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Bradbury & Son (Buxton) Limited
Registered number: 00363223
Annual report and
financial statements
For the year ended 30 April 2023
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BRADBURY & SON (BUXTON) LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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BRADBURY & SON (BUXTON) LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The Directors are pleased to present their Strategic Report for the financial year 22/23.
The Directors believe they have delivered a strong stand in position on what were recognised as tough trading conditions for both the business and consumer.
Our purpose is, and has always been, to provide Cheese solutions across a wide spectrum for our Omni channel customer base.
Turnover was allowed to decline to just under £64m from £68m in the prior year. The difficult decision was made to move away from business which generated a low margin, some of which was with long standing customers.
New opportunities in export assisted in replacing this but with a much better margin contribution, resulting in the overall gross profit margin % increasing from 6.9% to 7.3%.
Despite rising costs across all supplies, in particular electricity and minimum wage increases, other costs were tightly monitored and controlled throughout the year which resulted in an operating profit contribution of £1.3m (2.1%) versus the prior year of £1.2m (1.7%)
Cash in the bank remains strong and showing as £556k better than in the previous year and this is after the CLBILS loan repayments of £500k plus interest during the year with a balance of £83k outstanding at the year end and fully repaid in June 2023.
This cash balance does not include the unutilised CLBILS loan that has not been spent yet of £550k as at the end of FY23.
The Invoice Finance facility balance at the year end was showing as £5m vs £5.7m in the prior year.
As stated above better cash management and cost control have kept this balance at a low level.
HP creditor repayments relating to capital investment also reduced down from the prior year from £564k to £471k.
Quality remembered when price is long forgot
We have remained committed to our basic principles of ensuring the highest quality linked to value whilst delivering relevant innovation, with a constant drive to improve productivity.
The energy and commitment of our workforce is recognised constantly by our equally loyal customer base, with whom we closely engage to ensure we remain relevant to the shoppers needs.
The financial measurements
The metrics of any financial year do not always fully reflect the progress that is made in so many other areas on the journey to Bradbury's future.
Whilst cash flow, reserves, payment terms, margins, service levels and so much more has gone forward by appreciable amounts. Underpinning a strengthening of the financial status, there are equally impressive achievements not as instantly recognisable or measurable to the outside world that make for a further encouraging achievement in the year just past.
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Delivering a sustainable future
Huge strides have been made in operational efficiency, which is a major contributor to margin improvement, and the necessary and desirable steps towards greater sustainability for the business and the environment which is in the vigorous hands of some dedicated colleagues who drive that agenda enthusiastically.
We have adopted the saying from the 1800’s that “you do not inherit the land from your fathers, you borrow it from your grandchildren”.
Staying faithful to our principles
3 years of succinct profitable growth has been achieved by different models, to accommodate the kaleidoscope of change and challenge and we have had to remain strategically agile.
It has not however, diverted us from our core principles and objectives, many of which are emerging stronger than ever. Quality above all, in the face of alternatives that others may choose.
The previously mentioned efficiency drive was both necessary, and perhaps obligatory, in the countrywide labour issues, and has delivered significantly on our capital investment program which runs over 3 years and will involve some £2m - £2.5m to completion.
People and product
The product development timing is now opportune, both in the UK and in the export sectors of Bradbury's business, and a portfolio of these products have been created, and a number revised from back catalogue as their time falls due.
Our valued workforce has transitioned into modern work place practices that allow greater flexibility, where practical, and our First followers group, created 2 years back, representing all the site skills and sectors, is a valuable and proactive team as a conduit in all directions for greater cohesion, communication and harmony.
The year ahead
The challenges ahead in the dairy trade remain formidable, and the Board together with its senior management team are well placed we believe to stay on course, deliver excellence consistently and at great value too.
The watch outs are hardly original, as they remain around the issues of milk supply and price, which is currently not realistic for the farming community.
The shopper too remains vulnerable and sensitive to cost impacts, with food always first on their agenda of criticism. It’s some comfort that the premium sector has remained reasonably buoyant, albeit 6-8% down in volume, it is always the go to for home treats and entertaining when other discretionary spends are cancelled.
Energy cost, transport cost and overall labour costs for the right skills, some impacted by governmental influences, as well as labour availability, remain an uncertainty.
