Sargents Bakeries Limited - Limited company accounts 20.1

REGISTERED NUMBER: 06301340 (England and Wales)

Sargents Bakeries Limited

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 30 June 2021

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

D S Gallagher

J C Lill

M Izzard

M Yusuf

P H Hartshorn

SECRETARY:

M Yusuf

REGISTERED OFFICE:

Unit G

Sett End Road

Shadsworth Business Park

Blackburn

BB1 2PT

REGISTERED NUMBER:

06301340 (England and Wales)

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

BANKERS:

HSBC

1 High Street

Doncaster

South Yorkshire

DN1 1EE

The directors present their strategic report for the year ended 30 June 2021.

REVIEW OF BUSINESS

The company's principal activity during the period ended 30 June 2021 continued to be that of the manufacture of bakery and confectionery products.

The company operates from one site in the UK and produces high volume products. It has consolidated its position with the major supermarkets during the period while continuing to look for new trading opportunities for the future.

2020/2021

2019/2020

£m

£m

Sales

23.796

23.495

Gross (loss)/profit

(3.634)

4.818

EBITDA

(7.402)

1.700

Depreciation

0.363

0.300

Operating (loss)/profit

(7.950)

1.400

During the year it was identified that there was a substantial amount of old and unusable stock held by the company. A further review of all assets and liabilities has subsequently been performed by the new management team following the acquisition of the company by Bright Blue Foods Limited in August 2021. As a result, the stock held at the balance sheet date has been written down to its recoverable amount in the year to 30 June 2021 and has contributed towards the loss that has been generated.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the business are:

i) The general economic environment impacting on consumer spending.

ii) Continuing increase in competition in the market for bakery and confectionery products.

iii) Price pressure from the major supermarkets.

iv) Fluctuation in exchange rates.

v) Fluctuation in price and worldwide availability of raw materials.

vi) The impact of Covid -19 on business operations.

FINANCIAL KEY PERFORMANCE INDICATORS

Financial Key Performance Indicators for the company are considered to be cost of raw materials, cost of labour, level of sales and gross profit margin.

Sales

£23.796m (2020: £23.495m)

Gross profit margin

(15.3)% (2020: 20.5%)

EBITDA

(7.402m) (2020:1.700m)

COVID-19

The company has implemented procedures to limit the impact of Covid-19 on the business including providing suitable PPE to staff, limiting access by third parties to the company premises and generating a Covid secure environment for employees, customers and suppliers. The company has been able to continue production as a key trade during all three national lockdowns to date.

ON BEHALF OF THE BOARD:

J C Lill - Director

22 March 2022

The directors present their report with the financial statements of the company for the year ended 30 June 2021.

DIVIDENDS

No dividends will be distributed for the year ended 30 June 2021.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

Directors in office during the year to 30 June 2021:

I D Allen

E Tsagaris - appointed 5 February 2021

Directors appointed since the year end:

D S Gallagher, J C Lill, M Izzard, M Yusuf and P H Hartshorn were appointed as directors on 28 August 2021.

Directors resigned since the year end:

E Tsagaris ceased to be a director on 20 August 2021.

I D Allen ceased to be a director on 28 August 2021.

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:

J C Lill - Director

22 March 2022

Qualified Opinion

We have audited the financial statements of Sargents Bakeries Limited (the 'company') for the year ended 30 June 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, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:

-

give a true and fair view of the company's affairs as at 30 June 2021 and of the company's 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 qualified opinion

With reference to stocks with a carrying value of £7,486,169 as at 30 June 2020 the audit evidence available to us was limited in respect of existence and condition. Owing to the Covid-19 pandemic we were unable to attend a stocktake at 30 June 2020. Whilst we were able to carry out alternative procedures to obtain sufficient audit evidence concerning the valuation of stocks at 30 June 2020, we were unable to do so regarding the completeness and condition of stocks at that date. Consequently we were unable to determine whether any adjustment to this amount was necessary and we were not able to assess the impact of any fraud on the value of stock at that date.

In respect of stocks with a carrying value of £3,686,038 as at 30 June 2021 the audit evidence available to us was limited in respect of existence and condition of the stock at 30 June 2021. We attended a stocktake after the year end but the records to reconcile the stockholdings at the date of attendance with those at 30 June 2021 were not retained. Whilst we were able to carry out alternative procedures to obtain sufficient audit evidence concerning the valuation of stocks at 30 June 2021, we were unable to do so regarding the completeness and condition of stocks at that date. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustments required to the value of stocks at 30 June 2020 or 2021, the Strategic Report would also need to be amended.

