REGISTERED NUMBER: 00976405 (England and Wales) |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
REGISTERED NUMBER: 00976405 (England and Wales) |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 5 |
Report of the Directors | 6 | to | 8 |
Report of the Independent Auditors | 9 | to | 11 |
Consolidated Income Statement | 12 |
Consolidated Statement of Comprehensive Income | 13 |
Consolidated Statement of Financial Position | 14 | to | 15 |
Company Statement of Financial Position | 16 |
Consolidated Statement of Changes in Equity | 17 |
Company Statement of Changes in Equity | 18 |
Consolidated Statement of Cash Flows | 19 |
Notes to the Consolidated Statement of Cash Flows | 20 | to | 21 |
Notes to the Consolidated Financial Statements | 22 | to | 41 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Adrian Reynolds BA FCA |
AUDITORS: |
3 Castlegate |
Grantham |
Lincs |
NG31 6SF |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report of the company and the group for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of our business. Our review is consistent with the size and nature of our business and in the context of risks and uncertainties we face. |
The major factors that affected our business in 2022 were: |
- Shortages - this has been the main problem facing our company, together with resulting price increases. Our moving to a larger, new warehouse has been vital, as we were able to increase stock levels to handle this new market condition. |
- In 2022 shipping rates increased significantly - going from $3700 to $16,700 a 40ft box. This increased the average cost of Chinese car tyres by 40%, with much of tyre industry not passing on these increased costs fully. The result was the "squeeze" of price ranges together, with lessened pricing differentials. At the tail end of 2022 world shipping rates crumbled, with shipments from China falling by $10,000 with continued downward pressure resulting in July shipping prices below $3000 per box, this continued in to early 2023. This has changed the dependence for extra stock needed for good service delivery, to one of price of products supplied being correct for this new market with the suppliers needing a pence per kilometre reduction. |
-To improve standards of our operations, we started a retraining of standards and service needs, truck jobs are now nearly 100% electronic. |
-Procedures and operations are successfully implemented and safely carried out, both instore and on vehicles. Whilst we believe that our industry will remain challenging, we have the skills to meet these challenges and build on these foundations and the companies are on target for another good year. |
Overall, 2022 has been a decent year, with the mix of customers and product channels improving, sales increasing in all sectors, this has continued in 2023. The war in Ukraine continues, affecting most aspects of the business, but we have successfully improved our offer in product and price. Sales for the year were to plan, sales increased by £10.5 million. This trend has been mirrored in our latest 3-year plan. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Some people in the industry are being advised on Business strategy measures by, and carried out by, those who have not the knowledge or experience, to see or take the correct steps forward. The new transitory management are being listened to, and when the strategy is cast aside, leave and reappear at another company to start this process again. This lack of care and ability for these businesses is usually results in the need of a ‘new’ strategy. |
Our staff are key to our performance and have enabled plans to be realised with hard work and skill in all parts of the business which is pivotal to our success. Great effort will continually be made to improve staff, in training, effectiveness and improving our environment to safely enable their full potential to shine. We have started to implement changes to work patterns, to make work more rewarding, good people are key to our success and by their hard work our expansion continues. |
These growth plans will again put pressure on our ability to train and nurture quality staff and is a key area to focus on. Whilst we believe that our industry will remain challenging, we have the skills to meet these challenges and build on these foundations to have another successful year 2023. |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
KEY PERFORMANCE INDICATORS |
Turnover is a key performance indicator for the group, this has grown by £8.8m (19.66%) from £44.6m to £53.3m. This has improved as the group has acquired more depots in expanding our operations. |
Gross profit for the group has also improved, this has grown by £1.2m (17.7%) from £7.1m to £8.3m. This has been driven by the increase in demand, which has led to more stock being held by the company at the year-end. |
The gross profit margin slightly decreased to 15.61% from 15.87%, a result of increased raw material prices as well as staff costs. |
Profit before tax has decreased by £0.4m (26.93%) from £1.5m to £1.1m. |
This has resulted in the amounts attributable to the group decreasing by £173k (16.6%) from £1.04m to £868k. This enables the group to be in a strong position entering 2023 and in future years. |
The group balance sheet is sound, net assts increasing by £2.3 million to £12,846,967 a figure that we believe we will exceed in 2023. |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
