Charioteer Limited Company accounts
Charioteer Limited Company accounts
COMPANY REGISTRATION NUMBER:
NI038821
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Financial Statements |
Year ended 31 December 2022
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
4 |
Independent auditor's report to the members |
6 |
Statement of income and retained earnings |
11 |
Statement of financial position |
12 |
Statement of cash flows |
13 |
Notes to the financial statements |
14 |
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Officers and Professional Advisers |
The board of directors |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Aisling House |
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50 Stranmillis Embankment |
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Belfast |
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BT9 5FL |
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Bankers |
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35 University Road |
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Belfast |
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Antrim |
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BT7 1ND |
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Donegall Square West |
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Belfast |
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BT1 6JS |
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Solicitors |
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St George's Buildings |
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37 - 41 High Street |
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Belfast |
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BT1 2AB |
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Strategic Report |
Year ended 31 December 2022
This report was approved by the board of directors on 15 September 2023 and signed on behalf of the board by:
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Director |
Registered office: |
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Directors' Report |
Year ended 31 December 2022
The directors present their report and the financial statements of the company for the year ended
31 December 2022
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Directors
The directors who served the company during the year were as follows:
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Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
15 September 2023
and signed on behalf of the board by:
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Director |
Registered office: |
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Independent Auditor's Report to the Members of
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Year ended 31 December 2022
Opinion
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of directors
Auditor's responsibilities for the audit of the financial statements
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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Aisling House |
50 Stranmillis Embankment |
Belfast |
BT9 5FL |
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Statement of Income and Retained Earnings |
Year ended 31 December 2022
2022 |
2021 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------- |
------------- |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
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------------ |
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Operating profit |
6 |
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Other interest receivable and similar income |
9 |
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– |
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Profit before taxation |
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Tax on profit |
10 |
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--------- |
--------- |
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Profit for the financial year and total comprehensive income |
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--------- |
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Retained losses at the start of the year |
(
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(
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------------ |
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Retained losses at the end of the year |
(
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(
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------------ |
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All the activities of the company are from continuing operations.
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Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
Fixed assets
Intangible assets |
11 |
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Tangible assets |
12 |
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Current assets
Stocks |
13 |
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Debtors |
14 |
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Cash at bank and in hand |
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------------ |
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Creditors: amounts falling due within one year |
15 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
16 |
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Provisions |
17 |
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Net assets |
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------------ |
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Capital and reserves
Called up share capital |
20 |
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Profit and loss account |
(
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(
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------------ |
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Shareholders funds |
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These financial statements were approved by the
board of directors
and authorised for issue on
15 September 2023
, and are signed on behalf of the board by:
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Director |
Company registration number:
NI038821
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Statement of Cash Flows |
Year ended 31 December 2022
2022 |
2021 |
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£ |
£ |
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Cash flows from operating activities
Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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Other interest receivable and similar income |
(
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– |
Tax on profit |
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Accrued expenses |
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Changes in: |
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Stocks |
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(
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Trade and other debtors |
(
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(
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Trade and other creditors |
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(
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--------- |
--------- |
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Cash generated from operations |
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Interest received |
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– |
Tax paid |
(
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(
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--------- |
--------- |
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Net cash from operating activities |
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--------- |
--------- |
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Cash flows from investing activities
Purchase of tangible assets |
(
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(
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--------- |
--------- |
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Net cash used in investing activities |
(
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(
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--------- |
--------- |
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Cash flows from financing activities
Proceeds from borrowings |
– |
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--------- |
--------- |
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Net cash from financing activities |
– |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
2,429,590 |
1,673,228 |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Determining and assessing the residual value of licences
Revenue recognition
Corporation tax
Foreign currencies
Operating leases
Goodwill
Intangible assets
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill |
- |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property |
- |
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Fixtures and fittings |
- |
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Impairment of fixed assets
Stocks
Provisions
Financial instruments
Defined contribution plans
4.
Turnover
Turnover arises from:
2022 |
2021 |
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£ |
£ |
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Sale of goods |
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The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
2022 |
2021 |
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£ |
£ |
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Rent Receivable |
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--------- |
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6.
