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REGISTERED NUMBER: 00653789 (England and Wales)








Group Strategic Report,

Report of the Director and

Audited

Consolidated Financial Statements

for the Year Ended

31 December 2022

for

B S Eaton Limited

B S Eaton Limited (Registered number: 00653789)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


B S Eaton Limited

Company Information
for the Year Ended 31 December 2022







DIRECTOR: O S C Eaton





REGISTERED OFFICE: Coppice Lane
Cheslyn Hay
Walsall
WS6 7EY





REGISTERED NUMBER: 00653789 (England and Wales)





AUDITORS: Nicklin Audit Limited
Chartered Accountants
Statutory Auditors
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

B S Eaton Limited (Registered number: 00653789)

Group Strategic Report
for the Year Ended 31 December 2022

The director presents his strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS
The directors are pleased with the group's results for the year during what has been another tough trading year.

The directors monitor closely the group's product range and aim to maintain excellent quality along with strong availability and delivery times for all products to customers. The group and its directors strive to achieve excellent customer service to match its quality product range.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal risks are identified as follows;

Credit risk

This refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Company. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit. At the balance sheet date, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.

Cash flow and liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its financial obligations as they fall due. The Company ensures that there are sufficient levels of cash and cash equivalents to ensure that the Company is, at all times, able to meet its financial commitments as they become due. Liquidity risk is managed by continuous monitoring of forecast and actual cash flows. The Company has one significant interest bearing asset and consequently, its income and cash flows are largely independent of changes in market interest rates. All interest bearing borrowings comprising of directors loans, bank overdrafts and loans from related companies have variable interest rates and are potentially subject to fluctuations in such rates. The Company does not use interest rate swaps or other instruments to manage its interest rate exposure.

Coronavirus
The directors have considered the impact of the current Coronavirus pandemic on the company's operations, with a particular focus on its effect on the company's financial position including the company's income, expenditure and reserves; the company's customers; and the company's employees. They acknowledge the disruption caused by the pandemic to the company's day-to-day operations, but they do not consider this to be cause for material uncertainty in respect to the company's ability to continue as a going concern. The company has and is continuing to develop contingency plans which are being implemented successfully and the company has sufficient cash resources to continue for the foreseeable future, despite the current crisis.

Brexit
The directors have assessed the possible effect on the company of the United Kingdom's departure from the EU trading arrangements and have taken steps to mitigate any disruption. They do not foresee that this will have a major impact on the company's activities or results.

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

The group monitors various key financial and other performance indicators during the year and identifies the following as significant at the year end:


2022 2021
£ £

Turnover 19,944,562 23,362,910
Operating profit 1,249,034 4,408,499
Profit for the year 199,517 3,574,629


B S Eaton Limited (Registered number: 00653789)

Group Strategic Report
for the Year Ended 31 December 2022

FORECASTS AND OUTLOOK
The Directors remain optimistic about future trading prospects for the company despite the difficult and uncertain political environment in which the country is facing at this present time.

ON BEHALF OF THE BOARD:





O S C Eaton - Director


25 February 2024

B S Eaton Limited (Registered number: 00653789)

Report of the Director
for the Year Ended 31 December 2022

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2022.

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

DIRECTORS
O S C Eaton has held office during the whole of the period from 1 January 2022 to the date of this report.

Other changes in directors holding office are as follows:

S M Eaton - deceased 20 December 2022

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Nicklin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





O S C Eaton - Director


25 February 2024

Report of the Independent Auditors to the Members of
B S Eaton Limited

Opinion
We have audited the financial statements of B S Eaton Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, 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 31 December 2022 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
B S Eaton Limited


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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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

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

We identify and assess risks of material misstatement of the financial statements, whether due to fraud and error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry, control environment and business performance;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws and regulations we considered in this context included the Companies Act 2006.

As a result of these procedures we considered the opportunities that may exist within the organisation for fraud resulting in material misstatement in the financial statements. We considered that any such opportunities are mitigated by the fact that the company is under the close control of its directors.
Our procedures to arrive at this conclusion included the following:

- reviewing balance sheet control accounts to ensure properly reconciled;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- enquiring with management concerning actual and potential litigation claims.

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
B S Eaton 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.




