Company registration number NI038887 (Northern Ireland)
NORBEV LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NORBEV LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
NORBEV LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J Harkness
Mrs S Blythe
Secretary
Mrs K Thomas
Company number
NI038887
Registered office
100 Railway Street
Ballymena
Co Antrim
BT42 2AF
Auditor
Moore (NI) LLP
21/23 Clarendon Street
Londonderry
BT48 7EP
Bankers
Santander Corporate Banking
T54 Ground Floor
Bridle Road
Bootle
L30 4GB
Solicitors
Hinds & Co
66 Donegall Pass
Belfast
BT7 1BU
NORBEV LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present the strategic report and financial statements for the year ended 31 December 2023.
Review of the business
Norbev’s vision is to be the most trusted soft drinks manufacturing partner, supporting its customers by delivering excellence in soft drinks manufacturing and end-to-end supply chain services.
In 2023 the company sought to consolidate its position as part of its transformation strategy through developing its people, protecting our planet, advancing its processes and supporting its partnerships. It also sought to improve efficiency and performance in response to the challenges that arose from global inflationary pressures. As a result, the company has recorded an increase in turnover of 6% on the previous year to £38.2m (2022: £35.9m) with the continuation of established contracts and improved operational efficiencies also supporting an increase in profitability for the year.
Risks and Uncertainties
The company relies on a core customer base and operates in global markets where material prices are subject to continuous fluctuation. Operational efficiency is key to remaining competitive with inflationary pressures demanding a dynamic response to both customers and suppliers. The company gives due regard to mitigating inflationary, credit and foreign exchange risks in managing these uncertainties. The directors have not delegated responsibility for financial risk management to a sub-committee of the company’s Board.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The company ensures continuity of funding by matching the source of funds to the intended use of those funds, so that fixed assets are financed out of reserves and by medium to long term borrowings with draw down and repayment terms that are spread over a period of years. Short term flexibility is achieved by use of commercial finance facilities.
Interest rate risk
The company finances its operations through a mixture of retained profits and bank borrowings. The company's exposure to interest rate fluctuations on its borrowings is managed through the on-going review of its borrowing requirements.
Foreign currency risk
A small proportion of the company's trade is conducted in foreign currencies. Exposure to foreign currency risk is in the normal course of business and deemed to be immaterial.
Credit risk
Credit risk principally arises from trade debtors. To manage credit risk, the directors assess payment history, credit references and industry knowledge, and maintain regular reviews of amounts receivable. The company also has credit insurance in place.
Inflationary risk
The company continues to review its input costs to ensure it responds appropriately to inflationary pressures.
Development and Performance
The company is continuing to develop its people and advance its processes in support of market requirements, as well as researching new products that will contribute to the future expansion and diversification of the business. Margins are expected to remain tight under global economic pressures but despite those challenges the company remains in a strong financial position.
The company operates in a competitive market and the directors consider its financial performance to be satisfactory given current market conditions.
NORBEV LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Key Performance Indicators
In monitoring performance the directors and management have regard to a range of key performance indicators (KPI's), including the following;
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Profit / (loss) before taxation | | | |
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Other information and explanations
Environment
The company continues to comply with environmental legislation and actively works to reduce waste from its operations and has ISO 14001 accreditation.
Health and Safety
The company is committed to achieving the highest practical standards in health and safety management for the benefit of all its stakeholders and is regularly audited by third parties.
People
The company operates within a set of core values and invests in the training and development of all its employees. It is an equal opportunities employer and employee engagement and satisfaction is critical to the company’s success. In recognition of its initiatives to empower and support its employees the company received the Right Place to Work award at the annual Ballymena Business Awards in October 2023. It also undertook a successful Sedex Members Ethical Trade Audit, designed to ensure workers remain protected from unsafe conditions, overwork, discrimination, low pay and forced labour.
The company’s employees continue to demonstrate commitment to our customer’s needs despite current market challenges and I thank them sincerely.
Mrs S Blythe
Director
20 March 2024
NORBEV LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is soft drinks manufacturing.
