Karbon 192 Ltd Company accounts

Karbon 192 Ltd Company accounts

KARBON 192 LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09297093
Karbon 192 Ltd
Financial Statements
31 March 2022
Karbon 192 Ltd
Financial Statements
Year ended 31 March 2022
Contents
Page
Strategic report
1
Director's report
2
Independent auditor's report to the member
4
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Notes to the financial statements
11
Karbon 192 Ltd
Strategic Report
Year ended 31 March 2022
Results and performance The results of the company for the year, show a profit on ordinary activities before tax of £19,073,455 (2021: £16,993,818). The shareholders' funds of the company total £34,484,499 (2021: £19,720,805). The Director considers the performance of the company during 2022 to be satisfactory. The company remains profitable.
Business Environment The business environment continues to be a positive but challenging. Agility and strong balance sheet enabled Karbon 192 to continue to operate through the most difficult of times. Our strong leadership team, have and continue to look at new opportunities for growth and Karbon 192 is very confident that it will continue to grow and stay profitable.
Interest rate risk The nature of the company's activities and the basis of funding are such that the directors envisage the company has sufficient liquid resources. The company is not financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business. Nevertheless the directors continue to take steps to secure rates of interest which will generate the best return for the company.
This report was approved by the board of directors on 23 December 2022 and signed on behalf of the board by:
J Hodkinson
Director
Registered office:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Karbon 192 Ltd
Director's Report
Year ended 31 March 2022
The director presents his report and the financial statements of the company for the year ended 31 March 2022 .
Director
The director who served the company during the year was as follows:
J Hodkinson
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Future developments
The company has no planned future developments over and above the current activities.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is 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. He is 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 23 December 2022 and signed on behalf of the board by:
J Hodkinson
Director
Registered office:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Karbon 192 Ltd
Independent Auditor's Report to the Member of Karbon 192 Ltd
Year ended 31 March 2022
Qualified opinion
We have audited the financial statements of Karbon 192 Ltd (the 'company') for the year ended 31 March 2022 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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 effects of the matter described in the basis for qualified opinion section of our report, 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; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
Because we were appointed auditors of the Company after the year end in 2021, we were not able to observe the counting of the physical stock at the beginning or end of this period or satisfy ourselves concerning those stock quantities by alternative means. This has the impact on the the 2022 accounts that means that we cannot provide assurance on stock levels at the beginning of the year. Our audit opinion on the financial statements for the period ended 31 March 2022, was modified accordingly. We conducted our audit in accordance with International Standards on Auditing (ISAs). 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 United Kingdom, 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 audit opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report 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 director's report. We have nothing to report in respect of the following matters in relation to which 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indemnified areas as those most likely to have such an effect such as anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Thomas McManners BSc ACA ACMI
(Senior Statutory Auditor)
For and on behalf of
TTCA Ltd
Chartered accountants & statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
23 December 2022
Karbon 192 Ltd
Statement of Income and Retained Earnings
Year ended 31 March 2022
2022
2021
Note
£
£
Turnover
4
28,867,250
26,410,908
Cost of sales
9,344,554
9,305,882
-------------
-------------
Gross profit
19,522,696
17,105,026
Administrative expenses
928,549
142,709
-------------
-------------
Operating profit
5
18,594,147
16,962,317
Income from other fixed asset investments
9
466,273
–
Other interest receivable and similar income
10
14,208
31,501
Interest payable and similar expenses
11
1,173
–
-------------
-------------
Profit before taxation
19,073,455
16,993,818
Tax on profit
12
3,765,326
3,228,293
-------------
-------------
Profit for the financial year and total comprehensive income
15,308,129
13,765,525
-------------
-------------
Dividends paid and payable
13
( 544,435)
( 287,000)
Retained earnings at the start of the year
19,720,805
6,242,280
-------------
-------------
Retained earnings at the end of the year
34,484,499
19,720,805
-------------
-------------
All the activities of the company are from continuing operations.