SECTION 172(1) STATEMENT |
The directors accept their duty to promote the success of the company for the benefit of its members as a whole and have regard to the wider shareholder interests below. |
The likely consequences of any decision in the long term; |
Every operating section of our business operates economic, social and environmental responsibilities on their own, while cooperating constantly with other parts of the operation and with shareholders. This allows the company to manage risk and opportunity and risk to its processes, products and services, with constant focus of trying to improve the business. |
We operate by three-year plans of sustainable targets, our 2022 sales target is £72million which was achieved, our 2023 planned sales figure is £82 million and sales are on target, with et profit being above target. |
The key aim is delivering great service to our customers in the various sectors; retail, account, wholesale, commercial and agricultural tyres - our latest three-year plan, despite the world problems of economic uncertainty are on plan! |
In 2022, the new locations have done well and contributed to the company so that expansion can continue. We are targeting market leadership in one business channel within four years! |
The interests of the company's employees; |
We are always conscious of our responsibilities, our ethics being implemented constantly, with new staff induction training explaining our principles. Our in-house training is now being improved with in depth training and development to become the leader in this area of staff learning. |
Our staff are key to our performance and have enabled plans to be realised with hard work and skill in all parts of the business which is pivotal to our success. Great effort will continually be made to improve staff, in training, effectiveness and improving our environment to safely enable their full potential to shine. We started to implement changes to work patterns, to make their work more rewarding, they are key to our success and by their hard work our expansion continues. Our new commercial salary package, whilst increased costs we are rightfully rewarding staff to become the premium quality truck technician job available in the industry and this aim is to be implemented in all sectors of our business. |
Growth plans will again put pressure on our ability to train and nurture quality staff and is a key area to focus on. |
The need to foster the company's business relationships with suppliers, customers and others; |
Some of the building of these businesses has started to bear fruit, with an approach to our product centres that is growing the business with an improved focus on quality service. |
The year continued to be one of price instability, with tyre sizes used getting larger in car and agriculture, helping our average tyre cost to increase. Economy tyres prices have been volatile, but we remained with our principal suppliers. The continued focus on a complete portfolio in all product channels ensured that our offer was good. Our policy of working with suppliers and customers to get the best solutions to tyre needs. We believe this retains customers, gets the loyalty of suppliers and enable us to give a quality service. |
The impact of the company's operations on the community and the environment; |
Bush operates as a quality tyre service company, with smart well cared for outlets, with clean well-maintained vehicles, operating sympathetically to its neighbours and caring for the environment. Having recently arrived back from the Middle East, I was appalled at the state of our highways, and by ways as regards to litter, and upkeep. |
We will be making it a priority main for Bush to maintain spotless sites, vans, standards which goes some way to stop this negative view of Britain, that needs change - it is now our 2023/4 mission. |
The desirability of the company maintaining a reputation for high standard business conduct; |
Our philosophy is trust and high standards, which if looked back, Bush were the first tyre company in the UK to receive BS5750 and have continued to work to this standard (ISO 9001:2015) It creates a standard to achieve! We are virtually the only tyre company to continue to achieve this standard! |
Because of our rural beginnings, where customers were not great in number, we needed them to return time after time to make a profit and this basis off business, "trust and quality" hold true today. |
The need to act fairly as between members of the company; |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Our truck structure is successful, with clear and open packages that enable open structures to happen. This is to be expanded int other sectors of our business. |
As we are a private company, the expansive figures have not been fully documented, as per our business plans, but should you or your company wish for a more expansive view of our operations, then send details and requests and we may discuss further our business on a broader footing. |
ON BEHALF OF THE BOARD: |
15 September 2023 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of tyre distribution. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2022 will be £ 25,880 . |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
STREAMLINED ENERGY AND CARBON REPORTING |
Energy consumption (kWh usage) |
The total consumption of energy in the year equated to 12,830,307kWh (2021: 13,173,847kWh). |