Operating profit
Operating profit or loss is stated after charging:
2022 |
2021 |
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£ |
£ |
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Amortisation of intangible assets |
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Depreciation of tangible assets |
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Foreign exchange differences |
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– |
--------- |
--------- |
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7.
Auditor's remuneration
2022 |
2021 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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------- |
------- |
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8.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2022 |
2021 |
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No. |
No. |
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Number of sales staff |
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---- |
---- |
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The aggregate payroll costs incurred during the year, relating to the above, were:
2022 |
2021 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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--------- |
--------- |
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--------- |
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9.
Other interest receivable and similar income
2022 |
2021 |
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£ |
£ |
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Interest on cash and cash equivalents |
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– |
---- |
---- |
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10.
Tax on profit
Major components of tax expense
2022 |
2021 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Deferred tax:
Origination and reversal of timing differences |
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(
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--------- |
-------- |
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Tax on profit |
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-------- |
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Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: lower than) the
standard rate of corporation tax in the UK
of
19
% (2021:
19
%).
2022 |
2021 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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--------- |
--------- |
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Profit on ordinary activities by rate of tax |
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Effect of expenses not deductible for tax purposes |
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(
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Effect of capital allowances and depreciation |
(
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Utilisation of tax losses |
– |
(
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Origination and reversal of timing differences |
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(
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--------- |
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Tax on profit |
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--------- |
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11.
Intangible assets
Goodwill |
Patents, trademarks and licences |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2022 and 31 December 2022 |
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--------- |
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Amortisation |
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At 1 January 2022 |
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– |
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Charge for the year |
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– |
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--------- |
--------- |
--------- |
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At 31 December 2022 |
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– |
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--------- |
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--------- |
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Carrying amount |
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At 31 December 2022 |
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--------- |
--------- |
--------- |
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At 31 December 2021 |
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--------- |
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12.
Tangible assets
Land and Buildings |
Fixtures, fittings and equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 January 2022 |
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Additions |
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------------ |
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At 31 December 2022 |
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------------ |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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------------ |
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------------ |
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At 31 December 2022 |
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------------ |
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Carrying amount |
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At 31 December 2022 |
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------------ |
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At 31 December 2021 |
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13.
Stocks
2022 |
2021 |
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£ |
£ |
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Goods for resale |
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Development property |
– |
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--------- |
--------- |
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--------- |
--------- |
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14.
Debtors
2022 |
2021 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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--------- |
--------- |
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--------- |
--------- |
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15.
Creditors:
amounts falling due within one year
2022 |
2021 |
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£ |
£ |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
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Other creditors |
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------------ |
--------- |
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------------ |
--------- |
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16.
Creditors:
amounts falling due after more than one year
2022 |
2021 |
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£ |
£ |
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Amounts owed to undertakings in which the company has a participating interest |
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------------ |
------------ |
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17.
Provisions
Deferred tax (note 18) |
|
£ |
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At 1 January 2022 |
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Charge against provision |
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--------- |
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At 31 December 2022 |
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--------- |
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18.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 |
2021 |
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£ |
£ |
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Included in provisions (note 17) |
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--------- |
--------- |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2022 |
2021 |
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£ |
£ |
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Accelerated capital allowances |
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--------- |
--------- |
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19.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
15,126
(2021: £
15,176
).
20.
Called up share capital
Issued, called up and fully paid
2022 |
2021 |
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No. |
£ |
No. |
£ |
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|
100 |
|
100 |
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6,983,268 |
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6,983,268 |
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------------ |
------------ |
------------ |
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21.
Analysis of changes in net debt
At 1 Jan 2022 |
Cash flows |
At 31 Dec 2022 |
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£ |
£ |
£ |
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Cash at bank and in hand |
|
442,201 |
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Debt due within one year |
(55,000) |
– |
(55,000) |
Debt due after one year |
(3,431,554) |
– |
(3,431,554) |
------------ |
--------- |
------------ |
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(
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(
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22.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022 |
2021 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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– |
-------- |
------- |
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-------- |
------- |
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23.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
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£ |
£ |
£ |
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(
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– |
(
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-------- |
---- |
-------- |
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2021 |
||||
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
||
£ |
£ |
£ |
||
|
– |
(
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(
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---- |
-------- |
-------- |
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Notes to the Financial Statements (continued) |
Year ended 31 December 2022
24.
Related party transactions