Green Retreats Limited - Limited company accounts 22.3

REGISTERED NUMBER: 08305447 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2022

for

Green Retreats Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

M O J Bairstow

S P Ould

R C Wetherall

L P Wetherall

REGISTERED OFFICE:

Hangar 4 Westcott Venture Park

Westcott

Aylesbury

Buckinghamshire

HP18 0XB

REGISTERED NUMBER:

08305447 (England and Wales)

AUDITORS:

Just Audit Limited

Chartered Accountants and Statutory Auditors

Strelley Hall

Main Street

Strelley

Nottingham

NG8 6PE

The directors present their strategic report for the year ended 31 March 2022.

REVIEW OF BUSINESS

The continued easing of restrictions for the Coronavirus Pandemic caused significant supply chain issues as demand for global goods increased. Domestically, the pandemic, along with Brexit, also created a shortage of labour as the labour market available shrank. Global factors also caused significant increases in core costs of materials resulting in significant global inflation of material and energy costs. Despite these challenging conditions Green Retreats have managed to continue to increase turnover year on year. Green Retreats' market position and brand allowed us to continue to take advantage of consumer demand for more "home space" and the increase in work from home requirements. Revenue was above forecast, up by 41% on previous year, returning a 26% increase in operating profit.

These four measures, future orders, current lead time calculations, operating profit and operating profit percentage, continue to be the main key performance indicators of the business.

Considering the continued Brexit and supply chain challenges and the challenges of dealing with external global headwinds during the year Green Retreats performance was above expectations in 2021-22.

Despite this, customer satisfaction levels have remained high as is evidenced by the company's 'Excellent' rating on the independent review platform, Trustpilot.

Cash balances remain strong, with total equity showing an increase of £328,196. The balance sheet on page 7 shows that the net assets of the company have increased from £3,529,898 to £3,858,094 which the directors feel places Green Retreats in a great position to take advantage as we move forward.

PRINCIPAL RISKS AND UNCERTAINTIES

We continue to see strong demand for our products, and we are expanding our production and installation capacity to meet this demand.

The greatest challenge will be supply chain issues and labour shortages as a result of increased demand across the market will remain at the top of the risks identified. Global uncertainty and conflicts create uncertainty for consumer confidence going forward and high energy and material costs will continue to pressure our margins. However, Green Retreats' position as we enter the new financial year, our relationship with our key suppliers, and the work management have carried out to mitigate these risks, put us in a strong position to manage these risks.

The risk of potential economic instability could impact consumer confidence and may lead to higher cancellation rates.

There still remains a strong desire for our products driven by homeowners wishing to extend their living, office, and leisure space quickly and economically.

The overall market is more competitive, with a high number of new entrants to the market offering similar products to Green Retreats and offering discounts and incentives to maintain business. Entry into the market is relatively easy with low start-up costs, resulting in short-term disruption and confusion to potential customers as they come and go. However, we believe that our size, strong brand and financial strength will continue to differentiate us from our competition.

FUTURE DEVELOPMENTS

Maintaining our market position and managing the impact of high inflation is paramount. We continue to work with Kevin McCloud as brand ambassador which will greatly increase customer confidence and loyalty. All elements of the websites are being improved, and social media exposure, online advertising and video content will all be enhanced.

The opening of a new factory in July 2022 increased our footprint and greatly expanded our manufacturing and installation capacity.

Green Retreats is in a very strong position to increase its market share with greater economies of scale, larger cash reserves and capacity to expand without increasing overhead proportionately.

Using our position will see us expand our product offering as we continue to build on our brand.

Green Retreats forecast for 2022/23 is for revenue and profit to continue to increase year on year.

ON BEHALF OF THE BOARD:

M O J Bairstow - Director

24 November 2022

The directors present their report with the financial statements of the company for the year ended 31 March 2022.

PRINCIPAL ACTIVITY

The company's principal activity during the year continued to be the manufacture and installation of garden offices and studios.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2022 will be £4,540,888.

DIRECTORS

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

M O J Bairstow

S P Ould

R C Wetherall

L P Wetherall

ENGAGEMENT WITH EMPLOYEES

We have an experienced, diverse and dedicated workforce which we recognise as a key asset of our business. Therefore, it is important that we continue to create the right environment to encourage and create opportunities for individuals and teams to realise their potential. To this end we ensure a personal relationship with our employees ensuring agile working patterns and opportunity to share ideas and make a difference through diversity and inclusion.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, Section 414C(11) to set out in the company's strategic report information to be contained in the Report of the Directors.