The energy consumption relating to transport fuel was 11,585,888 kWh (2021: 11,771,953kWh) for company owned vehicles and 0kWh (2021: 263,023kWh) used for non company owned vehicles. |
The total usage in relation to electricity was 1,065,189 (2021: 1,108,568kWh). |
The total usage in relation to gas was 179,230 kWh (2021: 23,943kWh). |
Emissions |
From the above values, using the latest figures provided by The Department for Business, Energy and Industrial Strategy (BEIS) and the Department for Environment, Food and Rural Affairs (DEFRA), the consumption resulted in the following emission. |
Emissions from the combustion of gas was 32.7tCO2e (2021: 4.4 tCO2e). |
Emissions from business travel and company owned cars was 2,893 tCO2e (2021: 2,941 tCO2e) and for rental cars or employee-owned vehicles was 0tCO2e (2021: 66 tCO2e). |
Emissions from purchased electricity was 206 tCO2e (2021: 235 tCO2e). |
This equates to total emissions of 3,132 tCO2e (2021: 3,247 tCO2e). |
Methodology |
Energy consumption is determined from invoices received for the given year and non company owned vehicles mileage data is obtained from the company's HR department. CO2 emissions are determined for the relevant energy type using the latest figures & conversion tables provided by BEIS and DEFRA. |
Ratios |
An intensity ratio in which the group monitors is tCO2e v £100,000 turnover. |
In 2022 this equated to emissions of 6.0 tCO2e (2021: 7.4 tCO2e) per £100,000 turnover. |
Measures taken to improve efficiency |
Moving forward the group will look to improve the emissions produced by implementing strategies as proposed by third party specialists in this area, these will be implemented over time and when the opportunity presents itself. These include: |
- replacing non-efficient lights with LED's |
- motion sensor lights to be fitted |
- shut-door policy in winter |
- condensed to one head office to reduce travel emissions |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 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 directors are 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 each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES |
Opinion |
We have audited the financial statements of B.A. Bush & Son Limited and Subsidiary Companies (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 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 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 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 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 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 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 Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES |
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 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 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 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 eight, 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. |
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. |
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws. |
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
3 Castlegate |
Grantham |
Lincs |
NG31 6SF |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
TURNOVER |
Group and share of joint ventures and associates | 71,568,705 | 61,039,931 |
Less: |
Share of joint ventures' turnover | (17,566,703 | ) | (15,873,476 | ) |
Share of associates' turnover | (692,735 | ) | (615,870 | ) |
GROUP TURNOVER | 3 | 53,309,267 | 44,550,585 |
Cost of sales | 44,985,165 | 37,478,369 |
GROSS PROFIT | 8,324,102 | 7,072,216 |
Distribution costs | 446,482 | 370,889 |
Administrative expenses | 6,817,621 | 5,973,417 |
7,264,103 | 6,344,306 |
1,059,999 | 727,910 |
Other operating income | 33,528 | 366,758 |
GROUP OPERATING PROFIT | 5 | 1,093,527 | 1,094,668 |
Share of operating profit in |
Joint ventures | 259,429 | 432,836 |
Associates | 22,749 | 17,333 |
Interest payable and similar expenses |
Group | 6 | (206,021 | ) | (15,479 | ) |
Joint ventures | (68,443 | ) | (26,322 | ) |
Associates | (4,512 | ) | (2,029 | ) |
PROFIT BEFORE TAXATION | 1,096,729 | 1,501,007 |
Tax on profit | 7 | 177,961 | 406,910 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 868,448 | 1,041,671 |
Non-controlling interests | 50,320 | 52,426 |
918,768 | 1,094,097 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 918,768 | 1,094,097 |
OTHER COMPREHENSIVE INCOME |
Revaluation reserve | 363,495 | 65,000 |
Share of revaluation in joint venture | 1,107,500 | - |
Income tax relating to components of other comprehensive income |
(64,742 |
) |
(47,016 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
1,406,253 |
17,984 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,325,021 | 1,112,081 |
Total comprehensive income attributable to: |
Owners of the parent | 2,274,701 | 1,059,655 |
Non-controlling interests | 50,320 | 52,426 |
2,325,021 | 1,112,081 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 640,683 | 650,444 |
Tangible assets | 11 | 6,709,523 | 5,536,153 |
Investments | 12 |
Interest in joint venture |
Share of gross assets | 8,788,862 | 7,475,456 |
Share of gross liabilities | (5,972,718 | ) | (5,944,831 | ) |
2,816,144 | 1,530,625 |
Interest in associate | 228,949 | 214,743 |
Other investments | 8,239 | 8,239 |
10,403,538 | 7,940,204 |
CURRENT ASSETS |
Stocks | 13 | 11,879,219 | 10,965,902 |
Debtors | 14 | 10,123,126 | 8,680,288 |
Cash at bank and in hand | 295,264 | 77,105 |
22,297,609 | 19,723,295 |
