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Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
3 |
Independent auditor's report to the members |
5 |
Consolidated income statement |
8 |
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 |
Company detailed income statement |
29 |
Notes to the company detailed income statement |
30 |
|
Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered Accountants & statutory auditor |
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Lyndhurst |
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1 Cranmer Street |
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Long Eaton |
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Nottingham |
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NG10 1NJ |
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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 |
|
Chartered Accountants & statutory auditor |
Lyndhurst |
1 Cranmer Street |
Long Eaton |
Nottingham |
NG10 1NJ |
|
Consolidated Income Statement |
2023 |
2022 |
||
Note |
£ |
£ |
|
Turnover |
4 |
|
|
Cost of sales |
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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 profit |
6 |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
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------------ |
------------ |
||
Profit before taxation |
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Tax on profit |
12 |
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|
--------- |
--------- |
||
Profit for the financial year |
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|
--------- |
--------- |
||
The owners of the parent company |
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Non-controlling interests |
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--------- |
--------- |
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--------- |
--------- |
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Consolidated Statement of Comprehensive Income |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Movement in fair value reserve |
– |
|
--------- |
--------- |
|
Other comprehensive income for the year |
– |
|
--------- |
--------- |
|
Total comprehensive income for the year |
|
|
--------- |
--------- |
|
The owners of the parent company |
|
|
Non-controlling interests |
|
|
--------- |
--------- |
|
|
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|
--------- |
--------- |
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Consolidated Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Tangible assets |
14 |
|
|
Investments |
15 |
|
|
------------ |
------------ |
||
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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 |
18 |
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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 |
19 |
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Provisions |
21 |
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------------ |
------------ |
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Net assets |
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|
------------ |
------------ |
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Called up share capital |
25 |
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Fair value reserve |
26 |
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Profit and loss account |
26 |
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------------ |
------------ |
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Equity attributable to the owners of the parent company |
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Non-controlling interests |
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------------ |
------------ |
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|
------------ |
------------ |
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|
Director |
|
Company Statement of Financial Position |
2023 |
2022 |
|
Note |
£ |
£ |
Tangible assets |
14 |
|
|
Investments |
15 |
|
|
------------ |
------------ |
||
|
|
||
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 |
18 |
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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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Provisions |
21 |
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|
------------ |
------------ |
||
Net assets |
|
|
|
------------ |
------------ |
||
Called up share capital |
25 |
|
|
Fair value reserve |
26 |
|
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Profit and loss account |
26 |
|
|
------------ |
------------ |
||
Shareholders funds |
|
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|
------------ |
------------ |
||
|
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Fair value reserve |
Profit and loss account |
Equity attributable to the owners of the parent company |
Non-controlling interests |
Total |
|||
£ |
£ |
£ |
£ |
£ |
£ |
|||
At 1 March 2021 |
|
– |
|
|
|
|
||
Profit for the year |
|
|
|
|
||||
Other comprehensive income for the year: |
||||||||
Movement in fair value reserve |
– |
|
– |
|
– |
|
||
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
|||
Total comprehensive income for the year |
– |
|
|
|
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
(
|
(
|
|
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
(
|
(
|
||
At 28 February 2022 |
|
|
|
|
|
|
||
Profit for the year |
|
|
|
|
||||
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
