IRIS Accounts Production v23.3.0.418 00301933 Board of Directors 1.1.22 31.12.22 31.12.22 true true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure003019332021-12-31003019332022-12-31003019332022-01-012022-12-31003019332020-12-31003019332021-01-012021-12-31003019332021-12-3100301933ns16:EnglandWales2022-01-012022-12-3100301933ns15:PoundSterling2022-01-012022-12-3100301933ns11:Director12022-01-012022-12-3100301933ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3100301933ns11:FRS1022022-01-012022-12-3100301933ns11:Audited2022-01-012022-12-3100301933ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-01-012022-12-3100301933ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-01-012022-12-3100301933ns11:FullAccounts2022-01-012022-12-310030193312022-01-012022-12-3100301933ns11:OrdinaryShareClass12022-01-012022-12-3100301933ns11:Director22022-01-012022-12-3100301933ns11:Director32022-01-012022-12-3100301933ns11:Director42022-01-012022-12-3100301933ns11:Director62022-01-012022-12-3100301933ns11:Director72022-01-012022-12-3100301933ns11:Director82022-01-012022-12-3100301933ns11:Director92022-01-012022-12-3100301933ns11:Director102022-01-012022-12-3100301933ns11:Director112022-01-012022-12-3100301933ns11:RegisteredOffice2022-01-012022-12-3100301933ns11:Director52022-01-012022-12-3100301933ns6:CurrentFinancialInstruments2022-12-3100301933ns6:CurrentFinancialInstruments2021-12-3100301933ns6:Non-currentFinancialInstruments2022-12-3100301933ns6:Non-currentFinancialInstruments2021-12-3100301933ns6:ShareCapital2022-12-3100301933ns6:ShareCapital2021-12-3100301933ns6:RevaluationReserve2022-12-3100301933ns6:RevaluationReserve2021-12-3100301933ns6:CapitalRedemptionReserve2022-12-3100301933ns6:CapitalRedemptionReserve2021-12-3100301933ns6:RetainedEarningsAccumulatedLosses2022-12-3100301933ns6:RetainedEarningsAccumulatedLosses2021-12-3100301933ns6:ShareCapital2020-12-3100301933ns6:RetainedEarningsAccumulatedLosses2020-12-3100301933ns6:RevaluationReserve2020-12-3100301933ns6:CapitalRedemptionReserve2020-12-3100301933ns6:RetainedEarningsAccumulatedLosses2021-01-012021-12-3100301933ns6:RevaluationReserve2021-01-012021-12-3100301933ns6:CapitalRedemptionReserve2021-01-012021-12-3100301933ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-3100301933ns6:RevaluationReserve2022-01-012022-12-3100301933ns6:CapitalRedemptionReserve2022-01-012022-12-3100301933ns6:NetGoodwill2022-01-012022-12-3100301933ns6:PatentsTrademarksLicencesConcessionsSimilar2022-01-012022-12-3100301933ns6:ReportableOperatingSegment12022-01-012022-12-3100301933ns6:ReportableOperatingSegment12021-01-012021-12-3100301933ns6:ReportableOperatingSegment22022-01-012022-12-3100301933ns6:ReportableOperatingSegment22021-01-012021-12-3100301933ns6:ReportableOperatingSegment32022-01-012022-12-3100301933ns6:ReportableOperatingSegment32021-01-012021-12-3100301933ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3100301933ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2021-01-012021-12-3100301933ns16:UnitedKingdom2022-01-012022-12-3100301933ns16:UnitedKingdom2021-01-012021-12-3100301933ns6:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3100301933ns6:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2021-01-012021-12-310030193322022-01-012022-12-310030193322021-01-012021-12-3100301933ns11:HighestPaidDirector2022-01-012022-12-3100301933ns11:HighestPaidDirector2021-01-012021-12-3100301933ns6:OwnedAssets