Company registration number 10168000 (England and Wales)
BAKER FAMILY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
BAKER FAMILY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr T G Baker
Mrs J Baker
Company number
10168000
Registered office
Eastern Concrete
Stowmarket Business Park
Ernest Nunn Road
Stowmarket
IP14 2ED
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
BAKER FAMILY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
BAKER FAMILY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

Review of the business

During the year the group continued to invest in its people, capital equipment and operational efficiencies. The strategic focus on higher value solutions resulted a strong group turnover increase by 9.8% to £19.1m (2022: £17.4m). However, as a result of rising costs the profit before tax for the year has reduced to £0.1m (2022: £1.0m).

Principal risks and uncertainties

The group's principal risks and uncertainties have been considered to be the credit worthiness of its clients, pressure on margins from competition in the market and increase in interest rates.

Development and performance

In a challenging market of world economy, all our staff have gone above and beyond this year and this has shaped our company to be in a good place positioning with some long-term projects coming to fruition in the near future.

 

The group's overhead costs have increased due to commodity pricing, rising energy costs and Ukraine/Russia Conflict in comparison to the prior year.

 

The financial position remains strong, underpinned by the continued investment in plant and machinery, with net assets of £3,456,543 (2022: £3,420,238). Throughout the year the group has invested in £1,197,393 of fixed assets, with a further £1,448,331 committed to at the year end in anticipation of future workflows.

 

The group has also continued to invest in a joint venture entity, which is in its embryonic stages of development. The investment in the joint venture is an investment in the future of the group, laying the foundation for the future supply of aggregate to the group company Eastern Concrete Limited.

 

While financial performance, particularly in these challenging times, should always be a key concern, the focus on vision and values and on creating sustainable value for all our stakeholders has made Eastern Concrete Ltd (the main trading subsidiary) a recognisable brand in Suffolk.

Other performance indicators

The key performance indicators on which the directors primarily focus are considered to be turnover, gross profit, EBITDA, aged debtor days, creditor levels including hire purchase balance. These are monitored on an ongoing basis and particularly within the quarterly management accounts.

On behalf of the board

Mr T G Baker
Director
25 October 2023
BAKER FAMILY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

 

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Principal activities

The principal activity of the company continued to be that of property rentals, whilst the principal activity of the group continued to be that of ready mix concrete manufacture.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £20,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T G Baker
Mrs J Baker
Financial instruments
Treasury operations and Financial Instruments

The group’s financial instruments comprise cash, invoice finance facility, hire purchase facilities, property loans and other items such as trade debtors and creditors arising directly from operations. The main objectives of the group’s policy towards its financial instruments is to maximise returns on cash balances, manage working capital requirements, maintain an excellent relationship with creditors and the group’s bankers, and finance ongoing operations.

 

The directors’ policy is to maintain a strong capital base to underpin the future development of the business. Operations are financed through invoice finance and the management of working capital. Major capital projects are financed in part through the use of hire purchase facilities and the property purchases via secured property loans.

Market risk

We do not expect any dramatic change in the current market conditions in the forthcoming period.

Interest rate risk

Rising interest rates are a risk we have to manage to the best of our ability.

Foreign currency risk

The directors consider that the group has very limited exposure to foreign exchange volatility with very few transactions outside of pound sterling. On this basis the group does not require a structured hedging policy.

Credit risk

The group undertakes credit references before credit facilities are provided. The group maintains a good level of credit control to ensure credit terms are not exceeded by an unacceptable time and to reduce the risk of bad debts.

Future developments

The group is looking to continue providing a high level of service to its customers, by providing highest quality concrete at competitive prices, delivered to site in a safe and timely fashion.

