Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-312023-01-01truetruetruefalse22truefalse 03061241 2022-12-31 03061241 2023-01-01 2023-12-31 03061241 2022-01-02 2023-01-01 03061241 2023-12-31 03061241 2023-01-01 03061241 2022-01-02 03061241 5 2023-01-01 2023-12-31 03061241 5 2022-01-02 2023-01-01 03061241 d:Exceptional 2023-01-01 2023-12-31 03061241 d:Exceptional 2022-01-02 2023-01-01 03061241 e:CompanySecretary1 2023-01-01 2023-12-31 03061241 e:Director1 2023-01-01 2023-12-31 03061241 e:Director2 2023-01-01 2023-12-31 03061241 e:RegisteredOffice 2023-01-01 2023-12-31 03061241 d:CurrentFinancialInstruments 2023-12-31 03061241 d:CurrentFinancialInstruments 2023-01-01 03061241 d:Non-currentFinancialInstruments 2023-12-31 03061241 d:Non-currentFinancialInstruments 2023-01-01 03061241 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03061241 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-01 03061241 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03061241 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-01 03061241 d:UKTax 2023-01-01 2023-12-31 03061241 d:UKTax 2022-01-02 2023-01-01 03061241 d:ShareCapital 2023-12-31 03061241 d:ShareCapital 2023-01-01 03061241 d:ShareCapital 2022-01-02 03061241 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 03061241 d:OtherMiscellaneousReserve 2023-12-31 03061241 d:OtherMiscellaneousReserve 2023-01-01 03061241 d:OtherMiscellaneousReserve 2022-01-02 03061241 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03061241 d:RetainedEarningsAccumulatedLosses 2023-12-31 03061241 d:RetainedEarningsAccumulatedLosses 2022-01-02 2023-01-01 03061241 d:RetainedEarningsAccumulatedLosses 2023-01-01 03061241 d:RetainedEarningsAccumulatedLosses 2022-01-02 03061241 e:OrdinaryShareClass1 2023-01-01 2023-12-31 03061241 e:OrdinaryShareClass1 2023-12-31 03061241 e:OrdinaryShareClass1 2023-01-01 03061241 e:FRS102 2023-01-01 2023-12-31 03061241 e:Audited 2023-01-01 2023-12-31 03061241 e:FullAccounts 2023-01-01 2023-12-31 03061241 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03061241 d:Subsidiary1 2023-01-01 2023-12-31 03061241 d:Subsidiary1 1 2023-01-01 2023-12-31 03061241 d:Subsidiary2 2023-01-01 2023-12-31 03061241 d:Subsidiary2 1 2023-01-01 2023-12-31 03061241 d:Subsidiary3 2023-01-01 2023-12-31 03061241 d:Subsidiary3 1 2023-01-01 2023-12-31 03061241 d:Subsidiary4 2023-01-01 2023-12-31 03061241 d:Subsidiary4 1 2023-01-01 2023-12-31 03061241 d:Subsidiary5 2023-01-01 2023-12-31 03061241 d:Subsidiary5 1 2023-01-01 2023-12-31 03061241 d:RetirementBenefitObligationsDeferredTax 2023-12-31 03061241 d:RetirementBenefitObligationsDeferredTax 2023-01-01 03061241 2 2023-01-01 2023-12-31 03061241 4 2023-01-01 2023-12-31 03061241 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03061241










NORTHAMPTON ACQUISITION LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
NORTHAMPTON ACQUISITION LTD
 
 
COMPANY INFORMATION


Directors
Michael John Brown 
Arie Cornelis Bijsterveld 




Company secretary
Deborah Marion Fraser



Registered number
03061241



Registered office
Unit 5 Bedford Link Logistics Park
Bell Farm Way

Kempston

Bedfordshire

MK43 9SS




Independent auditor
MHA
Chartered Accountants & Statutory Auditors

Moorgate House

201 Silbury Boulevard

Milton Keynes

Buckinghamshire

MK9 1LZ





 
NORTHAMPTON ACQUISITION LTD
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 7
Statement of Income and Retained Earnings
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 23


 
NORTHAMPTON ACQUISITION LTD
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
 
The Company acts as a holding company for its subsidiaries whose principal activities comprise the manufacture, import and distribution of picture framing materials and the manufacture and supply of archival and conservation supplies and equipment.
The main company in the portfolio is Larson-Juhl UK Limited. 

