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Registered number: 09999589










BENNETT OPIE HOLDINGS LIMITED










ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
BENNETT OPIE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr P G Opie BSc (President) 
Mr W J Opie (Chairman) 
Mr C I W Opie (Managing Director) 
Rev D I B Opie BA 
Mrs J M Wittams 
Mr S P Ward MAAT 
Mr M G W Stringer 
Mr P A Fox BsC (Hons) 
Mr S A Bailey BA (Hons) 
Mr M J Godley 




Company secretary
Mr S P Ward MAAT



Registered number
09999589



Registered office
Bennett Opie Ltd
Chalkwell Road

Sittingbourne

Kent

ME10 2LE




Independent auditor
MHA

Maidstone

United Kingdom





 
BENNETT OPIE HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3 - 6
Independent auditor's report
 
 
7 - 10
Consolidated statement of comprehensive income
 
 
11
Consolidated balance sheet
 
 
12 - 13
Company balance sheet
 
 
14
Consolidated statement of changes in equity
 
 
15
Company statement of changes in equity
 
 
16
Consolidated statement of cash flows
 
 
17 - 18
Consolidated analysis of net debt
 
 
19
Notes to the financial statements
 
 
20 - 47


 
BENNETT OPIE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The Directors present their strategic report for the year ended 31st March 2023.

Principal activities

The Company's principle activities during the period continued to be the manufacture, import, marketing and distribution of premium ambient food and beverage products.  

Business review
 
The Directors consider the trading results to be satisfactory for the period whilst acknowledging that they are down against the exceptionally strong previous year.
Turnover was maintained and reached £44.5 million for the year, as referenced in last year’s report and as expected, cost increases and pressures seen across nearly all areas of the business impacted the profitability level for the year. The measures already taken by the Board together with the anticipated fall in inflation and some cost components should hopefully benefit this area.
The well reported cost of living crisis, generally challenging economic climate and the ongoing conflict in Eastern Europe all have the potential to impact future trading results.  
Investment plans for the manufacturing operations are well in progress with the benefits expected to be seen from the middle of 2024. The Directors continue to see opportunities for growth within both our manufacturing, import and distribution business. The Company is an attractive partner for brand owners seeking to benefit from our wide-ranging and well developed customer relationships and these opportunities will continue to be given due consideration as they occur.

Principal risks and uncertainties
 
The Board has identified several key risks and continues to monitor and manage these on an ongoing basis:
 
Foreign exchange – the Company imports a large proportion of its materials and product range in both Euro and US Dollar currencies. Variations in foreign exchange rates will have an impact on the Company’s profitability. 
Brexit – the challenges resulting from the decision to leave the EU and its' possible impacts is a key concern for the Directors, with the impact on supply chain, regulation and additional costs all risk factors.
Economic environment – the Company operates in a dynamic environment where factors such as rising inflation, consumer confidence and customer consolidation can impact performance. 
Competition – the Company operates in a competitive market and the Directors are aware of the continued need to offer a commercially attractive package together with the highest level of quality and customer service. 
Covid -19 – the pandemic caused unparalleled economic and social turmoil across the globe and the Company is not immune to the risks faced by such disruption. In particular whilst our customer base has to some extent recovered there are ongoing challenges throughout our supply chain where managing costs and capacity constraints are significant. Directors have considered the risks to finances and operations arising from Covid-19 and have identified no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.     
Ukraine conflict – the ongoing conflict in Eastern Europe has resulted in some very specific impacts on both our direct supply chain and at a wider level across certain key commodities that we are exposed to indirectly. The uncertain nature of this event and risks associated with it will need to be monitored closely on an ongoing basis.

Page 1

 
BENNETT OPIE HOLDINGS LIMITED
 

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

Financial key performance indicators
 
The Directors monitor a number of key performance indicators to ensure the business continues to create value for its shareholders and stability of employment for its employees.
 
£'000's
2023
2022
2021
2020
2019
Turnover
44,509
43,784
31,617
34,277
34,334
Gross Margin
22%
26%
26%
22%
22%
Profit before tax
3.7%
8.5%
8.0%
7.1%
7.4%



Directors' statement of compliance with duty to promote the success of the Group
 
The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in a way that they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its shareholders, which includes having regard to other stakeholders.


This report was approved by the board and signed on its behalf.