BAKER FAMILY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Auditor

The auditor, Ensors Accountants LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr T G Baker
Director
25 October 2023
BAKER FAMILY HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BAKER FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAKER FAMILY HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Baker Family Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 parent 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 group's and 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

BAKER FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAKER FAMILY HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control, transactions with related parties, commitments and contingencies and accounting estimates.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

BAKER FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAKER FAMILY HOLDINGS LIMITED
- 7 -

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

Barry Gostling
Senior Statutory Auditor
For and on behalf of Ensors Accountants LLP
27 October 2023
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
BAKER FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
19,125,363
17,351,697
Cost of sales
(16,570,490)
(14,593,423)
Gross profit
2,554,873
2,758,274
Administrative expenses
(2,017,339)
(1,686,911)
Other operating income
56,664
40,043
Impact of joint venture
4
(250,000)
-
0
Operating profit
5
344,198
1,111,406
Interest receivable and similar income
9
1,295
-
0
Interest payable and similar expenses
10
(302,331)
(97,486)
Profit before taxation
43,162
1,013,920
Tax on profit
11
13,143
(327,544)
Profit for the financial year
56,305
686,376
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BAKER FAMILY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
7,595,117
7,302,763
Investments
15
-
0
50
7,595,117
7,302,813
Current assets
Stocks
18
237,451
272,607
Debtors
19
3,480,498
3,071,910
Cash at bank and in hand
438,029
389,298
4,155,978
3,733,815
Creditors: amounts falling due within one year
20
(5,842,474)
(5,200,800)
Net current liabilities
(1,686,496)
(1,466,985)
Total assets less current liabilities
5,908,621
5,835,828
Creditors: amounts falling due after more than one year
21
(1,603,651)
(1,554,020)
Provisions for liabilities
Deferred tax liability
24
848,427
861,570
(848,427)
(861,570)
Net assets
3,456,543
3,420,238
Capital and reserves
Called up share capital
26
200
200
Profit and loss reserves
3,456,343
3,420,038
Total equity
3,456,543
3,420,238
The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
25 October 2023
Mr T G Baker
Mrs J Baker
Director
Director
Company registration number 10168000 (England and Wales)
BAKER FAMILY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,198,508
2,198,508
Investments
15
150
150
2,198,658
2,198,658
Current assets
Debtors
19
58,746
169,408
Cash at bank and in hand
6,175
50,476
64,921
219,884
Creditors: amounts falling due within one year
20
(858,138)
(888,337)
Net current liabilities
(793,217)
(668,453)
Total assets less current liabilities
1,405,441
1,530,205
Creditors: amounts falling due after more than one year
21
(575,489)
(636,287)
Net assets
829,952
893,918
Capital and reserves
Called up share capital
26
200
200
Profit and loss reserves
829,752
893,718
Total equity
829,952
893,918

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £43,966 (2022 - £333,867 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
25 October 2023
Mr T G Baker
Mrs J Baker
Director
Director
Company registration number 10168000 (England and Wales)
BAKER FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
200
2,823,662
2,823,862
Year ended 31 March 2022:
Profit and total comprehensive income
-
686,376
686,376
Dividends
12
-
(90,000)
(90,000)
Balance at 31 March 2022
200
3,420,038
3,420,238
Year ended 31 March 2023:
Profit and total comprehensive income
-
56,305
56,305
Dividends
12
-
(20,000)
(20,000)
Balance at 31 March 2023
200
3,456,343
3,456,543
BAKER FAMILY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
200
649,851
650,051
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
333,867
333,867
Dividends
12
-
(90,000)
(90,000)
Balance at 31 March 2022
200
893,718
893,918
Year ended 31 March 2023:
Profit and total comprehensive income
-
(43,966)
(43,966)
Dividends
12
-
(20,000)
(20,000)
Balance at 31 March 2023
200
829,752
829,952
BAKER FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
1,157,038
2,456,412
Interest paid
(302,331)
(97,486)
Income taxes paid
-
0
(15,913)
Net cash inflow from operating activities
854,707
2,343,013
Investing activities
Purchase of tangible fixed assets
(352,636)
(517,389)
Proceeds from disposal of tangible fixed assets
276,131
125,500
Purchase of joint ventures
-
(50)
Proceeds from disposal of joint ventures
50
-
Interest received
1,295
-
0
Net cash used in investing activities
(75,160)
(391,939)
Financing activities
Repayment of bank loans
(60,797)
(863,322)
Payment of finance leases obligations
(650,019)
(747,579)
Dividends paid to equity shareholders
(20,000)
(90,000)
Net cash used in financing activities
(730,816)
(1,700,901)
Net increase in cash and cash equivalents
48,731
250,173
Cash and cash equivalents at beginning of year
389,298
139,125
Cash and cash equivalents at end of year
438,029
389,298
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
1
Accounting policies
Company information