Business review
 
As an indicator of performance of the portfolio, in the period ended 31 December 2023 Larson Juhl UK showed a 3.4% year on year sales decline. Margins also declined by 1.4%. The business was affected by market tightening through successive interest rate rises in the UK. 
 
The Company received £2.0m and distributed £1.34m in dividends in the year. In addition the Company invested £0.5m in subsidiaries and made loans of £1.1m.

Principal risks and uncertainties
 
The business is dependent on the stability and predictability of currencies and in 2023 currency volatility was much less than in 2022. Going forward alongside currency risks market tightening is the biggest threat.  Although interest rates seem to have peaked continuing conflict in Ukraine and issues in the Middle East could add additional risks to trading patterns in 2024. 


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



................................................
Michael John Brown
Director

Date: 27 March 2024

Page 1

 
NORTHAMPTON ACQUISITION LTD
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the period ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements 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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The Company acts as a holding company for its subsidiaries whose principal activities comprise the manufacture, import and distribution of picture framing materials and the manufacture and supply of archival and conservation supplies and equipment.

Results and dividends

The profit for the period, after taxation, amounted to £1,945,960 (2022 - loss £1,747,213).

There were dividends paid in the year of £1,339,600 (Period ended 1 January 2023: £1,881,746).

Directors

The Directors who served during the period were:

Michael John Brown 
Arie Cornelis Bijsterveld 

Future developments

The strategic direction of the Group remains the same as prior years and that is to consolidate the current already strong market position through continued investment in new products, salesforce training and enhancements to the service model for the Company.

Page 2

 
NORTHAMPTON ACQUISITION LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

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'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's auditor is aware of that information.

Post balance sheet events

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

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.
 





................................................
Michael John Brown
Director

Date: 27 March 2024

Page 3

 
NORTHAMPTON ACQUISITION LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHAMPTON ACQUISITION LTD
 

Opinion


We have audited the financial statements of Northampton Acquisitions Ltd (the 'Company') for the period ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the 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 Company's affairs as at 31 December 2023 and of its profit for the period 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 Company 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 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 4

 
NORTHAMPTON ACQUISITION LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHAMPTON ACQUISITION LTD (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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 5

 
NORTHAMPTON ACQUISITION LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHAMPTON ACQUISITION LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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


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 and those charged with governance around actual and potential litigation and    claims;
• enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with    laws and regulations;
• 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 revieing accounting estimates for bias;
• reviewing minutes of meetings of those charged with governance;
• reviewing financial statement disclosures and testing to supporting documentation to access compliance   with applicable laws and regulations.


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 6

 
NORTHAMPTON ACQUISITION LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHAMPTON ACQUISITION LTD (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.





Atul Kariya FCCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditors
Milton Keynes

 
Date: 
28 March 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Page 7

 
NORTHAMPTON ACQUISITION LTD
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 DECEMBER 2023

52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
Note
£
£

  

Administrative expenses
  
(128,398)
25,943

Exceptional administrative expenses
 12 
63,110
(1,756,584)

Operating loss
 4 
(65,288)
(1,730,641)

Income from fixed assets investments
  
1,956,303
100,000

Interest receivable and similar income
 8 
53,307
15,832

Interest payable and similar expenses
 9 
-
(106)

Profit/(loss) before tax
  
1,944,322
(1,614,915)

Tax on profit/(loss)
 10 
1,638
(132,298)

Profit/(loss) after tax
  
1,945,960
(1,747,213)

  

  

Retained earnings at the beginning of the period
  
4,927,090
8,556,049

  
4,927,090
8,556,049

Profit/(loss) for the period
  
1,945,960
(1,747,213)

Dividends declared and paid
  
(1,339,600)
(1,881,746)

Retained earnings at the end of the period
  
5,533,450
4,927,090

There were no recognised gains and losses for the period ended 31 December 2023 or period ended 1 January 2023 other than those included in the statement of income and retained earnings.
The notes on pages 11 to 23 form part of these financial statements.

