REGISTERED NUMBER: 02951640 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 April 2023 |
for |
Brittons Holdings Limited |
REGISTERED NUMBER: 02951640 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 30 April 2023 |
for |
Brittons Holdings Limited |
Brittons Holdings Limited (Registered number: 02951640) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Income and Retained Earnings |
10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 15 |
Brittons Holdings Limited |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Dawn Bray BSc ACA ATII |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
Brittons Holdings Limited (Registered number: 02951640) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
The directors present their strategic report of the company and the group for the year ended 30 April 2023. |
REVIEW OF BUSINESS |
Brittons Holdings Limited acts as a holding and investment company, it's subsidiaries are engaged in the business of the purchase and sale of timber and other building industry products. |
The results for the financial year are set out in the attached consolidated profit & loss account. |
The consolidated balance sheet discloses the position of the group as at 30 April 2023 which discloses net assets of £9,731,738 (2022: £9,628,496). |
The directors consider the results for the year to be satisfactory and they are confident as to future trading prospects. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors undertake periodic reviews of the operating risks facing the group.The group is exposed to certain financial risks and the directors have developed and evaluated strategies and programmes on internal controls to address the principal risks identified. |
The generic risks identified are controlled as follows : |
Credit Risk : The group's principal assets comprise it's tangible fixed assets, investments, investment properties, bank balances and receivables. Provisions are made if required for any irrecoverable amounts and impairment provision made where there is an unidentifiable loss event which could give rise to a reduction in the recoverability of cash flows.Checks are undertaken on organisations that may result in a credit risk prior to entering into such transactions. Bank balances are held at reputable financial institutions. |
Liquidity Risk : In order to maintain liquidity to ensure that there are sufficient funds available for ongoing operations and future developments the group uses a mixture of long and short term debt finance. |
Cash Flow Risk : The trading activities of the group are all within the United Kingdom although much of the raw material purchases are purchased from other countries within and outside of the EU. The possibility of adverse movements in exchange rates is a risk that the directors are aware of and manage. Furthermore in the absence of a BREXIT deal there may be some short term difficulties in the free movement of goods and additional costs such as duty.The directors have identified these risk's and have adopted a strategy to deal with them and to ensure continuity of supply. |
The ongoing COVID - 19 pandemic and its impact upon the group trading is under constant review and the directors have adopted a strategy to deal with the challenges this presents. |
Regular management accounts are prepared and reviewed by the directors and trends and variances are considered and investigated as to any impact upon the businesses and their cash flow. |
Exposure to adverse movements in interest rates is not considered by the directors a significant risk. |
Brittons Holdings Limited (Registered number: 02951640) |
Group Strategic Report |
for the Year Ended 30 April 2023 |
FINANCIAL KEY PERFORMANCE INDICATORS |
Given the straightforward nature of the businesses that comprise the Group, the directors are of the opinion that analysis using Key Performance Indicators (KPI'S) is not necessary for an understanding of the development, performance or position of the business. |
ON BEHALF OF THE BOARD: |
Brittons Holdings Limited (Registered number: 02951640) |
Report of the Directors |
for the Year Ended 30 April 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the group in the year under review were those of the purchase and sale of timber and other building industry related products together with property investments. |
DIVIDENDS |
Dividends of £96,352 were paid to the shareholders of the holding company during the year in relation to Ordinary shares. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
SIGNIFICANT EVENTS |
