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Registered Number:01157707













P. H. BETTS (HOLDINGS) LIMITED






ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023











 
P H BETTS (HOLDINGS) LIMITED
 

 
COMPANY INFORMATION


Directors
P H Betts 
J I G Betts 
S A Sledmere 
I J McGovern 
J A Nash 
J G Simpkin Betts 




Company secretary
J I G Betts



Registered number
01157707



Registered office
Broadwater Road

Framlingham

Suffolk

IP13 9LL




Independent auditor
SB Audit LLP
Chartered Accountants & Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Barclays Bank Plc
Brightwell Court

Martlesham Heath

Ipswich

Suffolk

IP5 3PW






 
P H BETTS (HOLDINGS) LIMITED
 


CONTENTS



Pages
Group Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Balance Sheet
12 - 13
Company Balance Sheet
14 - 15
Consolidated Statement of Changes in Equity
16
Company Statement of Changes in Equity
17
Consolidated Statement of Cash Flows
18 - 19
Consolidated Analysis of Net Debt
20
Notes to the Financial Statements
21 - 42



 
P H BETTS (HOLDINGS) LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The Directors present their Strategic Report and the financial statements for the year ended 31 January 2023.

Business review
 
The principal activity of the Company during the year was that of an investment holding company. The principal activites of the trading subsidiaries during the year was that of the manufacture and marketing of G.R.P mouldings and fabrications and the manufacture and marketing of commercial vehicle components and accessories.
Trading and costs
During the year, turnover increased by £3,386,392 (15.8%) to £21,388,751 in the year. The increase was due to demand for products in the medical and automotive / industrial vehicle sectors, which was again tempered by a decrease in demand for chute products.
The Group continued to navigate rising costs of raw materials: resin, glass and gelcoats. The cost of carriage and importing remained high as a result of increased post-Brexit administration and the cost of timber and packaging materials also remained high. The Group was obliged to put through a generous pay increase to try to assist those struggling with the cost of living crisis. The Group continues to monitor wage rates and employment perks so that it attracts and retains the best possible workforce. 
Despite the increases in costs, the Group has generated a profit for the financial year amounting to £58,882 (2022 - £934,578). Net assets have decreased by £41,118 to £9,601,612 (2022 - £6,642,730).
Quality
The Group works hard to reinforce its high quality standards. The entire team is united in being proud of the products and services the Group offers. The Group remains committed to Quality Assurance and are continues to be fully compliant with ISO 9001. Furthermore, the Company holds its own UL (Underwriters Laboratories) Certification for the manufacture of fire-resistant polyester-based mouldings. The Company is also fully AEO (Authorised Economic Operator) authorised.
Environmental
The Group continues to be ISO 14001 accredited and recognises that its operations have an effect on the local, regional and global environment. The Group regards the proper management of the environmental aspects of its activities as mutually beneficial to all interested parties and it is committed to continuously improve its environmental performance and prevent pollution.
The Group remains accredited to the Suffolk Carbon Charter, at the Bronze Level and the Group defines its environmental objectives and targets annually, monitoring progress regularly.
Health & Safety
The Group’s number one focus is conducting its operations in a safe environment, where the risk of incidents and accidents occurring is minimised. It is proud to have been awarded the ISO 45001 Safety Management System Standard accreditation which is an accreditation developed by leading trade and international standard bodies. ISO 45001 provides a framework for organisations to instigate efficient and effective management of health and safety.
The Occupational Health and Safety Assessment Specification (OHSAS), sets out the requirements for occupational Health and Safety management for best practise in the workplace. It is internationally accepted as a recognised standard of assessing and auditing occupational Health and Safety management systems.
The Group’s incident and accident levels remain low and at levels lower than industry norms. No RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) reportable incidents occurred during the current or preceding years.

- 1 -



 
P H BETTS (HOLDINGS) LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


Research and Development
A substantial part of the Group’s activities remains devoted to advancing moulding techniques and components and investigating ways of working with new materials. The Group constantly strives for innovation and creativity in order to meet its customers’ demands for new and improved products and processes. It undertakes a continuous program of Research and Development to ensure the Group remains a market-leading manufacturer. Despite the challenges presented, this year being no exception: the Group has continued its development work, selecting particular projects for focus as it explores and challenges different elements of the manufacturing process.
This year the Group has continued to experiment with new materials and new processing methods. It also continues to research and trial suitable replacements for products and chemicals that are no longer available. With ever-tightening legislation, products that the Group has used successfully for many years are becoming less available. When this happens, the Group undertakes to investigate, source and trial alternatives, or manufacture suitable compounds with available materials
During the year the Group has added a vacuum forming plant to its already wide range of moulding options and has been working on new ways to integrate composite moulding and vacuum forming. Following feedback, the Company has further improved the production process on its range of Safeglide chutes.

