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Registration number: 00348644

Charles Blyth & Co Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Charles Blyth & Co Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Charles Blyth & Co Limited

Company Information

Directors

S. A. Blyth

M. M. Blyth

B. A. Blyth

Registered office

Carnival Way
Castle Donington
Derby
DE74 2HP

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Charles Blyth & Co Limited

(Registration number: 00348644)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

974,734

1,038,888

Current assets

 

Stocks

5

335,340

409,871

Debtors

6

598,729

498,193

Cash at bank and in hand

 

319

384

 

934,388

908,448

Creditors: Amounts falling due within one year

7

(1,242,714)

(1,325,077)

Net current liabilities

 

(308,326)

(416,629)

Total assets less current liabilities

 

666,408

622,259

Creditors: Amounts falling due after more than one year

7

(68,366)

(103,799)

Provisions for liabilities

(76,986)

(92,316)

Net assets

 

521,056

426,144

Capital and reserves

 

Called up share capital

8

153,600

153,600

Retained earnings

367,456

272,544

Shareholders' funds

 

521,056

426,144

 

Charles Blyth & Co Limited

(Registration number: 00348644)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2023 and signed on its behalf by:
 

.........................................
S. A. Blyth
Director

 

Charles Blyth & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Carnival Way
Castle Donington
Derby
DE74 2HP

These financial statements were authorised for issue by the Board on 31 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Charles Blyth & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

straight line over the life of the lease

Fixtures, fittings and equipment

20% straight line

Motor vehicles

20% straight line

Plant and machinery

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Charles Blyth & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Charles Blyth & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 39).

 

Charles Blyth & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

22,190

57,245

71,273

3,293,346

3,444,054

Additions

-

1,142

-

4,900

6,042

At 30 June 2023

22,190

58,387

71,273

3,298,246

3,450,096

Depreciation

At 1 July 2022

14,046

50,561

59,441

2,281,118

2,405,166

Charge for the year

2,219

3,734

7,034

57,209

70,196

At 30 June 2023

16,265

54,295

66,475

2,338,327

2,475,362

Carrying amount

At 30 June 2023

5,925

4,092

4,798

959,919

974,734

At 30 June 2022

8,144

6,684

11,832

1,012,228

1,038,888

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

335,340

409,871

 

Charles Blyth & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

491,548

450,196

Prepayments

104,351

45,167

Other debtors

2,830

2,830

 

598,729

498,193

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

258,671

206,051

Trade creditors

 

426,810

536,445

Amounts owed to group undertakings

10

34,011

18,082

Taxation and social security

 

148,321

148,639

Accruals and deferred income

 

123,576

218,161

Other creditors

 

251,325

197,699

 

1,242,714

1,325,077


Creditors due within one year includes a bank overdraft, hire purchase liabilities and loans from Blyth Pension Scheme which are secured of £248,775 (2022 - £196,052).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

68,366

103,799

Creditors due after more than one year include hire purchase liabilities and loans from Blyth Pension Scheme which are secured of £44,231 (2022 - £70,111).

 

Charles Blyth & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

153,600

153,600

153,600

153,600

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,135

33,688

Hire purchase contracts

10,116

14,302

Other borrowings

34,115

55,809

68,366

103,799

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,896

9,999

Bank overdraft

140,272

71,479

Hire purchase contracts

4,186

4,185

Other borrowings

104,317

120,388

258,671

206,051

 

Charles Blyth & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

10

Related party transactions

Summary of transactions with other related parties

At the year end the company owed £34,011 (2022 - £18,082) to a company under common ownership.

During the year the company was charged rent amounting to £166,670 (2022 - £183,337) and rent arrears to cover prior period support in respect of the coronavirus pandemic amounting to £nil (2022 - £162,000) by a trust in which the directors are beneficiaries.