Law Distribution Limited - Limited company accounts 23.1

REGISTERED NUMBER: 02915724 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2022

for

Law Distribution Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

13

DIRECTORS:

Mrs D J Law

S Moyser

J P T Law

C G Rouse

A P Turner

SECRETARY:

Mrs D J Law

REGISTERED OFFICE:

Warehouse One

Kilbuck Lane

Haydock

St Helens

Lancashire

WA11 9SZ

REGISTERED NUMBER:

02915724 (England and Wales)

AUDITORS:

Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

& Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

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

REVIEW OF BUSINESS

The business reports a significant improvement in performance following the investment required to open its new warehouse in Haydock. This new warehouse enabled the business to grow and attract new customers.

Our ability to swiftly pass on increased costs of labour, vehicles and fuel also contributed to the solid business performance. This improved staff retention and reduced the usage of agency workers.

In 2023 the Directors' will continue to focus on developing and maintaining relationships with existing customers. They will maximise the utilisation of our warehouse facilities to improve operating efficiencies.

Our ESG report was published and we continue to demonstrate our sustainability values and actions to the benefit of our customers own supply chain due diligence.

The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cashflow is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company

PRINCIPAL RISKS AND UNCERTAINTIES

We continue to invest in our staff and facilities because staff retention underpins the high performance that our customers receive. We acquire new customers by maintaining our reputation for high standards of business conduct.

In 2022 the variety of customers and their products improved due to the planned growth in available warehouse space. The Directors continue to monitor this mix to ensure the business is not reliant on one particular customer or market.

The company continues to monitor rising energy costs. It will introduce a surcharge to pass these costs onto customers should these increases become unsustainable.

ON BEHALF OF THE BOARD:

J P T Law - Director

16 June 2023

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

DIVIDENDS

An interim dividend of 1,815.16 per share was paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2022 will be £136,137.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mrs D J Law

S Moyser

J P T Law

C G Rouse

A P Turner

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, Hardy & Company (Hyde) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J P T Law - Director

16 June 2023

Opinion

We have audited the financial statements of Law Distribution Limited (the 'company') for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the Company we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditures, and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition.

Audit procedures performed by the engagement team included: - discussions with management, including consideration of known or suspected instances of non-compliance with

laws and regulations and fraud.

- understanding of management's internal controls designed to prevent and detect irregularities.

- reviewing the litigation records in so far as it related to non-compliance with laws and regulations and fraud.

- reviewing relevant meeting minutes.

- designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

- testing transactions entered into outside of the normal course of the Company's business: and

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

There are inherent limitations in the audit procedures described above and further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment, 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/auditors responsibilities. 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.

Paul Campbell (Senior Statutory Auditor)

for and on behalf of Hardy & Company (Hyde) Ltd

Chartered Certified Accountants

& Statutory Auditors

Onward Chambers

34 Market Street

Hyde

Cheshire

SK14 1AH

20 June 2023

TURNOVER

18,450,697

14,987,510

Cost of sales

12,178,468

10,652,915

GROSS PROFIT

6,272,229

4,334,595

Administrative expenses

5,288,229

5,534,458

984,000

(1,199,863

)

Other operating income

22,738

119,715

OPERATING PROFIT/(LOSS)

4

1,006,738

(1,080,148

)

Interest receivable and similar income

4,017

3,682

1,010,755

(1,076,466

)

Interest payable and similar expenses

5

35,350

12,894

PROFIT/(LOSS) BEFORE TAXATION

975,405

(1,089,360

)

Tax on profit/(loss)

6

257,046

(252,295

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

718,359

(837,065

)

Retained earnings at beginning of year

2,473,554

3,310,619

Dividends

7

(136,137

)

-

RETAINED EARNINGS AT END OF YEAR

3,055,776

2,473,554

FIXED ASSETS

Tangible assets

8

1,143,858

1,392,705

Investments

9

150,485

150,485

Investment property

10

299,909

299,909

1,594,252

1,843,099

CURRENT ASSETS

Stocks

11

8,682

8,434

Debtors

12

5,005,665

4,207,891

Cash at bank and in hand

466,896

451,481

5,481,243

4,667,806

CREDITORS

Amounts falling due within one year

13

3,371,125

3,322,673

NET CURRENT ASSETS

2,110,118

1,345,133

TOTAL ASSETS LESS CURRENT LIABILITIES

3,704,370

3,188,232

CREDITORS

Amounts falling due after more than one year

14

(363,920

)

(653,815

)

PROVISIONS FOR LIABILITIES

17

(284,574

)

(60,763

)

NET ASSETS

3,055,876

2,473,654

CAPITAL AND RESERVES

Called up share capital

18

75

75

Capital redemption reserve

19

25

25

Retained earnings

19

3,055,776

2,473,554

SHAREHOLDERS' FUNDS

3,055,876

2,473,654

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2023 and were signed on its behalf by:

J P T Law - Director

Cash flows from operating activities

Cash generated from operations

1

759,511

(1,553,401

)

Interest paid

(2,698

)

(1,633

)

Interest element of hire purchase payments paid

(32,652

)

(11,261

)

Tax paid

2,470

1,565

Net cash from operating activities

726,631

(1,564,730

)

Cash flows from investing activities

Purchase of tangible fixed assets

(45,972

)

(1,359,016

)

Purchase of fixed asset investments

-

(13,870

)