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 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.

ON BEHALF OF THE BOARD:

M O J Bairstow - Director

24 November 2022

Opinion

We have audited the financial statements of Green Retreats Limited (the 'company') for the year ended 31 March 2022 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 March 2022 and of its profit 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 three, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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 by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Rachel Davis BA FCA (Senior Statutory Auditor)

for and on behalf of Just Audit Limited

Chartered Accountants and Statutory Auditors

Strelley Hall

Main Street

Strelley

Nottingham

NG8 6PE

24 November 2022

TURNOVER

4

35,162,840

24,913,459

Cost of sales

20,542,132

13,805,013

GROSS PROFIT

14,620,708

11,108,446

Administrative expenses

8,628,937

6,767,224

5,991,771

4,341,222

Other operating income

23,757

420,459

OPERATING PROFIT

6

6,015,528

4,761,681

Profit on sale of fixed assets

7

90,933

15,650

6,106,461

4,777,331

Interest receivable and similar income

461

515

6,106,922

4,777,846

Interest payable and similar expenses

8

42,615

8,707

PROFIT BEFORE TAXATION

6,064,307

4,769,139

Tax on profit

9

1,195,223

914,882

PROFIT FOR THE FINANCIAL YEAR

4,869,084

3,854,257

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,869,084

3,854,257

FIXED ASSETS

Intangible assets

11

513,335

641,668

Tangible assets

12

2,437,310

1,674,007

2,950,645

2,315,675

CURRENT ASSETS

Stocks

13

1,950,872

1,442,248

Debtors

14

3,427,478

3,848,223

Cash at bank

3,806,290

3,723,684

9,184,640

9,014,155

CREDITORS

Amounts falling due within one year

15

6,048,357

5,695,232

NET CURRENT ASSETS

3,136,283

3,318,923

TOTAL ASSETS LESS CURRENT LIABILITIES

6,086,928

5,634,598

CREDITORS

Amounts falling due after more than one year

16

(2,107,686

)

(2,102,906

)

PROVISIONS FOR LIABILITIES

20

(121,148

)

(1,794

)

NET ASSETS

3,858,094

3,529,898

CAPITAL AND RESERVES

Called up share capital

21

1,347

1,347

Share premium

22

33,891

33,891

Retained earnings

22

3,822,856

3,494,660

SHAREHOLDERS' FUNDS

3,858,094

3,529,898

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2022 and were signed on its behalf by:

R C Wetherall - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2020

800

2,889,379

-

2,890,179

Changes in equity

Issue of share capital

547

-

33,891

34,438

Dividends

-

(3,248,976

)

-

(3,248,976

)

Total comprehensive income

-

3,854,257

-

3,854,257

Balance at 31 March 2021

1,347

3,494,660

33,891

3,529,898

Changes in equity

Dividends

-

(4,540,888

)

-

(4,540,888

)

Total comprehensive income

-

4,869,084

-

4,869,084

Balance at 31 March 2022

1,347

3,822,856

33,891

3,858,094

1.	STATUTORY INFORMATION

Green Retreats 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 preparation

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 presentation currency is the Pound Sterling.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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 requirement of paragraph 3.17(d).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Intangible fixed assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

The only intangible fixed asset is the company's goodwill, £1,000,000 of which arose on 1 December 2012 when trade was transferred to Green Retreats Limited from Green Retreats LLP. The balance of £550,000 arose following the transfer of assets from Reeves Designs Limited on 1 April 2016.

Following the transition to FRS102, the goodwill is being amortised over 10 years as it is not possible to estimate its useful economic life

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Buildings

12.5% straight line

Plant and machinery

25% straight line

Motor vehicles

20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

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 tax

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.

Leased assets

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

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.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Supply chain issues and labour shortages continued to have wide reaching implications during the financial year. However, Green Retreats Ltd has continued to see growth and has sufficient reserves to cover any future implications. As such, the directors believe that it will have no effect on the going concern of the business and have prepared the accounts on the going concern basis.

The potential continued impacts of Brexit, such as supply chain, have been considered and in the opinion of the directors, and with the transitional period deadline having passed, these risks have been managed and kept to a minimum.

No other individual judgement is considered to have a significant impact upon the financial statements, apart from those involving estimations, which are detailed below:

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.

Goodwill

On incorporation and acquisition of the subsidiary undertaking (now dissolved), the directors estimated the value of goodwill in the businesses. This is regularly reviewed for impairment based on the trading position. Goodwill is being amortised evenly over 10 years from the date of transition to FRS 102, as it is not possible to estimate its useful economic life.