2022-01-012022-12-3100301933ns6:OwnedAssets2021-01-012021-12-3100301933ns6:NetGoodwill2021-01-012021-12-3100301933ns6:ComputerSoftware2022-01-012022-12-3100301933ns6:ComputerSoftware2021-01-012021-12-3100301933ns6:NetGoodwill2021-12-3100301933ns6:PatentsTrademarksLicencesConcessionsSimilar2021-12-3100301933ns6:ComputerSoftware2021-12-3100301933ns6:NetGoodwill2022-12-3100301933ns6:PatentsTrademarksLicencesConcessionsSimilar2022-12-3100301933ns6:ComputerSoftware2022-12-3100301933ns6:NetGoodwill2021-12-3100301933ns6:PatentsTrademarksLicencesConcessionsSimilar2021-12-3100301933ns6:ComputerSoftware2021-12-3100301933ns6:LandBuildings2021-12-3100301933ns6:ShortLeaseholdAssetsns6:LandBuildings2021-12-3100301933ns6:LeaseholdImprovements2021-12-3100301933ns6:LandBuildings2022-01-012022-12-3100301933ns6:ShortLeaseholdAssetsns6:LandBuildings2022-01-012022-12-3100301933ns6:LeaseholdImprovements2022-01-012022-12-3100301933ns6:LandBuildings2022-12-3100301933ns6:ShortLeaseholdAssetsns6:LandBuildings2022-12-3100301933ns6:LeaseholdImprovements2022-12-3100301933ns6:LandBuildings2021-12-3100301933ns6:ShortLeaseholdAssetsns6:LandBuildings2021-12-3100301933ns6:LeaseholdImprovements2021-12-3100301933ns6:FurnitureFittings2021-12-3100301933ns6:MotorVehicles2021-12-3100301933ns6:FurnitureFittings2022-01-012022-12-3100301933ns6:MotorVehicles2022-01-012022-12-3100301933ns6:FurnitureFittings2022-12-3100301933ns6:MotorVehicles2022-12-3100301933ns6:FurnitureFittings2021-12-3100301933ns6:MotorVehicles2021-12-3100301933ns6:CostValuation2021-12-3100301933ns6:CostValuationns6:UnlistedNon-exchangeTraded2021-12-3100301933ns6:UnlistedNon-exchangeTraded2022-12-3100301933ns6:UnlistedNon-exchangeTraded2021-12-3100301933ns6:Subsidiary12022-01-012022-12-31003019331ns6:Subsidiary12022-01-012022-12-3100301933ns6:Subsidiary22022-01-012022-12-3100301933ns6:Subsidiary232022-01-012022-12-3100301933ns6:Subsidiary32022-01-012022-12-31003019335ns6:Subsidiary32022-01-012022-12-3100301933ns6:Subsidiary42022-01-012022-12-31003019337ns6:Subsidiary42022-01-012022-12-3100301933ns6:Subsidiary52022-01-012022-12-3100301933ns6:Subsidiary592022-01-012022-12-3100301933ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3100301933ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3100301933ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2022-12-3100301933ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2021-12-3100301933ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-12-3100301933ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-12-3100301933ns6:WithinOneYear2022-12-3100301933ns6:WithinOneYear2021-12-3100301933ns6:BetweenOneFiveYears2022-12-3100301933ns6:BetweenOneFiveYears2021-12-3100301933ns6:AllPeriods2022-12-3100301933ns6:AllPeriods2021-12-3100301933ns6:Secured2022-12-3100301933ns6:Secured2021-12-3100301933ns6:TaxLossesCarry-forwardsDeferredTax2022-12-3100301933ns6:TaxLossesCarry-forwardsDeferredTax2021-12-3100301933ns6:DeferredTaxation2021-12-3100301933ns6:DeferredTaxation2022-01-012022-12-3100301933ns6:DeferredTaxation2022-12-3100301933ns11:OrdinaryShareClass12022-12-3100301933ns6:RetainedEarningsAccumulatedLosses2021-12-3100301933ns6:RevaluationReserve2021-12-3100301933ns6:CapitalRedemptionReserve2021-12-3100301933ns6:OtherRelatedParties2022-01-012022-12-3100301933ns6:OtherRelatedParties2021-01-012021-12-310030193312022-01-012022-12-31
REGISTERED NUMBER: 00301933 (England and Wales)