Principal risks and uncertainties
 
The Group’s principal financial instruments are its bank balances, trade debtors and trade creditors. The purpose of these instruments is to fund the Group’s ongoing operations. Due to the nature of the financial instruments used by the Group and the way they are managed, the Directors consider the liquidity risk to be low.
The credit risk associated with the cash and bank balances is limited as the counterparties have high credit ratings assigned by international credit agencies. The principal credit risk arises from the Group’s trade debtors. In order to manage the credit risk the Directors set limits for new and existing customers based on a combination of payment history and third party credit references, along with maintaining good relationships with contacts at the highest level of those organisations. The Group has not experienced payment issues for many years, and expects that to continue in the foreseeable future.
Trade creditors are managed by ensuring that there are sufficient funds available to meet amounts due. The Group’s bank facilities and the overall debt management of customers ensures that funds are always available to enable the Group to meet its liabilities as they fall due. Furthermore, the Group produces monthly management accounts which are reviewed by management against budget and used to monitor cash flow.
The Group is exposed to price risk from its suppliers. Whilst the Group has absorbed some of these increases, at the risk of our its profitability, the Group has had no choice but to renegotiate with customers to ensure rising costs are covered, particularly where it must use directed suppliers as required by its customers. The Group follows a continuous improvement program to ensure that the latest developments are employed, including recommendations for cost savings as appropriate.
The Group recognises its competitors both in the UK market and the wider global market. The Directors have considered the market risks associated with higher material prices combined with the Company’s ability to remain competitive in a global market place. 
The Directors continually monitor fluctuating economic trends, including exchange rate, inflation and interest rate predictions, and consider the interest rate risk to the Company to be minimal. As we navigate the extended period of global economic uncertainty, the Directors remain confident that the monitoring processes that the Company has in place will allow it to successfully navigate the next 12 months and beyond.
 

- 2 -



 
P H BETTS (HOLDINGS) LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023



This report was approved by the Board on 28 September 2023 and signed on its behalf.



P H Betts
Director


- 3 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The Directors present their report and the financial statements for the year ended 31 January 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Company and the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £5,568 (2022 - £707,389).

During the period, the Company declared and paid interim dividends amounting to £100,000 (2022 - £Nil). The Directors do not recommend the payment of a final and paid dividend (2022 - £Nil).

Since the year end, the Company declared and paid interim dividends amounting to £100,000 in respect of the year ended 31 January 2024. 

Directors

The Directors who served during the year, and to the date of this report, were:

P H Betts 
J I G Betts 
S A Sledmere 
I J McGovern 
J A Nash 
J G Simpkin Betts 


- 4 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Qualifying third party indemnity provisions

The Company made qualifying third party indemnity provisions for the benefit of the Directors, where were in place during the year and remain in force at the date of this report.

Matters covered in the Group Strategic Report

Details of the Group's risk management objective and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
• so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
• the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

Auditor

The auditor, Scrutton Bland LLP, transferred part of their business to a newly incorporated limited liability partnership, SB Audit LLP, on 1 April 2023. Accordingly, Scrutton Bland LLP formally resigned as the Company's auditor with the Directors duly appointing SB Audit LLP to fill the vacancy arising.
The auditor, SB Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies
Act 2006.

This report was approved by the Board on 28 September 2023 and signed on its behalf.
 





J I G Betts
Director


- 5 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED

Opinion


We have audited the financial statements of P. H. Betts (Holdings) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2023, which comprise of the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 January 2023 and of the Group's loss 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 Group and the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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



- 6 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED (CONTINUED)

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. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.



- 7 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED (CONTINUED)

Responsibilities of the Directors
 

As explained more fully in the Directors' Responsibilities Statement, set out on page 4, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Pparent Company or to cease operations, or have no realistic alternative but to do so.



- 8 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED (CONTINUED)

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 these Consolidated financial statements.


