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REGISTERED NUMBER: 06298752 (England and Wales)















HONEY BROTHERS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022






HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


HONEY BROTHERS LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022







DIRECTORS: A Stoppelmann
J M Warner
F Wyckoff
M S Chapman





SECRETARY: Oakwood Corporate Secretary Limited





REGISTERED OFFICE: King Arthurs Court
Maidstone Road
Charing
Ashford
Kent
TN27 0JS





REGISTERED NUMBER: 06298752 (England and Wales)





AUDITORS: Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

STRATEGIC REPORT
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

The directors present their strategic report for the period 1 April 2022 to 31 December 2022.

Principal activities

The principal activities of the company during the year were the supply of arboriculture products to tree care professionals, rope splicing and equipment servicing.

REVIEW OF BUSINESS
The results for the company for the period shows a turnover of £9.3m (Yr to March 2022: £13.6m) and a pre-tax profit of £130k (£839.1k).

For the 9 month period to 31/12/2022 there was a slight drop in turnover pro rata compared to the previous year with GP% also dropping from 25.5% to 25.2%. The main contributing factor is the downturn following a surge during the COVID pandemic, which saw a spike in the outdoor activity sector.

In the year the business was acquired by Vertical Supply Group (VSG). Operating out of Greensboro, NC, VSG are a vertically integrated business with focus on product development, manufacturing and equipment supply, all surrounding arboriculture and work-at-height safety.

As an addition to the VSG group, Honey Brothers Limited benefits from better buying power and an extended range of available products to the industry. With this, the business expects to see growth across existing and new market sectors.

Honey Brothers Limited remains a World leader in servicing the arborist community and continues to increase its market share in the industry with its renowned high levels of customer service, best-in-class rope splicing staff, expansive product range and competitive pricing.

Key Performance Indicators

We use a number of financial key performance indicators to measure performance across our business. These KPIs help inform decision making, assist effective goal, setting and track progress in achieving our strategic objectives.

Dec-22 Mar-22
Turnover £9.3m £13.6m
GP% 25% 26%
EBITDA £294k £1.0m


HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

STRATEGIC REPORT
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

PRINCIPAL RISKS AND UNCERTAINTIES
The Board continuously reviews potential risks, setting strategies and long terms goals and maintaining a business continuity plan.

Whilst the vast majority of the world appears to be through the worst of the COVID-19 pandemic, it remains a risk and the company retains protection measures on hand should they be needed. During 2020-2021 the company witnessed a boost to trading as a result of an increase in outdoor activities and 'staycations', whist also being able to benefit from the government's Coronavirus Job Retention Scheme (CJRS) which assisted in the growth and recognition of the business.

The continuing war in Ukraine is now having less of an impact on trading and the cost and supply of goods. A key supplier was directly affected and as a result some of their product lead times increased. The decision was made that Honey Brothers Limited would increase its stock holding of these products in order to negate any impact to their customers. As the situation is constantly changing in Ukraine and the wider geography the company continues to monitor this and is ready to react should there be a likely impact to the business.

With energy prices remaining volatile, the company has been shielded from the negative impact of this by maintaining long term fixed price contracts, which are due to be renewed in 2024, at which point the company will look to secure the best deal.

FUTURE DEVELOPMENT
Ongoing from the joint acquisition by VSG, the integration of Tree Kit Limited into Honey Brothers continues with the merger of the ecommerce in April 2023 and rebranding of the Three Legged Cross location.

ON BEHALF OF THE BOARD:





M S Chapman - Director


28 September 2023

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the period 1 April 2022 to 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of supply of aboriculture products to tree care professionals, rope splicing and equipment servicing.

DIVIDENDS
An interim dividend of 0 per share on the shares was paid on . The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the period ended 31 December 2022 will be £ 246,348 .