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 Auditor's 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 qualified opinion.

Material uncertainty relating to going concern

We draw attention to note 2 to the financial statements, which indicates that the loss arising in the year has resulted in a net deficiency of assets in the company at the year end. As stated in note 2, these events and conditions, along with other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. Our evaluation of the directors' assessment of the entity's ability to continue to adopt the going concern basis of accounting included review of profit and loss projections and management information and reviewing a written undertaking by the parent company of its continued support of the company for a period of at least twelve months from the date of approval of the financial statements.

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

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the completeness and condition of stocks of £7,486,169 held at 30 June 2020 and £3,686,038 held at 30 June 2021. We have concluded that where the other information refers to stocks or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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 Director.

Arising solely from the limitation on the scope of our work relating to stocks at 30 June 2020 and at 30 June 2021, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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

-	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.

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.

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

- Enquiry of management, those charged with governance around actual and potential litigation and claims;

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Steven Pepper FCA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

22 March 2022

TURNOVER

3

23,796,171

23,495,486

Cost of sales

27,429,718

18,677,180

GROSS (LOSS)/PROFIT

(3,633,547

)

4,818,306

Administrative expenses

4,342,282

3,519,185

(7,975,829

)

1,299,121

Other operating income

25,334

101,064

OPERATING (LOSS)/PROFIT

5

(7,950,495

)

1,400,185

Interest receivable and similar income

-

140

(7,950,495

)

1,400,325

Interest payable and similar expenses

6

189,511

138,560

(LOSS)/PROFIT BEFORE TAXATION

(8,140,006

)

1,261,765

Tax on (loss)/profit

7

(664,932

)

195,934

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(7,475,074

)

1,065,831

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(7,475,074

)

1,065,831

FIXED ASSETS

Tangible assets

8

881,718

1,185,152

CURRENT ASSETS

Stocks

9

3,686,038

7,486,169

Debtors

10

3,342,733

3,741,965

Cash at bank and in hand

11,408

4,470

7,040,179

11,232,604

CREDITORS

Amounts falling due within one year

11

12,017,734

8,881,919

NET CURRENT (LIABILITIES)/ASSETS

(4,977,555

)

2,350,685

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,095,837

)

3,535,837

PROVISIONS FOR LIABILITIES

14

-

156,600

NET (LIABILITIES)/ASSETS

(4,095,837

)

3,379,237

CAPITAL AND RESERVES

Called up share capital

15

1

1

Retained earnings

(4,095,838

)

3,379,236

SHAREHOLDERS' FUNDS

(4,095,837

)

3,379,237

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2022 and were signed on its behalf by:

J C Lill - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 July 2019

1

2,313,405

2,313,406

Changes in equity

Total comprehensive income

-

1,065,831

1,065,831

Balance at 30 June 2020

1

3,379,236

3,379,237

Changes in equity

Total comprehensive income

-

(7,475,074

)

(7,475,074

)

Balance at 30 June 2021

1

(4,095,838

)

(4,095,837

)

1.	STATUTORY INFORMATION

Sargents Bakeries 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.

Notwithstanding the loss arising in the year of £7,475,074 and the deficiency in net assets of £4,095,837 at the year end, the accounts have been prepared on the going concern basis. At the year end, creditors include £7,373,251 owed to the holding company SPL Real Estate Limited. On 26 August 2021 SPL Real Estate Limited executed a deed of release reducing the amount owing at that date including interest from £9,120,480 to £4,760,000 and the net sum released of £4,360,480 will be credited to the profit and loss account in the year ended 30 June 2022. As indicated in note 17, the share capital in the company was acquired by Bright Blue Foods Limited which has provided an undertaking to continue to support the company for a period of at least twelve months from the date of approval of the financial statements.

The directors therefore consider this basis to be appropriate for a period of at least twelve months from the date of approval of these financial statements as they anticipate the deficiency will be eliminated by the generation of profits in the foreseeable future and creditors will continue to be paid as they fall due.

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.

The company is included in the published financial statements of SPL Real Estate Limited. The group financial statements are available for inspection at the registered office; 1 Ogden Road, Shaw Lane Industrial Estate, Doncaster DN2 4SE. Alternatively they can be found at Companies House.