Results and dividends
The results for the year are set out on page 9.
The directors do not recommend payment of a dividend for the year ended 31 December 2023 (2022 - £nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Harkness
Mrs S Blythe
Future developments
The company plans to continue its current activities. The directors recognise that there is increased competition in the marketplace and that continued investment in the company’s products, with particular emphasis on quality and service, will enable the company to continue to improve its market position.
Auditor
The auditor, Moore (NI) LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
NORBEV LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mrs S Blythe
Director
20 March 2024
NORBEV LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NORBEV LIMITED
- 6 -
Opinion
We have audited the financial statements of Norbev Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2023 and of its 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.
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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NORBEV LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORBEV LIMITED
- 7 -
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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Based on our understanding of the company and its operating environment, we determined that the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations. Additionally, we concluded that there are significant Food Safety laws and regulations of which non-compliance may have a material effect on the financial statements.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, including evaluating management's incentives and opportunities to manage earnings or influence the reported results. From the results of our assessment, we determined that the principal risk of fraud related to posting inappropriate journal entries. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override.
NORBEV LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORBEV LIMITED
- 8 -
Audit response to risks identified
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. Audit procedures performed by the engagement team included:
We obtained an understanding of the company's internal control systems in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.
We obtained an understanding of how the company complies with relevant laws and regulations, including aviation and environmental compliance requirements, by making enquiries of management and those charged with governance.
Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
Reviewing minutes of meetings of those charged with governance
We test the completeness of income to address the risk of fraud in revenue recognition.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.
John Love
Senior Statutory Auditor
For and on behalf of Moore (NI) LLP
20 March 2024
Chartered Accountants
Statutory Auditor
21/23 Clarendon Street
Derry/Londonderry
BT48 7EP
NORBEV LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
38,176,883
35,949,082
Cost of sales
(32,231,418)
(31,620,051)
Gross profit
5,945,465
4,329,031
Distribution costs
(1,086,024)
(858,137)
Administrative expenses
(2,325,515)
(2,399,218)
Other operating income
28,009
43,078
Operating profit
4
2,561,935
1,114,754
Interest receivable and similar income
7
40,781
1,378
Interest payable and similar expenses
8
(197,184)
(337,518)
Profit before taxation
2,405,532
778,614
Tax on profit
9
(542,894)
(145,189)
Profit for the financial year
1,862,638
633,425
The profit and loss account has been prepared on the basis that all operations are continuing operations.
NORBEV LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
312,550
375,040
Other intangible assets
10
779,108
796,193
Total intangible assets
1,091,658
1,171,233
Tangible assets
11
4,056,196
5,335,089
5,147,854
6,506,322
Current assets
Stocks
12
3,222,142
2,907,696
Debtors
13
3,607,241
4,036,022
Cash at bank and in hand
2,382,002
395,142
9,211,385
7,338,860
Creditors: amounts falling due within one year
14
(5,757,266)
(6,916,596)
Net current assets
3,454,119
422,264
Total assets less current liabilities
8,601,973
6,928,586
Creditors: amounts falling due after more than one year
15
(1,621,866)
(1,828,631)
Provisions for liabilities
Deferred tax liability
18
805,200
787,686
(805,200)
(787,686)
Net assets
6,174,907
4,312,269
Capital and reserves
Called up share capital
20
550,100
550,100
Profit and loss reserves
5,624,807
3,762,169
Total equity
6,174,907
4,312,269
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 20 March 2024 and are signed on its behalf by:
Mrs S Blythe
Director
Company registration number NI038887 (Northern Ireland)
NORBEV LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
550,100
3,128,744
3,678,844