|||
Total comprehensive income for the year |
– |
– |
|
|
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
(
|
(
|
|
---- |
---- |
-------- |
-------- |
------- |
-------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
(
|
(
|
||
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
|||
At 28 February 2023 |
|
|
|
|
|
|
||
---- |
--------- |
------------ |
------------ |
--------- |
------------ |
|||
|
Company Statement of Changes in Equity |
Called up share capital |
Fair value reserve |
Profit and loss account |
Total |
|||
£ |
£ |
£ |
£ |
|||
At 1 March 2021 |
|
– |
|
|
||
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Movement in fair value reserve |
– |
|
– |
|
||
---- |
--------- |
------------ |
------------ |
|||
Total comprehensive income for the year |
– |
|
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
|
---- |
--------- |
------------ |
------------ |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
At 28 February 2022 |
|
|
|
|
||
Profit for the year |
|
|
||||
---- |
--------- |
------------ |
------------ |
|||
Total comprehensive income for the year |
– |
– |
|
|
||
Dividends paid and payable |
13 |
– |
– |
(
|
(
|
|
---- |
---- |
-------- |
-------- |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
---- |
--------- |
------------ |
------------ |
|||
At 28 February 2023 |
|
|
|
|
||
---- |
--------- |
------------ |
------------ |
|||
|
Consolidated Statement of Cash Flows |
2023 |
2022 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Government grant income |
– |
(
|
Other interest receivable and similar income |
(963) |
(45,679) |
Interest payable and similar expenses |
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
Tax on profit |
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
(
|
|
Trade and other debtors |
(
|
|
Trade and other creditors |
|
(
|
--------- |
--------- |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
--------- |
--------- |
|
Net cash from operating activities |
|
|
--------- |
--------- |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
--------- |
--------- |
|
Net cash used in investing activities |
(
|
(
|
--------- |
--------- |
|
Proceeds from borrowings |
(
|
|
Government grant income |
– |
|
Payments of finance lease liabilities |
|
(
|
Dividends paid |
(
|
(
|
--------- |
--------- |
|
Net cash used in financing activities |
(
|
(
|
--------- |
--------- |
|
Net increase/(decrease) in cash and cash equivalents |
|
(
|
Cash and cash equivalents at beginning of year |
2,067,249 |
2,097,966 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Freehold property |
- |
|
|
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2023 |
2022 |
|
£ |
£ |
|
Rendering of services |
|
|
Construction contracts |
|
|
Rent received |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Government grant income |
– |
|
Other operating income |
|
|
------- |
-------- |
|
|
|
|
------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Loss/(gains) on disposal of tangible assets |
|
(
|
Impairment of trade debtors |
25,289 |
(18,541) |
Operating lease rentals |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
------- |
------- |
|
2023 |
2022 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
---- |
---- |
|
|
|
|
---- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2023 |
2022 |
|
£ |
£ |
|
Remuneration |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on bank deposits |
|
|
Gain on financial instruments |
|
|
-------- |
-------- |
|
|
|
|
-------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Loss on financial instruments |
|
– |
-------- |
---- |
|
|
|
|
-------- |
---- |
|
2023 |
2022 |
|
£ |
£ |
|
UK current tax expense |
|
|
Adjustments in respect of prior periods |
(
|
– |
--------- |
-------- |
|
Total current tax |
|
|
--------- |
-------- |
|
Origination and reversal of timing differences |
|
|
--------- |
-------- |
|
Tax on profit |
|
|
--------- |
-------- |
|
2023 |
2022 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
--------- |
--------- |
|
Profit on ordinary activities by rate of tax |
|
|
Effect of capital allowances and depreciation |
|
|
Effect of different UK tax rates on some earnings |
13,109 |
– |
Unrealised profit on investments |
– |
(
|
--------- |
--------- |
|
Tax on profit |
|
|
--------- |
--------- |
|
2023 |
2022 |
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
|
-------- |
-------- |
|
Group |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 March 2022 |
|
|
|
|
|
Additions |
– |
|
|
|
|
Disposals |
– |
(
|
– |
– |
(
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 28 February 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 March 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Disposals |
– |
(
|
– |
– |
(
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 28 February 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 28 February 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 28 February 2022 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Company |
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|||||
At 1 March 2022 |
|
|
|
|
|
Additions |
– |
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 28 February 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Depreciation |
|||||
At 1 March 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 28 February 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Carrying amount |
|||||
At 28 February 2023 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
At 28 February 2022 |
|
|
|
|
|
------------ |