Over capacity now exists in some sectors of the trade in both production and packing, so the value and volume sector, will remain a tough environment, and not a place to expect major reward.
Exchange rate is an everyday observation and subject to fluctuations that impact small margins adversely. Bradbury's hedging policy has remained the same for more than 10 years with forward cover to allow time to manoeuvre. With political uncertainty a theme of the past few years and an election ahead, the business will remain alert to impacts.
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Interest rates too, continue to take more from the monthly costs, but the figures show that a prudent approach to all matters financial, and those that impact it, have been pursued energetically to lessen its consequences.
Plastic responsibility taxes, the Windsor framework and industry driven audit requirements constantly add a conveyor belt of costs that can arrive with remarkable speed.
In horizon scanning the Directors are reasonably sure that the challenges will sit around all the recent host of well known challenges, hopefully with some diminishing if the current conflict comes to an end.
Confidence in the future
The challenges will come, whether trade, consumer, political or agricultural and we are confident that being alert will benefit our business, as pace may be the last great strategic advantage.
The bedrock of our future remains, doing the right things for our established business partners enhancing volume and value, but quality too.
Bradbury's will continue to seek both UK and the growing export rewards that fit the model we have created, and there are significant indications we are on the cusp of some growth opportunity in both.
Solutions is our objectives, and this comes with a high dependency on innovation, which we believe will be much in demand before and after, the economic clouds disperse.
Efficiency and investment
The current leadership has already delivered a steady stream of improvements, benefiting the workforce, the product quality and commercial return. Add to this a renewed vigour in supply performance as the supply position has become more secure, could add several percentage points to the bottom line.
Workforce engagement
Our family values have always been highly respected, and these have been modernised in instances to deliver greater present day expectations.
Corporate Social Responsibility
The ownership of this is with everyone, managements role is surely only to set the tone, direction and speed of its development and make all aware that it’s our home, our environment, our planet, our duty to future generations.
And finally
The results of 22-23 show a continued strong performance under the direction of strong collective leadership in the face of universal challenges.
The business is uniquely placed to transition as it plans to, deliver relevant growth and return and play a leading role in both the UK and export market in the years to come.
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
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Financial Key Performance Indicators
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We consider that our key performance indicators are those that communicate the financial performance and strength of the Company, these being Turnover, Operating Profit and the Net Assets position.
Due to the introduction of the Financial Reporting Standard 102 (FRS 102), it is a requirement to report the gains/losses arising on the fair value of derivative instruments as part of the Statement of Comprehensive Income.
Due to the volatility and uncertainty in the exchange rate, this number that can have a significant impact on the Profit/(Loss) for the year and so the Operating Profit is viewed as the true measure of performance of the business.
Its material impact is nil, its positioning in the figures is overstated by any measure.
The Key Performance Indicators for the Directors are:
Summary of Key Performance Indicators
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Directors' statement of compliance with duty to promote the success of the Company under section 172
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Directors Duties
The directors of the Company, as with all UK companies, must act in the way he/she considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members, and in doing so have regard (amongst other matters) to:
a. The likely consequences of any decision in the long term;
b. The interests of the Company's employees;
c. The need to foster the Company's business relationships with suppliers, customers and others;
d. The impact of the Company's operations on the community and the environment;
e. The desirability of the Company maintaining a reputation for high standards of business conduct; and
f. The need to act fairly between members of the Company.
The following paragraphs summarise how the Directors’ fulfil their duty to promote the success of the Company:
Our people and values
Our employees are fundamental to the delivery of our business goals. For our business to succeed we need to manage our people’s performance, develop, and nurture talent and listen and act on employee feedback. We have a comprehensive appraisal, people development and employee survey processes in place to meet these needs.
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BRADBURY & SON (BUXTON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Implementation of this policy is through encouraging employee involvement through effective communications, which include an induction process for new employees, team briefings, weekly newsletters, and a company intranet.
The health, safety and well-being of our employees is one of our primary considerations in the way we do business, reinforced through management performance objectives and visual notice boards, and displays across all our operating sites. The Company has a health and safety manager who regularly reviews the processes and procedures across the site, holds regular health and safety meetings, which includes participation of employees.