Mark Howell FCA (Senior Statutory Auditor)
for and on behalf of Nicklin Audit Limited
Chartered Accountants
Statutory Auditors
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

26 February 2024

B S Eaton Limited (Registered number: 00653789)

Consolidated Income Statement
for the Year Ended 31 December 2022

2022 2021
Notes £    £    £    £   

TURNOVER 19,944,562 23,362,910

Cost of sales 14,110,507 14,569,090
GROSS PROFIT 5,834,055 8,793,820

Distribution costs 1,279,927 1,414,900
Administrative expenses 3,305,094 2,991,359
4,585,021 4,406,259
1,249,034 4,387,561

Other operating income - 20,938
OPERATING PROFIT 4 1,249,034 4,408,499

Interest receivable and similar income 6,508 103
1,255,542 4,408,602
Gain/loss on revaluation of assets (696,565 ) (25,057 )
558,977 4,383,545

Interest payable and similar expenses 5 133,017 23,144
PROFIT BEFORE TAXATION 425,960 4,360,401

Tax on profit 6 226,443 785,772
PROFIT FOR THE FINANCIAL YEAR 199,517 3,574,629
Profit attributable to:
Owners of the parent 278,564 3,492,940
Non-controlling interests (79,047 ) 81,689
199,517 3,574,629

B S Eaton Limited (Registered number: 00653789)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 199,517 3,574,629


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

199,517

3,574,629

Total comprehensive income attributable to:
Owners of the parent 278,564 3,492,940
Non-controlling interests (79,047 ) 81,689
199,517 3,574,629

B S Eaton Limited (Registered number: 00653789)

Consolidated Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 3,241,641 2,623,525
Investments 11 - -
3,241,641 2,623,525

CURRENT ASSETS
Stocks 12 3,349,344 4,333,343
Debtors 13 4,079,995 3,563,418
Investments 14 3,269,998 4,010,148
Cash at bank and in hand 794,366 1,391,932
11,493,703 13,298,841
CREDITORS
Amounts falling due within one year 15 4,833,971 6,410,510
NET CURRENT ASSETS 6,659,732 6,888,331
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,901,373

9,511,856

PROVISIONS FOR LIABILITIES 16 385,000 195,000
NET ASSETS 9,516,373 9,316,856

CAPITAL AND RESERVES
Called up share capital 17 3,600 3,600
Capital redemption reserve 18 1,400 1,400
Retained earnings 18 9,555,780 9,277,216
SHAREHOLDERS' FUNDS 9,560,780 9,282,216

NON-CONTROLLING INTERESTS (44,407 ) 34,640
TOTAL EQUITY 9,516,373 9,316,856

The financial statements were approved by the director and authorised for issue on 25 February 2024 and were signed by:





O S C Eaton - Director


B S Eaton Limited (Registered number: 00653789)

Company Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 3,194,952 2,578,258
Investments 11 173,833 173,833
3,368,785 2,752,091

CURRENT ASSETS
Stocks 12 2,257,771 2,536,739
Debtors 13 4,791,181 4,291,754
Investments 14 3,269,998 4,010,148
Cash at bank 654,291 1,063,371
10,973,241 11,902,012
CREDITORS
Amounts falling due within one year 15 4,044,940 5,107,135
NET CURRENT ASSETS 6,928,301 6,794,877
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,297,086

9,546,968

PROVISIONS FOR LIABILITIES 16 385,000 195,000
NET ASSETS 9,912,086 9,351,968

CAPITAL AND RESERVES
Called up share capital 17 3,600 3,600
Capital redemption reserve 18 1,400 1,400
Retained earnings 18 9,907,086 9,346,968
SHAREHOLDERS' FUNDS 9,912,086 9,351,968

Company's profit for the financial year 560,118 3,285,978

The financial statements were approved by the director and authorised for issue on 25 February 2024 and were signed by:





O S C Eaton - Director


B S Eaton Limited (Registered number: 00653789)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up Fair
share Retained value
capital earnings reserve
£    £    £   
Balance at 1 January 2021 3,600 7,010,862 123,442

Changes in equity
Dividends - (1,350,028 ) -
Total comprehensive income - 3,616,382 (123,442 )
Balance at 31 December 2021 3,600 9,277,216 -

Changes in equity
Total comprehensive income - 278,564 -
Balance at 31 December 2022 3,600 9,555,780 -
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2021 1,400 7,139,304 (47,049 ) 7,092,255