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
633,425
633,425
Balance at 31 December 2022
550,100
3,762,169
4,312,269
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,862,638
1,862,638
Balance at 31 December 2023
550,100
5,624,807
6,174,907
NORBEV LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
4,194,927
2,144,026
Interest paid
(196,510)
(334,400)
Income taxes (paid)/refunded
(119,977)
203,240
Net cash inflow from operating activities
3,878,440
2,012,866
Investing activities
Purchase of tangible fixed assets
(816,375)
(246,764)
Proceeds on disposal of tangible fixed assets
1,181,656
102,718
Interest received
40,781
1,378
Net cash generated from/(used in) investing activities
406,062
(142,668)
Financing activities
Repayment of borrowings
(1,956,826)
(909,713)
Net of finance lease loans obtained and payment of finance leace obligations
(340,816)
(1,013,821)
Net cash used in financing activities
(2,297,642)
(1,923,534)
Net increase/(decrease) in cash and cash equivalents
1,986,860
(53,336)
Cash and cash equivalents at beginning of year
395,142
448,477
Cash and cash equivalents at end of year
2,382,002
395,142
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
Norbev Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 100 Railway Street, Ballymena, Co Antrim, BT42 2AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leases
2% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
5% - 20% straight line
Fixtures, fittings & equipment
5% - 10% straight line
Computer equipment
20% straight line
Motor vehicles
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Soft drinks manufacturing
38,176,883
35,949,082
2023
2022
£
£
Other revenue
Interest income
40,781
1,378
Grants received
28,009
43,078
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
3,469
(20,380)
Government grants
(28,009)
(43,078)
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
15,600
Depreciation of owned tangible fixed assets
714,753
805,480
Depreciation of tangible fixed assets held under finance leases
222,658
270,189
Profit on disposal of tangible fixed assets
(23,799)
(7,951)
Amortisation of intangible assets
79,575
79,575
Operating lease charges
101,089
214,101
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production staff
71
73
Administration staff
18
16
Total
89
89
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,337,952
2,966,765
Social security costs
329,814
321,245
Pension costs
93,305
83,155
3,761,071
3,371,165
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
240,299
195,590
Company pension contributions to defined contribution schemes
4,737
7,709
245,036
203,299
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
240,299
-
Company pension contributions to defined contribution schemes
4,737
-
In the comparative year aggregate directors' remuneration was less than £200,000 and disclosure of the amounts paid to the highest paid director was not required.
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
40,781
1,378
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Interest receivable and similar income
(Continued)
- 20 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
40,781
1,378
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
41,054
19,917
Interest on invoice finance arrangements
10,557
159,436
51,611
179,353
Other finance costs:
Interest on finance leases and hire purchase contracts
145,573
158,165
197,184
337,518
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
564,918
150,468
Adjustments in respect of prior periods
(39,539)
(129,036)
Total current tax
525,379
21,432
Deferred tax
Origination and reversal of timing differences
17,515
123,757
Total tax charge
542,894
145,189
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,405,532
778,614
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
565,781
147,937
Tax effect of expenses that are not deductible in determining taxable profit
18,895
15,306
Tax effect of income not taxable in determining taxable profit
(2,788)
(3,216)
Tax effect of utilisation of tax losses not previously recognised
(63,623)
Adjustments in respect of prior years
(39,539)
(129,036)
Permanent capital allowances in excess of depreciation
(505)
(14,066)
Deferred tax adjustments in respect of prior years
2,842
Effect of change in tax rate on deferred tax
1,050
189,045
Taxation charge for the year
542,894
145,189
10
Intangible fixed assets
Goodwill
Leases
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
1,250,000
853,038
2,103,038
Amortisation and impairment
At 1 January 2023
874,960
56,845
931,805
Amortisation charged for the year
62,490
17,085
79,575
At 31 December 2023
937,450
73,930
1,011,380
Carrying amount
At 31 December 2023
312,550
779,108
1,091,658
At 31 December 2022
375,040
796,193
1,171,233
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
15,813,016
186,890
397,493
27,045
16,424,444
Additions
747,085
41,162