The Company has also invested in leadership training for its managers to embed performance and embed values.
Business Relationships
The directors are committed to seek value in mutually beneficial partnerships, providing prosperity for all involved.
The strategy of the Company is to target organic growth, driven by cross-selling and up-selling products to existing customers, alongside the development of new customers and market territories.
To do this, we have a dedicated sales team who focus on developing and maintaining strong customer relationships, investing time in developing existing products or developing new products to meet the customer needs.
We value all our suppliers, many of whom we have been in partnership with for over 10 years and commit to engaging responsibly and fairly. It is the policy of the Company to pay suppliers promptly to agreed terms.
Community and Environment
The Company recognise their responsibility to act sustainably and to play their part in protecting and enhancing the global environment.
The Company participates in waste reduction and local recycling schemes and is registered with Wastepack Limited in seeking reduction of packaging waste and a member of a CCL (Climate Charge Levy Scheme) where it seeks to target improvements in energy efficiency and reduction of the businesses’ carbon footprint.
Shareholders
The Company is a member of the G. & M. Paul Limited Group and George Paul, the Principal Shareholder, is a Director in both Bradbury & Son (Buxton) Limited and G. & M. Paul Limited. The strategy and objectives of the Group are deployed through the Company via the annual budget setting process and mid-term plan, which seek to align the goals of the Company to those of the Group to ultimately promote the long-term growth and success of the business.
This report was approved by the board on 2 October 2023 and signed on its behalf.
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BRADBURY & SON (BUXTON) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The Directors present their report and the financial statements for the year ended 30 April 2023.
Directors' responsibilities statement
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The Directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙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 to 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.
The profit for the year, after taxation, amounted to £948,500 (2022 - £503,466).
Dividends paid for the period ended 30 April 2023 were £nil (2022 - £nil).
The Directors who served during the year were:
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B Owens (appointed 9 May 2022)
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BRADBURY & SON (BUXTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
We remain alert to the rapidly changing landscape and will adapt quickly as matters emerge.
Already the investments, developments and strategic route map is powering our growth into 2023/24 and continued success is already being delivered, through what has surely been one of the greatest challenges of this century.
A prudent approach has been taken to Christmas, based on the triple threats of labour challenges, inflationary impacts and the less predictable behaviours of a consumer under economic stress, with volumes of single issue activity severely curtailed.
The Company has prepared its own fully costed recession plan, as an adjunct to its post covid recovery plan which may now take a slower time to implement, and has no known concerns about continuing strongly in 23-24.
The directors consider that, based upon the information available, financial projections and the existence of debt facilities available, the Group will have adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the approval of these accounts) and consider it appropriate to adopt the going concern basis in preparing the financial statements.
Greenhouse gas emissions, energy consumption and energy efficiency action
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The Group is required to report its annual greenhouse gas emissions pursuant to the Directors’ Report and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (“Regulations”). The 2018 regulations, known as Streamlined Energy and Carbon Reporting (SECR) came in to effect on 1 April 2019 and the Company is required to report the emissions and energy consumption for this year to 30 April 2023 to coincide with the financial reporting period.
We all share the responsibility for protecting and enhancing the environment that we live and work in, whilst reducing the natural resources. So far, the Company has introduced LED lighting across the site and a power factor correction unit to reduce energy.
During FY23 the Company introduced an Environmental manager into the business to review all areas of waste management and drive energy efficiency initiatives throughout the business.
The Company is also reviewing solar panels and voltage optimisation to reduce energy further.
Emissions data in tonnes of CO2e for 2023 is provided in the below table:
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Emission of Carbon dioxide equivalent from the
purchase of electricity
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Energy consumption used to calculate the
above emissions
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GHG Emissions relating to Company cars
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tCO2e per £1,000 turnover
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BRADBURY & SON (BUXTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Matters covered in the Strategic Report
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Certain information not shown in the Directors' Report is shown in the Strategic Report on pages 1 - 5 instead, in accordance with Section 414C (11) of the Companies Act 2006. This includes future developments and financial risks and uncertainties.
Disclosure of information to auditor
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Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
∙so far as the Directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the Directors have taken all the steps that ought to have been taken as Directors in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 2 October 2023 and signed on its behalf.