BRADSHAW TAYLOR LTD.

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022






BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 8

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13 to 25


BRADSHAW TAYLOR LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: M E Taylor
Mrs A M Taylor
C E B Cavell-Taylor
A H Noel
N J Toothill
Mrs S Prior
N J Vance
J Hewetson
J S McEuen
M L Janssen





REGISTERED OFFICE: 16 Mill Street
Oakham
Rutland
LE15 6EA





REGISTERED NUMBER: 00301933 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their strategic report for the year ended 31 December 2022.

REVIEW OF BUSINESS
Strategic management
The company's strategy and objectives are to develop individual brands within the United Kingdom, Europe and other markets.

Business environment
Trading remains constrained by the competitive environment in wholesale and retail sectors due to the on-going challenges faced by the economy with higher inflation, interest rates and the war in Ukraine.

Business performance
The board consider that the key performance indicators for the company are those that communicate the financial performance and strength of the company as a whole. The key financial highlights are as follows:

2022 2021 %
£m £m change
Revenue 27.2 25.1 8.7%
Gross profit 12.2 11.1 9.5%
Gross margin % 44.7 44.3 0.9%
EBITDA before exceptionals 2.8 (0.2 ) 1,862.5%
Profit/(loss) on ordinary items before taxation 0.6 (1.3 ) 164.5%

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks arising from the company's activities are liquidity risk, currency risk, interest rate risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk
Liquidity risk is the risk that the company is unable to meet its payment obligations associated with its liabilities as they fall due. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation. The company determines its liquidity requirements by the use of cash flow forecasts. On at least an annual basis, the board reviews and approves any funding requirements of the company which they continue to monitor and review on an ongoing basis.

Currency risk
Currency risk is managed by appropriate use of forward currency contracts.

Interest rate risk
Interest rate risk is managed by regular review of fixed and variable rate facilities available from the company's bankers.

Credit risk
Credit risk is managed by constant monitoring of the creditworthiness of customers and by identifying and addressing any credit issues in a timely manner.


BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
Environmental
Over the last year we have built up our internal expertise to better understand the impact we have on the planet. We have been looking in detail at our supply chain and considering the raw materials we use in the manufacture of our products. Our product development team are assessing the composition of our clothes and accessories and looking at sourcing alternatives and more sustainable materials, whilst maintaining the highest quality of product. In particular we are seeking to use as many renewable and responsible natural fibres as we can in our manufacturing.

Key suppliers have signed up to our Vendor Compliance Manual and Operations Guide which highlights our required ESG standards, including factory auditing. In the upcoming year we will build further on our vendor assessments and deepen our knowledge of the full supply cycle. Going forward, our objective is to determine a product specific carbon footprint measure, which will extend to our suppliers and the major fabric and trim vendors those suppliers work with in the manufacturing process.

We constantly look to improve our business efficiency and reduce our impact on the planet. Specific areas of focus have been:
- Business travel
- Employee commuting
- Electricity and gas (energy usage)
- Vehicle fleet.
- Materials used in our product collections
- Vendor locations, fabric sources and ethics
- Packaging reuse and recycling

We set an ethos of being a responsible company, and we work hard to reduce waste in all its forms.

Social
We are committed to investing in our staff and where possible we promote from within and have a very local workforce.

Whilst Covid-19 is not currently considered a threat, we remain vigilant and flexible, maintaining our remote working capabilities in all global locations and supporting staff who are unwell with fair sickness leave and pay.

During the year we donated to various charitable causes including Room to Read, Atlantic Salmon Trust and other local charities.

Governance
The directors meet regularly on at least a monthly basis both in person and via video-calls to monitor operational performance and to make strategic decisions to address the macroeconomic environment and other challenges affecting the business.

ON BEHALF OF THE BOARD:





C E B Cavell-Taylor - Director


19 October 2023

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the financial statements of the company for the year ended 31 December 2022.

PRINCIPAL ACTIVITIES
The principal activities of the company in the year under review were those of the sale of specialist clothing and footwear and group strategy and admin.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

M E Taylor
Mrs A M Taylor
C E B Cavell-Taylor
A H Noel
N J Toothill
Mrs S Prior
N J Vance
J Hewetson
J S McEuen

Other changes in directors holding office are as follows:

Mrs M Wakefield - resigned 25 October 2022
M L Janssen - appointed 23 February 2022

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise cash, bank term borrowings, bank import loans and overdraft, trade debtors and trade creditors.

