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Financial Statements
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Contents
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Page
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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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4
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Independent auditor's report to the members
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6
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Statement of comprehensive income
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9
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Statement of financial position
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10
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Statement of changes in equity
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11
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Statement of cash flows
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12
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Notes to the financial statements
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13
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Officers and Professional Advisers
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The board of directors
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Company secretary
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Registered office
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Auditor
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Chartered Accountants & Statutory Auditor
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90 Victoria Street
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Bristol
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BS1 6DP
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Bankers
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128 High Street
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Cheltenham
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Gloucestershire
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GL50 1EL
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Strategic Report
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Director
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Registered office:
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Directors' Report
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A F Moore
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(Resigned
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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)
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For and on behalf of
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Chartered Accountants & Statutory Auditor
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90 Victoria Street
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Bristol
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BS1 6DP
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Statement of Comprehensive Income
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2019
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2018
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||
Note
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£
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£
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Turnover
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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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Distribution costs
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Administrative expenses
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------------
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------------
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||
Operating profit
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5
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Interest payable and similar expenses
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8
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------------
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------------
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Profit before taxation
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Tax on profit
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9
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(
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---------
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---------
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||
Profit for the financial year
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---------
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---------
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Tax relating to components of other comprehensive income
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(
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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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---------
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Statement of Financial Position
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2019
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2018
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||
Note
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£
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£
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£
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Tangible assets
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11
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Investments
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12
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------------
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------------
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Stocks
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13
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Debtors
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14
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Cash at bank and in hand
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Creditors: amounts falling due within one year
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16
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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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Creditors: amounts falling due after more than one year
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17
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Taxation including deferred tax
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19
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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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23
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Revaluation reserve
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24
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Capital redemption reserve
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24
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Profit and loss account
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24
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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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Statement of Changes in Equity
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Called up share capital
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Revaluation reserve
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Capital redemption reserve
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Profit and loss account
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Total
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£
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£
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£
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£
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£
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|||
At 1 October 2017
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Profit for the year
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|||||
Other comprehensive income for the year:
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|||||||
Reclassification from revaluation reserve to profit and loss account
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–
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(
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–
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–
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Tax relating to components of other comprehensive income
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9
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–
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–
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–
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--------
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------------
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-------
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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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(
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–
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Dividends paid and payable
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10
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–
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–
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–
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(
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(
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--------
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------------
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-------
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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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–
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(
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(
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At 30 September 2018
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Profit for the year
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|||||
Other comprehensive income for the year:
|
|||||||
Reclassification from revaluation reserve to profit and loss account
|
–
|
(
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–
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|
–
|
||
Tax relating to components of other comprehensive income
|
9
|
–
|
(
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–
|
–
|
(
|
|
--------
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------------
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-------
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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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(
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–
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|
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Dividends paid and payable
|
10
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–
|
–
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–
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(
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(
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Redemption of shares
|
(
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–
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|
(
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(
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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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(
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--------
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------------
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-------
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------------
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------------
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At 30 September 2019
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--------
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------------
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-------
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------------
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------------
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Statement of Cash Flows
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2019
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2018
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Note
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£
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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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Interest payable and similar expenses
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Loss/(gains) on disposal of tangible assets
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(
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Tax on profit
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(
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Accrued expenses/(income)
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(
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Changes in:
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Stocks
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(
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(
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Trade and other debtors
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(
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(
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Trade and other creditors
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---------
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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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(
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Tax (paid)/received
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(
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---------
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---------
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Net cash from 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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(
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Proceeds from sale of tangible assets
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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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---------
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---------
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Purchase of own shares
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(
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–
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Proceeds from borrowings
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(
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(
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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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---------
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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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---------
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---------
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Net decrease in cash and cash equivalents
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(
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(
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Cash and cash equivalents at beginning of year
|
(723,103)
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(527,548)
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|
---------
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---------
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Cash and cash equivalents at end of year
|
15
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(
|
(
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---------
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---------
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Notes to the Financial Statements
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Leasehold property
|
-
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|
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Plant and machinery
|
-
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Fixtures and fittings
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-
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Motor vehicles
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-
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Computer equipment
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-
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Commercial vehicles
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-
|
|
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2019
|
2018
|
|
£
|
£
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|
Sale of goods
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|
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-------------
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------------
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2019
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2018
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£
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£
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|
United Kingdom
|
|
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Overseas
|
|
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-------------
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------------
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-------------
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------------
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2019
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2018
|
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£
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£
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|
Depreciation of tangible assets
|
|
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Loss/(gains) on disposal of tangible assets
|
|
(
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Impairment of trade debtors
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2,074
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(1,138)
|
Fees payable for the audit of the financial statements
|
|
|
---------
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---------
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2019
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2018
|
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No.
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No.
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Production staff
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Administrative staff
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|
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Management staff
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6
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6
|
----
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----
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----
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----
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2019
|
2018
|
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£
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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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------------
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------------
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2019
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2018
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£
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£
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|
Remuneration
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|
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Company contributions to defined contribution pension plans
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|
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---------
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---------
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---------
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---------
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2019
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2018
|
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No.
