Syntiga Limited - Limited company accounts 23.2

REGISTERED NUMBER: 04537429 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2021 TO 30 SEPTEMBER 2022

FOR

SYNTIGA LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

5

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTOR:

Mr H Singh

REGISTERED OFFICE:

5 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

REGISTERED NUMBER:

04537429 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD

The director presents his strategic report for the period 1 April 2021 to 30 September 2022.

REVIEW OF BUSINESS

Syntiga Limited ("Syntiga") designs and develops a range of consumer goods with a primary focus within the Gaming and Gifts Category and distributes both direct to the Consumer ("D2C") and Wholesale Distribution ("B2B").

The period ended 30 September 2022 was a challenging year and the business faced similar challenges to other companies caused by the COVID-19 pandemic but as well as this, being a UK based business presented further trading and export complexities due to Brexit. In addition, a major global shipping company lost a large volume of our key products due to their own Brexit-related complexities, which caused significant stock-outs during the peak season.

Due to COVID-19, Syntiga also closed its Logistics and Storage Centre based in China which historically was a great competitive advantage. The company also had two senior executives out of the business for a major part of the year as well as the founder who was injured and stuck abroad at a time when the business needed as much hands-on operational experience as possible.

These challenges also meant the company had to take a step back from product development and innovation which is a vital part of the business. It also saw a decline in consumer confidence relating to increasing food/energy costs and the associated 'cost of living' crisis as well as the continuing uncertainty around the war in Ukraine.

PRINCIPAL RISKS AND UNCERTAINTIES

Syntiga is exposed to a number of risks which are set out below.

Brexit

Syntiga is closely monitoring the effects and changes due to Brexit. There is no historical data for such an event and Brexit brings a real risk of increased costs and delays to supply chains. It is crucial for us to fully monitor and understand the potential customs/border tariffs and implications for the business.

IT Systems

Current systems are quite old and are not fully cloud-based or work-at-home friendly. Syntiga is updating all its communication, stock control, accounting and project management systems and also re-training the core team on how to utilise the new software solutions.

Inflation

Inflation is at a record high and this will carry many drawbacks until it levels out, including reduced demand for goods and services, decreased demand for some consumer products and more risks for business failure in general. Price testing will be done and we will carefully monitor our data to do what is best for our loyal customers and the business.

Liquidity Risk

Syntiga has a positive cash balance and also has credit terms from all of its trading partners. Trading and Forecasting Challenges, Inflation, supply chain challenges, geopolitical tensions, labour shortages in the UK and climate change are all challenges that are making it more difficult for businesses to trade and forecast. The Syntiga team will be flexible, adaptable and focus on the core strengths of the business to remain competitive in a challenging trading environment.

Trading and Forecasting Challenges

Inflation, supply chain challenges, geopolitical tensions, labour shortages in the UK and climate change are all challenges that are making it more difficult for businesses to trade and forecast. The Syntiga team will be flexible and adaptable and focus on the core strengths of the business and remain competitive in a challenging trading environment.

Supply Chain Challenges

The post-COVID and Brexit supply chain environment is now very complex and challenging. Syntiga is learning and adapting and adding a lot more sophistication within the supply chain department as well as adding a lot more tech solutions and investing in people passionate about supply chain.

Conclusion

We have conducted stress tests to simulate various realistic and extreme adverse situations. The results show that Syntiga's processes are robust and the company is financially resilient and can withstand challenging situations that come in times of uncertainty without any external support.

FUTURE DEVELOPMENTS

Syntiga has already navigated through the most extreme challenges it has ever seen. We have 20 years of experience and data which is being looked at and learned from to make sure this is used as a learning year which will allow us to get back to growth.

New passionate team members have been added, our tech stack is already a lot stronger and we are still adding to it. So overall, new people and new automation tools are slowly getting us back to a sense of normality and allowing us to focus on product development.

The year 2023 will be a year of product development. Getting back to great and bold marketing that originally helped us grow the brand, improving our supply chain efficiency and running marketing and social media campaigns to create further brand awareness and increase our loyal customer base.

