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FINANCIAL STATEMENTS |
Contents |
Page |
Strategic report |
1 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated statement of comprehensive income |
9 |
Consolidated statement of financial position |
10 |
Company statement of financial position |
11 |
Consolidated statement of changes in equity |
12 |
Company statement of changes in equity |
13 |
Consolidated statement of cash flows |
14 |
Notes to the financial statements |
15 |
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STRATEGIC REPORT |
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Director |
Registered office: |
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DIRECTORS' REPORT |
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Director |
Registered office: |
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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 |
168 Church Road |
Hove |
East Sussex |
BN3 2DL |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------- |
------------- |
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Gross profit |
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Administrative expenses |
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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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(Loss)/profit before taxation |
(
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Tax on (loss)/profit |
11 |
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---------- |
---------- |
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(Loss)/profit for the financial year |
(
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---------- |
---------- |
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Revaluation of tangible assets |
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– |
Tax relating to components of other comprehensive income |
(
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(
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------------- |
------------- |
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Other comprehensive income for the year |
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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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CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
2023 |
2022 |
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Note |
£ |
£ |
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Intangible assets |
12 |
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Tangible assets |
13 |
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--------------- |
--------------- |
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Stocks |
15 |
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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 |
17 |
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--------------- |
--------------- |
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Net current (liabilities)/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 |
18 |
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Provisions |
19 |
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--------------- |
--------------- |
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Net assets |
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--------------- |
--------------- |
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Called up share capital |
23 |
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Revaluation reserve |
24 |
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Profit and loss account |
24 |
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--------------- |
--------------- |
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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 |
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Note |
£ |
£ |
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Tangible assets |
13 |
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Investments |
14 |
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--------------- |
--------------- |
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Stocks |
15 |
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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 |
17 |
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------------- |
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Net current liabilities |
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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 |
18 |
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Provisions |
19 |
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--------------- |
--------------- |
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Net assets |
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--------------- |
--------------- |
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Called up share capital |
23 |
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Revaluation reserve |
24 |
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Profit and loss account |
24 |
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--------------- |
--------------- |
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Shareholders funds |
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--------------- |
--------------- |
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Director |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
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Note |
£ |
£ |
£ |
£ |
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At 1 April 2021 |
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Profit for the year |
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Other comprehensive income for the year: |
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Tax relating to components of other comprehensive income |
11 |
– |
(
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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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At 31 March 2022 |
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Loss for the year |
(
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(
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Other comprehensive income for the year: |
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Revaluation of tangible assets |
13 |
– |
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– |
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Tax relating to components of other comprehensive income |
11 |
– |
(
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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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At 31 March 2023 |
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---- |
-------------- |
------------- |
-------------- |
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COMPANY STATEMENT OF CHANGES IN EQUITY |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
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Note |
£ |
£ |
£ |
£ |
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At 1 April 2021 |
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Profit for the year |
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Other comprehensive income for the year: |
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Tax relating to components of other comprehensive income |
11 |
– |
(
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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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At 31 March 2022 |
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Profit for the year |
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Other comprehensive income for the year: |
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Revaluation of tangible assets |
13 |
– |
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– |
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Tax relating to components of other comprehensive income |
11 |
– |
(
|
– |
(
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---- |
-------------- |
------------- |
-------------- |
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Total comprehensive income for the year |
– |
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---- |
-------------- |
------------- |
-------------- |
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At 31 March 2023 |
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---- |
-------------- |
------------- |
-------------- |
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CONSOLIDATED STATEMENT OF CASH FLOWS |
2023 |
2022 |
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£ |
£ |
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(Loss)/profit for the financial year |
(
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Adjustments for: |
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Depreciation of tangible assets |
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Government grant income |
– |
(
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Interest payable and similar expenses |
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Tax on profit |
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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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Trade and other debtors |
(
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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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Tax (paid)/received |
(
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---------- |
--------- |
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Net cash from operating activities |
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---------- |
--------- |
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Purchase 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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Proceeds from borrowings |
(
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(
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Government grant income |
– |
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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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Net increase/(decrease) in cash and cash equivalents |
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(
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Cash and cash equivalents at beginning of year |
122,817 |
220,495 |
---------- |
---------- |
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Cash and cash equivalents at end of year |
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---------- |
---------- |
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NOTES TO THE FINANCIAL STATEMENTS |
Goodwill |
- |
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Fixtures and fittings |
- |
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Motor vehicles |
- |
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2023 |
2022 |