Baker Family Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Eastern Concrete, Stowmarket Business Park, Ernest Nunn Road, Stowmarket, IP14 2ED.

 

The group consists of Baker Family Holdings Limited its subsidiary Eastern Concrete Limited and a joint venture company East Coast Marine Aggregates Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

The company's results are included in the consolidated financial statements presented within these financial statements.

1.2
Business combinations

The consolidation of Baker Family Holdings Limited and its subsidiary Eastern Concrete Limited has been considered a group reconstruction and therefore accounted for using the merger accounting method.

 

Under merger accounting the carrying values of the assets and liabilities of the group companies are not required to be adjusted to fair value and are combined from the beginning of the financial period in which the combination occurred, being 11 November 2016.

1.3
Basis of consolidation

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Income is recognised when the concrete is either delivered to or collected by the customer.

1.6
Intangible fixed assets - goodwill

Goodwill is being written off in equal annual instalments over its estimated economic life of five years.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Plant and equipment
3 to 7 years straight line
Motor vehicles
1.5 to 7 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in the subsidiary are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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 profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Concrete and related sales
19,125,363
17,351,697
2023
2022
£
£
Other revenue
Interest income
1,295
-
Grants received
-
6,487

Included within the grant income is £Nil (2022: £6,487) in respect of the Business Interest Payment.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
4
Exceptional item
2023
2022
£
£
Expenditure
Adjustments in relation to joint ventures
250,000
-
250,000
-

During the year, the amounts owed by joint ventures have been provided against as potentially irrecoverable. A £249,950 (2022: Nil) cost has therefore been recognised in these financial statements to reflect this provision.

 

In accordance with FRS 102, the group has discontinued recognising its share of further losses in the joint venture above those required to write the investment down to nil. Therefore, the share of joint venture losses recorded in these financial statements is restricted to the original cost of the investment being £50 (2022: no adjustment was made).

5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(6,487)
Depreciation of owned tangible fixed assets
295,206
323,092
Depreciation of tangible fixed assets held under finance leases
364,411
322,062
Profit on disposal of tangible fixed assets
(30,709)
(34,497)
Operating lease charges
32,500
33,000
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,900
5,460
Audit of the financial statements of the company's subsidiaries
18,200
8,250
24,100
13,710
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
3
2
2
2
Fitters
5
6
-
-
Drivers and batchers
52
50
-
-
Office
17
15
-
-
2
2
-
-
Total
79
75
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,060,659
2,764,697
-
0
-
0
Social security costs
94,804
64,374
-
-
Pension costs
125,964
114,065
60,000
60,000
3,281,427
2,943,136
60,000
60,000
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
10,080
9,600
Company pension contributions to defined contribution schemes
60,000
60,000
70,080
69,600

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,295
-
0
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
10
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
219,211
58,601
Other interest
83,120
38,885
Total finance costs
302,331
97,486
11
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
399
Deferred tax
Origination and reversal of timing differences
(13,143)
327,145
Total tax (credit)/charge
(13,143)
327,544