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

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

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

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

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022


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

ON BEHALF OF THE BOARD:





C E B Cavell-Taylor - Director


19 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRADSHAW TAYLOR LTD.

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

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRADSHAW TAYLOR LTD.


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

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

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

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

We have 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, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, consumer rights and employment law.

Our work included a review of relevant correspondence within the year for any evidence of non-compliance and reading minutes of meetings of those charged with governance. In addition, an assessment of the company's legal expenses and possible contingencies was performed. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRADSHAW TAYLOR LTD.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Main BFP FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

23 October 2023

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £    £    £   

REVENUE 3 27,239,797 25,069,643

Cost of sales 15,075,763 13,960,262
GROSS PROFIT 12,164,034 11,109,381

Distribution costs 1,322,013 1,436,980
Administrative expenses 9,207,645 11,215,903
10,529,658 12,652,883
1,634,376 (1,543,502 )

Other operating income 4 304,224 782,469
OPERATING PROFIT/(LOSS) 6 1,938,600 (761,033 )

Exceptional items 7 508,272 411,873
1,430,328 (1,172,906 )

Interest receivable and similar income 121,227 23,895
1,551,555 (1,149,011 )

Interest payable and similar expenses 8 646,818 254,185
PROFIT/(LOSS) BEFORE TAXATION 904,737 (1,403,196 )

Tax on profit/(loss) 9 270,298 (148,554 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 634,439 (1,254,642 )

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 634,439 (1,254,642 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 634,439 (1,254,642 )

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 399,124 250,056
Property, plant and equipment 11 4,161,666 4,504,145
Investments 12 884,019 884,019
5,444,809 5,638,220

CURRENT ASSETS
Inventories 13 14,408,107 8,512,049
Debtors 14 18,539,049 12,109,355
Cash at bank and in hand 5,009,823 2,484,290
37,956,979 23,105,694
CREDITORS
Amounts falling due within one year 15 32,838,009 20,627,809
NET CURRENT ASSETS 5,118,970 2,477,885
TOTAL ASSETS LESS CURRENT LIABILITIES 10,563,779 8,116,105

CREDITORS
Amounts falling due after more than one year 16 (3,862,702 ) (2,319,765 )

PROVISIONS FOR LIABILITIES 21 (309,106 ) (38,808 )
NET ASSETS 6,391,971 5,757,532

CAPITAL AND RESERVES
Called up share capital 22 6,183 6,183
Revaluation reserve 23 628,134 628,134
Capital redemption reserve 23 20,821 20,821
Retained earnings 23 5,736,833 5,102,394
SHAREHOLDERS' FUNDS 6,391,971 5,757,532

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





C E B Cavell-Taylor - Director


BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

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

Balance at 1 January 2021 6,183 6,357,036 628,134 20,821 7,012,174

Changes in equity
Total comprehensive income - (1,254,642 ) - - (1,254,642 )
Balance at 31 December 2021 6,183 5,102,394 628,134 20,821 5,757,532

Changes in equity
Total comprehensive income - 634,439 - - 634,439
Balance at 31 December 2022 6,183 5,736,833 628,134 20,821 6,391,971

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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

the requirements of Section 7 Statement of Cash Flows.

The company is a subsidiary of Cavell Taylor Holdings Limited. Consolidated financial statements of Cavell Taylor Holdings Limited can be obtained from:
Companies House
Crown Way
Cardiff
CF14 3UZ

Preparation of consolidated financial statements
The financial statements contain information about Bradshaw Taylor Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Cavell Taylor Holdings Limited, 16 Mill Street, Oakham, Rutland, LE15 6EA.

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

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

i) Stock provision:
The company sells outdoor clothing and is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management consider the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods.

ii) Bad debt provision
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management consider factors including the credit rating of the receivable, the aging profile of receivables and historical experience. The bad debt provision is netted off against the overall trade debtor amount.

iii) Sales return provision
The sales return provision is estimated on the basis of historical return and after date sales analysis. The provision is recorded to allocate the returns to the same period in which the revenue is recorded. A sales return provision has been recognised in accruals.

