Morplan Limited - Limited company accounts 20.1

REGISTERED NUMBER: 03801026 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

MORPLAN LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

V Terradot

D Cohen

D Marcovici

SECRETARY:

D Cohen

REGISTERED OFFICE:

Unit 1

Temple Bank

Harlow

Essex

CM20 2DY

REGISTERED NUMBER:

03801026 (England and Wales)

AUDITORS:

BSR Bespoke Chartered Accountants

Chartered Accountants & Statutory Auditors

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

The directors present their strategic report for the year ended 31 December 2021.

PRINCIPAL PLACE OF BUSINESS

Morplan Limited is incorporated in the United Kingdom and is part of the Raja group of companies.

The company is a long established trade supplier to the retail industry and operates as an integrated distance selling operation complemented by retail outlets in London, Bristol, Glasgow and Birmingham and is supported by a nationwide distribution network.

REVIEW OF BUSINESS

I am pleased to report on the trading performance for the year ended 31st December 2021, a year in which Morplan, along with many other UK businesses continued to be heavily impacted by the continuation of the global pandemic.

Sales for the year got off to a slow start as the country was again subject to restrictions introduced to contain the Delta variant, which saw all non-essential retail shops, including Morplan's own regional stores, closed for the whole of Q1. Despite the early setback, demand increased during the remainder of the year and sales, whilst still below what we would expect in a normal year, ended 5% up on 2020 with the 4th quarter showing growth of 13%. A further consequence of a return towards more normal trading conditions was the necessity to write down £215K of PPE stock, shown as an exceptional item in these accounts, as demand fell for these products.

Whilst the company was again eligible for government support in the form of the Coronavirus Job Retention scheme, the closure of the scheme at the end of September 2021, coupled with the steady return to full time work of our employees as the business continued its recovery, resulted in a fall in other operating income of £561K over the previous year.

Other external factors outside of the company's control included the start (in H2) of the appreciable rise in global shipping costs, which we have seen continue into 2022 with only very recent softening of prices, but still some 5 times higher than 2 years ago. The company has taken all practical steps to mitigate the impact, but increased cost of goods and extended "dwell times", particularly from the Far East continues to present a challenge.

Turning to matters within our control, the previously announced transfer of our warehouse and logistics operation from our old unit in Harlow to a new 244,000 square foot warehouse in Milton Keynes was completed to plan. The operation, which included the relocation of 6,500 SKU's and was achieved with minimal loss in continuity of supply, now provides us with the opportunity to drive additional operational efficiencies into that part of the business and to further extend our product range, providing unrivalled choice to our customers. The project incurred £264K of exceptional costs which are shown in these accounts.

During the year we also took the opportunity to fulfill a long term aspiration to relocate our Bristol store from the south of the city, to a brand new building at Avonmouth in the West. The new property allows us to now display the widest possible product assortment in a range of inspirational settings, whilst providing easier access and reduced travel time to many existing and potential customers across the whole of the South West of the UK.

Whilst trading conditions remained difficult throughout 2021, a fact reflected in the overall result for the year and largely attributable to the economic outcomes of the pandemic, the directors remain confident in Morplan's underlying strength and leading market position. This confidence is underlined by the decision to commit to both major investment projects, in the shape of the relocation of the warehouse and the Bristol store and places the business in a position of unparalleled strength in the sector in which it operates. The additional warehouse space and the ability to leverage the Raja Group product assortment, particularly with the recent acquisition of Viking Stationery Group, allows us to better meet customer demand for our bestselling furniture range, whilst further diversifying by acquiring more e-commerce customers through the addition of more packaging products and to become more competitive across the entire retail spectrum when tendering for large projects.

Whilst the directors are mindful of the current risks, particularly the relatively high level of inflation and the uncertainty caused by recent world events, the overwhelming feeling for the business is one of optimism. Q1 2022 sales and profitability are well ahead of budget and more in line with pre-pandemic levels, as is footfall in UK high streets, particularly amongst Morplan's bedrock customers. There are also signs from our larger customers that they may have, at least in the short term, lost some of their appetite for sourcing directly from overseas manufacturers for their goods 'not for re-sale' and have instead been coming to Morplan as a trusted source for those products bringing areas of opportunity that Morplan has not seen for over 10 years.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks.

The key business risks affecting the company are considered to relate to the heightened uncertainty in the UK economy, from the competition faced by both national and independent retailers and product availability.

The company's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and currency risk.

Credit risk

The company has implemented policies that require appropriate credit checks on potential customers before sales over a certain credit limit are made. This is combined with careful profiling and ageing of the trade debtors and with a regular formal debtors review procedure.