CREDITORS |
Amounts falling due within one year | 15 | 16,661,166 | 14,089,822 |
NET CURRENT ASSETS | 5,636,443 | 5,633,473 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 16,039,981 | 13,573,677 |
CREDITORS |
Amounts falling due after more than one year | 16 | (2,531,296 | ) | (2,442,391 | ) |
PROVISIONS FOR LIABILITIES | 21 | (661,718 | ) | (583,460 | ) |
NET ASSETS | 12,846,967 | 10,547,826 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 22 | 10,000 | 10,000 |
Share premium | 30,000 | 30,000 |
Revaluation reserve | 541,371 | 242,618 |
Retained earnings | 12,053,031 | 10,102,963 |
SHAREHOLDERS' FUNDS | 12,634,402 | 10,385,581 |
NON-CONTROLLING INTERESTS | 23 | 212,565 | 162,245 |
TOTAL EQUITY | 12,846,967 | 10,547,826 |
The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2023 and were signed on its behalf by: |
N A Bush - Director |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 615,356 | 690,171 |
The financial statements were approved by the Board of Directors and authorised for issue on |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 January 2021 | 10,000 | 9,071,292 | 30,000 |
Changes in equity |
Dividends | - | (10,000 | ) | - |
Total comprehensive income | - | 1,041,671 | - |
Balance at 31 December 2021 | 10,000 | 10,102,963 | 30,000 |
Changes in equity |
Dividends | - | (25,880 | ) | - |
Total comprehensive income | - | 1,975,948 | - |
Balance at 31 December 2022 | 10,000 | 12,053,031 | 30,000 |
Revaluation | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 January 2021 | 224,634 | 9,335,926 | 109,819 | 9,445,745 |
Changes in equity |
Dividends | - | (10,000 | ) | - | (10,000 | ) |
Total comprehensive income | 17,984 | 1,059,655 | 52,426 | 1,112,081 |
Balance at 31 December 2021 | 242,618 | 10,385,581 | 162,245 | 10,547,826 |
Changes in equity |
Dividends | - | (25,880 | ) | - | (25,880 | ) |
Total comprehensive income | 298,753 | 2,274,701 | 50,320 | 2,325,021 |
Balance at 31 December 2022 | 541,371 | 12,634,402 | 212,565 | 12,846,967 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 409,564 | (3,117,390 | ) |
Interest paid | (203,160 | ) | (8,386 | ) |
Interest element of hire purchase payments paid | (2,861 | ) | (7,093 | ) |
Government grants | - | 305,517 |
Tax paid | (149,351 | ) | (202,160 | ) |
Net cash from operating activities | 54,192 | (3,029,512 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (91,020 | ) | (19,868 | ) |
Purchase of tangible fixed assets | (705,132 | ) | (977,893 | ) |
Purchase of fixed asset investments | - | (916,458 | ) |
Sale of tangible fixed assets | 28,989 | 33,195 |
Cash acquired with subsidiaries | - | 20,827 |
Dividends received | - | 120,000 |
Net cash from investing activities | (767,163 | ) | (1,740,197 | ) |
Cash flows from financing activities |
Loan repayments in year | (34,263 | ) | (42,476 | ) |
Capital repayments in year | (235,636 | ) | (88,389 | ) |
Amount introduced by directors | 1,399 | 116 |
Amount withdrawn by directors | (41,783 | ) | (70 | ) |
Equity dividends paid | (25,880 | ) | (10,000 | ) |
Net cash from financing activities | (336,163 | ) | (140,819 | ) |
Decrease in cash and cash equivalents | (1,049,134 | ) | (4,910,528 | ) |
Cash and cash equivalents at beginning of year | 2 | (2,418,643 | ) | 2,491,885 |
Cash and cash equivalents at end of year | 2 | (3,467,777 | ) | (2,418,643 | ) |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit before taxation | 1,096,729 | 1,501,007 |
Depreciation charges | 818,693 | 669,375 |
Profit on disposal of fixed assets | (20,129 | ) | (25,139 | ) |
Share of joint ventures profit | (190,986 | ) | (406,514 | ) |
Share of associates profit | (18,237 | ) | (15,304 | ) |
Bad debt provisions | 27,658 | 75,038 |
Government grants | - | (305,517 | ) |
Finance costs | 278,976 | 43,830 |
1,992,704 | 1,536,776 |
Increase in stocks | (913,317 | ) | (2,741,688 | ) |
Increase in trade and other debtors | (1,661,414 | ) | (466,706 | ) |
Increase/(decrease) in trade and other creditors | 991,591 | (1,445,772 | ) |
Cash generated from operations | 409,564 | (3,117,390 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 295,264 | 77,105 |
Bank overdrafts | (3,763,041 | ) | (2,495,748 | ) |
(3,467,777 | ) | (2,418,643 | ) |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 77,105 | 2,491,885 |
Bank overdrafts | (2,495,748 | ) | - |
(2,418,643 | ) | 2,491,885 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.1.22 | Cash flow | changes | At 31.12.22 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 77,105 | 218,159 | 295,264 |
Bank overdrafts | (2,495,748 | ) | (1,267,293 | ) | (3,763,041 | ) |
(2,418,643 | ) | (1,049,134 | ) | (3,467,777 | ) |
Debt |
Finance leases | (168,951 | ) | 247,880 | (682,978 | ) | (604,049 | ) |
Debts falling due |
within 1 year | (50,918 | ) | (205,777 | ) | - | (256,695 | ) |
Debts falling due |
after 1 year | (2,385,303 | ) | 256,003 | - | (2,129,300 | ) |
(2,605,172 | ) | 298,106 | (682,978 | ) | (2,990,044 | ) |
Total | (5,023,815 | ) | (751,028 | ) | (682,978 | ) | (6,457,821 | ) |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
B.A. Bush & Son Limited and Subsidiary Companies is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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, modified to include certain items at fair value. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemption 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 paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