The UK left the EU under what is commonly termed BREXIT. In the absence of agreed terms dealings with the EU will be subject to World Trade Organisation Terms that may place restrictions on free movement of goods and in some case an increase in import duty costs. The directors are aware of the issues that might arise and have a strategy in place to ensure continuity of supply and are confident that the group will satisfactorily meet any challenges that are presented. |
GOING CONCERN |
The directors have prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements and have considered the potential sensitivities around the timing and quantum of cash flows likely to arise from the activities of the Group and Company. No material uncertainties that may cast significant doubt about the ability of the Group or Company to continue as a going concern have been identified by the directors and therefore the financial statements have been prepared on a going concern basis. |
DISCLOSURE IN THE STRATEGIC REPORT |
For ease of presentation the directors have chosen to make disclosure in the Strategic Report rather than the directors report on areas of risk affecting the group and in relation to financial instruments. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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. |
Brittons Holdings Limited (Registered number: 02951640) |
Report of the Directors |
for the Year Ended 30 April 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 group'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 group's auditors are aware of that information. |
AUDITORS |
Under Section 487(2) of the Companies Act 2006, DHB Accountants Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the financial statements with Companies House whichever is earlier. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Brittons Holdings Limited |
Opinion |
We have audited the financial statements of Brittons Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 April 2023 and of the group's 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 group 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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. |
Report of the Independent Auditors to the Members of |
Brittons Holdings Limited |
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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Brittons Holdings Limited |
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: |
As part of planning our audit, we determined materiality and assessed the risks of material misstatement in the financial statement's, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures , opportunity and motivations for fraud. As part of this discussion we identified the internal controls to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. |
We gained an understanding of the legal and regulatory frameworks that are applicable to the company and the industry in which it operates, drawing on our wide experience, and considered whether there had been any acts by the company that may have been contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and relevant local laws and regulations. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated where necessary to other necessary evidence. |
Our audit tests included agreeing the financial statements disclosures to underlying supporting documentation, testing of material journal entries, and enquiries of and seeking representations from management. |
We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override on internal controls including testing journals and evaluation of whether there was any evidence of bias by management that represented a risk of material misstatement due to fraud. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, for example, forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statement's, the less likely we are to become aware of it. |
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 |
Brittons Holdings Limited |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
Brittons Holdings Limited (Registered number: 02951640) |
Consolidated |
Statement of Income and |
Retained Earnings |
for the Year Ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 15,064,775 | 20,222,183 |
Cost of sales | 10,740,993 | 14,861,884 |
GROSS PROFIT | 4,323,782 | 5,360,299 |
Distribution costs | 1,005,964 | 871,822 |
Administrative expenses | 2,642,428 | 2,361,255 |
3,648,392 | 3,233,077 |
OPERATING PROFIT | 4 | 675,390 | 2,127,222 |
Interest receivable and similar income | 8,595 | 7,352 |
683,985 | 2,134,574 |
Interest payable and similar expenses | 6 | 200,436 | 200,043 |
PROFIT BEFORE TAXATION | 483,549 | 1,934,531 |
Tax on profit | 7 | 93,961 | 401,313 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | 7,393,978 | 5,510,790 |