Page 8

 
NORTHAMPTON ACQUISITION LTD
REGISTERED NUMBER: 03061241

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December 2023
31 December 2023
1 January 2023
1 January 2023
Note
£
£
£
£

Fixed assets
  

Investments
 13 
13,101,934
12,597,366

  
13,101,934
12,597,366

Current assets
  

Debtors: amounts falling due after more than one year
 14 
1,888,861
807,757

Debtors: amounts falling due within one year
 14 
313,694
93,910

Cash at bank and in hand
 15 
634,366
1,627,301

  
2,836,921
2,528,968

Creditors: amounts falling due within one year
 16 
(2,892,492)
(2,686,331)

Net current liabilities
  
 
 
(55,571)
 
 
(157,363)

Total assets less current liabilities
  
13,046,363
12,440,003

Creditors: amounts falling due after more than one year
 17 
(666,313)
(666,313)

  

Net assets
  
12,380,050
11,773,690


Capital and reserves
  

Called up share capital 
 20 
846,600
846,600

Other reserves
 21 
6,000,000
6,000,000

Profit and loss account
 21 
5,533,450
4,927,090

  
12,380,050
11,773,690


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



................................................
Michael John Brown
Director

Date: 27 March 2024

The notes on pages 11 to 23 form part of these financial statements.

Page 9

 
NORTHAMPTON ACQUISITION LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 3 January 2022
846,600
6,000,000
8,556,049
15,402,649


Comprehensive income for the year

Loss for the year
-
-
(1,747,213)
(1,747,213)

Dividends: Equity capital
-
-
(1,881,746)
(1,881,746)



At 1 January 2023
846,600
6,000,000
4,927,090
11,773,690


Comprehensive income for the period

Profit for the period
-
-
1,945,960
1,945,960

Dividends: Equity capital
-
-
(1,339,600)
(1,339,600)


At 31 December 2023
846,600
6,000,000
5,533,450
12,380,050


The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Northampton Acquisition Limited is a limited liability company, incorporated in England and Wales.
The Registered Office and principal place of business is Unit 5 Bedford Link Logistics Park,Bell Farm Way, Kempston, Bedfordshire, MK43 9SS.
The financial statements have been prepared and rounded to the nearest £1.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Berkshire Hathaway Inc, a company incorporated in the USA as at 31 December 2023 and these financial statements may be obtained from their principal place of business, 1440 Kiewit Plaza, Omaha, Nebraska, USA.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 11

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 12

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period 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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 13

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 Company 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.

 
2.15

Financial instruments

The Company 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 Statement of Income and Retained Earnings.

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.

 
2.16

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 14

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the Financial Statements requires management to make judgments, estimates and assumptions that affect the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgments or estimates that have had a significant effect on amounts recognised in the Financial Statements.


4.


Operating loss

The operating loss is stated after charging:

52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£

Exchange differences
47,139
(6,970)


5.


Auditor's remuneration

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


52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
9,000
16,600

Page 15

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Employees

Staff costs were as follows:


52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£

Wages and salaries
(70,272)
(106,686)

Social security costs
64,136
60,934

Cost of defined contribution scheme
64,359
42,268

58,223
(3,484)


The average monthly number of employees, including the Directors, during the period was as follows:


52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
            No.
            No.







Directors
2
2


7.


Income from investments

52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£





Dividends received
1,956,303
100,000


Page 16

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Interest receivable and similar income

52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£


Interest receivable from group companies
25,258
15,783

Other interest receivable
28,049
49

53,307
15,832


9.


Interest payable and similar expenses

52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£


Bank interest payable
-
106


10.