--------- |
-------- |
--------- |
------------ |
|
Group |
Plant and machinery |
£ |
|
At 28 February 2023 |
|
-------- |
|
At 28 February 2022 |
|
-------- |
|
Group |
Other investments other than loans |
£ |
|
Cost |
|
At 1 March 2022 |
|
Other movements |
(
|
--------- |
|
At 28 February 2023 |
|
--------- |
|
Impairment |
|
At 1 March 2022 and 28 February 2023 |
– |
--------- |
|
Carrying amount |
|
At 28 February 2023 |
|
--------- |
|
At 28 February 2022 |
|
--------- |
|
Company |
Shares in group undertakings |
Other investments other than loans |
Total |
£ |
£ |
£ |
|
Cost |
|||
At 1 March 2022 |
|
|
|
Other movements |
– |
(
|
(
|
---- |
--------- |
--------- |
|
At 28 February 2023 |
|
|
|
---- |
--------- |
--------- |
|
Impairment |
|||
At 1 March 2022 and 28 February 2023 |
– |
– |
– |
---- |
--------- |
--------- |
|
Carrying amount |
|||
At 28 February 2023 |
|
|
|
---- |
--------- |
--------- |
|
At 28 February 2022 |
|
|
|
---- |
--------- |
--------- |
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|||
|
Units 11 & 12 |
Ordinary and non-voting |
85 |
Cromford Road Industrial Estate |
|||
Langley Mill |
|||
Nottingham |
|||
NG16 4FL |
|||
|
Lyndhurst |
Ordinary |
60 |
1 Cranmer Street |
|||
Long Eaton |
|||
Nottingham |
|||
NG10 1NJ |
|||
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Raw materials and consumables |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
Amounts owed by customers on construction contracts |
|
|
– |
– |
Prepayments and accrued income |
|
|
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
|
|
|
|
|
------------ |
------------ |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
– |
– |
--------- |
--------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
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 |
|
|
– |
– |
Other creditors |
|
|
|
|
--------- |
--------- |
-------- |
-------- |
|
|
|
|
|
|
--------- |
--------- |
-------- |
-------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
– |
– |
Obligations under finance leases and hire purchase contracts |
|
– |
– |
– |
-------- |
-------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
-------- |
---- |
---- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Not later than 1 year |
|
|
– |
– |
Later than 1 year and not later than 5 years |
|
– |
– |
– |
-------- |
------- |
---- |
---- |
|
|
|
– |
– |
|
-------- |
------- |
---- |
---- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 March 2022 |
|
Additions |
|
--------- |
|
At 28 February 2023 |
|
--------- |
|
Company |
Deferred tax (note 22) |
£ |
|
At 1 March 2022 |
|
Additions |
(
|
--------- |
|
At 28 February 2023 |
|
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
|
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Revaluation of tangible assets |
|
|
|
|
Fair value adjustment of financial assets |
– |
|
– |
|
--------- |
--------- |
--------- |
--------- |
|
138,422 |
118,766 |
101,507 |
101,647 |
|
--------- |
--------- |
--------- |
--------- |
|
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
£ |
£ |
£ |
£ |
|
Government grants recognised directly in income |
– |
|
– |
– |
---- |
-------- |
---- |
---- |
|
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
98 |
|
98 |
|
|
1 |
|
1 |
|
|
1 |
|
1 |
---- |
---- |
---- |
---- |
|
|
100 |
|
100 |
|
---- |
---- |
---- |
---- |
|
At 1 Mar 2022 |
Cash flows |
At 28 Feb 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
228,918 |
|
Debt due within one year |
(13,241) |
(6,056) |
(19,297) |
Debt due after one year |
(32,572) |
(15,896) |
(48,468) |
------------ |
--------- |
------------ |
|
|
|
|
|
------------ |
--------- |
------------ |
|
|
Management Information |
|
Company Detailed Income Statement |
2023 |
2022 |
|
£ |
£ |
|
Sales |
117,000 |
117,000 |
Rent received |
135,604 |
123,849 |
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Gross profit |
|
|
Administrative expenses |
178,612 |
215,359 |
Other operating income |
49,168 |
45,854 |
--------- |
--------- |
|
Operating profit |
|
|
Income from shares in group undertakings |
– |
101,873 |
Other interest receivable and similar income |
20,431 |
25,666 |
Interest payable and similar expenses |
(23,005) |
– |
--------- |
--------- |
|
Profit before taxation |
120,586 |
198,883 |
--------- |
--------- |
|
|
Notes to the Company Detailed Income Statement |
2023 |
2022 |
|
£ |
£ |
|
Rates and water |
11,797 |
11,287 |
Light and heat |
7,016 |
7,511 |
Insurance |
4,933 |
4,140 |
Repairs and maintenance (allowable) |
35,103 |
39,218 |
Motor expenses |
– |
(1,635) |
Telephone |
900 |
102 |
Printing postage and stationery |
483 |
1,538 |
Charitable donations (allowable) |
1,800 |
1,500 |
Subscriptions |
605 |
587 |
Legal and professional fees (allowable) |
– |
450 |
Rent management fees |
14,015 |
13,323 |
Accountancy fees |
8,653 |
8,733 |
Auditors remuneration |
2,300 |
1,500 |
Depreciation of tangible assets |
90,833 |
133,297 |
(Gain)/loss on disposal of tangible assets |
– |
(6,365) |
Bank charges |
174 |
173 |
--------- |
--------- |
|
178,612 |
215,359 |
|
--------- |
--------- |
|
Management charges receivable |
41,612 |
37,104 |
Other operating income |
7,556 |
8,750 |
-------- |
-------- |
|
49,168 |
45,854 |
|
-------- |
-------- |
|
Dividends from group undertakings |
– |
101,873 |
---- |
--------- |
|
Interest on bank deposits |
17,171 |
5,656 |
Gain on financial instruments |
3,260 |
20,010 |
-------- |
-------- |
|
20,431 |
25,666 |
|
-------- |
-------- |
|
Loss on financial instruments |
23,005 |
– |
-------- |
---- |
|