Revenue
Revenue represents amounts receivable for the supply of goods and services and is net of VAT and trade discounts. Product revenue is recognised on the delivery of products to wholesale customers and on the sale of products to retail customers.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Other intangible assets
Patents and licences are carried at cost and are reviewed for impairment in value at each reporting date.

Brands are held at cost less accumulated amortisation and impairment losses and are to be amortised evenly over their estimated useful life of 10 years.

Property, plant and equipment
Property, plant and equipment is held at cost less accumulated depreciation.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property- 2% on cost (buildings only)
Short leasehold- 20% on cost
Improvements to property- 12.5% on cost
Fixtures and fittings- at varying rates between 10% and 33% on cost
Motor vehicles- 20% on cost

The freehold property was valued on an open market basis by Moore & York Professional Services on 6th May 2008. On transition to FRS102 the directors opted to treat this valuation as the deemed cost and are now reporting under the cost model.

Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and any conditions attached will be complied with. Grants are recognised as income over the period necessary to match them with related costs, for which they are intended to compensate, on a systematic basis.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Inventories
Inventories are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items. Cost includes the product cost, import duties and inward carriage costs. Inventories are accounted for on a first-in-first-out basis.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from related companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value through the income statement.

The company uses forward exchange contracts to mitigate the company's exposure to foreign exchange risks. The fair value is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates.

3. REVENUE

The revenue and profit (2021 - loss) before taxation are attributable to the principal activities of the company.

An analysis of revenue by class of business is given below:

2022 2021
£    £   
Product sales 25,435,547 22,132,500
Service contract income 1,804,250 2,913,401
Commissions - 23,742
27,239,797 25,069,643

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

3. REVENUE - continued

An analysis of revenue by geographical market is given below:

2022 2021
£    £   
United Kingdom 26,542,359 22,425,140
Europe 394,367 2,502,650
Rest of the World 303,071 141,853
27,239,797 25,069,643

4. OTHER OPERATING INCOME
2022 2021
£    £   
Rents received 177,024 150,799
Management charges and sundry receipts 127,200 535,150
Coronavirus Business Interruption Loan interest - 49,691
Coronavirus Job Retention Scheme grants - 46,829
304,224 782,469

5. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 3,396,073 3,980,093
Social security costs 314,100 412,726
Other pension costs 82,898 189,760
3,793,071 4,582,579

The average number of employees during the year was as follows:
2022 2021

Directors 10 10
Marketing, administration and warehouse 123 137
133 147

2022 2021
£    £   
Directors' remuneration 348,951 653,176
Directors' pension contributions to money purchase schemes 15,010 96,006

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 5

Information regarding the highest paid director is as follows:
2022 2021
£    £   
Emoluments etc 76,081 104,998
Pension contributions to money purchase schemes 1,321 6,000

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

6. OPERATING PROFIT/(LOSS)

The operating profit (2021 - operating loss) is stated after charging/(crediting):

2022 2021
£    £   
Depreciation - owned assets 837,967 713,707
Profit on disposal of fixed assets - (123,476 )
Goodwill amortisation - 10,000
Brands amortisation 66,458 -
Auditors' remuneration 48,278 49,140
Foreign exchange differences (293,129 ) 12,275

7. EXCEPTIONAL ITEMS

20222021
£ £
Exceptional stock provisions358,636-
Costs of termination of distribution agreement119,636-
Redundancies30,000-
Investment / loan impairments-360,796
Exceptional royalty costs-51,077
508,272411,873

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 32,252 20,186
Bank loan interest 512,769 233,999
Other interest paid 101,797 -
646,818 254,185

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2022 2021
£    £   
Deferred tax 270,298 (148,554 )
Tax on profit/(loss) 270,298 (148,554 )

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

9. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit/(loss) before tax 904,737 (1,403,196 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

171,900

(266,607

)

Effects of:
Expenses not deductible for tax purposes 1,585 72,854
Depreciation in excess of capital allowances 24,616 57,745
Utilisation of tax losses 72,197 (67,292 )
Change in rate of deferred tax - 54,746

