Camden Boss Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02009736 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2020

for

Camden Boss Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

C P Course

J K Buckle

M L Crowther

K A Davies

M Russell

SECRETARY:

H L Miles

REGISTERED OFFICE:

Dairy Farm Office

Dairy Road

Semer

Ipswich

IP7 6RA

REGISTERED NUMBER:

02009736 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

The directors present their strategic report for the year ended 31 October 2020.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

The key financial highlights are as follows:

2020

2019

as restated

£

£

Gross profit

2,906,038

3,240,860

Operating profit

19,241

526,726

Gross assets

4,450,143

5,129,037

Net Assets

3,554,233

3,593,679

During the year, the company continued to make an underlying profit despite the significant global disruption experienced by most businesses caused by the COVID-19 pandemic. The company used the Government's Job Retention Scheme to ensure that employment was secured for its workforce, which was most useful to cope with the trade volatility experienced. The business saw revenue growth through its medical and sensors customer base, but understandably experienced a delay in some transport and building related customer base as they felt the more significant impact of COVID measures.

The disruption from COVID-19 meant that underlying profits for the year were lower than the company's initial budgets, and of course 2019, as a consequence of trading conditions.

During the year the business commenced a thorough strategic review and restructure to bring the business together and realise the synergies of the 2018 acquisition of the KW Holdings Group.

PRINCIPAL RISKS AND UNCERTAINTIES

The company has implemented a co-ordinated set of risk management and control systems, including strategic planning and management reporting, to help anticipate, measure, monitor and manage its exposure to risk.

The company has identified a number of key risks to its business which, whilst having remained relatively stable over recent years, are nevertheless critical to its future financial and operational performance. These are explained further below:

Coronavirus/COVID-19

Following the emergence of the COVID-19 pandemic in early 2020, all businesses have been subject to either direct impact through reduced customer demand for services or operational disruption caused by the need to facilitate increased working from home and absence amongst its workforce. Appropriate actions have been implemented to ensure Government guidance is followed, with those who can work from home and to ensure safe working environments for those who cannot work from home. We also continue to work with our supply chain partners to ensure we do not suffer indirect disruption as a result of their responses to the COVID-19 pandemic. In the event that the reasonably foreseeable operational disruption does cause an impact on cashflow, the Directors have considered the facilities available to it under the Group's treasury arrangements in place with its ultimate parent company, Heathpatch Limited, and are satisfied that these are sufficient and appropriate to ensure the company can continue to operate effectively. Further disclosures on these risks are given in note 2 to the financial statements.

Foreign exchange volatility

The company is exposed to exchange rate variations in both customer and supplier contracts; an imbalance in these could lead to exchange rate risk exposure. The Directors monitor the impact of changes in exchange rates on an ongoing basis and work with other subsidiaries within the Group to make best use of currencies at hand.

Other significant risks

Other risks include, but are not limited to failure to comply with legislative and regulatory requirements including environmental and litigation risk, equipment failures, business continuity and the actions of customers and competitors. The company has implemented risk controls and loss mitigation plans which are considered to be commensurate with risks involved.

FINANCIAL RISK MANAGEMENT POLICIES

The overall aim of the company financial risk management policy is to minimise potential adverse effects on financial performance and net assets. In the course of its business, the company is exposed primarily to foreign exchange risk, liquidity risk and credit risk. Interest rate risk is not considered significant as this is charged on a loan from the parent company which can be varied if needed.

The company manages the principal financial risks within policies and operating parameters approved by the Board of Directors. The company does not enter into speculative transactions.

i) Foreign currency risk

The company operates domestically and overseas and any exposure to currency risk is likely to be short term. A reassessment of sales prices is undertaken when marked movements in exchange rates occurs to limit any potential losses.

ii) Liquidity risk

The company's policy on group borrowings is to ensure that sufficient cash is available to fund on-going operations without the need to carry any more debt than is necessary. Where appropriate financing can be negotiated, assets may be purchased under finance lease arrangements.

iii) Credit risk

Credit risk arises on financial instruments such as trade receivables. Policies and procedures exist to ensure that customers have an appropriate credit history.