Dividends | 9 | (286,346 | ) | (96,352 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
7,497,220 |
6,947,656 |
Profit attributable to: |
Owners of the parent | 399,387 | 1,979,540 |
Non-controlling interests | (9,799 | ) | (446,322 | ) |
389,588 | 1,533,218 |
Brittons Holdings Limited (Registered number: 02951640) |
Consolidated Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 6,197,331 | 5,740,699 |
Investments | 11 | 79,566 | 30,003 |
Investment property | 12 | 5,258,589 | 5,071,250 |
11,535,486 | 10,841,952 |
CURRENT ASSETS |
Stocks | 13 | 2,805,458 | 3,000,774 |
Debtors | 14 | 3,067,717 | 3,532,573 |
Cash at bank and in hand | 2,078,558 | 2,336,384 |
7,951,733 | 8,869,731 |
CREDITORS |
Amounts falling due within one year | 15 | 5,291,967 | 5,575,599 |
NET CURRENT ASSETS | 2,659,766 | 3,294,132 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
14,195,252 |
14,136,084 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(4,073,177 |
) |
(4,111,106 |
) |
PROVISIONS FOR LIABILITIES | 20 | (390,337 | ) | (396,482 | ) |
NET ASSETS | 9,731,738 | 9,628,496 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 2,408,847 | 2,408,847 |
Investment Property Reserve | 22 | 376,769 | 376,769 |
Fair value reserve | 22 | 479,173 | 479,173 |
Retained earnings | 22 | 7,507,019 | 7,393,978 |
SHAREHOLDERS' FUNDS | 10,771,808 | 10,658,767 |
NON-CONTROLLING INTERESTS | 23 | (1,040,070 | ) | (1,030,271 | ) |
TOTAL EQUITY | 9,731,738 | 9,628,496 |
The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by: |
M J Britton - Director |
Brittons Holdings Limited (Registered number: 02951640) |
Company Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Investment Property Reserve | 22 |
Fair value reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 200,761 | 72,116 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Brittons Holdings Limited (Registered number: 02951640) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,447,445 | 1,142,638 |
Interest paid | (44,759 | ) | (47,336 | ) |
Interest element of hire purchase and finance lease rental payments paid |
(36,878 |
) |
(22,428 |
) |
Finance costs paid | (118,799 | ) | (130,279 | ) |
Tax paid | (64,913 | ) | (285,109 | ) |
Net cash from operating activities | 1,182,096 | 657,486 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,040,115 | ) | (353,663 | ) |
Purchase of fixed asset investments | (55,563 | ) | - |
Purchase of investment property | (187,339 | ) | (517,750 | ) |
Sale of tangible fixed assets | 20,410 | 35,649 |
Interest received | 8,595 | 7,352 |
Net cash from investing activities | (1,254,012 | ) | (828,412 | ) |
Cash flows from financing activities |
Loan repayments in year | - | 312,902 |
Capital repayments in year | 100,436 | 174,973 |
Equity dividends paid | (286,346 | ) | (96,352 | ) |
Net cash from financing activities | (185,910 | ) | 391,523 |
(Decrease)/increase in cash and cash equivalents | (257,826 | ) | 220,597 |
Cash and cash equivalents at beginning of year |
2 |
2,336,384 |
2,115,787 |
Cash and cash equivalents at end of year |
2 |
2,078,558 |
2,336,384 |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 483,549 | 1,934,531 |
Depreciation charges | 452,541 | 380,826 |
Profit on disposal of fixed assets | (7,255 | ) | (2,714 | ) |
Finance costs | 200,436 | 200,043 |
Finance income | (8,595 | ) | (7,352 | ) |
1,120,676 | 2,505,334 |
Decrease/(increase) in stocks | 195,316 | (816,106 | ) |
Decrease/(increase) in trade and other debtors | 464,756 | (221,163 | ) |
Decrease in trade and other creditors | (333,303 | ) | (325,427 | ) |
Cash generated from operations | 1,447,445 | 1,142,638 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 2,078,558 | 2,336,384 |
Year ended 30 April 2022 |
30/4/22 | 1/5/21 |
£ | £ |
Cash and cash equivalents | 2,336,384 | 2,115,787 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/5/22 | Cash flow | At 30/4/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,336,384 | (257,826 | ) | 2,078,558 |
2,336,384 | (257,826 | ) | 2,078,558 |
Debt |
Hire purchase and finance leases | (682,122 | ) | (100,436 | ) | (782,558 | ) |
Debts falling due within 1 year | (88,047 | ) | - | (88,047 | ) |
Debts falling due after 1 year | (3,681,397 | ) | 124,722 | (3,556,675 | ) |
(4,451,566 | ) | 24,286 | (4,427,280 | ) |
Total | (2,115,182 | ) | (233,540 | ) | (2,348,722 | ) |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Brittons Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are prepared in Pounds Sterling. |
The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires directors to exercise judgement in applying the accounting policies of the company in a consistent manner. |
Basis of consolidation |