The company takes what it deems to be appropriate checks on any financial institution which holds company cash and deposits and conducts formal reviews of the risks and competitiveness of the facilities under use.

Liquidity risk

The company utilises funding facilities from its bankers and parent company to meet its obligations and management uses a process of cash forecast modelling to monitor the company's ability to meet those obligations.

Currency risk

The company procures supplies from across the globe and pays for the goods in a variety of currencies and manages this risk by hedging in the form of forward contracts.

ON BEHALF OF THE BOARD:

D Cohen - Director

8 July 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a trade supplier to the retail industry.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

V Terradot

D Cohen

D Marcovici

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to set out in the strategic report the following information that is required to be stated in the directors' report:

An indication of the likely future developments of the business of the company.

The principal risks and uncertainties faced by the company.

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.

In preparing the financial statements the directors are required to state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, BSR Bespoke Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D Cohen - Director

8 July 2022

Opinion

We have audited the financial statements of Morplan Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of 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 December 2021 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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 this gives rise to a material misstatement in the financial statements themselves. 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 page 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the client and determined that the most significant are:

- The form and content of the financial statements, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006

- UK Employment Law and data protection, and

- International Organisation for Standardization, including, ISO9001, ISO14001 and ISO45001

We gathered an understanding of how the entity is complying with the above frameworks by enquiring and observing management and those charged with governance, ensuring there is a culture of honesty with an emphasis on fraud prevention which may reduce opportunities for fraud to occur as well as acting as a deterrent.

We assessed the susceptibility of the financial statements to material misstatement due to fraud, by making an assessment of the key fraud risks, the manner in which any such risks may materialise, our knowledge of the client and an assessment of the current business environment.

We designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed additional audit procedures to address each identified fraud risk to obtain reasonable assurance that the financial statements were free of fraud or error.

There are inherent limitations in the audit procedures described above, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

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.

Stephen Pocock (Senior Statutory Auditor)

for and on behalf of BSR Bespoke Chartered Accountants

Chartered Accountants & Statutory Auditors

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

28 September 2022

TURNOVER

3

13,158,943

12,558,293

Cost of sales

6,388,151

5,838,736

GROSS PROFIT

6,770,792

6,719,557

Distribution costs

4,960,956

4,700,226

Administrative expenses

3,749,198

3,704,216

8,710,154

8,404,442

(1,939,362

)

(1,684,885

)

Other operating income

4

255,029

841,002

OPERATING LOSS

6

(1,684,333

)

(843,883

)

Interest receivable and similar income

-

797

(1,684,333

)

(843,086

)

(Loss)/profit on derivatives

-

8,097

LOSS BEFORE TAXATION

(1,684,333

)

(834,989

)

Tax on loss

8

(172,287

)

(93,742

)

LOSS FOR THE FINANCIAL YEAR

(1,512,046

)

(741,247

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,512,046

)

(741,247

)

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,266,456

1,462,325

1,266,456

1,462,325

CURRENT ASSETS

Stocks

11

4,329,094

4,363,672

Debtors

12

4,124,399

2,118,218

Cash at bank and in hand

40,506

1,530,794

8,493,999

8,012,684

CREDITORS

Amounts falling due within one year

13

5,094,590

3,104,054

NET CURRENT ASSETS

3,399,409

4,908,630

TOTAL ASSETS LESS CURRENT LIABILITIES

4,665,865

6,370,955

PROVISIONS FOR LIABILITIES

16

169,604

362,648

NET ASSETS

4,496,261

6,008,307

CAPITAL AND RESERVES

Called up share capital

17

1,000,000

1,000,000

Retained earnings

18

3,496,261

5,008,307

SHAREHOLDERS' FUNDS

4,496,261

6,008,307

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2022 and were signed on its behalf by:

D Marcovici - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2020

1,000,000

5,749,554

6,749,554

Changes in equity

Total comprehensive income

-

(741,247

)

(741,247

)

Balance at 31 December 2020

1,000,000

5,008,307

6,008,307

Changes in equity

Total comprehensive income

-

(1,512,046

)

(1,512,046

)

Balance at 31 December 2021

1,000,000

3,496,261

4,496,261

1.	STATUTORY INFORMATION

Morplan 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 presented in Sterling (£).

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position, including a detailed Covid-19 assessment, are set out in the Strategic Report. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exceptions 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,

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

Turnover

Turnover is recognised when it is probable that future economic benefits will flow to the company from the sale of goods and services and is measured as the fair value of consideration which the company expects to receive from those transactions. Sales of goods are recognised at the point of sale or on delivery of the goods and when the risks and rewards of ownership have passed to the customer. Turnover from services is recognised when the services are provided.

Turnover from internet sales is recognised at the point when the goods are despatched to the customer.