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BRADBURY & SON (BUXTON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRADBURY & SON (BUXTON) LIMITED
Opinion
We have audited the financial statements of Bradbury & Son (Buxton) Limited (the ‘company’) for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 FRS 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 30 April 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 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 Auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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BRADBURY & SON (BUXTON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRADBURY & SON (BUXTON) LIMITED
Other information (continued)
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 course of 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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.
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BRADBURY & SON (BUXTON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRADBURY & SON (BUXTON) LIMITED
Responsibilities of Directors
As explained more fully in the Directors' responsibilities statement set out on page 6, 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 is 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 intend either to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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 the 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.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, data protection, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
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BRADBURY & SON (BUXTON) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BRADBURY & SON (BUXTON) LIMITED
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.
Use of the audit 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 an auditor's report 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.
Ashley Barraclough (Senior Statutory Auditor)
for and on behalf of
Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
2 October 2023
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BRADBURY & SON (BUXTON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
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Interest payable and similar expenses
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Profit/(loss) arising on fair value of derivative instruments
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Profit for the financial year
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There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 16 to 34 form part of these financial statements.
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BRADBURY & SON (BUXTON) LIMITED
REGISTERED NUMBER: 00363223
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2023.
The notes on pages 16 to 34 form part of these financial statements.
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BRADBURY & SON (BUXTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 16 to 34 form part of these financial statements.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Bradbury & Son (Buxton) Limited (''the Company''), registered number 00363223, is a private company, limited by shares, registered in England and Wales. The address of its registered office is Unit 2 Staden Lane, Buxton, Derbyshire, SK17 9RZ.
The principal activity of the Company is that of wholesale of dairy products.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of G. & M. Paul Limited as at 30 April 2023 and these financial statements may be obtained from their registered office which is Myrefield House Lee Lane, Millhouse Green, Sheffield, S36 9NN.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
We remain alert to the rapidly changing landscape and will adapt quickly as matters emerge.
Already the investments, developments and strategic route map is powering our growth into 2023/24 and continued success is already being delivered, through what has surely been one of the greatest challenges of this century.
A prudent approach has been taken to Christmas, based on the triple threats of labour challenges, inflationary impacts and the less predictable behaviours of a consumer under economic stress, with volumes of single issue activity severely curtailed.
The Company has prepared its own fully costed recession plan, as an adjunct to its post covid recovery plan which may now take a slower time to implement, and has no known concerns about continuing strongly in 23-24.
The directors consider that, based upon the information available, financial projections and the existence of debt facilities available, the Group will have adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the approval of these accounts) and consider it appropriate to adopt the going concern basis in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the company has transferred the significant risks and rewards of ownership to the buyer;
• the company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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Leased assets: the Company as lessee
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
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Foreign currency translation
|
The Company's functional and presentational currency is GBP, rounded to the nearest £1.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
Amortisation is provided on the following basis:
Goodwill - 10% straight line
Software - 15% straight line
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
|
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance/straight line basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At each balance sheet 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 the Statement of Comprehensive Income.
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Associates and joint ventures
|
Associates are held at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Derivatives, including forward foreign exchange contracts, are non basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in Statement of Comprehensive Income in finance costs or income as appropriate. The Company does not currently apply hedge accounting for foreign exchange derivatives.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Judgments in applying accounting policies and key sources of estimation uncertainty
|
The critical judgments that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairment identified during the current financial year.
Key sources of estimation uncertainty
The director's do not believe there are any key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Analysis of turnover by country of destination:
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The operating profit is stated after charging/(crediting):
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Depreciation of tangible fixed assets
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Amortisation of intangible assets, including goodwill
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Operating lease rental costs
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Defined contribution pension scheme
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Research and development expenditure
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Loss on disposal of fixed asset
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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Warehouse, transport and technical
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Sales, purchasing and administration
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 5 Directors (2022 - 6) in respect of defined contribution pension schemes.
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The highest paid Director received remuneration of £159,419 (2022 - £140,743).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £11,800 (2022 - £10,100).