Total tax charge/(credit) 270,298 (148,554 )

10. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Brands Totals
£    £    £    £   
COST
At 1 January 2022 25,000 3,153 246,903 275,056
Additions - 3,206 212,320 215,526
At 31 December 2022 25,000 6,359 459,223 490,582
AMORTISATION
At 1 January 2022 25,000 - - 25,000
Amortisation for year - - 66,458 66,458
At 31 December 2022 25,000 - 66,458 91,458
NET BOOK VALUE
At 31 December 2022 - 6,359 392,765 399,124
At 31 December 2021 - 3,153 246,903 250,056

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

11. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 January 2022 2,900,865 99,393 2,950,451
Additions - - -
At 31 December 2022 2,900,865 99,393 2,950,451
DEPRECIATION
At 1 January 2022 585,200 39,696 2,466,312
Charge for year 58,696 19,879 97,988
At 31 December 2022 643,896 59,575 2,564,300
NET BOOK VALUE
At 31 December 2022 2,256,969 39,818 386,151
At 31 December 2021 2,315,665 59,697 484,139

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2022 3,744,882 27,702 9,723,293
Additions 495,488 - 495,488
At 31 December 2022 4,240,370 27,702 10,218,781
DEPRECIATION
At 1 January 2022 2,102,545 25,395 5,219,148
Charge for year 659,097 2,307 837,967
At 31 December 2022 2,761,642 27,702 6,057,115
NET BOOK VALUE
At 31 December 2022 1,478,728 - 4,161,666
At 31 December 2021 1,642,337 2,307 4,504,145

Included within cost of freehold property is freehold land of £750,000 (2021: £750,000) which is not depreciated.

12. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 January 2022
and 31 December 2022 4,205 879,814 884,019
NET BOOK VALUE
At 31 December 2022 4,205 879,814 884,019
At 31 December 2021 4,205 879,814 884,019

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

12. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Bradshaw Taylor Holding B.V.
Registered office: Klavermaten 49, 7472DD Goor, The Netherlands
Nature of business: Holding company
%
Class of shares: holding
Ordinary (direct) 100.00

Bradshaw Taylor B.V.
Registered office: Klavermaten 49, 7472DD Goor, The Netherlands
Nature of business: Sale of specialist clothing and footwear
%
Class of shares: holding
Ordinary (indirect) 100.00

Bradshaw Taylor Vastgoed B.V.
Registered office: Klavermaten 49, 7472DD Goor, The Netherlands
Nature of business: Investment property and distribution
%
Class of shares: holding
Ordinary (indirect) 100.00

Bradshaw Taylor USA Inc.
Registered office: 1209 Orange Street, City of Wilmington 19801, County of New Castle, Delaware, USA
Nature of business: Sale of specialist clothing and footwear
%
Class of shares: holding
Ordinary (direct) 100.00

Bradshaw Taylor Canada Limited
Registered office: 3rd Floor, 22420 Dewdney Trunk Road, Maple Ridge, British Colombia, Canada
Nature of business: Sale of specialist clothing and footwear
%
Class of shares: holding
Ordinary (direct) 100.00

13. INVENTORIES
2022 2021
£    £   
Finished goods 14,408,107 8,512,049

Inventories are recognised after provisions for impairment of £452,813 (2021: £374,000).

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 2,312,886 1,693,788
Amounts owed by group undertakings 15,058,084 9,766,096
Other debtors 282,507 419,567
Derivative financial instruments - 24,782
Prepayments and accrued income 885,572 205,122
18,539,049 12,109,355

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts (see note 17) 13,069,648 9,113,067
Trade creditors 8,982,468 3,436,301
Amounts owed to group undertakings 8,238,385 6,483,860
Other taxes and social security 1,481,962 1,162,522
Other creditors 12,879 17,280
Accruals and deferred income 1,052,667 414,779
32,838,009 20,627,809

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans (see note 17) 3,862,702 2,319,765

17. LOANS

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans 13,069,648 9,113,067

Amounts falling due between one and two years:
Bank loans - 1-2 years 681,002 832,516

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,181,700 1,487,249

A £1,000,000 loan repayable in instalments commenced in January 2019 with a term of 5 years. Interest on the loan is charged at 2% per annum over the Bank of England base rate.