28,128
816,375
Disposals
(2,302,866)
(283)
(16,110)
(2,319,259)
Transfers
5,000
5,000
At 31 December 2023
14,262,235
227,769
409,511
27,045
14,926,560
Depreciation and impairment
At 1 January 2023
10,646,837
113,121
314,521
14,876
11,089,355
Depreciation charged in the year
888,981
13,224
33,026
2,180
937,411
Eliminated in respect of disposals
(1,145,181)
(111)
(16,110)
(1,161,402)
Transfers
5,000
5,000
At 31 December 2023
10,395,637
126,234
331,437
17,056
10,870,364
Carrying amount
At 31 December 2023
3,866,598
101,535
78,074
9,989
4,056,196
At 31 December 2022
5,166,179
73,769
82,972
12,169
5,335,089
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
606,423
1,673,824
Fixtures, fittings & equipment
1,759
2,273
Computer equipment
2,263
6,143
610,445
1,682,240
12
Stocks
2023
2022
£
£
Raw materials and consumables
2,296,044
1,447,264
Finished goods and goods for resale
926,098
1,460,432
3,222,142
2,907,696
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,344,715
3,599,954
Unpaid share capital
100
100
Other debtors
148,145
313,436
Prepayments and accrued income
114,281
122,532
3,607,241
4,036,022
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
16
73,622
2,020,998
Obligations under finance leases
17
60,148
252,432
Trade creditors
3,092,125
2,726,020
Corporation tax
555,871
150,468
Other taxation and social security
454,048
664,728
Other creditors
439,429
615,272
Accruals and deferred income
1,082,023
486,678
5,757,266
6,916,596
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
423,326
479,812
Obligations under finance leases
17
17,401
165,933
Other borrowings
16
1,181,139
1,182,886
1,621,866
1,828,631
16
Loans and overdrafts
2023
2022
£
£
Bank loans
496,948
2,500,810
Loans from related parties
1,181,139
1,182,886
1,678,087
3,683,696
Payable within one year
73,622
2,020,998
Payable after one year
1,604,465
1,662,698
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Loans and overdrafts
(Continued)
- 24 -
Bank loans, overdrafts and invoice discounting facilities are secured as follows:
First ranking debenture over the assets and undertakings of Norbev Limited
Assignment over book debts
Subordination agreement in respect of the loan from J C Harkness & Co to Norbev Limited
A debenture from the Borrower over all it's assets and undertaking
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
60,148
252,432
In two to five years
17,401
165,933
77,549
418,365
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
805,200
787,686
2023
Movements in the year:
£
Liability at 1 January 2023
787,686
Charge to profit or loss
17,514
Liability at 31 December 2023
805,200
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,305
83,155
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
550,100
550,100
550,100
550,100
At the year end 550,000 Ordinary shares of £1 each where paid, 100 Ordinary shares of £1 each where unpaid.
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
675,139
189,170
Between two and five years
1,371,930
493,311
In over five years
3,379,600
3,471,900
5,426,669
4,154,381
22
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
245,036
203,299
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Related party transactions
(Continued)
- 26 -
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
2023
2022
£
£
Entities with control, joint control or significant influence over the company
12,160
33,807
During the year under review the company has paid rent of £85,200 to a Director and Shareholder of the company for use of freehold property which he owns. The lease is under formal contract terms. At the year end £8,520 remained outstanding in relation to these transactions.
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,180,525
1,182,886
23
Ultimate controlling party
The directors consider that Norbev Limited is under the control of Mr James Harkness by virtue of his shareholding.
24
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,862,638
633,425
Adjustments for:
Taxation charged
542,894
145,189
Finance costs
197,184
337,518
Investment income
(40,781)
(1,378)
Gain on disposal of tangible fixed assets
(23,799)
(7,951)
Amortisation and impairment of intangible assets
79,575
79,575
Depreciation and impairment of tangible fixed assets
937,411
1,075,669
Movements in working capital:
Increase in stocks
(314,446)
(1,036,349)
Decrease in debtors
379,999
428,826
Increase in creditors
574,252
489,502
Cash generated from operations
4,194,927
2,144,026
NORBEV LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
25
Analysis of changes in net funds/(debt)
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
395,142
1,986,860
2,382,002
Borrowings excluding overdrafts
(3,683,696)
2,005,609
(1,678,087)
Obligations under finance leases
(418,365)
340,816
(77,549)
(3,706,919)
4,333,285
626,366
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