The group financial statements consolidate the financial statements of the company and it's subsidiary undertakings as at 30 April 2023. Uniform accounting policies are in place across the group and intercompany transactions and balances have been eliminated on consolidation. |
Going concern |
The directors have prepared cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements and have considered the potential sensitivities around the timing and quantum of cash flows likely to arise from the activities of the Group and Company. No material uncertainties that may cast significant doubt about the ability of the Group or Company to continue as a going concern have been identified by the directors and therefore the financial statements have been prepared on a going concern basis. |
Significant judgements and estimates |
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts may differ from these estimates. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below. |
Investment property valuations |
The company holds a portfolio of investment properties which are recognised in the Balance Sheet at their fair values. To determine their fair values, the company from time to time engages independent Chartered Surveyors to undertake a valuation of the portfolio based on current market conditions and the condition of the properties. Management then uses this valuation work to determine in their opinion the fair value of the portfolio is recognised. |
Deferred tax is then provided at current rates on the surplus thus arising. |
Valuation of stocks |
Stock is represented by raw materials purchased and held for sale. The directors make estimates of the likely recoverable value they believe will be achieved on sale and make provisions as necessary to ensure that stock is stated in the accounts at the lower of cost and net realizable value. |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised to the extent that it is probable that the economic benefit will flow to the group and the turnover can be reliably measured. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets, except for investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. The assets residual values, useful lives and depreciation methods are reviewed and adjusted, if appropriate, or if there is an indication of a significant change in any circumstances since the last reporting date. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property is carried at fair value determined annually by the directors (in conjunction with external valuers where appropriate), and derived from current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of specific assets. No depreciation is provided. Changes in fair value are recognised in the Income statement, deferred tax is provided for and charged to the Income statement at the same time. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group generally only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Financial instruments issued by the company such as redeemable preference shares are treated as equity i.e forming part of shareholders funds, only to the extent that they meet the following conditions : |
1) they include no contractual obligations upon the company to deliver cash or other financial assets or to exchange financial assets or liabilities with another party under conditions that are unfavourable to the company; and |
2) where the instrument will or may be settled in the company's own equity investments , it is either a non-derivative that includes no obligation to deliver a variable number of the company's own equity instruments or it is a derivative that will be settled by the company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity investments. |
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the company own shares the amounts presented in the financial statements for called up share capital and share premium account exclude amounts in relation to those shares. |
Finance payments associated with financial instruments that are classified as part of shareholders funds are dealt with as appropriations in the reconciliation of movement in shareholders funds. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Fixed asset investments are shown at fair value with any any changes recognised through the income statement. |
Investment property reserve |
Changes in fair value of investments and investment property are initially recognised in the Statement of Income but then transferred to an Investment Property reserve after having made appropriate provision for deferred taxation. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,874,537 | 1,750,382 |
Social security costs | 146,107 | 123,368 |
Other pension costs | 86,508 | 90,772 |