Basis of consolidation |
The group accounts have been prepared on the basis that full disclosure has been made of the subsidiary company figures. Where the company holds more than 20% of the share capital in joint ventures, the applicable percentage of the assets and liabilities have been disclosed. If the group holds less than 20% of the shares of the company only the investment in that company has been included in these financial statements. |
Joint ventures are stated at the financial reporting date at the group share of each joint venture net assets. No provision has been included where this figure is a negative figure as the directors consider that any such deficit will be recovered in the forthcoming year. From the date of acquisition an appropriate share of the joint venture's profit or loss for the year has been accounted for in the groups consolidated income statement. |
Where a joint venture company has revalued it's own assets during the year any surplus has been shown in the Group Statement of Comprehensive Income. |
Associates are stated at the financial reporting date at the consideration price for the shares. The group's share of post acquisition profits has also been added onto the consideration. From the date of acquisition an appropriate share of the associate's profit or loss for the year has been accounted for in the group's Consolidated Income Statement. |
Jointly controlled entities |
When accounting for joint ventures the group uses equity accounting. This is done by adjusting the initial investment value by any share of the company's post acquisition profit and loss. |
Associates |
When accounting for associates the group uses equity accounting. This is done by adjusting the initial investment value by any share of the company's post acquisition profit and loss. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised based on the terms of the sale, either on despatch from the company or on delivery and acceptance by the customer. |
Goodwill |
Goodwill, being paid in connection with the acquisition of businesses in 2012 and 2018, is being amortised evenly over the estimated useful life of ten years. |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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 |
Freehold property | - |
Long leasehold | - |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
The cost of tangible fixed assets represents the invoice value of the asset, as well as other costs that are deemed necessary in order to bring the asset into use. |
Investments in associates |
The company accounts for investments in subsidiary and associate undertakings at cost. |
Stocks |
Stocks are stated at the lower of cost incurred in bringing each product to its present location and condition, and fair value less costs to sell, after making due allowance for obsolete and slow-moving items. Stock is accounted for on a first-in-first-out basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions expressed in foreign currencies are initially recorded at the rate ruling at the of the transaction. |
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the period end reporting date. |
All differences are taken to the income statement. |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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 profit or loss 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 income statement in the period to which they relate. |
Financial instruments |
The group has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and estimation uncertainty |
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
(i) Intangible fixed assets |
It is felt that the acquisition of the company name, Endyke, in 2012 comes with a substantial offering in the Hull area due to how well it is known locally. The directors believe that at the moment they are still benefitting from it and as a result the remaining useful economic life is 5 years. |
(ii) Stock provisions |
All of the companies in the group trade in tyre distribution and are subject to changing customer demands and economic trends. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. See note 13 for the net carrying amount of the stock and amortised provision. |
3. | TURNOVER |
The group has chosen not to disclose their analysis of turnover as the directors have deemed it prejudicial to the group. |
4. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries | 9,187,599 | 7,567,161 |
Social security costs | 895,279 | 748,525 |
Other pension costs | 164,896 | 132,072 |
10,247,774 | 8,447,758 |
The average number of employees during the year was as follows: |
2022 | 2021 |
Depot staff | 267 | 254 |
Representatives | 9 | 8 |
Office and management | 28 | 29 |
The average number of employees by undertakings that were proportionately consolidated during the year was 304 (2021 - 291 ) . |
2022 | 2021 |
£ | £ |
Directors' remuneration | 382,297 | 356,406 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
2022 | 2021 |
£ | £ |
Emoluments etc | 105,576 | 95,506 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Depreciation - owned assets | 1,157,013 | 545,118 |
Depreciation - assets on hire purchase contracts | 63,132 | 58,920 |
Profit on disposal of fixed assets | (20,129 | ) | (25,139 | ) |
Goodwill amortisation | 97,299 | 79,872 |
Development costs amortisation | 2,001 | 2,748 |
Computer software amortisation | 1,481 | 2,760 |
Auditors' remuneration | 44,060 | 42,640 |