OUTLOOK AHEAD

The recruitment in 2020 of a new Managing Director and Engineering Director has bolstered the leadership team, who have in turn been consolidating their teams to align the various trading divisions of the company. This, plus a strategic review of the business has seen a strong start to the 2021 financial year with a focus on strategic sales approaches, operational excellence, lean manufacturing principles and improved governance. The business has recruited some excellent candidates who will contribute strongly to the execution of this strategy.

The business will also benefit in 2021 from a relocation to a new facility in Mildenhall which affords it the opportunity to implement an optimised production and warehousing layout, significantly increasing capacity and bringing the two sites of the business together under one roof as one team.

As with most UK businesses, Brexit will continue to generate change as the company continues to adapt to the new trading landscape. However, 2021 has seen the initial issues associated with the transition quickly settle.

RESEARCH AND DEVELOPMENT

The company remains committed to research and development in pursuit of its strategy and objectives and undertakes work in these areas whenever it is anticipated that a competitive advantage is to be achieved in terms of its principal activity of the design, manufacture, assembly, import, export and distribution of electro-mechanical components and standard and bespoke enclosures for the electronics industry.

ON BEHALF OF THE BOARD:

K A Davies - Director

30 April 2021

The directors present their report with the financial statements of the company for the year ended 31 October 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review continued to be that of the design, manufacture, assembly, import, export and distribution of electro-mechanical components and standard and bespoke enclosures for the electronics industry.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2020 (2019: £Nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2019 to the date of this report.

C P Course

J K Buckle

Other changes in directors holding office are as follows:

K Sears - resigned 28 February 2020

M L Crowther - appointed 1 November 2019

C Burman - appointed 1 November 2019 - resigned 30 September 2020

K A Davies - appointed 30 March 2020

M Russell was appointed as a director after 31 October 2020 but prior to the date of this report.

GOING CONCERN

On the date of signing these financial statements, there was a world-wide pandemic. It is currently unknown how long the pandemic will last and the lasting impact that it will have on the trading activity of the company. The directors believe that the company will continue to be profitable and will have adequate cash resources in order to pay all of its creditors as they fall due for the foreseeable future and for at least 12 months from the date of signing of these financial statements. Furthermore, the parent company, Heathpatch has offered further financial support if required.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report. It has done so in respect of principal risks and uncertainties.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K A Davies - Director

30 April 2021

Opinion

We have audited the financial statements of Camden Boss Limited (the 'company') for the year ended 31 October 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2020 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

30 April 2021

TURNOVER

3

9,109,059

10,802,032

Cost of sales

6,203,021

7,561,172

GROSS PROFIT

2,906,038

3,240,860

Administrative expenses

3,139,192

2,714,134

(233,154

)

526,726

Other operating income

252,395

-

OPERATING PROFIT

5

19,241

526,726

Exceptional items

6

92,350

2,673,607

(73,109

)

(2,146,881

)

Interest payable and similar expenses

7

3,618

5,269

LOSS BEFORE TAXATION

(76,727

)

(2,152,150

)

Tax on loss

8

(37,281

)

(73,035

)

LOSS FOR THE FINANCIAL YEAR

(39,446

)

(2,079,115

)

LOSS FOR THE YEAR

(39,446

)

(2,079,115

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(39,446

)

(2,079,115

)

FIXED ASSETS

Intangible assets

10

2,433

9,891

Tangible assets

11

969,002

884,846

Investments

12

1

85,043

971,436

979,780

CURRENT ASSETS

Stocks

13

1,542,474

2,238,038

Debtors

14

1,517,088

1,694,931

Cash at bank and in hand

419,145

216,288

3,478,707

4,149,257

CREDITORS

Amounts falling due within one year

15

882,675

1,462,960

NET CURRENT ASSETS

2,596,032

2,686,297

TOTAL ASSETS LESS CURRENT LIABILITIES

3,567,468

3,666,077

CREDITORS

Amounts falling due after more than one year

16

(13,235

)

(35,117

)

PROVISIONS FOR LIABILITIES

19

-

(37,281

)

