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REGISTERED NUMBER: 03745354 (England and Wales)











Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

Bolton Brothers Limited

Bolton Brothers Limited (Registered number: 03745354)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Bolton Brothers Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: M J Bolton
O H J Bolton
R S J Bolton
Ms W H Bolton
Ms J G P Bolton Smith





SECRETARY: Ms J G P Bolton Smith





REGISTERED OFFICE: Bramford Road
Great Blakenham
Ipswich
Suffolk
IP6 0SL





REGISTERED NUMBER: 03745354 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Bolton Brothers Limited (Registered number: 03745354)

Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
This year has seen another strong performance from the company with turnover growing above expectations. There has also been a significant investment in new plant and equipment to support the company's growth ambitions. This investment programme has continued into 2023-2024 with further plant and vehicles being replaced.

Revenue has grown significantly during the year, benefitting from both increases in volumes and higher commodity prices. To facilitate this growth, investment has been made in staff by strengthening the management structure and increasing the number or operational staff. Further investment is also being made in 2023-2024 to strengthen the company's IT systems.

The company operated comfortably within the overdraft facility throughout the year. The company also has loan facilities which were reviewed in 2019-2022 and do not expire until 2025-2027.

The balance sheet has continued to strengthen, with net assets now standing at £5.0m (2022: £4.5m).

Principal risks and uncertainties

The key business risks and uncertainties are fuel and energy prices, fluctuating commodity prices, the ability to source materials, competitor pressure and employee recruitment and retention. The company mitigates these risks through actively monitoring and managing the business to ensure that the company's strategy is delivered.

Key performance indicators

The key performance indicators for Bolton Brothers Ltd are turnover and gross profit margin. The company have chosen these to represent the company's performance and position as increasing turnover has been a key objective for the company in recent years and a significant amount of investment has gone into reducing the age of the assets. Net profit is a key indicator for the company as it gives a more holistic view of how the company is performing and allows them to review their costs for maximum efficiencies.

During the year the company's turnover increased by 16.8% to £14.9m, and gross margin decreased slightly from 29.1% to 28.3%

ON BEHALF OF THE BOARD:





R S J Bolton - Director


2 October 2023

Bolton Brothers Limited (Registered number: 03745354)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of recycling and targeted waste management solutions.

DIVIDENDS
Interim dividends per share were paid as follows:
£36,000 - 30 April 2023
£36,000 - 31 May 2023
£36,000 - 30 June 2023
£36,000 - 31 July 2023
£36,000 - 31 August 2023
£36,000 - 30 September 2023
£36,000 - 31 October 2023
£36,000 - 30 November 2023
£36,000 - 31 December 2023
£36,000 - 31 January 2023
£36,000 - 28 February 2023
£36,000 - 31 March 2023
£432,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 432,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

M J Bolton
O H J Bolton
R S J Bolton
Ms W H Bolton
Ms J G P Bolton Smith

POLITICAL DONATIONS AND EXPENDITURE
Donations made in the year totalling £6,417 (2022: £7,458) all related to charity donations.

There were no donations made in respect of political parties.


Bolton Brothers Limited (Registered number: 03745354)

Report of the Directors
for the Year Ended 31 March 2023

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R S J Bolton - Director


2 October 2023

Report of the Independent Auditors to the Members of
Bolton Brothers Limited

Opinion
We have audited the financial statements of Bolton Brothers Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We were appointed as auditors of the company after 1 April 2022 and thus did not observe the counting of the physical inventories at the beginning of the year. We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 31 March 2022. Since opening inventories enter into the determination of the financial performance and cash flows, we were unable to determine whether adjustments might have been necessary in respect of the profit for the year reported in the statement of comprehensive income and the net cash flows from operating activities reported in the statement of cash flows.

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.

Other Matter
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit. We have obtained sufficient audit evidence that, other than the balances highlighted above, the opening balances at 1 April 2022 do not contain material misstatement.

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.