Auditors' remuneration for non audit work | 4,782 | 2,083 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank interest | - | 1,407 |
Bank loan interest | 128,413 | 5,482 |
Other loan interest | 74,747 | 1,497 |
Lease interest | 2,861 | 7,093 |
206,021 | 15,479 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | 164,445 | 188,294 |
Adjustment re previous years | - | (23,476 | ) |
Total current tax | 164,445 | 164,818 |
Deferred tax | 13,516 | 242,092 |
Tax on profit | 177,961 | 406,910 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | TAXATION - continued |
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 | 1,096,729 | 1,501,007 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
208,379 |
285,191 |
Effects of: |
Expenses not deductible for tax purposes | 1,430 | 13,340 |
Capital allowances in excess of depreciation | (62,361 | ) | (121,241 | ) |
in fixed assets |
Adjustments to JV and associate tax | 16,998 | 11,377 |
Utilisation of tax losses | - | (23,476 | ) |
Deferred taxation | 13,515 | 241,719 |
Total tax charge | 177,961 | 406,910 |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | 363,495 | (64,742 | ) | 298,753 |
Share of revaluation in joint venture | 1,107,500 | - | 1,107,500 |
1,470,995 | (64,742 | ) | 1,406,253 |
2021 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation reserve | 65,000 | (47,016 | ) | 17,984 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2022 | 2021 |
£ | £ |
Ordinary shares of £1 each |
Interim | 25,880 | 10,000 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Development | Computer |
Goodwill | costs | software | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 | 1,047,991 | 27,421 | 39,137 | 1,114,549 |
Additions | - | - | 91,020 | 91,020 |
At 31 December 2022 | 1,047,991 | 27,421 | 130,157 | 1,205,569 |
AMORTISATION |
At 1 January 2022 | 427,186 | 25,419 | 11,500 | 464,105 |
Amortisation for year | 97,299 | 2,001 | 1,481 | 100,781 |
At 31 December 2022 | 524,485 | 27,420 | 12,981 | 564,886 |
NET BOOK VALUE |
At 31 December 2022 | 523,506 | 1 | 117,176 | 640,683 |
At 31 December 2021 | 620,805 | 2,002 | 27,637 | 650,444 |
Company |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Amortisation for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Long | Short | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | 2,844,481 | 431,033 | 563,917 | 109,377 |
Additions | - | - | 62,326 | - |
Disposals | - | - | - | - |
Revaluations | - | 258,967 | - | - |
At 31 December 2022 | 2,844,481 | 690,000 | 626,243 | 109,377 |
DEPRECIATION |
At 1 January 2022 | 582,656 | 101,084 | 481,240 | 78,744 |
Charge for year | 45,264 | 3,444 | 74,456 | 4,152 |
Eliminated on disposal | - | - | - | - |
Revaluation adjustments | - | (104,528 | ) | - | - |
At 31 December 2022 | 627,920 | - | 555,696 | 82,896 |
NET BOOK VALUE |
At 31 December 2022 | 2,216,561 | 690,000 | 70,547 | 26,481 |
At 31 December 2021 | 2,261,825 | 329,949 | 82,677 | 30,633 |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | 5,292,022 | 10,711 | 2,274,089 | 32,651 | 11,558,281 |
Additions | 908,367 | - | 1,068,187 | - | 2,038,880 |
Disposals | - | - | (136,333 | ) | - | (136,333 | ) |
Revaluations | - | - | - | - | 258,967 |
At 31 December 2022 | 6,200,389 | 10,711 | 3,205,943 | 32,651 | 13,719,795 |
DEPRECIATION |
At 1 January 2022 | 3,388,072 | 2,836 | 1,365,634 | 21,862 | 6,022,128 |
Charge for year | 665,376 | - | 427,453 | - | 1,220,145 |
Eliminated on disposal | - | - | (127,473 | ) | - | (127,473 | ) |
Revaluation adjustments | - | - | - | - | (104,528 | ) |
At 31 December 2022 | 4,053,448 | 2,836 | 1,665,614 | 21,862 | 7,010,272 |
NET BOOK VALUE |
At 31 December 2022 | 2,146,941 | 7,875 | 1,540,329 | 10,789 | 6,709,523 |
At 31 December 2021 | 1,903,950 | 7,875 | 908,455 | 10,789 | 5,536,153 |
Included in cost or valuation of land and buildings is freehold land of £140,900 (2021 - £140,900) which is not depreciated. |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Cost or valuation at 31 December 2022 is represented by: |
Improvements |
Freehold | Long | Short | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
Valuation in 2021 | 65,000 | - | - | - |
Valuation in 2022 | - | 258,967 | - | - |
Cost | 2,779,481 | 431,033 | 626,243 | 109,377 |
2,844,481 | 690,000 | 626,243 | 109,377 |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2021 | - | - | - | - | 65,000 |
Valuation in 2022 | - | - | - | - | 258,967 |
Cost | 6,200,389 | 10,711 | 3,205,943 | 32,651 | 13,395,828 |
6,200,389 | 10,711 | 3,205,943 | 32,651 | 13,719,795 |
The net book value of tangible fixed assets includes £ 765,591 (2021 - £ 191,403 ) in respect of assets held under hire purchase contracts. |
Company |
Freehold | Long | Short |
property | leasehold | leasehold |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Disposals |
Revaluations |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal |
Revaluation adjustments | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Included in cost or valuation of land and buildings is freehold land of £ 140,900 (2021 - £ 140,900 ) which is not depreciated. |
Cost or valuation at 31 December 2022 is represented by: |
Freehold | Long | Short |
property | leasehold | leasehold |
£ | £ | £ |
Valuation in 2022 | - | 258,967 | - |
Cost | 2,404,481 | 431,033 | 626,243 |
2,404,481 | 690,000 | 626,243 |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 258,967 |
Cost | 4,906,957 | 3,025,798 | 11,394,512 |
4,906,957 | 3,025,798 | 11,653,479 |