NET ASSETS

3,554,233

3,593,679

CAPITAL AND RESERVES

Called up share capital

20

50,000

50,000

Retained earnings

21

3,504,233

3,543,679

SHAREHOLDERS' FUNDS

3,554,233

3,593,679

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2021 and were signed on its behalf by:

K A Davies - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2018

50,000

5,622,794

5,672,794

Changes in equity

Total comprehensive income

-

(1,981,910

)

(1,981,910

)

Balance at 31 October 2019

50,000

3,640,884

3,690,884

Prior year adjustment

-

(97,205

)

(97,205

)

As restated

50,000

3,543,679

3,593,679

Changes in equity

Total comprehensive income

-

(39,446

)

(39,446

)

Balance at 31 October 2020

50,000

3,504,233

3,554,233

1.	STATUTORY INFORMATION

Camden Boss Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

On the date of signing these financial statements, there was a world-wide pandemic. It is currently unknown how long the pandemic will last and the lasting impact that it will have on the trading activity of the company. The directors believe that the company will continue to be profitable and will have adequate cash resources in order to pay all of its creditors as they fall due for the foreseeable future and for at least 12 months from the date of signing of these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Camden Boss Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Heathpatch Limited, Dairy Farm Office, Semer, Ipswich, Suffolk, IP7 6RA.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

in accordance with the lease term

Plant and machinery

-

Straight line over 3 years and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

In the year ended 31 October 2020, grants were obtained under the furlough scheme in light of the Covid-19 outbreak. The cashflows from these grants were accrued in line with section 24 of FRS 102 and are recognised under other income.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net relisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads and labour.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.10.20

31.10.19

as restated

£

£

UK

6,045,892

7,801,703

Europe

2,384,420

2,229,498

Rest of the world

678,747

770,831

9,109,059

10,802,032

4.	EMPLOYEES AND DIRECTORS

31.10.20

31.10.19

as restated

£

£

Wages and salaries

2,773,218

2,794,088

Social security costs

253,676

260,371

Other pension costs

49,074

38,703

3,075,968

3,093,162

The average number of employees during the year was as follows:

31.10.20

31.10.19

as restated

Directors

3

3

Sales and Production

99

99

Administration

8

7

110

109

31.10.20

31.10.19

as restated

£

£

Directors' remuneration

245,687

117,777

Directors' pension contributions to money purchase schemes

2,956

-

248,643

117,777

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

-

3

-

Information regarding the highest paid director for the year ended 31 October 2020 and 31 October 2019 is as follows:

31.10.20

31.10.19

£

£

Emoluments etc

79,400

93,331

Pension contributions to money purchase schemes

1,313

-

80,713

93,331

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.20

31.10.19

as restated

£

£

Depreciation - owned assets

214,194

151,086

Depreciation - assets on hire purchase contracts

16,609

29,130

Loss on disposal of fixed assets

-

2,683

Patents amortisation

7,458

9,874

Auditors' remuneration

16,533

23,780

Foreign exchange differences

(4,949

)

(13,687

)

6.	EXCEPTIONAL ITEMS

31.10.20

31.10.19

as restated

£

£

Exceptional items

(92,350

)

(2,673,607

)

During the year the directors assessed the net realisable value of its investments and confirmed these should be fully impaired. The exceptional item in the previous year of £2,673,607 related to the waiver of an intragroup loan.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.20

31.10.19

as restated

£

£

Bank interest

3,543

5,074

Hire purchase

75

195

3,618

5,269

8.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.10.20

31.10.19

as restated

£

£

Current tax:

UK corporation tax

-

(6,319

)

Adjustment to prior year

-

(66,716

)

Total current tax

-

(73,035

)

Deferred tax

(37,281

)

-

Tax on loss

(37,281

)

(73,035

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.20

31.10.19

as restated

£

£

Loss before tax

(76,727

)

(2,152,150

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2019 - 19%)

(14,578

)

(408,909

)

Effects of:

Expenses not deductible for tax purposes

17,772

508,672

Adjustments to tax charge in respect of previous periods

-

(73,035

)

Research and development enhanced expenditure

(123,500

)

(161,500

)

Unprovided deferred tax

83,025

43,268

Effect of prior year adjustment

-

18,469

Total tax credit

(37,281

)

(73,035

)