Turnover is recognised net of returns and of trade discounts and is shown exclusive of value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

10% on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Computer equipment

-

at varying rates on cost

Stocks

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

Cost is determined on a weighted average basis.

Financial instruments

The company enters into basic financial instruments that give rise to financial assets and financial liabilities including trade and other debtors, trade and other creditors, bank account balances, bank loans and other loans and borrowings and investments in certain non puttable and non convertible equity instruments.

Debt instruments which are not payable or receivable within one year are initially accounted for at the transaction price and are subsequently accounted for at amortised cost using the effective interest method. Debt instruments payable and receivable within one year are measured at their undiscounted cash amounts. Where the debt instruments are treated as a financing transaction, then the financial asset or liability is measured at the present value of future cash flows based on a market rate of interest. Debt instruments which are treated as financial assets and accounted for at amortised cost are also assessed for impairment.

Equity instruments are initially accounted for at transaction price. They are subsequently accounted for at cost unless they can be accounted for at fair value based on a readily available market price in an active market. Equity instruments which are treated as financial assets and accounted for at cost are also assessed for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

The financial statements are presented in Sterling, which is also the functional currency of the Company. Transactions in currencies other than the functional currency of the Company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Provisions

Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation.

Pension costs

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the company and operated independently by Aegon Scottish Equitable.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3.

TURNOVER

Of the company's total turnover 95% (2020: 93%) is attributable to the UK market and 5% (2020: 7%) to Non-UK markets. All turnover is originated in the UK.

4.	OTHER OPERATING INCOME

Included within other operating income is £255,029 (2020: £816,002) in respect of the Coronavirus Job Retention Scheme (CJRS).

5.	EMPLOYEES AND DIRECTORS

31.12.21

31.12.20

£

£

Directors' remuneration

-

-

6.	OPERATING LOSS

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

31.12.21

31.12.20

£

£

Depreciation - owned assets

442,974

475,431

Loss/(profit) on disposal of fixed assets

59,812

(2,284

)

Fees payable for the audit

22,225

42,879

Foreign exchange loss/(gain)

24,060

(93,871

)

Other operating leases

925,385

905,060

7.	EXCEPTIONAL ITEMS

31.12.21

31.12.20

£

£

Cost of sales

PPE stock write off

215,038

-

31.12.21

31.12.20

£

£

Administrative expenses

Redundancy costs due to warehouse closure

227,477

-

Additional rent paid due to warehouse closure

36,080

-

263,557

-

8.

TAXATION

Analysis of the tax credit

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

31.12.21

31.12.20

£

£

Current tax:

UK corporation tax

(64,962

)

(93,750

)

Deferred tax

(107,325

)

8

Tax on loss

(172,287

)

(93,742

)

Reconciliation of total tax credit included in profit and loss

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

31.12.21

31.12.20

£

£

Loss before tax

(1,684,333

)

(834,989

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2020 - 19%)

(320,023

)

(158,648

)

Effects of:

Expenses not deductible for tax purposes

34,066

4,495

Depreciation in excess of capital allowances

66,195

60,452

Adjustments to tax charge in respect of previous periods

-

(49

)

differences

Deferred tax

(107,325

)

8

Loss carried forward

154,800

-

Total tax credit

(172,287

)

(93,742

)

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

10,530,953

AMORTISATION

At 1 January 2021

and 31 December 2021

10,530,953

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

10.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

707,935

450,455

282,612

1,510,146

2,951,148

Additions

201,255

2,350

-

103,313

306,918

Disposals

(20,456

)

(129,175

)

(48,883

)

-

(198,514

)

At 31 December 2021

888,734

323,630

233,729

1,613,459

3,059,552

DEPRECIATION

At 1 January 2021

420,528

251,190

185,019

632,086

1,488,823

Charge for year

62,140

36,285

27,049

317,500

442,974

Eliminated on disposal

(13,214

)

(97,511

)

(27,976

)

-

(138,701

)

At 31 December 2021

469,454

189,964

184,092

949,586

1,793,096

NET BOOK VALUE

At 31 December 2021

419,280

133,666

49,637

663,873

1,266,456

At 31 December 2020

287,407

199,265

97,593

878,060

1,462,325

11.

STOCKS

31.12.21

31.12.20

£

£

Raw materials

181,209

96,095

Finished goods

4,147,885

4,267,577

4,329,094

4,363,672

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

1,536,024

968,248

Other debtors

2,350,135

976,692

Corporation tax recoverable

238,240

173,278

4,124,399

2,118,218

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

1,760,744

1,468,380

Social security and other taxes

312,591

330,328

Other creditors

710,405

537,272

Accruals

2,310,850

768,074

5,094,590

3,104,054