New innovative products are already in development and are currently slowly being rolled out

Syntiga has shown healthy profitability despite the challenges of Brexit and supply chain disruptions, highlighting the strong foundations established in previous years. We consider our results for the year to be a positive achievement.

RESULTS AND KEY PERFORMANCE INDICATORS

Syntiga performed in line with its objectives although the operating environment was challenging.

The company does not have a need for complex performance indicators as the director has a very hands on approach. The company uses generic performance indicators, such as profit before tax and shareholder funds as well as the current asset ratio which is as follows:

2022

2021

Current asset ratio

13.81

6.21

ON BEHALF OF THE BOARD:

Mr H Singh - Director

27 October 2023

The director presents his report with the financial statements of the company for the period 1 April 2021 to 30 September 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of online selling of gaming accessories and other related consumer products..

DIVIDENDS

The total distribution of dividends for the period ended 30 September 2022 will be £ 2,000,000 .

DIRECTOR

Mr H Singh held office during the whole of the period from 1 April 2021 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he 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.

ON BEHALF OF THE BOARD:

Mr H Singh - Director

27 October 2023

Qualified opinion

We have audited the financial statements of Syntiga Limited (the 'company') for the period ended 30 September 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

We have audited the financial statements of Syntiga Ltd for the period ended 30 September 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2022 and of its profit for the period 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. We were not appointed as auditor of the company until after 30 September 2022 and thus did not observe the counting of physical stock at the end of the period. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 30 September 2022, which are included in the balance sheet at £2,807,718, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Conclusions relating to going concern

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

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

Except for the matter described in the basis for qualified opinion section of our report, 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 Director.

Arising solely from the limitation of scope of our work relating to inventory, referred to above:

- We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- We were unable to determine whether adequate accounting records have been maintained.

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:

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

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

- certain disclosures of director's remuneration specified by law are not made.

Responsibilities of director

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

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

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:

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

Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the UK Governance Code, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also 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 the posting of inappropriate journal entries or the manipulation of accounting estimates. Audit procedures performed by the engagement team included:

- Inspecting correspondence with regulators and tax authorities;

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Evaluating management's controls designed to prevent and detect irregularities;

- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and

- Challenging assumptions and judgements made by management in their critical accounting estimates.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Mr Narendrakumar Mistry FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD

27 October 2023

TURNOVER

3

19,643,718

20,018,283

Cost of sales

14,502,529

12,939,402

GROSS PROFIT

5,141,189

7,078,881

Distribution costs

285,400

259,919

Administrative expenses

3,498,582

2,535,657

3,783,982

2,795,576

OPERATING PROFIT

5

1,357,207

4,283,305

Interest receivable and similar income

1,338

5,491

1,358,545

4,288,796

Interest payable and similar expenses

6

5,139

114

PROFIT BEFORE TAXATION

1,353,406

4,288,682

Tax on profit

7

260,630

814,851

PROFIT FOR THE FINANCIAL PERIOD

1,092,776

3,473,831

PROFIT FOR THE PERIOD

1,092,776

3,473,831

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

1,092,776

3,473,831

FIXED ASSETS

Tangible assets

9

57,379

83,852

CURRENT ASSETS

Stocks

10

2,807,718

2,948,457

Debtors

11

502,312

755,196

Cash at bank

780,199

1,871,159

4,090,229

5,574,812

CREDITORS

Amounts falling due within one year

12

296,074

898,322

NET CURRENT ASSETS

3,794,155

4,676,490

TOTAL ASSETS LESS CURRENT LIABILITIES

3,851,534

4,760,342

PROVISIONS FOR LIABILITIES

13

14,156

15,740

NET ASSETS

3,837,378

4,744,602

CAPITAL AND RESERVES

Called up share capital

14

10

10

Retained earnings

15

3,837,368

4,744,592

SHAREHOLDERS' FUNDS

3,837,378

4,744,602

The financial statements were approved by the director and authorised for issue on 27 October 2023 and were signed by:

Mr H Singh - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2020

10

4,270,761

4,270,771

Changes in equity

Dividends

-

(3,000,000

)

(3,000,000

)

Total comprehensive income

-

3,473,831

3,473,831

Balance at 31 March 2021

10

4,744,592

4,744,602

Changes in equity

Dividends

-

(2,000,000

)

(2,000,000

)

Total comprehensive income

-

1,092,776

1,092,776

Balance at 30 September 2022

10

3,837,368

3,837,378

Cash flows from operating activities

Cash generated from operations

1

1,855,929

1,978,996

Interest paid

(5,139

)

(114

)

Tax paid

(795,660

)

(575,063

)

Net cash from operating activities

1,055,130

1,403,819

Cash flows from investing activities

Purchase of tangible fixed assets

(5,720

)

(8,514

)

Loans to holding company

(10,857

)

(60,633

)

Tax paid in advance

(79,852

)

-

Interest received

1,338

5,491

Net cash from investing activities

(95,091

)

(63,656

)

Cash flows from financing activities

Amount withdrawn by directors

(50,999

)

(650

)

Equity dividends paid

(2,000,000

)

(3,000,000

)

Net cash from financing activities

(2,050,999

)

(3,000,650

)

Decrease in cash and cash equivalents

(1,090,960

)

(1,660,487

)

Cash and cash equivalents at beginning of period

2

1,871,159

3,531,646

Cash and cash equivalents at end of period

2

780,199

1,871,159

1.	RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

Period

1.4.21

to

Year Ended

30.9.22

31.3.21

£

£

Operating profit

1,357,207

4,283,305

Depreciation charges

32,193

26,957

1,389,400

4,310,262

Decrease/(increase) in stocks

140,739

(2,100,897

)

Decrease/(increase) in trade and other debtors

394,322

(375,369

)

(Decrease)/increase in trade and other creditors

(68,532

)

145,000

Cash generated from operations

1,855,929

1,978,996

2.	CASH AND CASH EQUIVALENTS

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

Period ended 30 September 2022

30.9.22

1.4.21

£

£

Cash and cash equivalents

780,199

1,871,159

Year ended 31 March 2021

31.3.21

1.4.20

£

£

Cash and cash equivalents

1,871,159

3,531,646

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.21

Cash flow

At 30.9.22

£

£

£

Net cash

Cash at bank

1,871,159

(1,090,960

)

780,199

1,871,159

(1,090,960

)

780,199

Total

1,871,159

(1,090,960

)

780,199

1.	STATUTORY INFORMATION

Syntiga Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

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

Turnover is recognised on despatch of goods.

TANGIBLE FIXED ASSETS

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

Short leasehold

-

Straight line over 10 years

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer software

-

25% on reducing balance

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

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivable and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from related companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within on year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TAXATION

Taxation for the period 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 balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period 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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

LEASING

Rentals payable under the operating leases are charged against income on a straight line basis over the lease term.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

Period

1.4.21

to

Year Ended

30.9.22

31.3.21

£

£

United Kingdom

4,432,224

4,099,535

Europe

3,589,504

3,377,370

United States of America

10,785,534

11,226,659

Asia

51,498

28,004

Canada

784,958

1,286,715

19,643,718

20,018,283

4.	EMPLOYEES AND DIRECTORS

Period

1.4.21

to

Year Ended

30.9.22

31.3.21

£

£

Wages and salaries

331,707

253,931

Social security costs

17,396

18,441

Other pension costs

8,569

5,598

357,672

277,970

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

Period

1.4.21

to

Year Ended

30.9.22

31.3.21

Warehouse

7

8

Administration

4

5

11

13

Period

1.4.21

to

Year Ended

30.9.22

31.3.21

£

£

Director's remuneration

-

-

5.	OPERATING PROFIT

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

Period

1.4.21

to

Year Ended

30.9.22

31.3.21

£

£

Depreciation - owned assets

32,193

26,957

Foreign exchange differences

(78,757

)

205,893

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.4.21

to

Year Ended

30.9.22

31.3.21

£

£

Interest on overdue tax

5,139

114