Mr C I W Opie
Managing Director

Date: 18 September 2023 18 September 2023

Page 2

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

Principal activity

The Company's principle activities during the period continued to be the manufacture, import, marketing and distribution of premium ambient food and beverage products. 

Results and dividends

The profit for the year, after taxation, amounted to £1,452,161 (2022 - £2,943,688).

Dividends paid during the year amounted to £384,000 (2022 - £752,000)

Directors

The directors who served during the year were:

Mr P G Opie BSc (President) 
Mr W J Opie (Chairman) 
Mr C I W Opie (Managing Director) 
Rev D I B Opie BA 
Mrs J M Wittams 
Mr S P Ward MAAT 
Mr M G W Stringer 
Mr P A Fox BsC (Hons) 
Mr S A Bailey BA (Hons) 
Mr M J Godley 
Page 3

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


Future developments
The board are extremely pleased with the results for the period.  The directors' policy is one of continued investment in our key brands leading to continued growth of the business.  We also look at expanding into new market sectors where appropriate to broaden the base of the company.

Streamlined Energy & Carbon Reporting


Stakeholder Engagement (Section 172(1) Statement)

The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in a way that they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its shareholders, which includes having regard to other stakeholders.The Group's greenhouse gas emissions and energy consumption for the year are…

Initial Review

An environmental committee exists within the business to review our current energy usage, set out our aspirations & meet regularly to discuss performance levels & appropriate courses of action.
A suitable overall metric has been established, which allows our stakeholders to review at a glance our performance in this area. Due to the significant growth levels achieved by the business over the last 2 years, it was decided CO2 per £000 sales turnover continues to be the most relevant measure.

Carbon Usage Efficiency
 
CO2 per £'000 Sales Turnover
Base Year 2020/21
Current Year 2022/23
Better/ (Worse)
Scope 1: Emissions - Gas
24.61
19.91
4.70
19%
Scope 2: Emissions - Electric
7.96
6.18
1.79
22%
Scope 3: Emissions - Fuel
1.11
0.93
0.18
16%
TOTAL
33.68
27.02
6.66
20%

Methodolody

In order to determine the energy usage levels over the period of assessment, data was obtained from our energy suppliers / brokers to accurately report on the (KWH) energy used.
 
Energy levels were subsequently converted into CO2 levels using standard conversion tables that defined 1KWH as equivalent to 0.233kg of CO2 for electricity & 0.185kg for gas. Petrol & Diesel defined each litre of fuel as equivalent to 2.4kg of CO2.
 
Since 2020/21 was the first period where Streamlined Energy & Carbon Reporting (SECR) was reported on within our business, the baseline period chosen remains at 2020/21. This period is considered most appropriate, despite it covering the period of Covid lockdown experienced across the UK, since food production & operations continued during this time & was comparable with other periods in most respects.
Page 4

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Further Reporting

Additional information relating to the metrics used, which express energy usage in terms of KWH are reported below & show the actual & relative levels of energy used within the business.
 
SECR Data
Energy Consumed KWH
Conversion Rate
CO2 Levels KG
CO2 KG per £000 Turnover
Gas - Manufacturing
4,678,947
0.185
865,605
19.45
Gas - Other
111,582
0.185
20,643
0.46
Electric - Manufacturing
970,943
0.233
226,230
5.08
Electric - Other
209,471
0.233
48,807
1.10
Petrol/ Diesel
17,282
2.4
41,476
0.93
Total 2022/23
Current Year
1,202,760
27.02





Total 2020/21
Base Year
1,129,158
25.79


S172 Report: Bennett Opie’s Streamline Energy & Carbon Reporting for 2022/23

A 4th production line was added during the year & although CO2 output increased versus the previous year, it still managed to remain below our comparative base year. 
 
The ambitions for the business in terms of our carbon emissions are to reduce our scope 1 & 2 levels by a further 10% over the next 3 years, relative to the size of our business. 
 
It is the intention of the environmental committee to explore all the ways in which carbon emissions can be reduced. Existing plans are to replace all remaining lighting throughout the business with lower energy usage light bulbs & continue to explore the feasibility of installing solar panels to help generate some of the power required to service our business.
 
Further capital projects under consideration include the introduction of recirculating heat pumps that could provide factory heating during the winter months & upgrading both boilers with cleaner, more efficient gas burners.