Karbon 192 Ltd
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
14
1,841
2,804
Investments
15
23,673,260
–
-------------
-------
23,675,101
2,804
Current assets
Stocks
16
761,882
1,181,216
Debtors
17
2,928,081
3,043,448
Cash at bank and in hand
8,207,726
16,537,624
-------------
-------------
11,897,689
20,762,288
Creditors: amounts falling due within one year
18
1,088,191
1,044,187
-------------
-------------
Net current assets
10,809,498
19,718,101
-------------
-------------
Total assets less current liabilities
34,484,599
19,720,905
-------------
-------------
Net assets
34,484,599
19,720,905
-------------
-------------
Capital and reserves
Called up share capital
20
100
100
Profit and loss account
34,484,499
19,720,805
-------------
-------------
Shareholder funds
34,484,599
19,720,905
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 23 December 2022 , and are signed on behalf of the board by:
J Hodkinson
Director
Company registration number: 09297093
Karbon 192 Ltd
Statement of Cash Flows
Year ended 31 March 2022
2022
2021
£
£
Cash flows from operating activities
Profit for the financial year
15,308,129
13,765,525
Adjustments for:
Depreciation of tangible assets
1,621
1,402
Income from other fixed asset investments
( 466,273)
–
Other interest receivable and similar income
( 14,208)
( 31,501)
Interest payable and similar expenses
1,173
–
Tax on profit
3,765,326
3,228,293
Accrued (income)/expenses
( 788)
1,363,946
Changes in:
Stocks
419,334
( 1,181,216)
Trade and other debtors
115,367
( 637,028)
Trade and other creditors
( 121,708)
126,346
-------------
-------------
Cash generated from operations
19,007,973
16,635,767
Interest paid
( 1,173)
–
Interest received
14,208
31,501
Tax paid
( 3,598,826)
( 3,567,689)
-------------
-------------
Net cash from operating activities
15,422,182
13,099,579
-------------
-------------
Cash flows from investing activities
Purchase of tangible assets
( 658)
( 4,206)
Cash advances and loans granted
–
( 1,001,071)
Purchases of other investments
( 23,206,987)
–
-------------
-------------
Net cash used in investing activities
( 23,207,645)
( 1,005,277)
-------------
-------------
Cash flows from financing activities
Dividends paid
( 544,435)
( 287,000)
-------------
-------------
Net cash used in financing activities
( 544,435)
( 287,000)
-------------
-------------
Net (decrease)/increase in cash and cash equivalents
( 8,329,898)
11,807,302
Cash and cash equivalents at beginning of year
16,537,624
4,730,322
-------------
-------------
Cash and cash equivalents at end of year
8,207,726
16,537,624
-------------
-------------
Karbon 192 Ltd
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of these financial statements in conformity with United Kingdom Generally Accepted Accounting Practice requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include accrued income and deferred income .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2022
2021
£
£
Sale of goods
28,867,250
26,410,908
-------------
-------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2022
2021
£
£
Overseas
28,867,250
26,410,908
-------------
-------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2022
2021
£
£
Depreciation of tangible assets
1,621
1,402
Impairment of trade debtors
737,599
–
Foreign exchange differences
11,108
( 22,233)
---------
--------
6. Auditor's remuneration
2022
2021
£
£
Fees payable for the audit of the financial statements
8,190
7,800
-------
-------
7. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to:
2022
2021
No.
No.
Production staff
2
2
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2022
2021
£
£
Wages and salaries
92,844
50,796
Social security costs
6,372
1,191
Other pension costs
1,321
656
---------
--------
100,537
52,643
---------
--------
8. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2022
2021
£
£
Remuneration
8,844
8,796
-------
-------
9. Income from other fixed asset investments
2022
2021
£
£
Dividends from other fixed asset investments
4,153
–
Gain/(loss) on fair value adjustment to other fixed asset investments
462,120
–
---------
----
466,273
–
---------
----
10. Other interest receivable and similar income
2022
2021
£
£
Interest on cash and cash equivalents
14,208
31,501
--------
--------
11. Interest payable and similar expenses
2022
2021
£
£
Interest on banks loans and overdrafts
1,173
–
-------
----
12. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
3,765,326
3,228,293
------------
------------
Tax on profit
3,765,326
3,228,293
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
19,073,455
16,993,818
-------------
-------------
Profit on ordinary activities by rate of tax
3,623,956
3,228,825
Effect of expenses not deductible for tax purposes
142,014
–
Effect of capital allowances and depreciation
( 644)
( 532)
-------------
-------------
Tax on profit
3,765,326
3,228,293
-------------
-------------
13. Dividends
2022
2021
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
544,435
287,000
---------
---------
14. Tangible assets
Plant and machinery
£
Cost
At 1 April 2021
4,206
Additions
658
-------
At 31 March 2022
4,864
-------
Depreciation
At 1 April 2021
1,402
Charge for the year
1,621
-------
At 31 March 2022
3,023
-------
Carrying amount
At 31 March 2022
1,841
-------
At 31 March 2021
2,804
-------
15. Investments
Other investments other than loans
£
Cost
At 1 April 2021
–
Additions
23,206,987
Revaluations
466,273
-------------
At 31 March 2022
23,673,260
-------------
Impairment
At 1 April 2021 and 31 March 2022
–
-------------
Carrying amount
At 31 March 2022
23,673,260
-------------
At 31 March 2021
–
-------------
16. Stocks
2022
2021
£
£
Raw materials and consumables
761,882
1,181,216
---------
------------
17. Debtors
2022
2021
£
£
Trade debtors
1,259,650
637,028
Prepayments and accrued income
29,851
30,498
Other debtors
1,638,580
2,375,922
------------
------------
2,928,081
3,043,448
------------
------------
18. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
13,465
135,118
Accruals and deferred income
9,762
10,550
Corporation tax
1,056,509
890,009
Social security and other taxes
3,702
3,769
Other creditors
4,753
4,741
------------
------------
1,088,191
1,044,187
------------
------------
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 1,321 (2021: £ 656 ).
20. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
21. Analysis of changes in net debt
At 1 Apr 2021
Cash flows
At 31 Mar 2022
£
£
£
Cash at bank and in hand
16,537,624
(8,329,898)
8,207,726
-------------
------------
------------
Karbon 192 Ltd
Notes to the Financial Statements (continued)
Year ended 31 March 2022
22. Related party transactions
At the year end, the company was owed £1,638,323 by Springs and Berkley Ltd, a company of which J Hodkinson was a director and shareholder. Hodkinson Group AS Denmark, a company registered in Denmark owed the company £737,599, During the year, this loan was written off. Both of these loans are interest free, and are repayable on demand.