2,107,152 | 1,964,522 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 6 | 6 |
Sales | 11 | 10 |
Mill, Yard & Delivery | 43 | 42 |
Office | 8 | 6 |
The average number of employees by undertakings that were proportionately consolidated during the year was 63 (2022 - 62 ) . |
In addition to emoluments the directors received benefits in kind amounting to £18,722. |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 131,247 | 70,620 |
Depreciation - owned assets | 282,048 | 215,955 |
Depreciation - assets on hire purchase contracts and finance leases | 178,733 | 158,273 |
Profit on disposal of fixed assets | (7,255 | ) | (2,714 | ) |
5. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
16,000 |
15,805 |
Total audit fees | 16,000 | 15,805 |
Auditors' remuneration for non audit work | 2,000 | 2,375 |
Total non-audit fees | 2,000 | 2,375 |
Total fees payable | 18,000 | 18,180 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 1,104 | 8,336 |
Bank loan interest | 43,655 | 39,000 |
Hire purchase | 36,878 | 22,428 |
Invoice discounting interest | 14,302 | 11,300 |
Preference dividends | 104,497 | 118,979 |
200,436 | 200,043 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 100,941 | 400,145 |
Deferred tax | (6,980 | ) | 1,168 |
Tax on profit | 93,961 | 401,313 |
UK corporation tax has been charged at 19.50 % (2022 - 19 %). |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 483,549 | 1,934,531 |
Profit multiplied by the standard rate of corporation tax in the UK of 19.500 % (2022 - 19 %) |
94,292 |
367,561 |
Effects of: |
Expenses not deductible for tax purposes | 1,384 | 2,940 |
Income not taxable for tax purposes | (50,896 | ) | - |
Depreciation in excess of capital allowances | 16,995 | 7,038 |
Dividends on preference shares | 39,166 | 22,606 |
Deferred tax | (6,980 | ) | 1,168 |
Total tax charge | 93,961 | 401,313 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final | 189,994 | - |
Interim | 96,352 | 96,352 |
286,346 | 96,352 |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 May 2022 | 4,181,156 | 960,488 | 2,542,952 |
Additions | 258,674 | 16,972 | 360,484 |
Disposals | - | - | (169,983 | ) |
Reclassification/transfer | - | 4,675 | 3,506 |
At 30 April 2023 | 4,439,830 | 982,135 | 2,736,959 |
DEPRECIATION |
At 1 May 2022 | 84,826 | 683,955 | 1,444,826 |
Charge for year | 59,446 | 51,770 | 219,247 |
Eliminated on disposal | - | - | (72,093 | ) |
Reclassification/transfer | - | 3,506 | - |
At 30 April 2023 | 144,272 | 739,231 | 1,591,980 |
NET BOOK VALUE |
At 30 April 2023 | 4,295,558 | 242,904 | 1,144,979 |
At 30 April 2022 | 4,096,330 | 276,533 | 1,098,126 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2022 | 213,926 | 611,386 | 53,737 | 8,563,645 |
Additions | 151,290 | 223,542 | 29,153 | 1,040,115 |
Disposals | - | (80,870 | ) | - | (250,853 | ) |
Reclassification/transfer | (8,181 | ) | - | - | - |
At 30 April 2023 | 357,035 | 754,058 | 82,890 | 9,352,907 |
DEPRECIATION |
At 1 May 2022 | 168,410 | 392,158 | 48,771 | 2,822,946 |
Charge for year | 17,572 | 103,017 | 9,729 | 460,781 |
Eliminated on disposal | - | (52,552 | ) | - | (124,645 | ) |
Reclassification/transfer | - | - | (3,506 | ) | - |
At 30 April 2023 | 185,982 | 442,623 | 54,994 | 3,159,082 |
NET BOOK VALUE |
At 30 April 2023 | 171,053 | 311,435 | 27,896 | 6,193,825 |
At 30 April 2022 | 45,516 | 219,228 | 4,966 | 5,740,699 |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2022 | 1,308,131 | - | 352,474 | 1,660,605 |
Additions | 214,780 | 24,568 | 201,042 | 440,390 |
Disposals | (133,247 | ) | - | (33,500 | ) | (166,747 | ) |
Transfer to ownership | (127,239 | ) | - | (69,240 | ) | (196,479 | ) |
At 30 April 2023 | 1,262,425 | 24,568 | 450,776 | 1,737,769 |
DEPRECIATION |
At 1 May 2022 | 448,839 | - | 176,527 | 625,366 |
Charge for year | 117,282 | 1,024 | 60,427 | 178,733 |
Eliminated on disposal | (35,357 | ) | - | (13,260 | ) | (48,617 | ) |
Transfer to ownership | (40,827 | ) | - | (42,038 | ) | (82,865 | ) |
At 30 April 2023 | 489,937 | 1,024 | 181,656 | 672,617 |
NET BOOK VALUE |
At 30 April 2023 | 772,488 | 23,544 | 269,120 | 1,065,152 |
At 30 April 2022 | 859,292 | - | 175,947 | 1,035,239 |
Company |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Included in cost of land and buildings is freehold land of £ 1,356,795 (2022 - £ 1,356,795 ) which is not depreciated. |
During the previous year certain properties previously classified as investment properties were transferred to tangible fixed assets as they were brought into use for trading purposes by subsidiary companies. |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2022 |
Additions |