Matters covered in the Group strategic report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Group's principle risks and uncertainties.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 5

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr C I W Opie (Managing Director)
Director

Date: 18 September 2023

Page 6

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNETT OPIE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Bennett Opie 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 and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Conclusions relating to going concern


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


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


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


Page 7

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNETT OPIE HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 8

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNETT OPIE HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the 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 Group financial statements.


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

Enquiry of management, those charged with governance around actual and potential litigation and claims;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Maintaining professional scepticism throughout the course of our audit work.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 9

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNETT OPIE HOLDINGS LIMITED (CONTINUED)


Use of our report
 

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





Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone
United Kingdom

29 November 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 10

 
BENNETT OPIE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
44,508,767
43,783,638

Cost of sales
  
(34,720,364)
(32,260,544)

Gross profit
  
9,788,403
11,523,094

Distribution costs
  
(2,946,616)
(2,713,091)

Administrative expenses
  
(5,305,293)
(5,180,808)

Other operating income
 5 
33,824
76,009

Operating profit
 6 
1,570,318
3,705,204

Interest receivable and similar income
 10 
64,519
5,277

Interest payable and similar expenses
 11 
(2,569)
(8,649)

Other finance income
  
35,000
10,000

Profit before taxation
  
1,667,268
3,711,832

Tax on profit
 13 
(215,107)
(768,144)

Profit for the financial year
  
1,452,161
2,943,688

  

Actuarial gains on defined benefit pension scheme
  
1,296,000
778,000

Movement of deferred tax relating to pension deficit
  
(345,250)
(225,460)

Other comprehensive income for the year
  
950,750
552,540

Total comprehensive income for the year
  
2,402,911
3,496,228

Profit for the year attributable to:
  

Owners of the parent Company
  
1,452,161
2,943,688

  
1,452,161
2,943,688

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
2,402,911
3,496,228

  
2,402,911
3,496,228

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 20 to 47 form part of these financial statements.

Page 11

 
BENNETT OPIE HOLDINGS LIMITED
REGISTERED NUMBER: 09999589

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
5,576,022
5,362,702

Investment property
 17 
361,761
361,761

  
5,937,783
5,724,463

Current assets
  

Stocks
 18 
12,568,926
10,268,034

Debtors: amounts falling due within one year
 19 
6,094,544
5,249,405

Current asset investments
 20 
2,500,000
2,500,000

Cash at bank and in hand
 21 
1,675,406
4,816,653

  
22,838,876
22,834,092

Creditors: amounts falling due within one year
 22 
(7,855,162)
(8,674,643)

Net current assets
  
 
 
14,983,714
 
 
14,159,449

Total assets less current liabilities
  
20,921,497
19,883,912

Provisions for liabilities
  

Deferred taxation
 24 
(962,480)
(562,806)

  
 
 
(962,480)
 
 
(562,806)

Net assets excluding pension asset
  
19,959,017
19,321,106

Pension asset
  
2,618,000
1,237,000

Net assets
  
22,577,017
20,558,106


Capital and reserves
  

Called up share capital 
 25 
480,000
480,000

Revaluation reserve
 26 
1,446,498
1,446,498

Profit and loss account
 26 
20,650,519
18,631,608

  
22,577,017
20,558,106


Page 12

 
BENNETT OPIE HOLDINGS LIMITED
REGISTERED NUMBER: 09999589
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr W J Opie (Chairman)
Mr C I W Opie (Managing Director)
Director
Director


Date: 18 September 202318 September 2023

The notes on pages 20 to 47 form part of these financial statements.

Page 13

 
BENNETT OPIE HOLDINGS LIMITED
REGISTERED NUMBER: 09999589

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
4,096,571
4,038,763

Investments
 16 
480,000
480,000

Investment Property
 17 
361,761
361,761

  
4,938,332
4,880,524

Current liabilities
  

Creditors: amounts falling due within one year
 22 
(242,134)
(94,630)

Net current liabilities
  
 
 
(242,134)
 
 
(94,630)

Total assets less current liabilities
  
4,696,198
4,785,894

  

  

Net assets
  
4,696,198
4,785,894


Capital and reserves
  

Called up share capital 
 25 
480,000
480,000

Revaluation reserve
 26 
1,446,498
1,446,498

Profit and loss account brought forward
  
2,859,396
2,926,882

Profit for the year
  
294,304
684,514

Other changes in the profit and loss account

  

(384,000)
(752,000)

Profit and loss account carried forward
  
2,769,700
2,859,396

  
4,696,198
4,785,894


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr W J Opie (Chairman)
Mr C I W Opie (Managing Director)
Director
Director


Date: 18 September 202318 September 2023

The notes on pages 20 to 47 form part of these financial statements.

