OPICO Limited - Limited company accounts 23.2

REGISTERED NUMBER: 06175803 (England and Wales)

OPICO LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

Report of the Independent Auditors

5

to

7

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

to

19

DIRECTORS:

J A Woolway

C M Bedforth

D A Steven

REGISTERED OFFICE:

Cherry Holt Road

Bourne

Lincolnshire

PE10 9LA

REGISTERED NUMBER:

06175803 (England and Wales)

AUDITORS:

Duncan & Toplis Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

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

REVIEW OF BUSINESS

Once again the company started the year with a record order book, this was a result of record turnover and a strong market in 2021 and the gradual tightening of supply. Most agricultural commodity prices were very strong at the start of 2022 as a result of the worldwide supply and demand situation and as the spring progressed the concern about, and then reality of, war between Russia and Ukraine pushed them to record levels.

The key drivers for OPICO’s business are wheat and Milk prices and during 2022 both reached levels that had not previously been dreamt of, however, input prices also sky rocketed and then towards the end of the year the commodity markets started to cool.

The extreme heat and drought during July and August made for a very easy harvest for arable farmers but created difficulties for livestock farmers who ran short of fodder for animals. This had a significant affect on sales as Grain Dryers were hardly needed and it was too hard to cultivate land, hence the mix of machinery and parts OPICO sold throughout the summer was very different to the norm and volumes were down.

The company was busy throughout the year, orders and invoiced deliveries continued apace so turnover ended up fractionally behind 2021 despite 2022 being a very unusual year. We were fortunate that the majority of our supply of spring equipment was in the country before the Russian invasion of Ukraine as supply chains were severely affected by the conflict.

The price of steel rose dramatically overnight and once again, but for different reasons, the company saw significant price rises from suppliers which created challenges. Unfortunately we lost some orders and potential business through the summer as a result of delayed deliveries but OPICO were not alone in this.

Whilst commodity prices started to ease in the autumn, farmers had generally had a very good year and the restricted availability of machinery created significant pent up demand for 2023. As a result, once again order intake was strong at the end of the year and we secured a record order book putting us in a good position for 2023.

KEY PERFORMANCE INDICATORS

To gain an understanding of the development, performance and financial strength of the company, the management relies on the following key performance indicators:

2022

2021

Movement in Turnover

(497,863)

5,470,134

Gross Profit %

24.5%

23.4%

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them.

The key risks affecting the company are set out below:

VIABILITY OF AGRICULTURE

The major risk that the Company faces is from a downturn in agricultural prices, increase in farming input costs or from a poor harvest each of which would affect the viability of agricultural businesses and affect their ability to invest in equipment. This can be impacted by local factors, such as weather in key growing and harvesting periods, and international factors on world markets. The company attempts to mitigate such a risk by having a diverse range of equipment available and also through aftersales activities such as servicing and part sales.

FOREIGN EXCHANGE RISK

The company imports machinery from around the world and so is exposed to fluctuations in the foreign exchange rate. A blend of forward contracts and various hedging strategies are utilised to mitigate these risks.

COVID-19

Whilst Covid was still around and there were still some concerns about large gatherings the business started to revert to the pre pandemic norm.

Exhibitions were effected early in the year and seemed to be less well attended throughout but travel was pretty much back to normal so costs that had been dramatically reduced for over a year started to come back into the business.

BREXIT, POLITICS & WAR

The ongoing war between Russia and Ukraine is having knock on effects for commodity and energy prices but the majority of supply chains have now been reorganised so until there is a fundamental change in the course of the war we are not likely to feel the effect as badly as in Mid-2022. However, the management are aware that as both countries are large agricultural commodity, energy and steel producers and also significant markets for agricultural machinery the ongoing situation needs to be taken into account.

The Political situation in the UK is also important to agriculture, the drive to net Zero, trade deals with other nations and lack of desire for home grown food security are all of concern to the agricultural industry so the direction of travel is being monitored closely by the management.

Brexit & Politics

The effect of the Brexit process was felt in 2019 but more from an uncertainty perspective than in any other way. Now that the situation is clearer there is some temporary respite but trade deal negotiations will cause currency fluctuations during 2020 and beyond.

We anticipate some additional administration work when the UK formally leaves the EU and have already recruited to cover this eventuality.

The reintroduction of the Agriculture bill and transition away from EU farm subsidy system will bring about a step change in the farming and agricultural machinery industry over the next 5 years. We wait with interest to see the result of the consultations and shape of the final bill. OPICO are in a strong position with a diverse range of machines which provide efficiencies for farmers and are targeted at streamlined farming businesses. As an independent importer of agricultural machinery we are also able to adapt relatively quickly to meet new market needs and this could be a significant advantage to the company going forward.

ON BEHALF OF THE BOARD:

J A Woolway - Director

10 May 2023

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of agricultural machinery distributors.

DIVIDENDS

Dividends totalling £400,000 (2021: £1,253,500) were paid during the year.

DIRECTORS

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

J A Woolway

C M Bedforth

D A Steven

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

J A Woolway - Director

10 May 2023

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 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 four, 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 have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, and Employment laws.

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. This inspection included a review of the company's employment and health and safety controls to ensure no areas of non-compliance. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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.

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.

