PQP Holdings Limited - Limited company accounts 23.2

REGISTERED NUMBER: SC487126 (Scotland)

PQP HOLDINGS LIMITED

PREVIOUSLY KNOWN AS

QUALITY PORK LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTOR:

M S Knudsen

REGISTERED OFFICE:

c/o Brodies LLP

Capital Square

58 Morrison Street

Edinburgh

EH3 8BP

REGISTERED NUMBER:

SC487126 (Scotland)

AUDITORS:

TC Murphy Salisbury Limited

Celixir House

Stratford Business and Technology Park

Stratford-upon-Avon

Warwickshire

CV37 7GZ

The director presents his strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS

The principal activity of the group during the year was the provision of pig slaughter services through its abattoir.

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

Sales at £289k for the year to 31 December 2022 were £6.3m lower than in the 12 month period to 31 December 2022 (2021: £6.6m). Gross Profit generated during 2022 of £76k was lower than 2021 by £2.4m (2021: £2.5m). Gross Profit Margin for 2022 was 26% (2021: 38%).

Overheads in the year to 31 December 2022 of £275k were lower than the 12 month period to 31 December 2021 by £2.3m (2021: £2.6m).

The income statement to 31 December 2022 includes a surplus of £960,007 relating to the disposal of the Company's subsidiary Quality Pork Processors Ltd (2021: nil) which includes £4,605,735 relating to a loan being written off.

The group achieved a surplus after tax for 2022 of £771k (2021: £13k).

The director is satisfied with the results for the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The company does not deem there to be any principle risks and uncertainties associated with the business due to the near dormant state of the entity.

FUTURE PLANS

Following the sale of the shares in its subsidiary company in February 2022 the group's principal activity ceased.

ON BEHALF OF THE BOARD:

M S Knudsen - Director

21 December 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2022.

CHANGE OF NAME

The group passed a special resolution on 22 April 2022 changing its name from Quality Pork Limited to PQP Holdings Limited.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2022.

DIRECTORS

The directors who have held office during the period from 1 January 2022 to the date of this report are as follows:

P G Stephen - resigned 1 February 2022

A K Saunders - resigned 6 April 2022

R Butterworth - resigned 1 February 2022

R G Bruce - resigned 1 February 2022

D W Argo - resigned 1 February 2022

M S Knudsen - appointed 1 February 2022

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on page 2. These matters relate to review of business, principal risks and uncertainties and future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group 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 the group and of the surplus or deficit of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, TC Murphy Salisbury Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M S Knudsen - Director

21 December 2023

Opinion

We have audited the financial statements of PQP Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's deficit 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 group 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 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 group's and the parent 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 group or the parent 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to valuation of investment. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included compliance with GDPR regulation.

Audit response to risks identified

As a result of performing the above, we identified valuation of investment as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reading minutes of meetings of those charged with governance;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Mark Bullock FCA (Senior Statutory Auditor)

for and on behalf of TC Murphy Salisbury Limited

Celixir House

Stratford Business and Technology Park

Stratford-upon-Avon

Warwickshire

CV37 7GZ

21 December 2023

TURNOVER

3

288,560

6,629,159

Cost of sales

212,266

4,141,135

GROSS SURPLUS

76,294

2,488,024

Administrative expenses

275,450

2,643,448

(199,156

)

(155,424

)

Other operating income

10,111

382,057

OPERATING (DEFICIT)/SURPLUS

5

(189,045

)

226,633

Interest payable and similar expenses

6

-

224,537

(DEFICIT)/SURPLUS BEFORE TAXATION

(189,045

)

2,096

Tax on (deficit)/surplus

7

-

14,939

DEFICIT FOR THE FINANCIAL YEAR

(189,045

)

(12,843

)

OTHER COMPREHENSIVE INCOME

Disposal of subsidiary

960,007

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

960,007

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

770,962

(12,843

)

Deficit attributable to:

Owners of the parent

(189,045

)

(12,843

)

Total comprehensive income attributable to:

Owners of the parent

770,962

(12,843

)

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

8,706,667

Investments

11

-

-

-

8,706,667

CURRENT ASSETS

Debtors

12

-

934,709

Cash at bank

14,948

251,176

14,948

1,185,885

CREDITORS

Amounts falling due within one year

13

-

8,748,524

NET CURRENT ASSETS/(LIABILITIES)

14,948

(7,562,639

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,948

1,144,028

PROVISIONS FOR LIABILITIES

17

-

(342,000

)

ACCRUALS AND DEFERRED INCOME

18

-

(1,558,042

)

NET ASSETS/(LIABILITIES)

14,948

(756,014

)

RESERVES

Income and expenditure account

14,948

(756,014

)

14,948

(756,014

)

The financial statements were approved by the director and authorised for issue on 21 December 2023 and were signed by:

M S Knudsen - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

-

1

-

1

CURRENT ASSETS

Debtors

12

-

1,199,607

Cash at bank

14,948

48,883

14,948

1,248,490

CREDITORS

Amounts falling due within one year

13

-

5,805,262

NET CURRENT ASSETS/(LIABILITIES)

14,948

(4,556,772

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,948

(4,556,771

)