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

A Stoppelmann - appointed 18 October 2022
J M Warner - appointed 18 October 2022
F Wyckoff - appointed 18 October 2022
S K Girdler - resigned 18 October 2022
M P Day - resigned 18 October 2022
Mrs K D Girdler - resigned 18 October 2022

M S Chapman was appointed as a director after 31 December 2022 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022


AUDITORS
The auditors, Spurling Cannon Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M S Chapman - Director


28 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HONEY BROTHERS LIMITED

Opinion
We have audited the financial statements of Honey Brothers Limited (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HONEY BROTHERS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HONEY BROTHERS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company. These include, but are not limited to, compliance with the Companies Act 2006, UK GAAP and tax legislation.
- We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates and judgements;
- We had discussions with management regarding known or suspected instances of non-compliance with laws and regulations and fraud;
- We challenged assumptions made by management in their significant accounting policies and estimates and judgement in particular in relation to estimation of stage of completion of revenue;
- We sample tested manual journal entries, in particular any journal entries posted with unusual characteristics.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.




Jonathan Spurling (Senior Statutory Auditor)
for and on behalf of Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

28 September 2023

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

INCOME STATEMENT
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22
Notes £    £   

TURNOVER 3 9,300,231 13,636,310

Cost of sales (6,955,179 ) (10,146,563 )
GROSS PROFIT 2,345,052 3,489,747

Administrative expenses (2,159,432 ) (2,634,593 )
185,620 855,154

Other operating income (38,964 ) -
OPERATING PROFIT 5 146,656 855,154

Interest receivable and similar income 541 105
147,197 855,259

Interest payable and similar expenses 6 (17,172 ) (16,139 )
PROFIT BEFORE TAXATION 130,025 839,120

Tax on profit 7 (8,954 ) (215,434 )
PROFIT FOR THE FINANCIAL PERIOD 121,071 623,686

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22
Notes £    £   

PROFIT FOR THE PERIOD 121,071 623,686


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

121,071

623,686

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

BALANCE SHEET
31 DECEMBER 2022

2022 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 239,416 290,553
Tangible assets 10 123,683 1,638,235
363,099 1,928,788

CURRENT ASSETS
Stocks 11 2,147,044 1,835,061
Debtors 12 1,600,079 1,109,989
Cash at bank and in hand 434,250 970,239
4,181,373 3,915,289
CREDITORS
Amounts falling due within one year 13 (1,505,445 ) (1,979,276 )
NET CURRENT ASSETS 2,675,928 1,936,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,039,027

3,864,801

CREDITORS
Amounts falling due after more than one year 14 - (670,069 )

PROVISIONS FOR LIABILITIES 17 (109,953 ) (140,381 )
NET ASSETS 2,929,074 3,054,351

CAPITAL AND RESERVES
Called up share capital 18 16 16
Retained earnings 19 2,929,058 3,054,335
2,929,074 3,054,351

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:





M S Chapman - Director


HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 16 2,876,249 2,876,265

Changes in equity
Dividends - (445,600 ) (445,600 )
Total comprehensive income - 623,686 623,686
Balance at 31 March 2022 16 3,054,335 3,054,351

Changes in equity
Dividends - (246,348 ) (246,348 )
Total comprehensive income - 121,071 121,071
Balance at 31 December 2022 16 2,929,058 2,929,074

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

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

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 20% on cost
Improvements to property - 33% on cost
Plant and machinery - 20% on cost
Fixture & Fittings - 25% on cost and 20% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciated and accumulated impairment losses. Cost includes directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

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

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of professional tree surgery and garden equipment is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probably that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods.

4. EMPLOYEES AND DIRECTORS
PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22
£    £   
Wages and salaries 811,641 1,153,350
Social security costs 76,021 103,829
Other pension costs 29,533 30,264
917,195 1,287,443

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22

Admin and management 14 9
Warehouse and stock 13 13
Workshop and production 6 5
Sales 9 12
42 39

PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22
£    £   
Directors' remuneration 14,451 16,980

5. OPERATING PROFIT

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

PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22
£    £   
Depreciation - owned assets 59,067 119,599
(Profit)/loss on disposal of fixed assets (42,292 ) 7,850
Computer software amortisation 87,458 31,123
Auditors' remuneration 20,000 26,500
Foreign exchange differences 15,913 (1,415 )
Legal fees 17,332 1,868

6. INTEREST PAYABLE AND SIMILAR EXPENSES
PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22
£    £   
Bank loan interest 17,172 16,139