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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of the Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group.
The following laws and regulations were identified as being of significance to the Group.
• Those laws and regulations considered to have a direct effect on the consolidated financial statements including UK financial reporting standards, UK Company Law and taxation legislation; and
• Those laws and regulations considered to have a indirect effect on the consolidated financial statements including The Health & Safety Act 1974, COSHH regulations, GDPR, anti bribery and corruption, human rights and Employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. 
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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.



- 9 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P H BETTS (HOLDINGS) LIMITED (CONTINUED)

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 2006Our 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.





Luke Morris (Senior Statutory Auditor)
  
for and on behalf of
SB Audit LLP
 
Chartered Accountants
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

3 October 2023

- 10 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Notes
 £
£

  

Turnover
 4 
21,388,751
18,002,359

Cost of sales
  
(18,893,818)
(15,902,416)

Gross profit
  
2,494,933
2,099,943

Distribution costs
  
(183,016)
(177,242)

Administrative expenses
  
(2,315,450)
(2,260,307)

Exceptional operating income
 14 
-
1,224,232

Other operating income
 5 
1,372
6,569

Operating (loss)/profit
 6 
(2,161)
893,195

Interest receivable and similar income
 10 
2,477
164

Interest payable and similar expenses
 11 
(1,580)
(5,323)

(Loss)/profit before taxation
  
(1,264)
888,036

Tax on (loss)/profit
 12 
60,146
46,542

Profit for the financial year
  
58,882
934,578

Profit and Total Comprehensive Income for the year attributable to:
  

Non-controlling interests
  
53,314
227,189

Owners of the Parent Company
  
5,568
707,389

  
58,882
934,578

There were no recognised gains and losses for the years ended 31 January 2023 or 2022 other than those included in the Consolidated Statement of Comprehensive Income, above.

There was no Other Comprehensive Income for the year ended 31 January 2023 (2022 - £Nil).

The notes on pages 21 to 42 form part of these financial statements.


- 11 -



 
P H BETTS (HOLDINGS) LIMITED
REGISTERED NUMBER:01157707


CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 16 
39,141
72,142

Tangible assets
 17 
3,942,735
3,605,231

  
3,981,876
3,677,373

Current assets
  

Stocks
 19 
2,413,323
2,335,213

Debtors: amounts falling due within one year
 20 
4,005,271
4,399,508

Cash at bank and in hand
 21 
1,749,004
1,600,242

  
8,167,598
8,334,963

Creditors: amounts falling due within one year
 22 
(2,411,628)
(2,173,226)

Net current assets
  
 
 
5,755,970
 
 
6,161,737

Total assets less current liabilities
  
9,737,846
9,839,110

Provision for liabilities
  

Deferred tax
 23 
(136,234)
(196,380)

  
 
 
(136,234)
 
 
(196,380)

Net assets
  
9,601,612
9,642,730


Capital and reserves
  

Called up share capital 
 24 
100
100

Capital redemption reserve
 25 
18,138
18,138

Profit and loss account
 25 
7,076,302
7,170,734

Equity attributable to owners of the Parent Company
  
7,094,540
7,188,972

Non-controlling interests
  
2,507,072
2,453,758

Total equity
  
9,601,612
9,642,730



- 12 -



 
P H BETTS (HOLDINGS) LIMITED
REGISTERED NUMBER:01157707

    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

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




P H Betts
J I G Betts
Director
Director

The notes on pages 21 to 42 form part of these financial statements.


- 13 -



 
P H BETTS (HOLDINGS) LIMITED
REGISTERED NUMBER:01157707


COMPANY BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Notes
£
£

Fixed assets
  

Tangible assets
 17 
307
307

Investments
 18 
152
152

  
459
459

Current assets
  

Debtors: amounts falling due within one year
 20 
370,359
156,746

Cash at bank and in hand
 21 
125,094
61,713

  
495,453
218,459

Creditors: amounts falling due within one year
 22 
(512,788)
(122,913)

Net current (liabilities)/assets
  
 
 
(17,335)
 
 
95,546

Total assets less current liabilities
  
(16,876)
96,005

  

Provision for liabilities
  

Deferred tax
 23 
-
(70)

Net (liabilities)/assets
  
(16,876)
95,935


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account brought forward
  
95,835
93,390

(Loss)/profit for the year
  
(12,811)
2,445

Dividends paid

  

(100,000)
-

Profit and loss account carried forward
  
(16,976)
95,835

Shareholders' (deficit)/funds
  
(16,876)
95,935



- 14 -



 
P H BETTS (HOLDINGS) LIMITED
REGISTERED NUMBER:01157707

    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

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


P H Betts
J I G Betts
Director
Director

The notes on pages 21 to 42 form part of these financial statements.