Alistair Main FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

11 May 2023

TURNOVER

3

17,613,619

18,128,417

Cost of sales

13,293,987

13,894,270

GROSS PROFIT

4,319,632

4,234,147

Distribution costs

246,572

283,042

Administrative expenses

2,541,472

2,147,650

2,788,044

2,430,692

1,531,588

1,803,455

Other operating income

3,741

3,360

OPERATING PROFIT

5

1,535,329

1,806,815

Interest payable and similar expenses

6

46,222

11,777

PROFIT BEFORE TAXATION

1,489,107

1,795,038

Tax on profit

7

253,207

353,598

PROFIT FOR THE FINANCIAL YEAR

1,235,900

1,441,440

PROFIT FOR THE YEAR

1,235,900

1,441,440

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,235,900

1,441,440

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

354,465

254,566

354,465

254,566

CURRENT ASSETS

Stocks

11

5,180,635

3,971,472

Debtors

12

1,806,819

3,126,977

Cash at bank

227,161

486,394

7,214,615

7,584,843

CREDITORS

Amounts falling due within one year

13

3,484,613

4,607,302

NET CURRENT ASSETS

3,730,002

2,977,541

TOTAL ASSETS LESS CURRENT LIABILITIES

4,084,467

3,232,107

PROVISIONS FOR LIABILITIES

17

63,595

47,135

NET ASSETS

4,020,872

3,184,972

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Retained earnings

19

4,019,872

3,183,972

SHAREHOLDERS' FUNDS

4,020,872

3,184,972

The financial statements were approved by the Board of Directors and authorised for issue on 10 May 2023 and were signed on its behalf by:

J A Woolway - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2021

1,000

2,996,032

2,997,032

Changes in equity

Dividends

-

(1,253,500

)

(1,253,500

)

Total comprehensive income

-

1,441,440

1,441,440

Balance at 31 December 2021

1,000

3,183,972

3,184,972

Changes in equity

Dividends

-

(400,000

)

(400,000

)

Total comprehensive income

-

1,235,900

1,235,900

Balance at 31 December 2022

1,000

4,019,872

4,020,872

1.	STATUTORY INFORMATION

OPICO 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 Report Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

Turnover

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

Revenue is recognised at the point risk and reward of ownership of a product is passed to the customer, usually this is on despatch for goods sales, on completion for servicing and repair work and for specified periods for service agreements.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

15% on cost

Plant and machinery

-

25% on cost, 20% on cost and Straight line over 15 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slowing moving items.

Cost is calculated using the weighted average costing method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised within the profit and loss account in other administrative expenses.

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.

Financial instruments

The company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cashflows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price,unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are measured at amortised cost using the effective interest method.

3.

TURNOVER

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

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

2022

2021

£

£

Wholegoods

15,369,345

15,971,516

Parts

2,130,075

2,025,768

Carriage

114,199

131,133

17,613,619

18,128,417

4.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

1,542,433

1,299,436

Social security costs

178,942

156,569

Other pension costs

55,562

55,209

1,776,937

1,511,214

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

2022

2021

Directors

3

3

Administration and Production

39

38

42

41

2022

2021

£

£

Directors' remuneration

181,943

177,571

Directors' pension contributions to money purchase schemes

6,016

5,990

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

Money purchase schemes

2

2

5.	OPERATING PROFIT

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

2022

2021

£

£

Other operating leases

168,000

168,000

Depreciation - owned assets

54,341

137,930

Profit on disposal of fixed assets

(44,538

)

(25,370

)

Auditors' remuneration

10,764

10,000

Auditors' remuneration for non audit work

5,687

2,734

Foreign exchange differences

(177,999

)

(330,597

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Bank interest

46,222

1,500

Bank loan interest and charges

-

10,277

46,222

11,777

7.

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

236,747

356,514

Deferred tax

16,460

(2,916

)

Tax on profit

253,207

353,598

Reconciliation of total tax charge included in profit and loss

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

2022

2021

£

£

Profit before tax

1,489,107

1,795,038

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

282,930

341,057

Effects of:

Expenses not deductible for tax purposes

12,426

9,043

Income not taxable for tax purposes

(8,462

)

(4,820

)

Capital allowances in excess of depreciation

(17,995

)

-

Depreciation in excess of capital allowances

-

11,234

Adjustments to tax charge in respect of previous periods

(17,122

)

-

credit

Change in tax rate

1,430

(2,916

)

Total tax charge

253,207

353,598

8.

DIVIDENDS

2022

2021

£

£

Ordinary shares of £1 each

Interim

400,000

1,253,500

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

20,003

AMORTISATION

At 1 January 2022

and 31 December 2022

20,003

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

10.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2022

168,049

746,303

914,352

Additions

-

213,308

213,308

Disposals

-

(141,757

)

(141,757

)

At 31 December 2022

168,049

817,854

985,903

DEPRECIATION

At 1 January 2022

149,753

569,101

718,854

Charge for year

4,087

50,254

54,341

Eliminated on disposal

-

(141,757

)

(141,757

)

At 31 December 2022

153,840

477,598

631,438

NET BOOK VALUE

At 31 December 2022

14,209

340,256

354,465

At 31 December 2021

18,296

177,202

195,498

11.

STOCKS

2022

2021

£

£

Stocks

5,180,635

3,971,472

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,594,649

2,656,806

Amounts owed by group undertakings

29,105

310,543

Other debtors

54,038

54,707

Prepayments and accrued income

129,027

104,921

1,806,819

3,126,977

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 14)

197,563

-

Trade creditors

2,484,900

2,309,702

Taxation

268,899

371,544

PAYE

52,650

81,255

VAT

109,106

136,518

Other creditors

18,627

20,211

Factoring advances

210,928

1,502,582

Accruals and deferred income

141,940

185,490

3,484,613

4,607,302

14.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

197,563

-

15.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

2,302

1,098

16.	FINANCIAL INSTRUMENTS

The company has the following financial instruments:

2022

2021

£

£

Financial assets that are debt instruments measured at amortised cost

Trade debtors

1,594,649

2,656,806

Other debtors

54,038

54,707

Financial liabilities measured at amortised cost

Trade creditors

2,359,424

2,309,700

Bank loans and overdrafts

-

-

Factoring advances

210,928

1,502,582

There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

17.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Accelerated capital allowances

63,595

47,135