Turnover

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

Tangible fixed assets

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

Improvements to property

-

Over the period of the lease

Plant and machinery

-

10% or 20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

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

Finished goods are valued as the sum of the component ingredients, packaging, labour and overheads.

Financial instruments

The company only holds basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 10. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 11. Taxation and social security are not included in the financial instruments disclosure definition.

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.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Grants

Grants received in respect of revenue expenditure are credited to the profit and loss account in the year to which they relate.

3.

TURNOVER

The turnover and loss (2020 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2021

2020

£

£

United Kingdom

22,443,284

21,962,656

Europe

1,352,887

1,415,974

Australia

-

116,856

23,796,171

23,495,486

Income recognised in the period arose from the following:

Year Ended

Year Ended

30.6.2021

30.6.2020

£

£

Sale of goods

23,796,171

23,495,486

Sundry income

22,066

101,064

Government grants

3,268

-

Other interest

-

140

23,821,505

23,596,690

4.	EMPLOYEES AND DIRECTORS

2021

2020

£

£

Wages and salaries

5,636,148

4,605,093

Social security costs

227,471

178,984

Other pension costs

53,390

44,388

5,917,009

4,828,465

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

2021

2020

Administrative staff

18

16

Engineering staff

8

7

Production staff

53

54

79

77

2021

2020

£

£

Directors' remuneration

-

-

5.	OPERATING (LOSS)/PROFIT

The operating loss (2020 - operating profit) is stated after charging:

2021

2020

£

£

Hire of plant and machinery

25,107

18,968

Other operating leases

401,118

363,618

Depreciation - owned assets

363,080

300,116

Loss on disposal of fixed assets

5,552

-

Auditors' remuneration

3,150

3,125

Foreign exchange differences

601

22,746

Impairment losses

185,138

-

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2021

2020

£

£

Other interest

188,170

138,560

Corporation tax interest

1,341

-

189,511

138,560

7.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2021

2020

£

£

Current tax:

UK corporation tax

(508,332

)

183,107

Adjustment for earlier years

-

(47,113

)

Total current tax

(508,332

)

135,994

Deferred tax

(156,600

)

59,940

Tax on (loss)/profit

(664,932

)

195,934

Reconciliation of total tax (credit)/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:

2021

2020

£

£

(Loss)/profit before tax

(8,140,006

)

1,261,765

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

(1,546,601

)

239,735

Effects of:

Expenses not deductible for tax purposes

38,144

-

Adjustments to tax charge in respect of previous periods

-

(47,113

)

Depreciation of ineligible assets

3,870

4,976

Revenue expenditure capitalised

-

(1,664

)

Group loss relief

80,101

-

Other tax adjustments

(112,953

)

-

Losses carried forward

872,507

-

Total tax (credit)/charge

(664,932

)

195,934

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 July 2020

249,352

2,948,451

60,845

Additions

4,790

230,742

-

Disposals

-

(10,185

)

-

Impairments

(29,449

)

(203,459

)

-

At 30 June 2021

224,693

2,965,549

60,845

DEPRECIATION

At 1 July 2020

92,329

1,945,564

50,733

Charge for year

58,258

291,003

3,674

Eliminated on disposal

-

(4,633

)

-

Impairments

(3,681

)

(44,088

)

-

At 30 June 2021

146,906

2,187,846

54,407

NET BOOK VALUE

At 30 June 2021

77,787

777,703

6,438

At 30 June 2020

157,023

1,002,887

10,112

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2020

8,752

69,453

3,336,853

Additions

-

14,805

250,337

Disposals

-

-

(10,185

)

Impairments

-

-

(232,908

)

At 30 June 2021

8,752

84,258

3,344,097

DEPRECIATION

At 1 July 2020

8,752

54,323

2,151,701

Charge for year

-

10,145

363,080

Eliminated on disposal

-

-

(4,633

)

Impairments

-

-

(47,769

)

At 30 June 2021

8,752

64,468

2,462,379

NET BOOK VALUE

At 30 June 2021

-

19,790

881,718

At 30 June 2020

-

15,130

1,185,152

9.

STOCKS

2021

2020

£

£

Packaging

947,952

1,696,949

Raw materials

1,631,049

2,870,036

Finished goods

1,107,037

2,919,184

3,686,038

7,486,169