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
43,162
1,013,920
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
8,201
192,645
Tax effect of expenses that are not deductible in determining taxable profit
46,737
5,454
Effect of change in corporation tax rate
(9,585)
209,513
Permanent capital allowances in excess of depreciation
(60,400)
(80,467)
Under/(over) provided in prior years
-
0
399
Other
1,904
-
0
Taxation (credit)/charge
(13,143)
327,544
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
20,000
90,000
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
66,500
Amortisation and impairment
At 1 April 2022 and 31 March 2023
66,500
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
2,198,508
2,162,632
8,030,513
12,391,653
Additions
-
0
5,160
1,192,233
1,197,393
Disposals
-
0
(164,408)
(579,107)
(743,515)
At 31 March 2023
2,198,508
2,003,384
8,643,639
12,845,531
Depreciation and impairment
At 1 April 2022
-
0
1,378,551
3,710,339
5,088,890
Depreciation charged in the year
-
0
84,885
574,732
659,617
Eliminated in respect of disposals
-
0
(144,408)
(353,685)
(498,093)
At 31 March 2023
-
0
1,319,028
3,931,386
5,250,414
Carrying amount
At 31 March 2023
2,198,508
684,356
4,712,253
7,595,117
At 31 March 2022
2,198,508
784,081
4,320,174
7,302,763
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Tangible fixed assets
(Continued)
- 24 -
Company
Freehold land and buildings
£
Cost
At 1 April 2022 and 31 March 2023
2,198,508
Depreciation and impairment
At 1 April 2022 and 31 March 2023
-
0
Carrying amount
At 31 March 2023
2,198,508
At 31 March 2022
2,198,508

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
474,534
534,448
-
0
-
0
Motor vehicles
2,371,530
2,272,880
-
0
-
0
2,846,064
2,807,328
-
-
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
100
100
Investments in joint ventures
17
-
0
50
50
50
-
0
50
150
150
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
15
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 April 2022
50
Valuation changes
(50)
At 31 March 2023
-
Carrying amount
At 31 March 2023
-
At 31 March 2022
50
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 April 2022 and 31 March 2023
150
Carrying amount
At 31 March 2023
150
At 31 March 2022
150
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Eastern Concrete Limited
Stowmarket Business Park, Ernest Nunn Road, Stowmarket, Suffolk, IP14 2ED
Ready mix concrete manufacture
Ordinary £1 shares
100
0

The investment in the subsidiary is stated at cost.

17
Joint ventures

Details of joint ventures at 31 March 2023 are as follows:

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
17
Joint ventures
(Continued)
- 26 -
Name of undertaking
Registered office
Interest
% Held
held
Direct
East Coast Marine Aggregates Limited
Crown Business Centre, Old Ipswich Road, Ardleigh, Colchester, CO7 7QR
Ordinary £1 shares
50.00
18
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
237,451
272,607
-
-
19
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,991,094
2,798,927
18,810
3,558
Amounts owed by undertakings in which the company has a participating interest
-
149,950
-
149,950
Other debtors
2,419
1,310
-
0
-
0
Prepayments and accrued income
486,985
121,723
-
0
4,500
3,480,498
3,071,910
18,810
158,008
Deferred tax asset (note 24)
-
0
-
0
39,936
11,400
3,480,498
3,071,910
58,746
169,408
20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
22
88,070
88,069
88,070
88,069
Obligations under finance leases
23
619,901
535,592
-
0
-
0
Trade creditors
2,602,170
2,726,889
7,770
11,321
Other taxation and social security
183,573
270,419
3,233
4,526
Other creditors
2,214,528
1,509,566
708,095
714,156
Accruals and deferred income
134,232
70,265
50,970
70,265
5,842,474
5,200,800
858,138
888,337

The hire purchase creditors are secured on the specifically financed asset.

 

Included within other creditors is £1,508,156 (2022: £762,460) which is secured by an all assets debenture.

BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
22
575,489
636,287
575,489
636,287
Obligations under finance leases
23
1,028,162
917,733
-
0
-
0
1,603,651
1,554,020
575,489
636,287

The hire purchase creditors are secured on the specifically financed asset.