Sale of tangible fixed assets

-

53,550

Interest received

4,017

3,682

Net cash from investing activities

(41,955

)

(1,315,654

)

Cash flows from financing activities

Capital repayments in year

(289,895

)

943,710

Amount introduced by directors

119,613

84,998

Amount withdrawn by directors

(81,577

)

(119,613

)

Equity dividends paid

(136,137

)

-

Net cash from financing activities

(387,996

)

909,095

Increase/(decrease) in cash and cash equivalents

296,680

(1,971,289

)

Cash and cash equivalents at beginning of year

2

170,216

2,141,505

Cash and cash equivalents at end of year

2

466,896

170,216

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.22

31.12.21

£

£

Profit/(loss) before taxation

975,405

(1,089,360

)

Depreciation charges

294,818

60,252

Profit on disposal of fixed assets

-

(11,374

)

Government grants

1

-

Finance costs

35,350

12,894

Finance income

(4,017

)

(3,682

)

1,301,557

(1,031,270

)

(Increase)/decrease in stocks

(248

)

3,112

Increase in trade and other debtors

(871,515

)

(783,079

)

Increase in trade and other creditors

329,717

257,836

Cash generated from operations

759,511

(1,553,401

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2022

31.12.22

1.1.22

£

£

Cash and cash equivalents

466,896

451,481

Bank overdrafts

-

(281,265

)

466,896

170,216

Year ended 31 December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

451,481

2,141,505

Bank overdrafts

(281,265

)

-

170,216

2,141,505

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.22

Cash flow

At 31.12.22

£

£

£

Net cash

Cash at bank and in hand

451,481

15,415

466,896

Bank overdrafts

(281,265

)

281,265

-

170,216

296,680

466,896

Debt

Finance leases

(943,710

)

289,895

(653,815

)

(943,710

)

289,895

(653,815

)

Total

(773,494

)

586,575

(186,919

)

1.	STATUTORY INFORMATION

Law Distribution 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no significant judgements or estimates.

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.

Long leasehold

-

10% on cost

Plant and machinery

-

at varying rates on cost

Tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are revalued at the accounting date and the aggregate surplus or temporary deficit is recognised in the profit and loss account. A reserve transfer to the non distributable reserve account is then made.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

No depreciation or amortisation is provided. Any permanent diminutions in value below cost are charged in the profit and loss account.

This treatment is a departure from the requirements of the Companies Act concerning the depreciation of fixed assets.

The Directors consider that as these properties are not held for consumption but for investment, to depreciate them would not give a true and fair view, and that it is necessary to adopt FRS 102 for the accounts to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Each property has been valued individually and not as part of a portfolio. No account has been taken of any inter-company leases or arrangements, nor any mortgages, debentures or other charges, and no allowance has been made for any expenses of realisation nor for any taxation which might arise in the event of a disposal. The figures also do not reflect any element of special purchaser value following a merger of interests or sale to an owner or occupier of an adjoining property.

Where properties have not been included in the valuation review, they are included at cost or at the Directors' assessment of open market value.

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

A financial asset or a financial liability is recognised only when the entity 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.

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 or 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Impairment

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.

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 are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relates to the JRS grant income during the Covid-19 pandemic. Income has been recognised in the period to which the underlying furloughed staff costs relate to. The payroll liability has been incurred by the entity, and it has therefore met the conditions to claim for that payroll accounting period.

3.	EMPLOYEES AND DIRECTORS

31.12.22

31.12.21

£

£

Wages and salaries

5,363,818

4,650,494

Other pension costs

97,571

82,040

5,461,389

4,732,534

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

31.12.22

31.12.21

Director

2

2

Office

22

29

Drivers

52

49

Warehouse

94

82

170

162

31.12.22

31.12.21

£

£

Directors' remuneration

113,130

97,965

4.	OPERATING PROFIT/(LOSS)

The operating profit (2021 - operating loss) is stated after charging/(crediting):

31.12.22

31.12.21

£

£

Driver hire

1,131,600

1,160,082

Depreciation - owned assets

294,819

60,251

Profit on disposal of fixed assets

-

(11,374

)

Foreign exchange differences

190

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.22

31.12.21

£

£

Bank interest

172

-

Interest on overdue tax

2,526

1,633

Hire purchase

32,652

11,261

35,350

12,894

6.

TAXATION

Analysis of the tax charge/(credit)

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

31.12.22

31.12.21

£

£

Current tax:

UK corporation tax

33,235

172

Under / (Over) Provision

-

(289,994

)

Total current tax

33,235

(289,822

)

Deferred tax

223,811

37,527

Tax on profit/(loss)

257,046

(252,295

)

Reconciliation of total tax charge/(credit) included in profit and loss

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

31.12.22

31.12.21

£

£

Profit/(loss) before tax

975,405

(1,089,360

)

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

185,327

(206,978

)

Effects of:

Expenses not deductible for tax purposes

5,283

4,293

Income not taxable for tax purposes

-

(3,234

)

Capital allowances in excess of depreciation

-

(286,800

)

Depreciation in excess of capital allowances

45,351

-

Adjustments to tax charge in respect of previous periods

-

171

Carried forward losses

-

202,726

Deferred taxation

223,811

37,527

Brought forward Losses

(202,726

)

-

Total tax charge/(credit)

257,046

(252,295

)

7.

DIVIDENDS

31.12.22

31.12.21

£

£

Ordinary shares of £1 each

Interim

136,137

-