Page 14

 
BENNETT OPIE HOLDINGS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
480,000
1,446,498
15,887,380
17,813,878



Profit for the year
-
-
2,943,688
2,943,688

Actuarial gains on pension scheme
-
-
552,540
552,540

Dividends: Equity capital
-
-
(752,000)
(752,000)



At 1 April 2022
480,000
1,446,498
18,631,608
20,558,106



Profit for the year
-
-
1,452,161
1,452,161

Actuarial gains on pension scheme
-
-
950,750
950,750

Dividends: Equity capital
-
-
(384,000)
(384,000)


At 31 March 2023
480,000
1,446,498
20,650,519
22,577,017


The notes on pages 20 to 47 form part of these financial statements.

Page 15

 
BENNETT OPIE HOLDINGS LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
480,000
1,446,498
2,926,882
4,853,380



Profit for the year
-
-
684,514
684,514

Dividends: Equity capital
-
-
(752,000)
(752,000)



At 1 April 2022
480,000
1,446,498
2,859,396
4,785,894



Profit for the year
-
-
294,304
294,304

Dividends: Equity capital
-
-
(384,000)
(384,000)


At 31 March 2023
480,000
1,446,498
2,769,700
4,696,198


The notes on pages 20 to 47 form part of these financial statements.

Page 16

 
BENNETT OPIE HOLDINGS LIMITED
 

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

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,452,161
2,943,688

Adjustments for:

Depreciation of tangible assets
370,969
369,567

Interest paid
2,569
8,649

Interest received
(64,519)
(5,277)

Taxation charge
215,107
768,144

Increase in stocks
(2,300,892)
(1,978,293)

Increase in debtors
(755,833)
(1,577,288)

(Decrease)/increase in creditors
(250,889)
2,558,849

Decrease in net pension assets/liabilities
(85,000)
(18,000)

Corporation tax paid
(818,581)
(392,050)

Net cash generated from operating activities

(2,234,908)
2,677,989


Cash flows from investing activities

Purchase of tangible fixed assets
(584,289)
(674,246)

Interest received
64,519
5,277

Net cash from investing activities

(519,770)
(668,969)
Page 17

 
BENNETT OPIE HOLDINGS LIMITED
 

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


2023
2022

£
£



Cash flows from financing activities

Repayment of/new finance leases
-
(11,919)

Dividends paid
(384,000)
(752,000)

Interest paid
(2,569)
(8,649)

Net cash used in financing activities
(386,569)
(772,568)

Net (decrease)/increase in cash and cash equivalents
(3,141,247)
1,236,452

Cash and cash equivalents at beginning of year
4,816,653
3,580,201

Cash and cash equivalents at the end of year
1,675,406
4,816,653


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,675,406
4,816,653

1,675,406
4,816,653


The notes on pages 20 to 47 form part of these financial statements.

Page 18

 
BENNETT OPIE HOLDINGS LIMITED
 

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




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

4,816,653

(3,141,247)

1,675,406

Debt due within 1 year

(129,438)

-

(129,438)


4,687,215
(3,141,247)
1,545,968

The notes on pages 20 to 47 form part of these financial statements.

Page 19

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Bennett Opie Holdings Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is Bennett Opie Ltd, Chalkwell Road, Sittingbourne, Kent, ME10 2LE. 
The nature of the company's operations and principal activities are of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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

 
2.3

Going concern

The Directors have considered all available relevant information including annual budgets and forecasts, future cashflows and the potential impact of subsequent events in making their assessment.
Based on the assessment and having regard to the resources available to the Group, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing these accounts. 

Page 20

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The Group's policy is that revenue is recognised on dispatch of goods to customers.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 21

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Government grants

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

 
2.9

Interest income

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

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 22

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Defined benefit pension plan

The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 23

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 24

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Freehold property
-
10 to 50 years straight line basis
Leasehold property
-
Over term of the lease
Plant and machinery
-
5 to 15 years straight line basis
Motor vehicles
-
25% reducing balance basis
Office equipment
-
3 to 10 years straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.15

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 25

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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

 
2.20

Creditors

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

 
2.21

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 26

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.22

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
- The apportionment of values between land and buildings.
- The useful expected lives of assets.
- The stock provisioning.
- The bad debt provision.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
- The defined benefit scheme accounting.
- Allocation of overhead costs to the value of manufactured stock items


4.