Changes in equity
Dividends - (1,350,028 ) - (1,350,028 )
Total comprehensive income - 3,492,940 81,689 3,574,629
Balance at 31 December 2021 1,400 9,282,216 34,640 9,316,856

Changes in equity
Total comprehensive income - 278,564 (79,047 ) 199,517
Balance at 31 December 2022 1,400 9,560,780 (44,407 ) 9,516,373

B S Eaton Limited (Registered number: 00653789)

Company Statement of Changes in Equity
for the Year Ended 31 December 2022

Called up Fair Capital
share Retained value redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2021 3,600 7,287,576 123,442 1,400 7,416,018

Changes in equity
Dividends - (1,350,028 ) - - (1,350,028 )
Total comprehensive income - 3,409,420 (123,442 ) - 3,285,978
Balance at 31 December 2021 3,600 9,346,968 - 1,400 9,351,968

Changes in equity
Total comprehensive income - 560,118 - - 560,118
Balance at 31 December 2022 3,600 9,907,086 - 1,400 9,912,086

B S Eaton Limited (Registered number: 00653789)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,068,104 1,823,770
Interest paid (133,017 ) (23,144 )
Tax paid (171,559 ) (481,968 )
Net cash from operating activities 763,528 1,318,658

Cash flows from investing activities
Purchase of tangible fixed assets (1,624,487 ) (661,383 )
Sale of tangible fixed assets 213,300 25,999
Purchase of current asset investment (898,258 ) (1,864,795 )
Sale of current asset investment 941,843 -
Interest received 6,508 103
Net cash from investing activities (1,361,094 ) (2,500,076 )

Cash flows from financing activities
Equity dividends paid - (1,350,028 )
Net cash from financing activities - (1,350,028 )

Decrease in cash and cash equivalents (597,566 ) (2,531,446 )
Cash and cash equivalents at beginning
of year

2

1,391,932

3,923,378

Cash and cash equivalents at end of
year

2

794,366

1,391,932

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2022 2021
£    £   
Profit before taxation 425,960 4,360,401
Depreciation charges 773,216 729,730
Loss/(profit) on disposal of fixed assets 19,855 (7,660 )
Loss on revaluation of fixed assets 696,565 25,057
Finance costs 133,017 23,144
Finance income (6,508 ) (103 )
2,042,105 5,130,569
Decrease/(increase) in stocks 983,999 (2,181,042 )
Increase in trade and other debtors (484,884 ) (616,286 )
Decrease in trade and other creditors (1,473,116 ) (509,471 )
Cash generated from operations 1,068,104 1,823,770

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 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 794,366 1,391,932
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 1,391,932 3,923,378


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 1,391,932 (597,566 ) 794,366
1,391,932 (597,566 ) 794,366

Liquid resources
Current asset investments 4,010,148 (740,150 ) 3,269,998
4,010,148 (740,150 ) 3,269,998
Total 5,402,080 (1,337,716 ) 4,064,364

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

B S Eaton Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amounts paid in connection with the acquisition of interests in a business in 2015 and subsequent years, is being amortised evenly from the dates of acquisition over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 7.5% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Current or deferred taxation assets and liabilities are not discounted.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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.

Current asset investments
Current asset investments are recognised at fair value.

3. EMPLOYEES AND DIRECTORS

The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
2022 2021
No. No.

Administration 12 12
Manufacturing 62 57
74 69

The aggregate payroll costs of the employees were as follows:


2022 2021
£    £   

Wages and salaries 4,578,755 3,983,399
Social security costs 684,182 451,870
Other pension costs 16,484 4,520
5,279,421 4,439,789


Directors' emoluments during the year amounted to £1,248,000 (2021 : £958,870). The number of directors to whom pension benefits were accruing under money purchase schemes was 1 (2021: 1).

The emoluments of the highest paid director were £1,008,000 (2021: £718,870). Pension contributions paid on behalf of this director were £8,000 (2021: £Nil).