Report of the Independent Auditors to the Members of
Bolton Brothers Limited


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

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

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

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

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

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

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

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

Report of the Independent Auditors to the Members of
Bolton 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation ;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- investigated the rationale behind significant or unusual transactions; and

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the company's legal advisors;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Report of the Independent Auditors to the Members of
Bolton Brothers Limited


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.




James Knights BSc ACA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

2 October 2023

Bolton Brothers Limited (Registered number: 03745354)

Statement of Comprehensive
Income
for the Year Ended 31 March 2023

2023 2022
Notes £    £    £    £   

TURNOVER 14,892,983 12,754,311

Cost of sales 10,678,355 9,046,868
GROSS PROFIT 4,214,628 3,707,443

Distribution costs 616,923 425,792
Administrative expenses 2,388,626 1,807,959
3,005,549 2,233,751
1,209,079 1,473,692

Other operating income - 2,923
OPERATING PROFIT 5 1,209,079 1,476,615

Interest receivable and similar income 4,248 6,234
1,213,327 1,482,849

Interest payable and similar expenses 6 129,494 65,442
PROFIT BEFORE TAXATION 1,083,833 1,417,407

Tax on profit 7 129,404 348,565
PROFIT FOR THE FINANCIAL YEAR 954,429 1,068,842

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

954,429

1,068,842

Bolton Brothers Limited (Registered number: 03745354)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 6,806,631 5,784,178
Investments 11 1 1
6,806,632 5,784,179

CURRENT ASSETS
Stocks 12 622,286 328,830
Debtors 13 2,134,945 2,049,936
Cash at bank and in hand 257,388 1,011,001
3,014,619 3,389,767
CREDITORS
Amounts falling due within one year 14 2,871,075 2,619,824
NET CURRENT ASSETS 143,544 769,943
TOTAL ASSETS LESS CURRENT LIABILITIES 6,950,176 6,554,122

CREDITORS
Amounts falling due after more than one
year

15

(1,278,607

)

(1,572,316

)

PROVISIONS FOR LIABILITIES 19 (668,834 ) (501,500 )
NET ASSETS 5,002,735 4,480,306

CAPITAL AND RESERVES
Called up share capital 20 180,000 180,000
Capital redemption reserve 21 20,000 20,000
Retained earnings 21 4,802,735 4,280,306
SHAREHOLDERS' FUNDS 5,002,735 4,480,306

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2023 and were signed on its behalf by:





R S J Bolton - Director


Bolton Brothers Limited (Registered number: 03745354)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 180,000 3,643,464 20,000 3,843,464

Changes in equity
Dividends - (432,000 ) - (432,000 )
Total comprehensive income - 1,068,842 - 1,068,842
Balance at 31 March 2022 180,000 4,280,306 20,000 4,480,306

Changes in equity
Dividends - (432,000 ) - (432,000 )
Total comprehensive income - 954,429 - 954,429
Balance at 31 March 2023 180,000 4,802,735 20,000 5,002,735

Bolton Brothers Limited (Registered number: 03745354)

Cash Flow Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,018,751 2,017,483
Interest paid (61,167 ) (37,536 )
Interest element of hire purchase payments
paid

(68,327

)

(27,906

)
Tax paid (111,359 ) (196,138 )
Net cash from operating activities 777,898 1,755,903

Cash flows from investing activities
Purchase of tangible fixed assets (1,507,945 ) (1,036,287 )
Sale of tangible fixed assets 80,374 31,999
Interest received 4,248 6,234
Net cash from investing activities (1,423,323 ) (998,054 )

Cash flows from financing activities
Loan repayments in year (233,226 ) (395,338 )
Capital repayments in year (437,493 ) (215,239 )
Amount introduced by directors 98,707 -
Amount withdrawn by directors - (60,825 )
New HP agreements in year 895,824 666,511
Equity dividends paid (432,000 ) (432,000 )
Net cash from financing activities (108,188 ) (436,891 )

(Decrease)/increase in cash and cash equivalents (753,613 ) 320,958
Cash and cash equivalents at beginning of
year