Turnover

The whole of the turnover is attributable to the principal activities of the Group.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
43,819,496
43,071,334

Rest of Europe
548,555
559,157

Rest of the world
140,716
153,147

44,508,767
43,783,638



5.


Other operating income

2023
2022
£
£

Other operating income
3,000
-

Net rents receivable
24,339
24,514

Government grants receivable
-
13,444

Insurance claims receivable
-
31,922

Sundry income
6,485
6,129

33,824
76,009


Page 28

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
190,328
307,138

Other operating lease rentals
495,726
323,555


7.


Auditor's remuneration

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


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements

33,380
27,772


The fees payable to the Group's auditor and it's associates in respect of taxation compliance services were £2,115 (2022: £1,813) and all other services were £6,285 (2022: £5,936).




Page 29

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

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


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


Wages and salaries
4,430,774
3,791,488
-
-

Social security costs
444,238
449,949
-
-

Cost of defined contribution scheme
292,442
197,495
-
-

5,167,454
4,438,932
-
-


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Manufacture
72
61
-
-



Sales, office and management
53
60
-
-



Directors
11
11
10
10

136
132
10
10


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
831,528
768,538

Group contributions to defined contribution pension schemes
75,228
67,245

906,756
835,783


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £179,081 (2022 - £155,863).

Page 30

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Interest receivable

2023
2022
£
£


Other interest receivable
64,519
5,277

64,519
5,277


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
992
5,784

Other loan interest payable
660
644

Other interest payable
917
2,221

2,569
8,649


12.


Other finance costs

2023
2022
£
£

Net interest on net defined benefit liability
35,000
10,000

35,000
10,000


Page 31

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
269,899
704,614

Adjustments in respect of previous periods
(109,216)
-


Total current tax
160,683
704,614

Deferred tax


Origination and reversal of timing differences
54,424
63,530

Total deferred tax
54,424
63,530


Tax on profit
215,107
768,144
Page 32

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
13.Taxation (continued)


Factors affecting tax charge for the year

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

2023
2022
£
£


Profit on ordinary activities before tax
1,667,268
3,711,832


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
316,781
705,249

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,514
14,963

Capital allowances for year in excess of depreciation
(43,616)
(11,920)

Adjustments to tax charge in respect of prior periods
(109,216)
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(16,150)
(3,420)

Short-term timing difference leading to an increase (decrease) in taxation
54,424
63,530

Other timing differences leading to an increase (decrease) in taxation
2,370
(258)

Total tax charge for the year
215,107
768,144


Factors that may affect future tax charges

Legislation has been introduced in the Finance Bill 2021 to effect an increase in the Corporation Tax main rate to 25% for the financial year beginning 1 April 2023.


14.


Dividends

2023
2022
£
£


Dividends on equity shares
368,000
736,000


Dividends on non-equity shares
16,000
16,000

384,000
752,000

Page 33

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 April 2022
4,332,869
129,068
5,301,295
50,959
826,138


Additions
147,504
-
436,785
-
-


Disposals
-
-
(8,539)
-
-



At 31 March 2023

4,480,373
129,068
5,729,541
50,959
826,138



Depreciation


At 1 April 2022
294,106
126,881
4,142,569
46,242
680,408


Charge for the year on owned assets
89,696
2,187
234,574
1,179
34,212


Disposals
-
-
(8,539)
-
-



At 31 March 2023

383,802
129,068
4,368,604
47,421
714,620



Net book value



At 31 March 2023
4,096,571
-
1,360,937
3,538
111,518



At 31 March 2022
4,038,763
2,187
1,158,726
4,717
145,730
Page 34

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           15.Tangible fixed assets (continued)


Office equipment
Total

£
£



Cost or valuation


At 1 April 2022
240,655
10,880,984


Additions
-
584,289


Disposals
-
(8,539)



At 31 March 2023

240,655
11,456,734



Depreciation


At 1 April 2022
228,076
5,518,282


Charge for the year on owned assets
9,121
370,969


Disposals
-
(8,539)



At 31 March 2023

237,197
5,880,712



Net book value



At 31 March 2023
3,458
5,576,022



At 31 March 2022
12,579
5,362,702

Page 35

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           15.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 April 2022
4,332,869