- 15 -



 
P H BETTS (HOLDINGS) LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of Parent Company
Non-controlling interests
Total equity

£
£
£
£
£
£


At 1 February 2021
100
18,138
6,463,345
6,481,583
2,226,569
8,708,152


Comprehensive income

Profit for the year
-
-
707,389
707,389
227,189
934,578
Total comprehensive income
-
-
707,389
707,389
227,189
934,578



At 1 February 2022
100
18,138
7,170,734
7,188,972
2,453,758
9,642,730


Comprehensive income

Profit for the year
-
-
5,568
5,568
53,314
58,882


Total comprehensive income
-
-
-
-
-
-


Distributions to owners

Dividends paid (See note 13)
-
-
(100,000)
(100,000)
-
(100,000)


Total transactions with owners
-
-
(100,000)
(100,000)
-
(100,000)


At 31 January 2023
100
18,138
7,076,302
7,094,540
2,507,072
9,601,612


The notes on pages 21 to 42 form part of these financial statements.


- 16 -



 
P H BETTS (HOLDINGS) LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total 
equity

£
£
£


At 1 February 2021
100
93,390
93,490


Comprehensive income for the year

Profit for the year
-
2,445
2,445
Total comprehensive income for the year
-
2,445
2,445



At 1 February 2022
100
95,835
95,935


Comprehensive loss for the year

Loss for the year
-
(12,811)
(12,811)


Total comprehensive loss for the year
-
-
-


Distributions to owners

Dividends paid (see note 13)
-
(100,000)
(100,000)


Total transactions with owners
-
(100,000)
(100,000)


At 31 January 2023
100
(16,976)
(16,876)


The notes on pages 21 to 42 form part of these financial statements.


- 17 -



 
P H BETTS (HOLDINGS) LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
58,882
934,578

Adjustments for:

Amortisation of intangible fixed assets
36,301
33,972

Depreciation of tangible fixed assets
401,674
340,376

Profit on disposal of tangible fixed assets
(2,010)
-

Interest payable and similar expenses
1,580
5,323

Interest receivable and similar income
(2,477)
(164)

Taxation credit
(60,146)
(46,542)

(Increase) in stocks
(78,110)
(732,237)

Decrease/(increase) in debtors
394,237
(404,546)

Increase/(decrease) in creditors
238,666
(77,600)

Corporation tax (paid)
-
(22,915)

Net cash generated from operating activities

988,597
30,245


Cash flows from investing activities

Purchase of intangible fixed assets
(3,300)
(51,363)

Purchase of tangible fixed assets
(750,693)
(765,905)

Proceeds from sale of tangible fixed assets
13,525
-

Interest received
2,477
164

Net cash from investing activities

(737,991)
(817,104)

- 18 -



 
P H BETTS (HOLDINGS) LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
-
(48,979)

Repayment of finance leases
(264)
(5,496)

Dividends paid
(100,000)
-

Interest paid
(1,580)
(5,323)

Net cash used in financing activities
(101,844)
(59,798)

Net increase/(decrease) in cash and cash equivalents
148,762
(846,657)

Cash and cash equivalents at beginning of year
1,600,242
2,446,899

Cash and cash equivalents at the end of year
1,749,004
1,600,242


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,749,004
1,600,242


The notes on pages 21 to 42 form part of these financial statements.


- 19 -



 
P H BETTS (HOLDINGS) LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023




At 1 February 2022
Cash flows
At 31 January 2023
£

£

£

Cash at bank and in hand

1,600,242

148,762

1,749,004

Finance leases

(264)

264

-


1,599,978
149,026
1,749,004

The notes on pages 21 to 42 form part of these financial statements.


- 20 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

P. H. Betts (Holdings) Limited (the "Company") and subsidiary undertakings (together the "Group") is a group of companies that are all limited by shares, incorporated and domiciled in England and Wales. The address of the registered office is Broadwater Road, Framlingham, Suffolk IP13 9LL.
Details of the subsidiaries can be found within note 18.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The Company has taken advantage of the exemption allowed under section 7 of FRS 102 and has not presented its own Statement of Cashflows in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries (the "Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 February 2015 .