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£ |
£ |
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Rendering of services |
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Rental income |
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------------- |
------------- |
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------------- |
------------- |
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2023 |
2022 |
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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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2023 |
2022 |
|
£ |
£ |
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Depreciation of tangible assets |
|
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Impairment of trade debtors |
– |
82,288 |
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
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Fees payable for the audit of the financial statements |
|
|
------- |
------- |
|
2023 |
2022 |
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No. |
No. |
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Administrative staff |
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
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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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2023 |
2022 |
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£ |
£ |
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Remuneration |
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---------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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Interest payable - other |
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---------- |
--------- |
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---------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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UK current tax income |
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Origination and reversal of timing differences |
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--------- |
--------- |
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Tax on profit |
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--------- |
--------- |
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2023 |
2022 |
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£ |
£ |
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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 |
(
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Effect of expenses not deductible for tax purposes |
|
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Effect of capital allowances and depreciation |
(
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(
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Unused tax losses |
|
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Deferred tax |
|
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Other adjustments |
56,536
|
(14,047)
|
---------- |
---------- |
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Tax on profit |
|
|
---------- |
---------- |
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Group |
Goodwill |
£ |
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Cost |
|
At 1 April 2022 and 31 March 2023 |
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---------- |
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Amortisation |
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At 1 April 2022 and 31 March 2023 |
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---------- |
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Carrying amount |
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At 1 April 2022 and 31 March 2023 |
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---------- |
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At 31 March 2022 |
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---------- |
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Group |
Freehold property |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
|
Cost or valuation |
||||
At 1 April 2022 |
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Additions |
– |
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– |
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Revaluations |
|
– |
– |
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--------------- |
---------- |
--------- |
--------------- |
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At 31 March 2023 |
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--------------- |
---------- |
--------- |
--------------- |
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Depreciation |
||||
At 1 April 2022 |
– |
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Charge for the year |
– |
|
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--------------- |
---------- |
--------- |
--------------- |
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At 31 March 2023 |
– |
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--------------- |
---------- |
--------- |
--------------- |
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Carrying amount |
||||
At 31 March 2023 |
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--------------- |
---------- |
--------- |
--------------- |
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At 31 March 2022 |
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--------------- |
---------- |
--------- |
--------------- |
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Company |
Freehold property |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
|
Cost or valuation |
||||
At 1 April 2022 |
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Additions |
– |
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– |
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Revaluations |
|
– |
– |
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--------------- |
--------- |
------- |
--------------- |
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At 31 March 2023 |
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--------------- |
--------- |
------- |
--------------- |
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Depreciation |
||||
At 1 April 2022 |
– |
|
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Charge for the year |
– |
|
|
|
--------------- |
--------- |
------- |
--------------- |
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At 31 March 2023 |
– |
|
|
|
--------------- |
--------- |
------- |
--------------- |
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Carrying amount |
||||
At 31 March 2023 |
|
|
|
|
--------------- |
--------- |
------- |
--------------- |
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At 31 March 2022 |
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– |
|
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--------------- |
--------- |
------- |
--------------- |
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Group and company |
Freehold property |
£ |
|
At 31 March 2023 |
|
Aggregate cost |
7,598,958 |
Aggregate depreciation |
– |
------------- |
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Carrying value |
|
------------- |
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At 31 March 2022 |
|
Aggregate cost |
7,598,958 |
Aggregate depreciation |
– |
------------- |
|
Carrying value |
|
------------- |
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Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2022 and 31 March 2023 |
|
---------- |
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Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
---------- |
|
Carrying amount |
|
At 1 April 2022 and 31 March 2023 |
|
---------- |
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At 31 March 2022 |
|
---------- |
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Class of share |
Percentage of shares held |
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Subsidiary undertakings |
||
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Ordinary |
100 |
Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Property development costs |
|
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------------- |
------------- |
------------- |
------------- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings |
– |
– |
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Prepayments and accrued income |
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– |
– |
Amounts due from related parties |
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– |
– |
------------- |
------------- |
------------- |
------------- |
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------------- |
------------- |
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------------- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
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 |
|
|
– |
– |
Amounts owed to related parties |
|
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Other creditors |
|
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|
--------------- |
------------- |
------------- |
------------- |
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--------------- |
------------- |
------------- |
------------- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
------------- |
------------- |
------------- |
------------- |
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Group |
Deferred tax (note 20) |
£ |
|
At 1 April 2022 |
|
Additions |
|
------------- |
|
At 31 March 2023 |
|
------------- |
|
Company |
Deferred tax (note 20) |
£ |
|
At 1 April 2022 |
|
Additions |
|
------------- |
|
At 31 March 2023 |
|
------------- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 19) |
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------------- |
------------- |
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------------- |
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Group |
Company |
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2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Revaluation of tangible assets |
|
|
|
|
Unused tax losses |
(
|
– |
(
|
– |
------------- |
------------- |
------------- |
------------- |
|
5,684,221 |
5,184,712 |
5,652,606 |
5,168,789 |
|
------------- |
------------- |
------------- |
------------- |
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Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
---------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
---- |
---- |
---- |
---- |
|
At 1 Apr 2022 |
Cash flows |
At 31 Mar 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
13,535 |
|
Debt due within one year |
(235,000) |
18,000 |
(217,000) |
Debt due after one year |
(3,970,830) |
289,941 |
(3,680,889) |
------------- |
---------- |
------------- |
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(
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(
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------------- |
---------- |
------------- |
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|
NOTES TO THE FINANCIAL STATEMENTS (continued) |