RESERVES

Income and expenditure account

14,948

(4,556,771

)

14,948

(4,556,771

)

Company's profit for the financial year

4,571,719

-

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 21 December 2023 and were signed by:

M S Knudsen - Director

Retained

Total

earnings

equity

£

£

Balance at 1 January 2021

(743,171

)

(743,171

)

Changes in equity

Total comprehensive income

(12,843

)

(12,843

)

Balance at 31 December 2021

(756,014

)

(756,014

)

Changes in equity

Total comprehensive income

770,962

770,962

Balance at 31 December 2022

14,948

14,948

Retained

Total

earnings

equity

£

£

Balance at 1 January 2021

(4,556,771

)

(4,556,771

)

Changes in equity

Balance at 31 December 2021

(4,556,771

)

(4,556,771

)

Changes in equity

Total comprehensive income

4,571,719

4,571,719

Balance at 31 December 2022

14,948

14,948

Cash flows from operating activities

Cash generated from operations

1

(2,449,786

)

(128,487

)

Interest paid

-

(224,530

)

Interest element of hire purchase or finance lease rental payments paid

-

(7

)

Government grants received

10,111

-

Net cash from operating activities

(2,439,675

)

(353,024

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(198,444

)

Sale of investment

2,203,447

-

Net cash from investing activities

2,203,447

(198,444

)

Decrease in cash and cash equivalents

(236,228

)

(551,468

)

Cash and cash equivalents at beginning of year

2

251,176

802,644

Cash and cash equivalents at end of year

2

14,948

251,176

1.	RECONCILIATION OF (DEFICIT)/SURPLUS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2022

2021

£

£

(Deficit)/surplus before taxation

(189,045

)

2,096

Depreciation charges

51,006

607,256

Loss on disposal of fixed assets

1

-

Government grants

(10,111

)

-

Finance costs

-

224,537

(148,149

)

833,889

Decrease in trade and other debtors

934,708

608,376

Decrease in trade and other creditors

(3,236,345

)

(1,570,752

)

Cash generated from operations

(2,449,786

)

(128,487

)

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:

Year ended 31 December 2022

31.12.22

1.1.22

£

£

Cash and cash equivalents

14,948

251,176

Year ended 31 December 2021

31.12.21

1.1.21

£

£

Cash and cash equivalents

251,176

802,644

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.1.22

Cash flow

At 31.12.22

£

£

£

Net cash

Cash at bank

251,176

(236,228

)

14,948

251,176

(236,228

)

14,948

Debt

Debts falling due within 1 year

(7,412,220

)

7,412,220

-

(7,412,220

)

7,412,220

-

Total

(7,161,044

)

7,175,992

14,948

1.	STATUTORY INFORMATION

PQP Holdings Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the General 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.

The group 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 requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Basis of consolidation

The consolidated financial statements incorporate those of Quality Pork Limited and its subsidiary undertakings made up to 31 December 2022. A subsidiary is an entity that is controlled by the parent. The results of the subsidiary undertakings are included in the consolidated income statement from the date that control commences to the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that are currently exercisable.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future period where the revision affects both current and future periods.

Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

Goodwill

The determination of whether goodwill should be impaired requires the estimation of future cash flows and growth factors adapted by each cash generating unit. Furthermore, discount rates applied to these cash flows are determined by reference to the markets in which they operate. These factors are all affected by prevailing market and economic factors outside the group's control.

Deferred tax

Management estimation is required to determine the amount of deferred tax asset that can be recognised, based upon likely timing and level of future taxable surplus.

Turnover

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

Goodwill

Goodwill on consolidation is written off over its estimated useful economic life of 10 years. An annual impairment review is then carried out to ensure useful economic lives remain reasonable.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% straight line basis

Plant and machinery

-

various in accordance with the asset and in accordance with the term of the lease

Fixtures and fittings

-

at variable rates on reducing balance

Refrigeration

-

10% straight line basis

Computer equipment

-

at varying rates on straight line basis

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 surplus or deficit over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and deficit (2021 - surplus) before taxation are attributable to the one principal activity of the group.

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

2022

2021

£

£

Pig slaughter

273,984

6,355,307

By products

14,576

273,852

288,560

6,629,159

An analysis of turnover by geographical market is given below:

2022

2021

£

£

United Kingdom

288,560

6,629,159

288,560

6,629,159

4.	EMPLOYEES AND DIRECTORS

2022

2021

£

£

Wages and salaries

151,446

2,660,159

Social security costs

15,532

217,362

Other pension costs

3,516

47,854

170,494

2,925,375

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

2022

2021

Production Line

7

91

Management and admin

1

18

8

109

The average number of employees has decreased significantly due to there were only employees for the group for one month of the year.

2022

2021

£

£

Directors' remuneration

-

-

5.	OPERATING (DEFICIT)/SURPLUS

The operating deficit (2021 - operating surplus) is stated after charging:

2022

2021

£

£

Depreciation - owned assets

51,006

607,256

Loss on disposal of fixed assets

1

-

Auditors' remuneration

-

15,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2022

2021

£

£

Other loan interest

-

224,530

Finance lease interest

-

7

-

224,537