A10 Boiler Spares Limited - Limited company accounts 22.3

REGISTERED NUMBER: 06759262 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

A10 BOILER SPARES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

P D Vicary

Mrs D A Vicary

Ms H K Vicary

N J Boland

L P Cavalier

J Rowlingson

REGISTERED OFFICE:

7 Cheapside

Palmers Green

London

N13 5ED

REGISTERED NUMBER:

06759262 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

ACCOUNTANTS:

Abbey Accountants Limited

Old Bishops' College

Churchgate

Cheshunt

Hertfordshire

EN8 9XP

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

REVIEW OF BUSINESS

The performance and profitability of the company is in line with forecasts, with improvements noted in most of the key performance indicators in the year.

Key performance indicators

The key performance indicators for the company are turnover, operating profit, net profit margins and EBITDA.

Turnover increased from £13,575,548 to £15,805,821, an increase of 16.43%.

Operating profit decreased £1,357,631 to £1,201,108.

The net profit margin decreased in the year, changing from 11.55% to 7.85% in 2022.

EBITDA, which indicates underlying trading performance, decreased from £1,403,188 in 2021 to £1,294,300 in 2022.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial and liquidity risks

The company operates in the UK and is exposed to both general economic conditions and specific conditions in the heating and engineering industry.

The directors continue to be proactive in their response to trading conditions and in their efforts to pursue new customers to increase the company's potential customer base and revenue.

The availability of operating capital is crucial to ensure that the company has sufficient funds to meet their liabilities as they fall due. The company manages this by reviewing the cash flow daily and maintaining a healthy level of surplus cash within the business.

Operational risks

Health and safety - all staff are provided with comprehensive training to ensure they are fully compliant with the relevant legislation and guidelines, are all aware of the risks they are undertaking and how they can help to mitigate them.

ON BEHALF OF THE BOARD:

P D Vicary - Director

17 February 2023

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of boilers and parts.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary A £1 shares

£4000

- 28 February 2022

£4400

- 25 March 2022

£8400

Ordinary B £1 shares

£9690

- 25 March 2022

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 March 2022 will be £ 18,090 .

DIRECTORS

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

P D Vicary

Mrs D A Vicary

Other changes in directors holding office are as follows:

Ms H K Vicary - appointed 1 October 2021

N J Boland - appointed 1 October 2021

L P Cavalier - appointed 1 October 2021

J Rowlingson - appointed 1 October 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

P D Vicary - Director

17 February 2023

Opinion

We have audited the financial statements of A10 Boiler Spares Limited (the 'company') for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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.

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

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and

- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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. To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries, particularly focused around the year-end, to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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.

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.

Andrew Hill FCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

17 February 2023

TURNOVER

3

15,805,821

13,575,548

Cost of sales

13,543,814

11,439,812

GROSS PROFIT

2,262,007

2,135,736

Administrative expenses

1,156,281

1,057,685

1,105,726

1,078,051

Other operating income

4

95,382

279,581

OPERATING PROFIT

6

1,201,108

1,357,632

Interest receivable and similar income

1,069

4,109

1,202,177

1,361,741

Gain/loss on revaluation of investment property

38,684

206,480

1,240,861

1,568,221

Interest payable and similar expenses

7

18

-

PROFIT BEFORE TAXATION

1,240,843

1,568,221

Tax on profit

8

245,636

319,276

PROFIT FOR THE FINANCIAL YEAR

995,207

1,248,945

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

995,207

1,248,945

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

3,771,477

1,359,311

Investments

12

850,000

850,000

Investment property

13

695,000

450,000

5,316,477

2,659,311

CURRENT ASSETS

Stocks

14

2,083,826

1,652,887

Debtors

15

1,438,900

1,745,046

Cash at bank and in hand

487,253

2,458,746

4,009,979

5,856,679

CREDITORS

Amounts falling due within one year

16

1,894,740

2,072,881

NET CURRENT ASSETS

2,115,239

3,783,798

TOTAL ASSETS LESS CURRENT LIABILITIES

7,431,716

6,443,109

PROVISIONS FOR LIABILITIES

19

97,682

86,192

NET ASSETS

7,334,034

6,356,917

CAPITAL AND RESERVES

Called up share capital

20

100

100

Non-distributable reserve

21

183,893

154,875

Retained earnings

21

7,150,041

6,201,942

SHAREHOLDERS' FUNDS

7,334,034

6,356,917

The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2023 and were signed on its behalf by:

P D Vicary - Director

Called up

share

Retained

Non-distributable

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2020

100

5,111,872

-

5,111,972

Changes in equity

Dividends

-

(4,000

)

-

(4,000

)

Total comprehensive income

-

1,094,070

154,875

1,248,945

Balance at 31 March 2021

100

6,201,942

154,875

6,356,917

Changes in equity

Dividends

-

(18,090

)

-

(18,090

)

Total comprehensive income

-

966,189

29,018

995,207

Balance at 31 March 2022

100

7,150,041

183,893

7,334,034

Cash flows from operating activities

Cash generated from operations

1

566,346

2,262,412

Interest paid

(18

)

-

Tax paid

(249,345

)

(255,000

)

Net cash from operating activities

316,983

2,007,412

Cash flows from investing activities

Purchase of tangible fixed assets

(2,504,306

)