Taxation


52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£

Corporation tax


Current tax on profits for the year
-
2,552

Adjustments in respect of previous periods
-
(19,481)


Total current tax
-
(16,929)

Deferred tax


Origination and reversal of timing differences
(1,638)
149,227

Total deferred tax
(1,638)
149,227


Taxation on (loss)/profit on ordinary activities
(1,638)
132,298
Page 17

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (period ended 1 January 2023 - higher than) the standard rate of corporation tax in the UK of 23.52% (period ended 1 January 2023 - 19%). The differences are explained below:

52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£


Profit/(loss) on ordinary activities before tax
1,944,322
(1,614,915)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (Period ended 1 January 2023 - 19%)
457,315
(306,834)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
2,071

Adjustments to tax charge in respect of prior periods
(3,413)
(19,481)

Non-taxable income
(474,977)
(19,000)

Other tax charge (relief) on exceptional items
-
333,751

Other differences leading to an increase (decrease) in the tax charge
19,437
141,791

Total tax charge for the period/year
(1,638)
132,298


Factors that may affect future tax charges

On 1 April 2023 the Corporation Tax rate increased to 25%.


11.


Dividends

31 December 2023
1 January 2023
£
£


Dividends paid
1,339,600
1,881,746

Page 18

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Exceptional items

52 weeks ended 31 December 2023
52 weeks ended 1 January 2023
£
£


Provision for doutbful debt
(63,110)
1,756,584

(63,110)
1,756,584


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 January 2023
13,653,308


Additions
504,568



At 31 December 2023

14,157,876



Impairment


At 1 January 2023
1,055,942



At 31 December 2023

1,055,942



Net book value



At 31 December 2023
13,101,934



At 1 January 2023
12,597,366

Page 19

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Larson-Juhl UK Limited
Ordinary and redeemable preference
100%
Magnolia Group Limited
Ordinary
100%
Larson-Juhl S.R.O
Ordinary
100%
Lira S.R.O
Ordinary
100%
Larson-Juhl Ireland Limited
Ordinary
100%


14.


Debtors

31 December 2023
1 January 2023
£
£

Due after more than one year

Amounts owed by group undertakings
1,888,861
807,757


31 December 2023
1 January 2023
£
£

Due within one year

Trade debtors
4,865
-

Other debtors
13,847
12,518

Tax recoverable
292,007
80,055

Deferred taxation
2,975
1,337

313,694
93,910



15.


Cash and cash equivalents

31 December 2023
1 January 2023
£
£

Cash at bank and in hand
634,366
1,627,301


Page 20

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

31 December 2023
1 January 2023
£
£

Amounts owed to group undertakings
2,625,082
2,424,518

Other creditors
20,410
28,463

Accruals and deferred income
247,000
233,350

2,892,492
2,686,331



17.


Creditors: Amounts falling due after more than one year

31 December 2023
1 January 2023
£
£

Amounts owed to group undertakings
666,313
666,313



18.


Financial instruments

All financial instruments are held at amortised cost.

Page 21

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

19.


Deferred taxation




31 December 2023
1 January 2023


£

£






At beginning of year
1,337
150,564


Charged to profit or loss
1,638
(149,227)



At end of year
2,975
1,337

The deferred tax asset is made up as follows:

31 December 2023
1 January 2023
£
£


Short term timing differences
2,975
1,337


20.


Share capital

31 December 2023
1 January 2023
£
£
Allotted, called up and fully paid



846,600 (2022 - 846,600) Ordinary shares of £1.00 each
846,600
846,600



21.


Reserves

Other reserves

The other reserves represent a capital contribution reserve.

Profit and loss account

The profit and loss accounts includes all current and previous period retained profits and losses.

Page 22

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

22.


Pension commitments

The Company is party to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Compnay in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £64,359 (Period ended 1 January 2023: £42,268). At the period end, there were balances outstanding of £nil (Period ended 1 January 2023: £3,694).


23.


Related party transactions

As a subsidiary undertaking of Berkshire Hathaway Inc, the Company has taken advantage of the exemption in FRS102 from disclosing transactions with other members of the group headed by Berkshire Hathaway Inc. Transactions with other group companies are not disclosed since the Ultimate Parent Company has prepared consolidated financial statements which are publicly available.


24.


Controlling party

Berkshire Hathaway Inc, a company incorporated in the USA, is the controlling party and Ultimate Parent Undertaking. The principal place of business of Berkshire Hathaway Inc. is 1440 Kiewit Plaza, Omaha, Nebraska 68121, USA. The financial statements of the Group are available to the public from this address.

 
Page 23