4. OPERATING PROFIT

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

2022 2021
£    £   
Hire of plant and machinery 6,600 6,600
Depreciation - owned assets 773,216 691,680
Loss/(profit) on disposal of fixed assets 19,855 (7,660 )
Goodwill amortisation - 38,050
Auditors' remuneration 27,120 28,332
Foreign exchange differences (4,208 ) 910

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Interest payable 88,227 9,689
Interest on taxation 44,790 13,455
133,017 23,144

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 36,443 780,772

Deferred tax 190,000 5,000
Tax on profit 226,443 785,772

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

2022 2021
£    £   
Profit before tax 425,960 4,360,401
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

80,932

828,476

Effects of:
Expenses not deductible for tax purposes 130,977 45,729
Capital allowances in excess of depreciation (56,345 ) (15,690 )
Utilisation of tax losses (22,318 ) (72,743 )
Change of tax rate 93,197 -
Total tax charge 226,443 785,772

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2022 2021
£    £   
Ordinary shares of £1 each
Interim - 1,350,028

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2022
and 31 December 2022 358,372
AMORTISATION
At 1 January 2022
and 31 December 2022 358,372
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

.

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2022 3,674,323 8,651,629 17,329
Additions - 344,173 12,455
Disposals - (91,714 ) -
At 31 December 2022 3,674,323 8,904,088 29,784
DEPRECIATION
At 1 January 2022 3,453,098 7,394,777 16,678
Charge for year 37,690 207,894 4,619
Eliminated on disposal - (75,010 ) -
At 31 December 2022 3,490,788 7,527,661 21,297
NET BOOK VALUE
At 31 December 2022 183,535 1,376,427 8,487
At 31 December 2021 221,225 1,256,852 651

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2022 5,972,967 2,225 18,318,473
Additions 1,267,859 - 1,624,487
Disposals (318,101 ) - (409,815 )
At 31 December 2022 6,922,725 2,225 19,533,145
DEPRECIATION
At 1 January 2022 4,828,889 1,506 15,694,948
Charge for year 523,013 - 773,216
Eliminated on disposal (101,650 ) - (176,660 )
At 31 December 2022 5,250,252 1,506 16,291,504
NET BOOK VALUE
At 31 December 2022 1,672,473 719 3,241,641
At 31 December 2021 1,144,078 719 2,623,525

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2022 3,674,323 8,589,402 5,972,967 18,236,692
Additions - 338,857 1,267,859 1,606,716
Disposals - (88,942 ) (318,101 ) (407,043 )
At 31 December 2022 3,674,323 8,839,317 6,922,725 19,436,365
DEPRECIATION
At 1 January 2022 3,453,098 7,377,125 4,828,211 15,658,434
Charge for year 37,690 197,051 523,013 757,754
Eliminated on disposal - (73,125 ) (101,650 ) (174,775 )
At 31 December 2022 3,490,788 7,501,051 5,249,574 16,241,413
NET BOOK VALUE
At 31 December 2022 183,535 1,338,266 1,673,151 3,194,952
At 31 December 2021 221,225 1,212,277 1,144,756 2,578,258

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 173,833
NET BOOK VALUE
At 31 December 2022 173,833
At 31 December 2021 173,833

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

E M Paving Limited
Registered office: Within the United Kingdom
Nature of business: Production of natural stone products
%
Class of shares: holding
Ordinary 10p 80.00
2022 2021
£    £   
Aggregate capital and reserves (222,079 ) 138,522
(Loss)/profit for the year (360,601 ) 326,757

Great British Cement Limited
Registered office: Within the United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00
2022 2021
£    £   
Aggregate capital and reserves 100 100

G.B. Cement Limited
Registered office: Within the United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary £1 100.00
2022 2021
£    £   
Aggregate capital and reserves 100 100


B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

12. STOCKS

Group Company
2022 2021 2022 2021
£    £    £    £   
Raw materials 70,583 50,498 70,583 50,498
Consumables 200,254 274,783 200,254 274,783
Finished goods 3,078,507 4,008,062 1,986,934 2,211,458
3,349,344 4,333,343 2,257,771 2,536,739

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 1,387,940 1,762,381 1,232,767 1,505,254
Other debtors 2,568,488 1,568,421 3,466,540 2,553,884
Corporation tax recoverable 31,693 - - -
Prepayments and accrued income 91,874 232,616 91,874 232,616
4,079,995 3,563,418 4,791,181 4,291,754

Included within other debtors is a directors loan account amounting to £2,377,656 (2021: £3,456 creditor).

