Imperial Office Furniture Ltd - Limited company accounts 23.1

REGISTERED NUMBER: 03858693 (England and Wales)

IMPERIAL OFFICE FURNITURE LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

J Bennett

R Arnold

L J Bennett

SECRETARY:

L J Bennett

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

Lancashire

BL9 0DN

REGISTERED NUMBER:

03858693 (England and Wales)

AUDITORS:

DTE Business Advisers Limited

Chartered Accountants

Statutory Auditors

The Exchange

5 Bank Street

Bury

BL9 0DN

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are shown in the annexed financial statements.

2022 has proven to be a turbulent year due to the Covid-19 pandemic and Brexit but the company has managed to remain stable throughout the period. The company noted a significant increase in revenue to £18.5 million (2021: £15.0 million).

The company has managed to invest in new machinery within the year.

Despite another challenging year there has been a strong cash balance and stability achieved during the 12 month period, with a cash balance of £3.2 million at 31 December 2022.

The Manchester showroom remains a very strong asset to the business and enables major contracts to be won.

As a company we are proud to be part of the ISO, FIRA and FFC certifications. These are an excellent asset to the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The company maintains its responsible approach to financial risk management, and has maintained credit insurance cover to further ensure business stability.

The company operates within a highly competitive market and faces competition from within the United Kingdom and overseas. The company manages this risk by researching and developing new and innovative product ranges.

As legislation continues to increase minimum wages and pension contributions, the company will notice increasing staff costs which will potentially impact on profit margins. Directors will continue to manage staff levels and review the margin effect.

During 2022 the company continued to experience product cost increases and extended lead times from suppliers. This was caused by the pandemic and Brexit. This posed a risk to the trading of the company and was managed by key members of staff on a daily and weekly basis. Working capital management will be key to the ongoing stability of the business. The company has good controls and systems in place, which are constantly reviewed to effectively manage this risk.

KEY PERFORMANCE INDICATORS

The directors believe the key performance indicators of the company are as follows:

i) Monthly sales data - compared to forecasts and prior year results

ii) Net profit - compared with budgeted results

FUTURE DEVELOPMENTS

The company will continue to invest in training for the workforce, maintaining a strong relationship with both our customers and suppliers and continuing to improve and update the buildings we work from. This will provide a foundation to grow and expand the business organically.

The company will develop and expand ranges to keep the company at the forefront of our industry.

ON BEHALF OF THE BOARD:

L J Bennett - Director

29 June 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 the manufacture and sale of office furniture.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2022 was £800,000.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

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 Bennett

R Arnold

L J Bennett

DISCLOSURE IN THE STRATEGIC REPORT

Identification of the information for which the company has chosen, in accordance with S414C(11) of the Companies Act, to set out in the company's strategic report which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

DTE Business Advisers Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:

L J Bennett - Director

29 June 2023

Opinion

We have audited the financial statements of Imperial Office Furniture Ltd (the 'company') for the year ended 31 December 2022 which comprise the Statement of 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:

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work Act 1974 and National Minimum Wage act 1998.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries, in particular those that were material or unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to fixed asset depreciation rates, residual values and provisions for bad debts.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation, as identified at planning above.

- Performing a physical verification of key assets.

- Documenting and verifying all significant related party balances and transactions.

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 primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

Fiona O'Loughlin (Senior Statutory Auditor)

for and on behalf of DTE Business Advisers Limited

Chartered Accountants

Statutory Auditors

The Exchange

5 Bank Street

Bury

BL9 0DN

17 July 2023

REVENUE

3

18,713,972

15,011,406

Cost of sales

(12,201,671

)

(9,625,978

)

GROSS PROFIT

6,512,301

5,385,428

Distribution costs

(9,083

)

(9,135

)

Administrative expenses

(4,483,687

)

(3,693,199

)

2,019,531

1,683,094

Other operating income

4

-

71,759

OPERATING PROFIT

6

2,019,531

1,754,853

Interest receivable and similar income

11,097

290

2,030,628

1,755,143

Interest payable and similar expenses

7

(45,309

)

(57,504

)

PROFIT BEFORE TAXATION

1,985,319

1,697,639

Tax on profit

8

(285,190

)

(438,322

)

PROFIT FOR THE FINANCIAL YEAR

1,700,129

1,259,317

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,700,129

1,259,317

FIXED ASSETS

Property, plant and equipment

10

1,816,430

1,769,974

CURRENT ASSETS

Inventories

11

727,586

660,937

Debtors

12

4,329,111

4,102,516

Cash at bank and in hand

3,157,741

2,589,288

8,214,438

7,352,741

CREDITORS

Amounts falling due within one year

13

(2,672,106

)

(2,887,069

)

NET CURRENT ASSETS

5,542,332

4,465,672

TOTAL ASSETS LESS CURRENT LIABILITIES

7,358,762

6,235,646

CREDITORS

Amounts falling due after more than one year

14

(204,415

)

(42,202

)

PROVISIONS FOR LIABILITIES

18

(359,263

)

(298,489

)

NET ASSETS

6,795,084

5,894,955

CAPITAL AND RESERVES

Called up share capital

19

100

100

Other reserves

20

238,795

238,795

Retained earnings

20

6,556,189

5,656,060

SHAREHOLDERS' FUNDS

6,795,084

5,894,955

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:

J Bennett - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 January 2021

100

5,196,743

238,795

5,435,638

Changes in equity

Dividends

-

(800,000

)

-

(800,000

)

Total comprehensive income

-

1,259,317

-

1,259,317

Balance at 31 December 2021

100

5,656,060

238,795

5,894,955

Changes in equity

Dividends

-

(800,000

)

-

(800,000

)

Total comprehensive income

-

1,700,129

-

1,700,129

Balance at 31 December 2022

100

6,556,189

238,795

6,795,084

1.	STATUTORY INFORMATION

Imperial Office Furniture Ltd is a private company, limited by shares, registered in England and Wales. Its registered number is 03858693 and its registered office address is The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.