- 21 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Group's and the Company's business activities together with the factors likely to affect its future development, its financial position and principal risks and uncertainties are set out in the Strategic Report. The Directors and management have prepared detailed forecasts that indicate that the Group and the Company will both be able continue to meet their liabilities as they fall due and will continue to trade for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, these financial statements have been prepared on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in Other Comprehensive Income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'Administrative expenses'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. Turnover includes the sale of goods and amounts recoverable on long-term contracts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership are tranferred to the buyer. This is usually the point the goods are dispatched.
Turnover from amounts recoverable on long term contracts is recognised on completion of the Group's contracted obligations. 


- 22 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Group 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.

 
2.7

Leased assets: the Group 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.

 
2.8

Research and development

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. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.


- 23 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.11

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.12

Defined contribution pension scheme

The Group operates a defined contribution scheme for its employees. A defined contribution pension scheme is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.13

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 balance sheet date in the countries where the Company and the Group operate and generate 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.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to both their size and incidence.


- 24 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.15

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, 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 estimated useful lives range as follows:
        Computer software - 3 years straight line

 
2.16

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
over 10 years
Plant and machinery
-
over 10 years
Motor vehicles
-
30% reducing balance
Fixtures and fittings
-
over 3 to 5 years
Tooling and patterns
-
over 4 years
Computer equipment
-
over 5 years
Racehorses
-
25% reducing balance

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.

At each year end, the Group reviews the carrying values of each individual tangible fixed asset for impairment indicators. Where impairment indicators are identified then the recoverable amounts is compared to the carrying value in the financial statements and where necessary an impairment charge is recognised in the Statement of Comprehensive Income.

 
2.17

Investments

Investments in subsidiary undertakings are measured at cost less accumulated impairment charges.


- 25 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.18

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 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 profit or loss.

 
2.19

Debtors

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.

 
2.20

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, 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

- 26 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.22
Financial instruments (continued)

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated 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.

 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.


- 27 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are mentioned below:
Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technologies, advancement, future investments, economic utilisation and the physical condition of the assets. The Directors also consider that the residual value of the freehold land and buildings is in excess of the cost hence no depreciation is charged in the year..
Useful economic life of intangible fixed assets
The annual amortisation charge for intangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and economic utilisation of the assets.
Recoverability of trade debtors
A provision for bad and doubtful debts is made where it is identified that a trade debtor may potentially not
be recoverable in full by the Company. The bad and doubtful debt provision is made on a specific basis
against customer balances where they are not considered recoverable based upon payment history and
aging profile.
Valuation of stock
Stock is held at the lower of cost and net realisable value. Management reviews the stock holdings and make a provision for slow moving and obsolete stock where the recoverable amount on a stock item has fallen below the cost. Certain elements of work in progress are valued at up to 85% of selling price, this is based on the average stage of completion. In addition the value of some finished goods held at an overseas customer site are included in Amounts Recoverable on Contracts and valued at 100% of cost due to the product being complete and the goods delivered. 
Finished goods in both subsidiaries are valued at selling price less overall gross margin achieved to produce a percentage of selling price which is considered equivalent to cost. Gross margins are kept under review to ensure the calculation remains appropriate.


- 28 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Vehicle Components
4,808,452
4,412,558

G.R.P Mouldings
16,580,299
13,589,801

21,388,751
18,002,359


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
10,052,139
10,835,775

Rest of the World
11,336,612
7,166,584

21,388,751
18,002,359



5.


Other operating income

2023
2022
£
£

Training grant receivable
1,372
-

Government grants receivable
-
6,569

1,372
6,569


Government grants receivable in the prior year related to income receivable under the Coronavirus Job Retention Scheme.


- 29 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


Operating (loss)/profit

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

2023
2022
£
£

Depreciation of tangible fixed assets
401,674
340,376

Amortisation of intangible fixed assets
36,301
33,972

Net foreign exchange losses/(gains)
11,184
(1,447)

Defined contribution pension cost
154,718
122,327

Government grants receivable
-
(6,569)

Profit on disposal of tangible fixed assets
(2,010)
-


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and Parent Company's financial statements
8,000
6,800

Fees payable to the Group's auditor for the audit of the subsidaries financial 
statements
23,500
18,280

Taxation services
5,300
4,900


- 30 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
6,853,209
6,015,271
509,466
518,329

Social security costs
698,448
539,811
66,728
62,108

Cost of defined contribution pension scheme
154,718
122,327
-
-

7,706,375
6,677,409
576,194
580,437


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Office and management
72
49



Manufacturing, production and transport
164
153

236
202


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
500,041
510,358


During the year none of the Directors were accruing in respect of the defined contribution pension scheme.