A £3,000,000 loan repayable in instalments commenced in May 2020 with a term of 6 years. Interest on the loan is charged at 3.99% per annum over the Bank of England base rate.

A £2,500,000 loan repayable in instalments commenced in April 2022 with a term of 5 years. Interest on the loan is charged at 2.3% per annum over the Bank of England base rate.

Short-term import loans totalling £12,173,945 (2021: £8,206,323) are due within 8 months (2021: 8 months) of the year end.

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 133,249 333,892
Between one and five years 95,428 189,588
228,677 523,480

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

19. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 16,932,350 11,432,832

Bank loans are secured by fixed and floating charges over all of the company's assets including freehold land and buildings. A director has also given personal guarantees of up to £1.2M.

20. FINANCIAL INSTRUMENTS

The company has the following financial instruments:
2022 2021
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 2,312,886 1,693,788
Amounts owed by group undertakings 15,058,084 9,766,096
Other debtors 282,507 419,567

Financial liabilities measured at amortised cost
Bank loans and overdrafts 16,932,350 11,432,832
Trade creditors 8,982,468 3,436,301
Amounts owed to group undertakings 8,238,385 6,483,860
Other creditors 12,879 17,280

The total interest income and expense for financial assets and financial liabilities that are not measured at fair value through the Income Statement was £121,227 (2021: £23,895) and £646,818 (2021: £254,185) respectively.

Derivative financial instruments
The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2022 there were no outstanding contracts (2021: contracts maturing within within 4 months of the year end). The company was not committed to purchase any currency (2021: US$5,050,000 and €2,045,000) for a fixed Sterling amount.

At 31 December 2021 a derivative asset of £24,782 was recognised in respect of the above foreign currency contracts and released to the Income Statement upon maturity of the contracts in 2022.

21. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Tax losses carried forward (60,368 ) (361,187 )
Accelerated capital allowances 355,474 385,995
Property revaluations 14,000 14,000
309,106 38,808

Deferred
tax
£   
Balance at 1 January 2022 38,808
Charge to Income Statement during year 270,298
Balance at 31 December 2022 309,106

Deferred taxation provisions are made at a rate of 25% (2021: 25%) in line with government legislation on future corporation tax rates.

The reversal of deferred taxation timing differences is not expected to be significant in the forthcoming year.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
6,183 Ordinary 1 6,183 6,183

23. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2022 5,102,394 628,134 20,821 5,751,349
Profit for the year 634,439 634,439
At 31 December 2022 5,736,833 628,134 20,821 6,385,788

Retained earnings
The retained earnings reserve represents cumulative profit and loss net of dividends and other adjustments.

Revaluation reserve
The aggregate surplus on re-measurement of freehold properties, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

Capital redemption reserve
The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of the company's own shares out of distributable profits.

24. CONTINGENT LIABILITIES

The company has a contingent liability in connection with its bank having provided a guarantee in the sum of £400,000 to HM Revenue and Customs.

25. CAPITAL COMMITMENTS
2022 2021
£    £   
Contracted but not provided for in the
financial statements - 461,000

26. RELATED PARTY DISCLOSURES

Key management personnel of the entity

Key management personnel compensation is considered to be the same as reported under directors' remuneration disclosed in note 5.

Related entities in which one or more director(s) has a significant participating interest
2022 2021
£    £   
Sales & recharges invoiced to related parties 2,075,083 3,299,017
Purchases & recharges incurred from related parties 197,090 547,079
Amounts due from related parties at year end 202,361 96,506
Amounts due to related parties at year end 182,880 17,280
Fixed asset additions recharged to related parties - 177,368

All amounts outstanding are unsecured and repayable on demand.

BRADSHAW TAYLOR LTD. (REGISTERED NUMBER: 00301933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

27. SUBSEQUENT EVENTS

Subsequent to the Statement of Financial Position date but prior to the date of issue of these financial statements, the company's two retail stores (Cavells and The Epicente) were sold as a going concern in a non-cash transaction.

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C E B Cavell-Taylor.