------
|
------------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Other creditors
|
|
|
|
|
---------
|
---------
|
---------
|
---------
|
|
Group
|
Deferred tax (note 22)
|
£
|
|
At 1 April 2020
|
|
Additions
|
|
--------
|
|
At 31 March 2021
|
|
--------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Included in provisions (note 21)
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Government grants recognised directly in income
|
|
–
|
–
|
–
|
-------
|
----
|
----
|
----
|
|
2021
|
2020
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
80,129
|
|
85,897
|
--------
|
--------
|
--------
|
--------
|
|
At 1 Apr 2020
|
Cash flows
|
At 31 Mar 2021
|
|
£
|
£
|
£
|
|
Cash at bank and in hand
|
|
747,015
|
|
Debt due within one year
|
(21,908)
|
7,061
|
(14,847)
|
------------
|
---------
|
------------
|
|
|
|
|
|
------------
|
---------
|
------------
|
|
Group
|
Company
|
|||
2021
|
2020
|
2021
|
2020
|
|
£
|
£
|
£
|
£
|
|
Not later than 1 year
|
|
|
–
|
–
|
Later than 1 year and not later than 5 years
|
|
|
–
|
–
|
--------
|
--------
|
----
|
----
|
|
|
|
–
|
–
|
|
--------
|
--------
|
----
|
----
|
|
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
|
–
|
–
|
|
|
----
|
----
|
---------
|
---------
|
|
–
|
–
|
|
|
|
----
|
----
|
---------
|
---------
|
|
|
Notes to the Financial Statements (continued)
|