2

1,011,001

690,043

Cash and cash equivalents at end of year 2 257,388 1,011,001

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,083,833 1,417,407
Depreciation charges 465,653 511,085
Profit on disposal of fixed assets (60,535 ) (5,172 )
Finance costs 129,494 65,442
Finance income (4,248 ) (6,234 )
1,614,197 1,982,528
Increase in stocks (293,456 ) (203,196 )
Increase in trade and other debtors (183,716 ) (90,721 )
(Decrease)/increase in trade and other creditors (118,274 ) 328,872
Cash generated from operations 1,018,751 2,017,483

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 257,388 1,011,001
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,011,001 690,043


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 1,011,001 (753,613 ) 257,388
1,011,001 (753,613 ) 257,388
Debt
Finance leases (1,042,963 ) (458,331 ) (1,501,294 )
Debts falling due within 1 year (236,586 ) (301,864 ) (538,450 )
Debts falling due after 1 year (863,014 ) 535,090 (327,924 )
(2,142,563 ) (225,105 ) (2,367,668 )
Total (1,131,562 ) (978,718 ) (2,110,280 )

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Bolton 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.

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.

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

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, has been amortised evenly over its estimated useful life of twenty years.

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The intangible assets are amortised over its useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over 40 years
Plant and machinery - 10% on cost
Fixtures and fittings - 33% on cost and 10% on cost
Motor vehicles - 5 years straight line

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs). If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a)).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Other debt instruments not meeting these conditions are measured at fair value through profit and loss.

Financial assets are derecognised when, and only when, (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another part substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.


Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

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

Critical judgements in applying the company's accounting policies
The following are the critical judgements, including those involving estimations, that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Depreciation of tangible fixed assets
Tangible fixed assets are recognised at cost and depreciated over the basis appropriate to charge to the profit and loss account the economic consumption of those assets during the accounting period. The charge is calculated as described above and is based on the directors' knowledge of the reduction in the residual value of trading assets on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to residual value at the end of their economic lives.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,783,858 2,049,679
Social security costs 272,298 178,707
Other pension costs 37,798 24,012
3,093,954 2,252,398

The average number of employees during the year was as follows:
2023 2022

Admin 49 39
Directors 5 5
54 44

2023 2022
£    £   
Directors' remuneration 629,286 403,990

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 224,417 218,858

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 72,388 57,267
Depreciation - owned assets 268,194 511,085
Depreciation - assets on hire purchase contracts 197,459 50,562
Profit on disposal of fixed assets (60,535 ) (5,172 )
Auditors' remuneration 7,500 -
Foreign exchange differences (23,744 ) 29,104

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 61,167 37,536
Hire purchase interest 68,327 27,906
129,494 65,442

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 132,301
Tax relating to prior year (37,930 ) -
Total current tax (37,930 ) 132,301

Deferred tax 167,334 216,264
Tax on profit 129,404 348,565

UK corporation tax has been charged at 19% (2022 - 19%).

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

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:

2023 2022
£    £   
Profit before tax 1,083,833 1,417,407
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

205,928

269,307

Effects of:
Expenses not deductible for tax purposes 3,224 2,438
Capital allowances in excess of depreciation (247,082 ) (139,804 )
Deferred tax movement 167,334 216,624
Total tax charge 129,404 348,565

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 432,000 432,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 470,452
AMORTISATION
At 1 April 2022
and 31 March 2023 470,452
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 4,106,690 4,873,433 371,796 1,911,410 11,263,329
Additions 247,330 873,989 29,854 356,772 1,507,945
Disposals (16,395 ) (1,718,586 ) (36,906 ) (51,500 ) (1,823,387 )
At 31 March 2023 4,337,625 4,028,836 364,744 2,216,682 10,947,887
DEPRECIATION
At 1 April 2022 466,622 3,384,609 325,964 1,301,956 5,479,151
Charge for year 51,828 307,742 19,744 86,339 465,653
Eliminated on disposal (2,867 ) (1,715,408 ) (36,906 ) (48,367 ) (1,803,548 )
At 31 March 2023 515,583 1,976,943 308,802 1,339,928 4,141,256
NET BOOK VALUE
At 31 March 2023 3,822,042 2,051,893 55,942 876,754 6,806,631
At 31 March 2022 3,640,068 1,488,824 45,832 609,454 5,784,178