Additions
147,504



At 31 March 2023

4,480,373



Depreciation


At 1 April 2022
294,106


Charge for the year on owned assets
89,696



At 31 March 2023

383,802



Net book value



At 31 March 2023
4,096,571



At 31 March 2022
4,038,763






Page 36

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Fixed asset investments

Company





Investments in subsidiary company

£



Cost or valuation


At 1 April 2022
480,000



At 31 March 2023
480,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Bennett Opie Limited
Chalkwell Road, Sittingbourne, Kent ME10 2LE
Ordinary and preference
100%






Page 37

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 April 2022
361,761



At 31 March 2023
361,761

The 2023 valuations were made by the directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
361,761
361,761

361,761
361,761


18.


Stocks

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

Raw materials and consumables
2,247,570
2,047,776
-
-

Work in progress (goods to be sold)
19,975
55,755
-
-

Finished goods and goods for resale
10,301,381
8,164,503
-
-

12,568,926
10,268,034
-
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 38

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Debtors

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


Trade debtors
5,005,017
4,400,316
-
-

Other debtors
191,678
453,053
-
-

Prepayments and accrued income
808,543
396,036
-
-

Tax recoverable
89,306
-
-
-

6,094,544
5,249,405
-
-



20.


Current asset investments

Group
Group
2023
2022
£
£

Short term investments
2,500,000
2,500,000

2,500,000
2,500,000


The amounts above under short term investments are cash balances held in 65 day notice accounts.


21.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
1,675,406
4,816,653

1,675,406
4,816,653


Page 39

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


Creditors: Amounts falling due within one year

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

Trade creditors
5,911,734
6,479,547
-
-

Amounts owed to group undertakings
-
-
242,134
94,630

Corporation tax
-
568,592
-
-

Other taxation and social security
96,795
97,660
-
-

Other creditors
129,438
129,438
-
-

Accruals and deferred income
1,717,195
1,399,406
-
-

7,855,162
8,674,643
242,134
94,630



23.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,675,406
4,816,653

Financial assets that are debt instuments measured at amorised cost
5,196,695
4,853,369

6,872,101
9,670,022


Financial liabilities

Financial liabilities measured at amortised cost
(7,758,367)
(8,008,391)


Financial assets measured at fair value through profit or loss comprise of cash & cash equivalents.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, other debtors and amounts due from group undertakings.


Financial Liabilities measured at amortised cost comprise of accruals and deferred income, amounts owed to group undertakings, obligations under finance lease and hire purchase contract, trade and other creditors.

Page 40

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

24.


Deferred taxation


Group



2023


£






At beginning of year
(562,806)


Charged to profit or loss
(54,424)


Charged to other comprehensive income
(345,250)



At end of year
(962,480)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(313,375)
(255,833)

Pension surplus
(654,500)
(309,250)

Short-term timing differences
5,395
2,277

(962,480)
(562,806)


25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



320,000 (2022 - 320,000) Ordinary shares of £1.00 each
320,000
320,000
160,000 (2022 - 160,000) Preference shares of £1.00 each
160,000
160,000

480,000

480,000

The rights of the preference shareholders include a right to dividend and a priority over the ordinary shareholders as regards to dividend and capital on winding up.


Page 41

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

26.


Reserves

Revaluation reserve

The revaluation reserve represents the cumulate effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


27.


Capital commitments




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


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
171,063
-

171,063
-

Page 42

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


28.


Pension commitments

The Group operates a Defined benefit pension scheme.

The Group contributes to three money purchase pension schemes for certain employees. Employers contribution are charged to profit and loss account as they fall due. Contributions payable by the Group for the period were £Nil (2022 - £Nil).
The Group operates a defined benefit pension scheme in the UK. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation was carried out at 31 March 2020 and updated to 31 March 2023 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below.
This most recent actuarial valuation showed a deficit of £429,000. Bennett Opie Limited has agreed with the trustees that it will aim to eliminate the deficit over a period of 3 years and 4 months from 1 April 2021 by the payment of monthly contributions of £7,000 increasing at 3% per annum from 1 April 2022 in respect of the deficit. In addition and in accordance with the actuarial valuation, Bennett Opie Limited has agreed with the trustees that it will pay contributions of 35% of pensionable salaries, and member contributions will be 10% of pensionable salaries. In addition, the employer will pay amounts into the scheme equal to the levy payments made by the scheme to the Pension Protection Fund.