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.

Going concern

The company had net assets of £6,795,084 at the year end (2021: £5,894,955) and cash reserves of £3,157,741 (2021: £2,589,288). The company continues to generate profits post year end. The directors have prepared a budget for the next 12 months.

The directors believe that the company can manage the risks at these challenging times and therefore continue to adopt a going concern basis of accounting in preparing these financial statements.

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 33.7.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue

Revenue comprises the aggregate of the fair value of the sales of goods, net of value-added tax, rebates and discounts. Revenue is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed. Revenue is not recognised where the right to receive payment is contingent on events outside the control of the company.

Unbilled revenue is included in debtors as 'Amounts recoverable on contracts'.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter.

Land

- not provided

Freehold properties

- Straight line over 20 years

Improvements to property

- 15% on reducing balance

Plant and machinery

- 15% on reducing balance,

- 10% on reducing balance and

- Over the period of the lease

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance and

- Over the period of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of comprehensive income.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the statement of comprehensive income as incurred.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Dividends

Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of comprehensive income over the relevant period. The capital element of the future payments is treated as a liability.

All other leases are treated as operating leases. The annual rentals are charged to the statement of comprehensive income in the period in which they become payable.

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 the income statement in the period to which they relate.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102.

In the previous year the company benefitted from the Government Coronavirus Job Retention Scheme ('Furlough'). Furlough income has been recognised in "other income" in the same period as the related wage costs.

The company has not directly benefitted from any other forms of government assistance.

Critical accounting estimates and judgements

In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Determining the useful economic life of an asset is considered a key judgement in calculating an appropriate depreciation charge.

Estimating the anticipated residual value of an asset is considered a key estimation in calculating an appropriate depreciation charge.

3.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company, and arose entirely within the UK.

4.	OTHER OPERATING INCOME

2022

2021

£

£

Furlough grant income

-

71,759

5.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

3,644,294

3,038,015

Social security costs

367,254

280,696

Other pension costs

163,564

113,847

4,175,112

3,432,558

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

2022

2021

Production and warehousing

95

86

Directors

3

3

Administration

26

23

Design and marketing

3

3

127

115

2022

2021

£

£

Directors' remuneration

135,419

131,893

Directors' pension contributions to money purchase schemes

12,638

8,638

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

Money purchase schemes

3

3

6.	OPERATING PROFIT

The operating profit is stated after charging:

2022

2021

£

£

Hire of plant and machinery

31,978

29,682

Depreciation - owned assets

114,129

100,214

Depreciation - assets on hire purchase contracts

51,365

72,926

Loss on disposal of fixed assets

-

6,867

Audit fees

14,850

13,500

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Bank loan interest

3,987

224

Other loan interest

-

36,903

Hire purchase interest

41,322

20,377

45,309

57,504

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2022

2021

£

£

Current tax:

UK corporation tax

268,379

336,654

Prior period over provision

(43,963

)

(165

)

Total current tax

224,416

336,489

Deferred tax

60,774

101,833

Tax on profit

285,190

438,322

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

1,985,319

1,697,639

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

377,211

322,551

Effects of:

Expenses not deductible for tax purposes

33,695

793

Capital allowances in excess of depreciation

(142,527

)

-

Depreciation in excess of capital allowances

-

13,310

Adjustments to tax charge in respect of previous periods

(43,963

)

(164

)

Other timing differences leading to an increase/ (decrease) in taxation

60,774

101,832

Total tax charge

285,190

438,322

For financial years beginning after 1 April 2023, the corporation tax main rate will be increased to 25% for profits over £250,000. A small profits rate (SPR) will also be introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by marginal relief. The directors are not aware of any other factors that will materially affect the future tax charge.

9.

DIVIDENDS

2022

2021

£

£

Ordinary shares of £1 each

Interim

800,000

800,000

10.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Freehold

to

Land

property

property

£

£

£

COST

At 1 January 2022

158,000

632,000

282,537

Additions

-

-

-

Disposals

-

-

-

At 31 December 2022

158,000

632,000

282,537

DEPRECIATION

At 1 January 2022

-

252,800

82,993

Charge for year

-

31,600

29,932

Eliminated on disposal

-

-

-

At 31 December 2022

-

284,400

112,925

NET BOOK VALUE

At 31 December 2022

158,000

347,600

169,612

At 31 December 2021

158,000

379,200

199,544

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2022

3,198,527

150,295

2,250

4,423,609

Additions

289,950

-

-

289,950

Disposals

(250,000

)

-

-

(250,000

)

At 31 December 2022

3,238,477

150,295

2,250

4,463,559

DEPRECIATION

At 1 January 2022

2,248,440

67,668

1,734

2,653,635

Charge for year

93,661

10,173

128

165,494

Eliminated on disposal

(172,000

)

-

-

(172,000

)

At 31 December 2022

2,170,101

77,841

1,862

2,647,129

NET BOOK VALUE

At 31 December 2022

1,068,376

72,454

388

1,816,430

At 31 December 2021

950,087

82,627

516

1,769,974