There are no financial instruments measured at fair value and therefore all financial instruments are measured at amortised cost.

Other debtors include loans with no set date for repayment and no formal repayment terms. These loans are therefore deemed to be repayable on demand.

14. CURRENT ASSET INVESTMENTS

Group Company
2022 2021 2022 2021
£    £    £    £   
Other 3,269,998 4,010,148 3,269,998 4,010,148

The company acquired several cherished motor vehicles from O S C Eaton during the 2016 financial year. Again, during the 2017 year, the company acquired several additional cherished motor vehicles from O S C Eaton at values provided by the Directors and amounting to £547,861. As at the balance sheet date the total fair value of such vehicles was £1,191,377 (2021: £1,148,377).

The company also holds listed company shares as investments in a portfolio with an external stockbroker. The market value of these investments as at the balance sheet date was £1,728,622 (2021: £2,561,771). The company has disposed of several of the investments during the year and in accordance with the provisions of Financial Reporting Standard 102 any gain on the fair value movement has been taken to the profit and loss account during the year.

During last year the company acquired a holding of gold as an investment. As at the balance sheet date the total fair value of this holding was £350,000 (2021: £300,000).

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade creditors 1,661,476 3,159,856 1,130,799 2,134,356
Corporation tax 862,117 965,540 862,117 965,540
Social security and other taxes 315,272 250,679 189,754 163,807
VAT 224,358 243,853 224,358 243,853
Other creditors 850,347 959,898 717,511 768,895
Accruals and deferred income 920,401 830,684 920,401 830,684
4,833,971 6,410,510 4,044,940 5,107,135

Included within other creditors is a related company balance with Tailfin Limited of £717,512 (2021: £765,250) (see note 20 for details).

There are no financial instruments measured at fair value and therefore all financial instruments are measured at amortised cost.

16. PROVISIONS FOR LIABILITIES

Group Company
2022 2021 2022 2021
£    £    £    £   
Deferred tax 385,000 195,000 385,000 195,000

Group
Deferred
tax
£   
Balance at 1 January 2022 195,000
Charge to Income Statement during year 190,000
Balance at 31 December 2022 385,000

Company
Deferred
tax
£   
Balance at 1 January 2022 195,000
Charge to Statement of Comprehensive Income during year 190,000
Balance at 31 December 2022 385,000

The deferred tax provision comprises the effect of accelerated capital allowances at the latest available future rate of corporation tax ruling at the date of approval of the accounts.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
3,600 Ordinary £1 3,600 3,600

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

18. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2022 9,277,216 1,400 9,278,616
Profit for the year 278,564 278,564
At 31 December 2022 9,555,780 1,400 9,557,180

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2022 9,346,968 1,400 9,348,368
Profit for the year 560,118 560,118
At 31 December 2022 9,907,086 1,400 9,908,486


19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
S M Eaton
Balance outstanding at start of year - -
Amounts advanced 2,377,656 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,377,656 -

20. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
2022 2021
£    £   
Amount due from related party - 1,019,000

The company made a loan to its subsidiary undertaking, E M Paving Limited, of £750,000 during the year ended 31 December 2015, and an additional loan of £269,000 during the year ended 31 December 2018. These loans are included within other debtors due within one year. The £750,000 loan attracts interest at a rate of 15% per annum. The company received £124,200 interest during the year (2021 : £124,200).

Key management personnel of the entity or its parent (in the aggregate)
2022 2021
£    £   
Remuneration 10,008,000 958,870

At the end of the year the directors' loan account had a debtor balance of £2,377,656 (2021: £3,456 credit balance).

B S Eaton Limited (Registered number: 00653789)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2022

20. RELATED PARTY DISCLOSURES - continued

Other related parties
2022 2021
£    £   
Amount due to related party 717,512 765,250

Included within other creditors are loans from Tailfin Finance Limited amounting to £717,512 (2021: £765,250). Interest was payable by reference to HMRC's official rate of interest for beneficial loans which for the year under review was 2%. Interest payable on the loan amounted to £88,227 (2021: £9,689). Both of the directors of Tailfin Finance Limited were directors of B S Eaton Limited and Mr S M Eaton was also a shareholder of Tailfin Finance Limited.

21. ULTIMATE CONTROLLING PARTY

The controlling party is O S C Eaton.