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No.
|
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Defined contribution plans
|
|
|
----
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----
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2019
|
2018
|
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£
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£
|
|
Aggregate remuneration
|
|
|
---------
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---------
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2019
|
2018
|
|
£
|
£
|
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Interest on banks loans and overdrafts
|
|
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Interest on obligations under finance leases and hire purchase contracts
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|
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Other interest payable and similar charges
|
|
|
--------
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--------
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--------
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--------
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2019
|
2018
|
|
£
|
£
|
|
UK current tax expense
|
|
|
Adjustments in respect of prior periods
|
(
|
(
|
--------
|
--------
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|
Total current tax
|
|
(
|
--------
|
--------
|
|
Origination and reversal of timing differences
|
|
|
--------
|
--------
|
|
Tax on profit
|
|
(
|
--------
|
--------
|
|
2019
|
2018
|
|
£
|
£
|
|
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
|
(
|
(
|
Deferred tax
|
|
|
---------
|
---------
|
|
Tax on profit
|
|
(
|
---------
|
---------
|
|
2019
|
2018
|
|
£
|
£
|
|
Dividends on equity shares
|
|
|
--------
|
--------
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|
Leasehold property
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Commercial vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
Cost
|
||||||
At 1 Oct 2018
|
|
|
|
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Additions
|
|
|
|
|
|
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Disposals
|
–
|
(
|
–
|
(
|
(
|
(
|
------------
|
------------
|
---------
|
---------
|
---------
|
------------
|
|
At 30 Sep 2019
|
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
---------
|
------------
|
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Depreciation
|
||||||
At 1 Oct 2018
|
|
|
|
|
|
|
Charge for the year
|
|
|
|
|
|
|
Disposals
|
–
|
(
|
–
|
(
|
(
|
(
|
------------
|
------------
|
---------
|
---------
|
---------
|
------------
|
|
At 30 Sep 2019
|
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
---------
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------------
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Carrying amount
|
||||||
At 30 Sep 2019
|
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
---------
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------------
|
|
At 30 Sep 2018
|
|
|
|
|
|
|
------------
|
------------
|
---------
|
---------
|
---------
|
------------
|
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Commercial vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
|
At 30 September 2019
|
|
|
|
|
|
---------
|
--------
|
--------
|
---------
|
---------
|
|
At 30 September 2018
|
|
|
|
|
|
---------
|
--------
|
--------
|
---------
|
---------
|
|
Shares in group undertakings
|
|
£
|
|
Cost
|
|
At 1 October 2018 and 30 September 2019
|
|
----
|
|
Impairment
|
|
At 1 October 2018 and 30 September 2019
|
–
|
----
|
|
Carrying amount
|
|
At 30 September 2019
|
|
----
|
|
At 30 September 2018
|
|
----
|
|
Percentage of shareholding
|
Number of shares held
|
2019
|
||
£
|
||||
Gordano Packaging Limited (Dormant)
|
100
|
100
|
100
|
|
Gordano Support Limited (Dormant)
|
100
|
100
|
100
|
|
Safe2Ship Limited (Dormant)
|
50
|
50
|
50
|
|
----
|
----
|
|||
Total
|
250
|
250
|
||
----
|
----
|
|||
Retained Profit/ (Loss) for the year
|
Capital and reserves
|
||
£
|
£
|
||
Gordano Packaging Limited
|
–
|
100
|
|
Gordano Support Limited
|
–
|
100
|
|
Safe2Ship Limited
|
–
|
100
|
|
2019
|
2018
|
|
£
|
£
|
|
Raw materials and consumables
|
|
|
---------
|
---------
|
|
2019
|
2018
|
|
£
|
£
|
|
Trade debtors
|
|
|
Prepayments and accrued income
|
|
|
Corporation tax repayable
|
–
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2019
|
2018
|
|
£
|
£
|
|
Cash at bank and in hand
|
|
|
Bank overdrafts
|
(
|
(
|
---------
|
---------
|
|
(
|
(
|
|
---------
|
---------
|
|
2019
|
2018
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
Trade creditors
|
|
|
Accruals and deferred income
|
|
|
Corporation tax
|
|
–
|
Social security and other taxes
|
|
|
Obligations under finance leases and hire purchase contracts
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|
2019
|
2018
|
|
£
|
£
|
|
Bank loans and overdrafts
|
|
|
Obligations under finance leases and hire purchase contracts
|
|
|
---------
|
---------
|
|
|
|
|
---------
|
---------
|
|
2019
|
2018
|
|
£
|
£
|
|
Not later than 1 year
|
|
|
Later than 1 year and not later than 5 years
|
|
|
---------
|
---------
|
|
|
|
|
---------
|
---------
|
|
Deferred tax (note 20)
|
|
£
|
|
At 1 October 2018
|
|
Additions
|
|
---------
|
|
At 30 September 2019
|
|
---------
|
|
2019
|
2018
|
|
£
|
£
|
|
Included in provisions (note 19)
|
|
|
---------
|
---------
|
|
2019
|
2018
|
|
£
|
£
|
|
Accelerated capital allowances
|
|
|
Revaluation of tangible assets
|
|
|
---------
|
---------
|
|
151,559
|
107,029
|
|
---------
|
---------
|
|
2019
|
2018
|
|
£
|
£
|
|
Financial assets measured at fair value through profit or loss
|
3,998
|
9,472
|
-------
|
-------
|
|
Financial assets that are debt instruments measured at amortised cost
|
2,476,886
|
2,345,625
|
------------
|
------------
|
|
Financial liabilities measured at fair value through profit or loss
|
741,987
|
732,575
|
---------
|
---------
|
|
Financial liabilities measured at amortised cost
|
2,944,033
|
2,691,656
|
------------
|
------------
|
|
2019
|
2018
|
|||
No.
|
£
|
No.
|
£
|
|
|
100,000
|
100,000
|
100,000
|
100,000
|
---------
|
---------
|
---------
|
---------
|
|
2019
|
2018
|
|||
No.
|
£
|
No.
|
£
|
|
|
|
14,689
|
|
16,045
|
--------
|
--------
|
--------
|
--------
|
|
2019
|
2018
|
|
£
|
£
|
|
Not later than 1 year
|
|
|
Later than 1 year and not later than 5 years
|
|
|
Later than 5 years
|
|
|
------------
|
------------
|
|
|
|
|
------------
|
------------
|
|