REGISTERED NUMBER: |
HONEY BROTHERS LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
DIRECTORS |
The directors who have held office during the period from 1 April 2022 to the date of this report are as follows: |
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: |
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. |
for and on behalf of |
424 Margate Road |
Westwood |
Ramsgate |
Kent |
CT12 6SJ |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
185,620 | 855,154 |
Other operating income | ( |
) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
147,197 | 855,259 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
HONEY BROTHERS LIMITED (REGISTERED NUMBER: 06298752) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixture & Fittings | - |
Motor vehicles | - |
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 |
Social security costs |
Other pension costs |
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 |
PERIOD |
1/4/22 |
TO | YEAR ENDED |
31/12/22 | 31/3/22 |
£ | £ |
Directors' remuneration |
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 |
(Profit)/loss on disposal of fixed assets | ( |
) |
Computer software amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
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 |
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 |
(Over)/Under provision on PY | - | 20,383 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
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 |
Additions |
At 31 December 2022 |
AMORTISATION |
At 1 April 2022 |
Amortisation for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 March 2022 |
10. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 March 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 March 2022 |
11. | STOCKS |
2022 | 2022 |
£ | £ |
Stocks |
12. | DEBTORS |
2022 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by joint ventures |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
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) |
Trade creditors |
Corporation Tax |
Wages & Pension | 4,610 | - |
Amts owed to prev shareholders | 7,777 | - |
VAT | 232,284 | 88,123 |
Sundry creditors |
Directors' current accounts | - | 10,598 |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2022 |
£ | £ |
Bank loans (see note 15) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
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 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 April 2022 |
Provided during period | ( |
) |
Balance at 31 December 2022 |
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 |
Profit for the period |
Dividends | ( |
) |
At 31 December 2022 |