The net book value of tangible fixed assets includes £ 765,591 (2021 - £ 191,403 ) in respect of assets held under hire purchase contracts. |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | FIXED ASSET INVESTMENTS |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Loans to group undertakings | - | - |
Participating interests | 3,045,093 | 1,745,368 |
Other investments not loans | 8,239 | 8,239 |
3,053,332 | 1,753,607 |
Additional information is as follows: |
Group |
Interest | Interest |
in joint | in | Unlisted |
venture | associate | investments | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 | 1,530,625 | 214,743 | 8,239 | 1,753,607 |
Share of profit/(loss) | 178,019 | 14,206 | - | 192,225 |
Revaluations | 1,107,500 | - | - | 1,107,500 |
At 31 December 2022 | 2,816,144 | 228,949 | 8,239 | 3,053,332 |
NET BOOK VALUE |
At 31 December 2022 | 2,816,144 | 228,949 | 8,239 | 3,053,332 |
At 31 December 2021 | 1,530,625 | 214,743 | 8,239 | 1,753,607 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
Group |
Interest in joint venture |
Group Tyres Wholesale Limited |
The group's share of Group Tyres Wholesale Limited is as follows: |
2022 | 2021 |
£ | £ |
Turnover | 17,566,703 | 15,873,476 |
Profit before tax | 190,986 | 406,514 |
Taxation | (12,967 | ) | (77,147 | ) |
Profit after tax | 178,019 | 329,367 |
Share of assets |
Fixed assets | 2,951,436 | 1,482,122 |
Current assets | 5,837,428 | 5,993,335 |
Share of liabilities |
Liabilities due within one year | (5,364,884 | ) | (5,473,425 | ) |
Liabilities due after one year or more | (607,834 | ) | (471,407 | ) |
Share of net assets | 2,816,146 | 1,530,625 |
Interest in associate |
BA Bush (Tyres) Limited |
The group's share of BA Bush (Tyres) Limited is as follows: |
2022 | 2021 |
£ | £ |
Turnover | 692,735 | 615,870 |
Profit before tax | 18,237 | 15,304 |
Taxation | (4,031 | ) | (353 | ) |
Profit after tax | 14,206 | 14,951 |
Share of assets |
Fixed assets | 213,927 | 218,990 |
Current assets | 274,542 | 522,300 |
Share of liabilities |
Liabilities due within one year | (75,659 | ) | (328,770 | ) |
Liabilities due after one year or more | (87,301 | ) | (248,510 | ) |
Share of net assets | 325,509 | 164,010 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
Group |
Unlisted investments are carried at their original cost less any impairment where it is felt the original investment would not be recoverable. Unlisted investments are currently valued at £8,239 (2021: £8,239). |
Interest in associates are accounted for under the equity accounting method. Interest in associates are currently valued at £228,949 (2021: £214,743). |
Interest in joint ventures are accounted for under the equity accounting method. Interest in joint ventures are currently valued at £2,816,144 (2021: £1,530,625). |
Company |
Shares in | Interest | Interest |
group | in joint | in | Unlisted |
undertakings | venture | associate | investments | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 | 2,747,783 |
Disposals | ( |
) | (642,229 | ) |
At 31 December 2022 | 2,105,554 |
NET BOOK VALUE |
At 31 December 2022 | 2,105,554 |
At 31 December 2021 | 2,747,783 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
Joint venture |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Associated company |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Company |
Loans to |
group |
undertakings |
£ |
At 1 January 2022 |
Repayment in year | ( |
) |
At 31 December 2022 |
Subsidiary audit exemptions |
The below subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 479A of the Companies Act 2006. |
Abbey Tyre Co. (Cambridge) Ltd |
Z R Tyres Ltd |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | STOCKS |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Goods for resale | 11,879,219 | 10,965,902 |
The difference between purchase price or production cost of stocks and their replacement cost is not material. |
Stocks are recognised on a FIFO basis. There are no stock provisions at the year end. |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Trade debtors | 9,005,751 | 7,081,768 |
Other debtors | 393,865 | 97,657 |
Current account - B A Bush (Tyres) Limited | - | 802,119 | - | 802,119 |
Current account - B A Bush (Ho ldings) Ltd | 20,592 | 20,592 | 20,592 | 20,592 |
Directors' current accounts | 41,853 | 70 | 41,853 | 70 |
Tax | 2,943 | 2,943 |
Prepayments and accrued income | 658,122 | 675,139 |
10,123,126 | 8,680,288 |
The trade debtors for Endyke Tyres Ltd are subject to invoice financing. Where applicable, funds advanced for invoice financing are recorded as payments received on account within creditors. |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 4,019,736 | 2,546,666 |
Hire purchase contracts (see note 18) | 202,053 | 111,863 |
Trade creditors | 10,408,391 | 9,584,684 |
Corporation tax | 141,811 | 126,717 |
Other taxes and social security | 219,146 | 191,844 |
VAT | 813,743 | 664,660 | 838,640 | 664,784 |
Other creditors | 404,583 | 748,497 |
Current account - BAB (T) Ltd | 356,645 | - | 356,645 | - |
Directors' current accounts | 1,515 | 116 | 1,515 | 116 |
Accrued expenses | 93,543 | 114,775 |
16,661,166 | 14,089,822 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank loans (see note 17) | 2,129,300 | 2,385,303 |
Hire purchase contracts (see note 18) | 401,996 | 57,088 |
2,531,296 | 2,442,391 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 3,763,041 | 2,495,748 |
Bank loans | 256,695 | 50,918 |