Transfer to ownership | (69,240 | ) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Transfer to ownership | (42,038 | ) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 May 2022 | 63,378 |
Additions | 55,563 |
Disposals | (24,500 | ) |
At 30 April 2023 | 94,441 |
PROVISIONS |
At 1 May 2022 | 33,375 |
Provision for year | 6,000 |
Eliminated on disposal | (24,500 | ) |
At 30 April 2023 | 14,875 |
NET BOOK VALUE |
At 30 April 2023 | 79,566 |
At 30 April 2022 | 30,003 |
Company |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
and 30 April 2023 | 543,079 |
NET BOOK VALUE |
At 30 April 2023 | 543,079 |
At 30 April 2022 | 543,079 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Nicks & Company (Timber) Limited |
Registered office: Within the United Kingdom |
Nature of business: Sale of Timber and Building Products |
% |
Class of shares: | holding |
Ordinary | 50.01 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 1,484,754 | 1,445,007 |
Profit for the year | 369,747 | 298,205 |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
F W Morgan Limited |
Registered office: Within the United Kingdom |
Nature of business: Sale of Timber and Building Products |
% |
Class of shares: | holding |
Ordinary | 75.00 |
Preference | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 2,578,768 | 2,636,458 |
Profit for the year | 63,310 | 1,318,899 |
F W Morgan (TBS) Limited |
Registered office: Within the United Kingdom |
Nature of business: Sale of Timber and Building Products |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | 4,208 | 4,829 |
Loss for the year | (621 | ) | (37,502 | ) |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 May 2022 | 5,071,250 |
Additions | 187,339 |
At 30 April 2023 | 5,258,589 |
NET BOOK VALUE |
At 30 April 2023 | 5,258,589 |
At 30 April 2022 | 5,071,250 |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
12. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 May 2022 |
Additions |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
The directors have considered the amount at which Investment Property is stated in the accounts and having regard to advice received from agents and surveyors and in their own judgement based upon experience in the area are satisfied that the amount at which Investment Properties are stated in the accounts approximates to fair value of such assets. |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials and consumables | 2,805,458 | 3,000,774 |
14. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 2,701,651 | 3,172,768 |
Other debtors | 211,420 | 227,200 |
Called up share capital not paid | - | 100 |
Prepayments and accrued income | 154,646 | 132,505 |
3,067,717 | 3,532,573 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 3,067,717 | 3,532,573 |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 88,047 | 88,047 |
Hire purchase contracts and finance leases (see note 18) | 266,056 |
252,413 |
Trade creditors | 2,790,641 | 2,945,816 |
Tax | 434,743 | 398,715 |
Social security and other taxes | 73,309 | 60,036 |
VAT | 217,952 | 181,900 | 17,046 | 22,069 |
Other creditors | 1,341,644 | 1,595,826 |
Accruals and deferred income | 65,709 | 46,758 |
Accrued expenses | 13,866 | 6,088 |
5,291,967 | 5,575,599 |
The amount due to the group's bankers is secured by a fixed and floating debenture over the assets of the group. Other creditors includes an amount of £ 1,327,592 due under Invoice Discounting arrangements of a subsidiary and is secured by way of fixed charge over the book debts of the group included in note 12. |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | 1,248,825 | 1,334,495 |
Preference shares (see note 17) | 2,307,850 | 2,346,902 |
Hire purchase contracts and finance leases (see note 18) | 516,502 |
429,709 |
4,073,177 | 4,111,106 |
Bank loans and overdrafts are secured by way of a first charge over freehold and leasehold properties included in the balance sheet and a debenture over the assets of the group in favour of the company bank. |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 88,047 | 88,047 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 88,047 | 88,047 |
Preference shares | 2,307,850 | 2,346,902 | 2,307,850 | 2,346,902 |
2,395,897 | 2,434,949 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 264,140 | 264,140 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 896,638 | 982,308 | 896,638 | 982,308 |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Preference | £1 | 2,307,850 | 2,346,902 |
During the year 34,485 of the preference shares were redeemed under the appropriate terms. |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts | Finance leases |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Gross obligations repayable: |
Within one year | 265,948 | 239,625 | 39,447 | 42,958 |