Included in cost of land and buildings is freehold land of £ 1,691,376 (2022 - £ 1,691,376 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 934,131 535,010 1,469,141
Additions 693,325 352,452 1,045,777
At 31 March 2023 1,627,456 887,462 2,514,918
DEPRECIATION
At 1 April 2022 167,228 50,562 217,790
Charge for year 146,203 51,256 197,459
At 31 March 2023 313,431 101,818 415,249
NET BOOK VALUE
At 31 March 2023 1,314,025 785,644 2,099,669
At 31 March 2022 766,903 484,448 1,251,351

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Bolton Waste Disposal Limited
Registered office: Bramford Lane, Great Blakenham, Ipswich, Suffolk, IP6 0SL
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 1 1

This subsidiary is not consolidated in these financial statements as it is excluded from consolidation under Section 405 of the Companies Act 2006.

12. STOCKS
2023 2022
£    £   
Stocks 622,286 328,830

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,395,839 1,359,670
Other debtors 76,914 650
Directors' loan accounts 254,791 353,498
VAT 37,699 53,476
Prepayments and accrued income 294,498 168,734
2,059,741 1,936,028

Amounts falling due after more than one year:
Other debtors 75,204 113,908

Aggregate amounts 2,134,945 2,049,936

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 538,450 236,586
Hire purchase contracts (see note 17) 550,611 333,661
Trade creditors 1,506,331 1,645,379
Corporation tax - 149,289
Social security and other taxes 72,412 59,359
Other creditors 19,939 21,749
Accruals 183,332 173,801
2,871,075 2,619,824

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 16) 327,924 863,014
Hire purchase contracts (see note 17) 950,683 709,302
1,278,607 1,572,316

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 538,450 236,586

Amounts falling due between one and two years:
Bank loans - 1-2 years 179,707 243,532

Amounts falling due between two and five years:
Bank loans - 2-5 years 148,217 489,518

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 129,964

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 550,611 333,661
Between one and five years 950,683 709,302
1,501,294 1,042,963

Non-cancellable operating leases
2023 2022
£    £   
Within one year 20,348 -
Between one and five years 22,453 -
42,801 -

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 866,374 1,099,600
Hire purchase contracts 1,501,294 1,042,963
2,367,668 2,142,563

Bank overdrafts and loans due to Barclays Bank Plc are secured by a charge over all of the company's properties, land and associated assets.

Hire purchase liabilities are secured over the assets financed.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 668,834 501,500

Deferred
tax
£   
Balance at 1 April 2022 501,500
Provided during year 167,334
Balance at 31 March 2023 668,834

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
180,000 Ordinary £1 180,000 180,000

21. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 4,280,306 20,000 4,300,306
Profit for the year 954,429 954,429
Dividends (432,000 ) (432,000 )
At 31 March 2023 4,802,735 20,000 4,822,735

22. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 541,438 -

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
M J Bolton and Ms W H Bolton
Balance outstanding at start of year 186,087 178,902
Amounts advanced 192,064 337,493
Amounts repaid (316,295 ) (330,308 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 61,856 186,087

O H J Bolton
Balance outstanding at start of year 40,570 30,217
Amounts advanced 66,556 66,644
Amounts repaid (51,840 ) (56,291 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 55,286 40,570

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Ms J G P Bolton Smith
Balance outstanding at start of year 49,360 43,555
Amounts advanced 61,252 69,554
Amounts repaid (48,399 ) (63,749 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 62,213 49,360

R S J Bolton
Balance outstanding at start of year 77,481 39,998
Amounts advanced 88,136 97,087
Amounts repaid (90,180 ) (59,604 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 75,437 77,481

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M J Bolton and Mrs W H Bolton.