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Interest payable and similar expenses
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Finance leases and hire purchase contracts
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
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Effect of tax rate change on opening balance
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2022 -higher than) the standard rate of corporation tax in the UK of 19.49% (2022 -19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.49% (2022 -19%)
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Expenses not deductible for tax purposes
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Adjustments to tax charge in respect of prior periods
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Adjustments to tax charge in respect of previous periods - deferred tax
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Adjustment in research and development tax credit leading to a decrease in the tax charge
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Remeasurement of deferred tax for changes in rates
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Total tax charge for the year
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
10.Taxation (continued)
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Factors that may affect future tax charges
|
The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.
The Company has estimated tax losses of £Nil (2022 - £1,080,518) available to carry forward against future trading profits.
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Charge for the year on owned assets
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Goodwill arose on the transfer of trade and assets from Months Earlier Limited.
The Goodwill is being amortised evenly over the directors' estimate of its useful life of 10 years.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Charge for the year on owned assets
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Charge for the year on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Furniture, fittings and equipment
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Investments in subsidiary companies
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Investments in associates
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The following were subsidiary undertakings of the Company:
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Northumberland Cheese Company Limited
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Make Me Rich Farm, Blagdon, Seaton Burn, Northumberland, NE13 6BZ
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Bradburys Cheese PTY Limited
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Co Mazars (NSW) Pty Limited
PO Box 1994
North Sydney NSW 2059
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The following were associates of the Company:
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Fielding Cottage Cheese Limited
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4b Church Street, Diss, England,
IP22 4DD
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Yorkshire Pecorino Cheese Limited
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1 Adel Garth, Leeds, England,
LS16 8JU
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In January 2023, the Company acquired 4 ordinary shares in Yorkshire Pecorino Cheese Limited. These shares were purchased at a premium of £39,999.60 in addition to their par value of £0.10 per share.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Finished goods and goods for resale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
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Cash and cash equivalents
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Invoice discounting creditor
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Accruals and deferred income
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The bank loan and the invoice discounting facility are secured by a legal mortgage over the Company's freehold land and property, and by a fixed and floating charge over all current and future assets of the Company. A cross guarantee exists between the Company and its parent undertaking, G. & M. Paul Limited.
The bank loan relates to a Coronavirus Large Business Interruption Loan, repayable in installments by 4 June 2023.
Obligations under finance lease and HP contracts are secured over the assets in which they relate.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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The bank loan relates to a Coronavirus Large Business Interruption Loan, repayable in installments by June 2023.
Obligations under finance lease and HP contracts are secured over the assets in which they relate.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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The bank loan is secured by a legal mortgage over the Company's freehold land and property, and by a fixed and floating charge over all current and future assets of the Company. A cross guarantee exists between the Company and its parent undertaking, G. & M. Paul Limited.
The bank loan relates to a Coronavirus Large Business Interruption Loan, repayable in installments by 4 June 2023.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Obligations under finance lease and HP contracts are secured over the assets in which they relate.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Tax losses carried forward
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Short term timing differences
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Allotted, called up and fully paid
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2,500 (2022 -2,500) Ordinary shares of £1.00 each
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The Company has one class of Ordinary shares which carry the right to vote and receive dividends.
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Other reserves
This is a historic undistributable reserve.
Profit & loss account
This reserve represents cumulative profits and losses, less dividends declared.
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BRADBURY & SON (BUXTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £141,283 (2022 - £145,716). Contributions totaling £82,759 (2022 - £30,437) were payable to the fund at the balance sheet date.
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Commitments under operating leases
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At 30 April 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Company is a wholly-owned subsidiary of G. & M. Paul Limited and has taken advantage of the exemption in Section 33 Related Party Disclosures not to provide details of transactions entered into with other group companies.
G & M Paul Pension Fund
The director Mr G Paul is the beneficiary.
Rent totaling £50,850 (2022 - £50,628) was paid to the G & M Paul Pension Fund. Amounts due to G & M Paul Pension Fund at the balance sheet date is £27,540 (2022 - £30,437).
Key management personnel are deemed to be the directors. Details of directors emoluments can be found in note 8.
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The Company's immediate and ultimate parent undertaking is G. & M. Paul Limited. The smallest and largest group whose consolidated financial statements include the results of the company is that headed up by G. & M. Paul Limited which are publicly available from Myrefield House Lee Lane, Millhouse Green, Sheffield, England, S36 9NN. The ultimate controlling party is Mr G Paul.
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