The highest paid Director received remuneration amounting to £425,468 (2022 - £428,194).

The key management personnel compensation for the year was £1,169,094 (2022 - £941,275).


10.


Interest receivable and similar income

2023
2022
£
£


Bank interest receivable
2,477
164


- 31 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
1,580
5,323


12.


Taxation


2023
2022
£
£

Current tax


UK Corporation tax on profit for the year
-
-

Adjustments in respect of prior years
-
1,885


Total current tax
-
1,885

Deferred tax


Origination and reversal of timing differences
(60,146)
(14,248)

Effect of change in the opening tax rates
-
(34,179)

Total deferred tax
(60,146)
(48,427)


Taxation on (loss)/profit on ordinary activities
(60,146)
(46,542)

- 32 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
12.Taxation (continued)


Factors affecting tax (credit) for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of Corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(1,264)
888,036


(Loss)/profit on ordinary activities multiplied by standard rate of Corporation tax in the UK of 19% (2022 - 19%)
(240)
168,727

Effects of:


Expenses not deductible for tax purposes
1,721
4,625

Effect of change in tax rates
(112,320)
(34,179)

Other assets not qualifying for capital allowance purposes
5,132
5,134

Adjustments in respect of prior years
-
1,885

R&D enhanced relief claim
(234,642)
(239,504)

Unrelieved tax losses carried forward
-
46,770

Deferred tax asset not recognised
280,203
-

Total tax (credit) for the year
(60,146)
(46,542)


Factors that may affect future tax charges

In the Spring Budget 2021 the UK Government announced that the rate of UK Corporation tax would rise
to 25% from 1 April 2023 with an introduction of a small profits rate of 19% at the same point in time. These changes were substantively enacted in May 2021.
Accordingly, deferred tax assets and liabilities are stated at 25% (2022 - 25%).


13.


Dividends

2023
2022
£
£


Dividends paid on Ordinary Shares
100,000
-


- 33 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

14.


Exceptional income

2023
2022
£
£


Insurance claim receivable
-
1,224,232

The exceptional income in the prior year represented insurance proceeds that were receivable in respect of a fire at a subsidiary site which occured in the year ended 31 January 2021.


15.


Parent Company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the Parent Company for the year was £12,811 (2022 - profit of £2,445).


- 34 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

16.


Intangible assets

Group 





Computer software

£



Cost


At 1 February 2022
123,491


Additions
3,300



At 31 January 2023

126,791



Amortisation


At 1 February 2022
51,349


Charge for the year on owned assets
36,301



At 31 January 2023

87,650



Net book value



At 31 January 2023
39,141



At 31 January 2022
72,142


The computer software is being amortised on a straight line basis of 3 years from the date the asset is available for use by the Group. The amortisation charge is recognised within Administrative expenses.



- 35 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

17.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 February 2022
2,470,244
2,415,404
103,202
87,341
5,076,191


Additions
172,430
515,083
59,000
4,180
750,693


Disposals
-
-
(16,750)
-
(16,750)



At 31 January 2023

2,642,674
2,930,487
145,452
91,521
5,810,134



Depreciation


At 1 February 2022
228,045
1,108,824
70,547
63,544
1,470,960


Charge for the year
39,168
329,953
21,096
11,457
401,674


Disposals
-
-
(5,235)
-
(5,235)



At 31 January 2023

267,213
1,438,777
86,408
75,001
1,867,399



Net book value



At 31 January 2023
2,375,461
1,491,710
59,044
16,520
3,942,735



At 31 January 2022
2,242,199
1,306,580
32,655
23,797
3,605,231


- 36 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

           17.Tangible fixed assets (continued)


Company






Fixtures and fittings
Racehorse
Total

£
£
£

Cost 


At 1 February 2022
280
6,463
6,743



At 31 January 2023

280
6,463
6,743



Depreciation


At 1 February 2022
-
6,436
6,436



At 31 January 2023

-
6,436
6,436



Net book value



At 31 January 2023
280
27
307



At 31 January 2022
280
27
307







18.