Between one and five years | 502,207 | 465,792 | 95,434 | 20,588 |
768,155 | 705,417 | 134,881 | 63,546 |
Finance charges repayable: |
Within one year | 32,690 | 26,052 | 6,649 | 4,118 |
Between one and five years | 65,643 | 54,417 | 15,496 | 2,254 |
98,333 | 80,469 | 22,145 | 6,372 |
Net obligations repayable: |
Within one year | 233,258 | 213,573 | 32,798 | 38,840 |
Between one and five years | 436,564 | 411,375 | 79,938 | 18,334 |
669,822 | 624,948 | 112,736 | 57,174 |
Company |
Finance leases |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
18. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 65,000 | 65,000 |
Between one and five years | 260,000 | 260,000 |
In more than five years | 65,000 | 65,000 |
390,000 | 390,000 |
19. | SECURED DEBTS |
Bank loans and overdrafts are secured by way of a debenture and fixed and floating charge over the freehold and leasehold property and assets of the group in favour of the company bank. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 390,337 | 396,482 | 172,423 | 177,261 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2022 | 396,482 |
Accelerated capital allowances | (6,145 | ) |
Balance at 30 April 2023 | 390,337 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2022 |
Accelerated capital allowances | (4,838 | ) |
Balance at 30 April 2023 |
21. | CALLED UP SHARE CAPITAL |
Preference shares were reclassified as "A" , "B" and "C" shares in previous years redeemable with 12 months notice required to be given by the holder in writing. Some shares have been redeemed since this event. These shares also carry a fixed annual cumulative net dividend. These shares are classified as liabilities under financial reporting standards and dividends paid treated as an interest expense. |
Under the terms of an agreement entered into some years ago the shares are redeemable at a premium which has been fully provided for and adjusted on reserves in previous years. |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
22. | RESERVES |
Group |
Investment | Fair |
Retained | Property | value |
earnings | Reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 May 2022 | 7,393,978 | 376,769 | 479,173 | 8,249,920 |
Profit for the year | 399,387 | 399,387 |
Dividends | (286,346 | ) | (286,346 | ) |
At 30 April 2023 | 7,507,019 | 376,769 | 479,173 | 8,362,961 |
Company |
Investment | Fair |
Retained | Property | value |
earnings | Reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 May 2022 | 3,686,230 |
Profit for the year | - | - |
Dividends | ( |
) | - | - | ( |
) |
At 30 April 2023 | 3,790,639 |
The profit for the financial year as stated on the consolidated income statement on page 6 includes £9,799 (2022: £446,322) in relation to the share of profits in the subsidiary companies applicable to minority interests as disclosed more fully in note 14. |
23. | NON-CONTROLLING INTERESTS |
There is a minority shareholding in F W Morgan Limited of 25% and in Nicks & Company (Timber) Limited of 49.99%. |
The minority interest in the losses of the year for F W Morgan Limited amounted to £10,073, the minority interest including share capital and accumulated reserves at 30 April 2023 amounted to £584,114. |
The minority interest in the profits of the year for Nicks & Company (Timber) Limited amounted to £19,872 , the minority interest including share capital and accumulated reserves at 30 April 2023 amounted to £742,228. |
Brittons Holdings Limited (Registered number: 02951640) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2023 |
24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022: |
2023 | 2022 |
£ | £ |
M J Britton |
Balance outstanding at start of year | 52,397 | 51,431 |
Amounts advanced | 3,369 | 966 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 55,766 | 52,397 |
C Britton |
Balance outstanding at start of year | 16,048 | 1,139 |
Amounts advanced | 3,768 | 14,909 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 19,816 | 16,048 |
J Britton |
Balance outstanding at start of year | - | - |
Amounts advanced | 1,765 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,765 | - |
There are no fixed repayment terms in respect of these loans and interest will be adjusted for on repayment. |
25. | ULTIMATE CONTROLLING PARTY |
By virtue of shareholdings the ultimate controlling parties of the company are the directors acting together. |
26. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme in respect of the directors. The assets are held in a separately administered independently held funds contributions made are charged to the profit and loss account when made. At the year end there are no outstanding or prepaid pension contributions. |