Amounts included above which fall due after five years are as follows:
Payable by instalments
575,489
636,287
575,489
636,287
22
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
663,559
724,356
663,559
724,356
Payable within one year
88,070
88,069
88,070
88,069
Payable after one year
575,489
636,287
575,489
636,287

The long-term loans are secured by fixed charges over the freehold property and land.

 

The company's subsidiary, Eastern Concrete Limited, has provided the bank a guarantee of £1,015,000 in respect of the above borrowings.

The company has taken out two property loans which are due to mature on 15 December 2031. Both loans have interest charged at 2.7% per annum over base rate and are subject to monthly repayments.

23
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
690,251
581,021
-
0
-
0
In two to five years
1,087,251
953,201
-
0
-
0
1,777,502
1,534,222
-
-
Less: future finance charges
(129,439)
(80,897)
-
0
-
0
1,648,063
1,453,325
-
0
-
0
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
23
Finance lease obligations
(Continued)
- 28 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
1,151,809
985,401
-
-
Tax losses
(303,382)
(123,831)
-
-
848,427
861,570
-
-
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
-
-
-
11,400
Tax losses
-
-
39,936
-
-
-
39,936
11,400
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 April 2022
861,570
(11,400)
Credit to profit or loss
(13,143)
(28,536)
Liability/(Asset) at 31 March 2023
848,427
(39,936)
25
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,964
114,065
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
25
Retirement benefit schemes
(Continued)
- 29 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
150,965
114,631
-
-
Between two and five years
62,143
79,608
-
-
213,108
194,239
-
-
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
1,448,331
-
-
-

Included within capital commitments is £372,089 (2022: £Nil) which has been recognised within debtors.

29
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
267,822
313,333
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
29
Related party transactions
(Continued)
- 30 -
Other information

At the balance sheet date the company was owed £249,950 (2022: £149,950) by East Coast Marine Aggregates Limited, a joint venture company. This amount has been fully provided for at the balance sheet date as potentially irrecoverable, with the expense of £249,950 recognised within these financial statements.

 

During the year the the subsidiary Eastern Concrete Limited had sales of £49,897 (2022: £Nil) and purchases of £1,147,276 (2022: £73,455) with the joint venture East Coast Marine Aggregates Limited. At the balance sheet date, Eastern Concrete Limited owed East Coast Marine Aggregates Limited £115,229 (2022: £88,146).

30
Controlling party

The company and the group is under the control of Mr T G Baker and Mrs J E Baker.

31
Directors' transactions

Dividends totalling £20,000 (2022 - £90,000) were paid in the year in respect of shares held by the company's directors.

As at 31 March 2023, the group owed the directors £699,174 (2022: £705,538) in respect of a loan account which is repayable on demand and subject to interest at 8%, which during the period amounts to £143,655 (2022: £Nil).

32
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
56,305
686,376
Adjustments for:
Taxation (credited)/charged
(13,143)
327,544
Finance costs
302,331
97,486
Investment income
(1,295)
-
0
Gain on disposal of tangible fixed assets
(30,709)
(34,497)
Depreciation and impairment of tangible fixed assets
659,617
645,154
Movements in working capital:
Decrease/(increase) in stocks
35,156
(107,279)
Increase in debtors
(408,588)
(559,839)
Increase in creditors
557,364
1,401,467
Cash generated from operations
1,157,038
2,456,412
BAKER FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
33
Analysis of changes in net debt - group
1 April 2022
Cash flows
New finance leases
31 March 2023
£
£
£
£
Cash at bank and in hand
389,298
48,731
-
438,029
Borrowings excluding overdrafts
(724,356)
60,797
-
(663,559)
Obligations under finance leases
(1,453,325)
650,019
(844,757)
(1,648,063)
(1,788,383)
759,547
(844,757)
(1,873,593)
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