Fixed asset investments

Company





Investments in subsidiary undertakings

£



Cost and net book value


At 1 February 2022
152



At 31 January 2023
152





- 37 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

Subsidiary undertakings


As at 31 January 2023, the following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Hacther Components Limited
Broadwater Road, Framlingham, Suffolk IP13 9LL
Ordinary
77%
Broadwater Mouldings Limited
Broadwater Road, Framlingham, Suffolk IP13 9LL
Ordinary
75%
Betzbuilt Ltd (formerly Primera Design Limited)
Broadwater Road, Framlingham, Suffolk IP13 9LL
Ordinary
100%
Hatcher Conversions Limited
Broadwater Road, Framlingham, Suffolk IP13 9LL
Ordinary
100%


19.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
1,881,356
1,799,337

Work in progress (goods to be sold)
531,967
535,876

2,413,323
2,335,213



- 38 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

20.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,157,277
2,766,428
-
6,000

Amounts recoverable on long - term contracts
479,899
450,431
-
-

Amounts owed by subsidiary undertaking
-
-
155,105
55,105

Other debtors
57,047
955,080
-
-

Prepayments and accrued income
311,048
227,569
213,513
95,641

Deferred tax asset (see note 23)
-
-
1,741
-

4,005,271
4,399,508
370,359
156,746



21.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,749,004
1,600,242
125,094
61,713



22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Obligations under finance lease and hire purchase contracts
-
264
-
-

Trade creditors
2,009,586
1,690,787
246,638
-

Amounts owed to subsidiary undertakings
-
-
186,672
17,748

Other taxation and social security
108,556
202,589
42,019
71,850

Other creditors
79,947
76,782
15,628
12,813

Accruals and deferred income
213,539
202,804
21,831
20,502

2,411,628
2,173,226
512,788
122,913


Obligations under finance lease and hire purchase contracts were secured against the assets to which they relate.


- 39 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

23.


Deferred taxation


Group



2023


£






At beginning of year
196,380


Charge to profit or loss
(60,146)



At end of year
136,234

Company


2023


£






At beginning of year
70


Credit to profit or loss
(1,811)



At end of year
(1,741)

The provision for deferred tax liability/(asset) comprises:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
524,748
259,532
70
70

Tax losses carried forward
(386,974)
(66,680)
(1,811)
-

Othe short term timing differences
(1,540)
3,528
-
-

136,234
196,380
(1,741)
70


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



- 40 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

25.


Reserves

Capital Redemption Reserve

The Capital Redemption Reserve is a non-distributable reserve following a purchase of own shares in prior years.  

Profit and Loss Account

The Profit and Loss Account reserve represents the Group's and Company's accumulated profits and losses, less dividends paid.


26.


Capital commitments




At 31 January 2023 the Group and Company had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
6,815
-

6,815
-


27.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £154,718 (2022 - £122,327). Contributions amounting to £14,551 (2022 - £15,711) were payable to the fund at the balance sheet date and included within other creditors.


28.


Commitments under operating leases

At 31 January 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
78,160
96,950

Later than 1 year and not later than 5 years
204,583
261,250

282,743
358,200

- 41 -



 
P H BETTS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

29.


Related party transactions

All related party transactions between the Company and subsidiary undertakings have been eliminated in the consolidated financial statements presented herewith. 
During the year, the Company received management charges from Broadwater Mouldings Limited of £740,000 (2022 - £612,100) and Hatcher Components Limited of £366,000 (2022 - £374,900). 
During the year, the Company declared dividends payable to Mr P H Betts of £55,000 (2022 - £Nil) and Mrs J I G Betts of £45,000 (2022 - £Nil). 
During the year, the Company had a current account with Mr P H Betts. As at 31 January 2023, the  Company owed £15,628 to Mr P H Betts (2022 - Company owed £12,813 to Mr P H Betts). 
As at 31 January 2023, the Company had balances owed by/(due to) its subsidiaries as follows:


2023
2022
£
£

Broadwater Mouldings Limited
(52,626)
(10,003)
Hatcher Components Limited
(134,046)
(7,745)
Betzbuilt Ltd
155,105
55,105


30.


Controlling party

The ultimate controlling party is Mr P H Betts by virtue of his majority shareholding.

 

- 42 -