Reconciliation of present value of plan liabilities:


2023
2022
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
4,976,000
6,554,000

Current service cost
107,000
141,000

Expenses
13,000
13,000

Interest cost
121,000
132,000

Actuarial gains/losses
(1,682,000)
(647,000)

Contributions
24,000
22,000

Benefits paid
(825,000)
(1,239,000)

At the end of the year
2,734,000
4,976,000


Page 43

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
28.Pension commitments (continued)


Reconciliation of present value of plan assets:


2023
2022
£
£


At the beginning of the year
6,213,000
6,995,000

Interest income
156,000
142,000

Actuarial gains/losses
(386,000)
131,000

Contributions
194,000
184,000

Benefits paid
(825,000)
(1,239,000)

At the end of the year
5,352,000
6,213,000


Composition of plan assets:


2023
2022
£
£


Overseas Equities
3,186,000
3,424,000

Unit linked Government Bonds
1,151,000
1,227,000

Property
783,000
549,000

Cash and alternatives
177,000
949,000

With Profits
55,000
64,000

Total plan assets
5,352,000
6,213,000

2023
2022
£
£


Fair value of plan assets
5,352,000
6,213,000

Present value of plan liabilities
(2,734,000)
(4,976,000)

Net pension scheme liability
2,618,000
1,237,000


The amounts recognised in profit or loss are as follows:

2023
2022
£
£


Interest on obligation
35,000
10,000

Total
35,000
10,000


Page 44

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
28.Pension commitments (continued)


The cumulative amount of actuarial gains and losses recognised in the Consolidated statement of comprehensive income was £1,296,000 (2022 - £778,000).



The Group expects to contribute £NIL to its Defined benefit pension scheme in 2024.





Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023
2022
%
%
Discount rate


4.80

2.80
 
Future salary increases


3.10

3.45
 
Future pension increases


3.40

3.80
 
Proportion of employees opting for early retirement


2.50

2.50
 
Inflation assumption


3.10

3.45
 
Mortality rates



 
- for a male aged 65 now


22.1

22.3
 
- at 65 for a male aged 45 now


23.8

23.9
 
- for a female aged 65 now


23.9

24.1
 
- at 65 for a female member aged 45 now


25.7

25.9
 


Page 45

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
28.Pension commitments (continued)


Amounts for the current and previous four periods are as follows:


Defined benefit pension schemes

2023
2022
2021
2020
2019
£
£
£
£
£
Defined benefit obligation

(2,734,000)

(4,976,000)

(6,554,000)
 
(6,620,000)
 
(6,768,000)

Scheme assets

5,352,000

6,213,000

6,995,000
 
6,168,000
 
7,539,000

Surplus
2,618,000

1,237,000

441,000
 
(452,000)
 
771,000


Experience adjustments on scheme liabilities
(126,000)
310,000
1,066,000
(10,000)
(49,000)
Experience adjustments on scheme assets
(386,000)
131,000
615,000
(1,867,000)
236,000
(512,000)
441,000
1,681,000
(1,877,000)
187,000




.


Reconciliation of pension adjustment to profit and loss account

2023
2022
£
£



Pension contribution paid
(170,000)
(162,000)

Current service costs
-
-

Finance charges - interest cost
121,000
132,000

Finance charges - expected return
(156,000)
(142,000)

(205,000)
(172,000)

Page 46

 
BENNETT OPIE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

29.


Commitments under operating leases

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


Group
Group
Plant & Equipment 2023
Plant & Equipment 2022
£
£

Not later than 1 year
51,401
51,937

Later than 1 year and not later than 5 years
66,875
66,106

118,276
118,043


Group
Group
Land & Buildings 2023
Land & Buildings 2022
£
£

Not later than 1 year
442,759
446,154

Later than 1 year and not later than 5 years
428,789
253,929

871,548
700,083


30.Other financial commitments

At the year end the Group was financially committed to make payment for raw materials and finished goods to the value of £1,746,261 (2022 - £812,944).


31.


Related party transactions

Dividends totalling £384,000 (2022 - £752,000) were paid during the year to directors and close family members.
During the year the Group paid £Nil (2022 - £Nil) on behalf of the Bennett Opie Staff Pension Scheme.


32.


Controlling party

No single individual controls the company by virtue of their shareholdings.

Page 47