(126,145

)

Purchase of fixed asset investments

-

(425,000

)

Purchase of investment property

(206,316

)

-

Sale of tangible fixed assets

-

36,500

Interest received

1,069

4,109

Net cash from investing activities

(2,709,553

)

(510,536

)

Cash flows from financing activities

Amount introduced by directors

439,167

-

Amount withdrawn by directors

-

(359,181

)

Equity dividends paid

(18,090

)

(4,000

)

Net cash from financing activities

421,077

(363,181

)

(Decrease)/increase in cash and cash equivalents

(1,971,493

)

1,133,695

Cash and cash equivalents at beginning of year

2

2,458,746

1,325,051

Cash and cash equivalents at end of year

2

487,253

2,458,746

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2022

2021

£

£

Profit before taxation

1,240,843

1,568,221

Depreciation charges

92,141

56,284

Profit on disposal of fixed assets

-

(14,837

)

Gain on revaluation of fixed assets

(38,684

)

(206,480

)

Finance costs

18

-

Finance income

(1,069

)

(4,109

)

1,293,249

1,399,079

Increase in stocks

(430,939

)

(22,357

)

(Increase)/decrease in trade and other debtors

(20,236

)

233,905

(Decrease)/increase in trade and other creditors

(275,728

)

651,785

Cash generated from operations

566,346

2,262,412

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2022

31.3.22

1.4.21

£

£

Cash and cash equivalents

487,253

2,458,746

Year ended 31 March 2021

31.3.21

1.4.20

£

£

Cash and cash equivalents

2,458,746

1,325,051

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.21

Cash flow

At 31.3.22

£

£

£

Net cash

Cash at bank and in hand

2,458,746

(1,971,493

)

487,253

2,458,746

(1,971,493

)

487,253

Total

2,458,746

(1,971,493

)

487,253

1.	STATUTORY INFORMATION

A10 Boiler Spares 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 as modified by the revaluation of certain assets.

Going concern

After reviewing the company forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Covid-19

The COVID-19 pandemic has further developed in 2022 financial year. The resulting impact of the virus on the operations and measures taken by the UK Government to contain the virus have not negatively affected the company's results in the reporting period. The trade sales locations were able to remain open during the pandemic and both turnover and operating profit in the 2023 financial year is forecast to exceed that reported in 2022. The company has not needed to seek external funding and has maintained its cash reserves.

As a result, the directors have considered the consequences of COVID-19 and other events and conditions, and have determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments have had the most significant effect on amounts recognised in the financial statements:

Stock

Stock is stated after providing for slow moving and obsolete stock. Many of the larger value stock lines are regularly replaced or upgraded by the manufacturers and can therefore lose significant value within a few years. The company also holds extensive stock of spares for older models, which manufacturers tend to stop producing when they release new products.

The value of the provision depends on a number of factors that are determined by the directors using a variety of assumptions and utilising their extensive experience in the industry. Any changes in these assumptions will impact on the carrying value of the stock.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into accounts residual value, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Intangible fixed assets

Intangible fixed assets are amortised over their useful lives taking into accounts residual value, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values

Value of investments

Investments comprise investment properties and classic cars, both of which are measured at fair value. At each reporting date, the investments are revalued by using a valuation that uses current market values as a basis for valuation. Changes in fair value are recognised in profit or loss.

Turnover

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

Revenue recognition - provision of goods and services

Turnover is recognised when the significant ownership of the goods have transferred to the buyer or the provision of services has been completed, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sales of goods are recognised on sale to the customer, which is the point of delivery. Sales of services are recognised on the provision of the service to the customer. All sales are invoiced

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Long leasehold

-

2% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Government grants

The company receives government grants in respect of the Coronavirus Job Retention Scheme, arising from the Covid-19 pandemic. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Stocks

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

Financial instruments

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

At the end of each reporting period financial assets are assessed for impairment. If an impairment exists the impairment loss is recognised in the income statement.

Financial assets are derecognised when:

- the contractual right to cash flows from the asset are settled or expire,

- substantially all the risk and rewards of the ownership of the asset are transferred to another party or

- despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

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.

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.

Investments

Investments comprise investments in property and classic cars which are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimate by using a valuation.

3.

TURNOVER

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

4.	OTHER OPERATING INCOME

2022

2021

£

£

Rents received

60,650

54,600

Sundry receipts

1,105

1,150

JRS Grants

33,627

188,831

Government grants

-

35,000

95,382

279,581

5.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

579,932

557,159

Social security costs

49,815

50,570

Other pension costs

49,127

49,761

678,874

657,490

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

2022

2021

Selling

16

14

Administration

5

5

21

19

There are no key management other than the directors.

2022

2021

£

£

Directors' remuneration

117,264

17,520

Directors' excess retirement benefits

40,000

40,000

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

Money purchase schemes

1

1

6.	OPERATING PROFIT

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

2022

2021

£

£

Hire of plant and machinery

1,426

884

Other operating leases

-

3,525

Depreciation - owned assets

92,140

56,284

Profit on disposal of fixed assets

-

(14,837

)

Auditors' remuneration

6,000

5,850

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Other interest payable

18

-

8.

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

234,146

252,455

Deferred tax

11,490

66,821

Tax on profit

245,636

319,276

UK corporation tax has been charged at 19% .