Depreciation

Tangible assets are depreciated over their anticipated useful lives, taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually, and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation and product life cycles are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

4.

TURNOVER

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

An analysis of turnover by class of business is given below:

2022

2021

£

£

Sales of goods and services

35,162,840

24,913,459

35,162,840

24,913,459

An analysis of turnover by geographical market is given below:

2022

2021

£

£

United Kingdom

35,162,840

24,913,459

35,162,840

24,913,459

5.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

8,471,064

6,534,838

Social security costs

833,183

622,539

Other pension costs

103,893

84,492

9,408,140

7,241,869

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

2022

2021

Administration

41

33

Development

6

5

Distribution

10

7

Manufacturing

158

118

Marketing

7

6

Sales

46

42

268

211

2022

2021

£

£

Directors' remuneration

922,717

933,546

Information regarding the highest paid director is as follows:

2022

2021

£

£

Emoluments etc

241,480

207,718

6.	OPERATING PROFIT

The operating profit is stated after charging:

2022

2021

£

£

Hire of plant and machinery

38,321

18,200

Other operating leases

580,505

412,246

Depreciation - owned assets

454,604

390,275

Depreciation - assets on hire purchase contracts

504,536

226,695

Goodwill amortisation

128,333

128,333

Audit services

18,000

9,000

7.	EXCEPTIONAL ITEMS

2022

2021

£

£

Profit on sale of fixed assets

90,933

15,650

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Bank loan interest

20,135

-

Other loans

-

388

Hire purchase

22,480

8,319

42,615

8,707

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2022

2021

£

£

Current tax:

UK corporation tax

1,073,174

938,771

Under/(over) provision in prior year

2,695

-

Total current tax

1,075,869

938,771

Deferred tax

119,354

(23,889

)

Tax on profit

1,195,223

914,882

Reconciliation of total tax charge 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:

2022

2021

£

£

Profit before tax

6,064,307

4,769,139

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2021 - 19%)

1,152,218

906,136

Effects of:

Expenses not deductible for tax purposes

29,719

8,746

Adjustments to tax charge in respect of previous periods

16,326

-

Tax reduction in respect of super deduction

(32,117

)

-

Increase in rate of deferred tax provision

29,077

-

Total tax charge

1,195,223

914,882

From 1st April 2023, under current legislation, the corporation tax main rate for non-ring fenced profits will be increased to 25% applying to profits over £250,000.

10.

DIVIDENDS

2022

2021

£

£

Ordinary shares of £0.01 each

Interim

4,540,888

3,248,976

11.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

1,550,000

AMORTISATION

At 1 April 2021

908,332

Amortisation for year

128,333

At 31 March 2022

1,036,665

NET BOOK VALUE

At 31 March 2022

513,335

At 31 March 2021

641,668

12.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Buildings

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2021

753,103

524,441

145,624

2,348,173

3,771,341

Additions

-

207,466

166,896

1,363,899

1,738,261

Disposals

-

-

-

(389,738

)

(389,738

)

At 31 March 2022

753,103

731,907

312,520

3,322,334

5,119,864

DEPRECIATION

At 1 April 2021

321,578

411,281

92,886

1,271,589

2,097,334

Charge for year

93,638

96,914

70,248

698,340

959,140

Eliminated on disposal

-

-

-

(373,920

)

(373,920

)

At 31 March 2022

415,216

508,195

163,134

1,596,009

2,682,554

NET BOOK VALUE

At 31 March 2022

337,887

223,712

149,386

1,726,325

2,437,310

At 31 March 2021

431,525

113,160

52,738

1,076,584

1,674,007

Tangible fixed assets include £1,289,162 (2021: £775,525) of assets held under finance leases and hire purchase contracts.

13.

STOCKS

2022

2021

£

£

Raw materials and consumables

1,950,872

1,442,248

14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,109,632

2,940,876

Other debtors

1,067,655

631,361

Prepayments and accrued income

250,191

275,986

3,427,478

3,848,223

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 17)

333,333

333,333

Hire purchase contracts (see note 18)

440,993

305,227

Trade creditors

1,778,355

1,438,599

Tax

451,735

343,513

Social security and other taxes

530,833

582,980

Other creditors

25,391

20,070

Customer deposits

2,221,159

2,450,925

Accruals

266,558

220,585

6,048,357

5,695,232