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22
£    £   
Current tax:
UK corporation tax 39,382 114,346
(Over)/Under provision on PY - 20,383
Total current tax 39,382 134,729

Deferred tax (30,428 ) 80,705
Tax on profit 8,954 215,434

8. DIVIDENDS
PERIOD
1/4/22
TO YEAR ENDED
31/12/22 31/3/22
£    £   
shares of each
Interim 246,348 445,600

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2022 334,654
Additions 36,321
At 31 December 2022 370,975
AMORTISATION
At 1 April 2022 44,101
Amortisation for period 87,458
At 31 December 2022 131,559
NET BOOK VALUE
At 31 December 2022 239,416
At 31 March 2022 290,553

10. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2022 1,682,892 118,844 81,429
Additions - 7,550 -
Disposals (1,682,892 ) (5,440 ) -
At 31 December 2022 - 120,954 81,429
DEPRECIATION
At 1 April 2022 225,184 15,725 72,493
Charge for period - 29,705 7,901
Eliminated on disposal (225,184 ) (113 ) -
At 31 December 2022 - 45,317 80,394
NET BOOK VALUE
At 31 December 2022 - 75,637 1,035
At 31 March 2022 1,457,708 103,119 8,936

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

10. TANGIBLE FIXED ASSETS - continued

Fixture & Motor
Fittings vehicles Totals
£    £    £   
COST
At 1 April 2022 203,391 83,923 2,170,479
Additions - - 7,550
Disposals - - (1,688,332 )
At 31 December 2022 203,391 83,923 489,697
DEPRECIATION
At 1 April 2022 149,768 69,074 532,244
Charge for period 18,556 2,905 59,067
Eliminated on disposal - - (225,297 )
At 31 December 2022 168,324 71,979 366,014
NET BOOK VALUE
At 31 December 2022 35,067 11,944 123,683
At 31 March 2022 53,623 14,849 1,638,235

11. STOCKS
2022 2022
£    £   
Stocks 2,147,044 1,835,061

12. DEBTORS
2022 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,082,541 1,009,949
Amounts owed by joint ventures - 9,501
Prepayments and accrued income 64,444 90,539
1,146,985 1,109,989

Amounts falling due after more than one year:
Amounts owed by group undertakings 453,094 -

Aggregate amounts 1,600,079 1,109,989

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2022
£    £   
Bank loans and overdrafts (see note 15) - 52,412
Trade creditors 922,453 1,583,460
Corporation Tax 153,728 114,346
Wages & Pension 4,610 -
Amts owed to prev shareholders 7,777 -
VAT 232,284 88,123
Sundry creditors - 5,352
Directors' current accounts - 10,598
Accruals and deferred income 184,593 124,985
1,505,445 1,979,276

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2022
£    £   
Bank loans (see note 15) - 670,069

15. LOANS

An analysis of the maturity of loans is given below:

2022 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 52,412

Amounts falling due between one and two years:
Bank loans - 1-2 years - 53,817

Amounts falling due between two and five years:
Bank loans - 2-5 years - 170,269

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 445,983

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2022
£    £   
Within one year 190,000 -
Between one and five years 712,501 -
902,501 -

The company entered into a five year lease, dated 18/10/2022, for the trading premises at New Pond Road, Peasmarsh, Guildford, Surrey, GU3 1JR. The agreed rent is £190,000 per annum.

17. PROVISIONS FOR LIABILITIES
2022 2022
£    £   
Deferred tax 79,953 110,381
Other provisions 30,000 30,000
109,953 140,381

Deferred Other
tax provisions
£    £   
Balance at 1 April 2022 110,381 30,000
Provided during period (30,428 ) -
Balance at 31 December 2022 79,953 30,000

18. CALLED UP SHARE CAPITAL

Alloted, called up and fully paid

2022 2022
Number Class Nominal Value £    £   
16 Ordinary £1 16 -
4 Ordinary A £1 - 4
4 Ordinary B £1 - 4
4 Ordinary C £1 - 4
4 Ordinary D £1 - 4
16 16

HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

19. RESERVES
Retained
earnings
£   

At 1 April 2022 3,054,335
Profit for the period 121,071
Dividends (246,348 )
At 31 December 2022 2,929,058