4,019,736 | 2,546,666 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 152,093 | 2,102,751 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 570,348 | 236,003 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,406,859 | 46,549 | 1,406,859 | - |
Bank loans consist of a Coronavirus Business Interruption Loan (£2,000,000), the repayment term for which is 36 months. Interest is charged at 2.25% over base rate. |
The remaining balance relates to a loan from NatWest Bank, the repayment term for which is 60 months. Interest is charged at 1.55% over base rate. |
In February 2023, the above loans were refinanced and replaced by a £2,750,000 loan from NatWest Bank, the repayment term for which is 180 months. Interest is charged at 1.75% over base rate. |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year | 202,053 | 111,863 |
Between one and five years | 401,996 | 57,088 |
604,049 | 168,951 |
The hire purchase contracts relate to motor vehicles. At the end of the lease, title of the assets passes to the group for a nominal fee. |
Company |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Group |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year | 728,820 | 728,820 |
Between one and five years | 1,970,675 | 2,163,800 |
In more than five years | 1,712,450 | 2,054,150 |
4,411,945 | 4,946,770 |
Company |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Bank overdrafts | 3,763,041 | 2,495,748 |
Bank loans | 2,385,995 | 2,436,221 |
Hire purchase contracts | 604,049 | 168,951 | 604,049 | 168,951 |
6,753,085 | 5,100,920 |
The bank overdraft is secured by a legal charge over land and property at Brigg Road, Scunthorpe and 50 Bergen Way, Kings Lynn and a fixed and floating charge on the group's book debts and other assets. |
The hire purchase contracts are secured on the assets to which they relate. |
The bank loans are secured by a fixed charge over a single property and its associated assets. |
20. | FINANCIAL INSTRUMENTS |
The group has the following financial instruments: |
2022 | 2021 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 9,005,361 | 7,174,531 |
Other debtors | 393,864 | 899,776 |
Financial liabilities measured at amortised cost |
Bank loans and overdrafts | 6,149,036 | 5,184,336 |
Hire purchase contracts | 604,049 | 168,951 |
Trade creditors | 10,408,391 | 9,584,684 |
Other creditors | 1,437,471 | 1,605,001 |
The total interest income was £Nil (2021: £Nil) and interest expense was £27,169 (2021: £27,169) |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2022 | 2021 | 2022 | 2021 |
£ | £ | £ | £ |
Deferred tax |
Other timing differences | - | 30,795 | - | - |
Accelerated capital allowances | 661,718 | 552,665 | 586,052 | 483,470 |
661,718 | 583,460 | 586,052 | 483,470 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2022 | 583,460 |
Provided during year | 78,258 |
Balance at 31 December 2022 | 661,718 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Deffered tax | 102,582 |
Balance at 31 December 2022 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
23. | NON-CONTROLLING INTERESTS |
The non-controlling interest of £212,565 (2021: £162,245) represents a 40% holding in the reserves of Endyke Tyres Limited. In the year dividends of £25,880 (2021: £10,000) have been paid to the non-controlling shareholders in Endyke Tyres Limited. |
24. | CONTINGENT LIABILITIES |
The group has given an unlimited guarantee in favour of B A Bush (Tyres) Limited to NatWest Bank. At the statement of financial position date B A Bush (Tyres) Limited had no bank borrowings and it's net assets were £958,379 (2021: £916,595). |
A health and safety incident that occurred in March 2018 is currently still subject to potential litigation. A case was originally scheduled to be heard in July 2020 but has now been deferred to 2023. The Directors are very confident that this case will be successfully defended and early indications are that no breaches have occurred that will result in the Group being liable. The potential financial affect and timing of any liability is unknown. |
25. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2022 | 2021 |
£ | £ |
Amount due from related party | 40,338 | - |
Amount due to related party | - | 46 |
B.A. BUSH & SON LIMITED |
AND SUBSIDIARY COMPANIES (REGISTERED NUMBER: 00976405) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
25. | RELATED PARTY DISCLOSURES - continued |
Entities over which the entity has control, joint control or significant influence |
2022 | 2021 |
£ | £ |
Sales | 4,943,016 | 4,243,347 |
Purchases | 1,109,375 | 1,117,688 |
Amount due from related party | 386,052 | 404,022 |
Amount due to related party | 65,230 | 108,217 |
The amounts due to and from these related parties are unsecured and repayable on demand. |
Key management personnel of the entity or its parent (in the aggregate) |
2022 | 2021 |
£ | £ |
Compensation | 432,581 | 483,553 |
Other related parties |
2022 | 2021 |
£ | £ |
Sales | 493,092 | 554,980 |
Purchases | 506,628 | 744,924 |
Amount due from related party | 53,934 | 75,008 |
Amount due to related party | 68,484 | 12,765 |
One party is a limited company related through a 10% shareholding. A second party is a partnership that is owned by the directors of B A Bush & Son Limited. |
The amounts due to and from these related parties are unsecured and repayable on demand. |
26. | ULTIMATE CONTROLLING PARTY |
The group is ultimately controlled by the director, N A Bush, who owns 51% of the issued share capital. |