REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
NOEL BOOTH & SONS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
NOEL BOOTH & SONS LIMITED |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
NOEL BOOTH & SONS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 August 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
STRATEGIC REPORT |
for the Year Ended 31 August 2023 |
The directors present their strategic report for the year ended 31 August 2023. |
The principal activity of the company in the year under review was that of fuel and oil distributors. |
REVIEW OF BUSINESS |
The directors are happy to report another successful year. Turnover has decreased by 7.5% which is attributable to an increase in the market commodity price of fuel and oil together with a decrease in volume of 11%. The decrease in volume is primarily because of changes in legislation, effect from 1 April 2022, governing the permitted commercial use of red diesel. This has had a major impact on the company's sales mix. Before the changes in legislation red diesel sales accounted for approximately 50% of the company's sales. This has reduced to approximately 25% following the changes in legislation. This reduction has been somewhat offset by an increase in white diesel sales as this is the alternative fuel used where red diesel use is prohibited. |
The gross profit percentage achieved has increased to 6.3% from 5.7%. This increase is as expected given that the company's sales pricing policy is cost plus pricing. Despite the changes in the market described above the company has seen an increase in net assets in excess of £200,000. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company continues to build a loyal customer base and has further increased its customer base to spread trade risk. |
The company has suffered several bad debts during this financial year but no higher than expected considering the market we operate in. The directors feel that bad debts are inevitable given the number of customers supplied on credit. The company continues to monitor customer credit ratings and the directors are confident that every precaution is taken to minimise the risk of bad debts |
HEALTH AND SAFETY |
Health and safety continue to be a priority. The company continues to use Common Sense Solutions to provide general health and safety services. For the company's Dangerous Goods Safety Advisor requirements, the Federation of Petroleum Suppliers is used. These companies provide a comprehensive service both in their reviews and the reports produced with giving recommendations where improvements are required. |
Last year a site safety consultant surveyed the company's premises and made key recommendations to improve the condition of tanks, electrical wiring and other equipment. The majority of works required to implement these improvements have been undertaken. |
The company continues to invest as required in tanks and loading equipment thus maintaining a safe working environment. The company has a fully insulated workshop with the latest heat alarms and vehicle lifting equipment. This enables us to ensure our vehicles get regular checks as required by VOSA and are maintained to the highest standards. |
Customers are encouraged to store fuel in tanks that are designed to comply with the latest environmental and health and safety standards. |
Driver training is a legal requirement (ADR & CPC) with loading terminals requiring drivers to have a PDP to use their facilities. The company ensures all training is complete on time. |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
STRATEGIC REPORT |
for the Year Ended 31 August 2023 |
FUTURE DEVELOPMENTS |
The future for the company remains challenging in terms of changes in market conditions. The strength of the company's cash reserves, and varied customer base will support the company through these challenging times. |
The directors would like to thank everyone connected with the company for their commitment and energy in what has been an excellent and rewarding year. |
ON BEHALF OF THE BOARD: |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 August 2023 |
The directors present their report with the financial statements of the company for the year ended 31 August 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 August 2023 was £80,000 (2022: £80,000). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
Details of the Directors' review of the business and details of future developments have been included in the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NOEL BOOTH & SONS LIMITED |
Opinion |
We have audited the financial statements of Noel Booth & Sons Limited (the 'company') for the year ended 31 August 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 August 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NOEL BOOTH & SONS LIMITED |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NOEL BOOTH & SONS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
- We identified the laws and regulations applicable to the company through discussions with directors and from our commercial knowledge and experience of the company's trading sector. |
- We focused on specific laws and regulations which we considered may have a direct material effect of the financial statements or the operations of the company, including environmental and health and safety legislation, the Companies Act 2006 and taxation legislation. |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and inspecting a due diligence survey report detailing the condition of the company's trading premises; and |
- Identified laws and regulations were communicated within the engagement team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur, by; |
- Making enquiries of management as to where they considered susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we; |
- Tested journal entries to identify unusual transactions. |
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to; |
- Agreeing financial statement disclosures to underlying supporting documentation. |
- Enquiring of management as to actual and potential litigation, claims and non compliance with laws and regulations; and |
- Reviewing the correspondence with HMRC and any other relevant regulators and advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NOEL BOOTH & SONS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Year Ended 31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
395,152 | 371,662 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
STATEMENT OF FINANCIAL POSITION |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 August 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 September 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 August 2023 |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
STATEMENT OF CASH FLOWS |
for the Year Ended 31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 80,340 | 880,001 |
Amount withdrawn by directors | (124,933 | ) | (75,657 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,188,965 |
Cash and cash equivalents at end of year | 2 | 2,069,642 | 1,944,600 |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 31 August 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | - | 11 |
Finance income | (18,526 | ) | (650 | ) |
501,250 | 498,230 |
Decrease in stocks |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 August 2023 |
31/8/23 | 1/9/22 |
£ | £ |
Cash and cash equivalents | 2,069,642 | 1,944,600 |
Year ended 31 August 2022 |
31/8/22 | 1/9/21 |
£ | £ |
Cash and cash equivalents | 1,944,600 | 1,188,965 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/9/22 | Cash flow | At 31/8/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,944,600 | 125,042 | 2,069,642 |
1,944,600 | 2,069,642 |
Total | 1,944,600 | 125,042 | 2,069,642 |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Noel Booth & Sons Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below. |
Critical accounting 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 in determining 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. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions actual results may differ. |
These estimates and underlying assumptions will be reviewed on an ongoing basis. Revisions to accounting estimates will be 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. |
Critical judgements and estimates |
The critical judgements and estimates that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the financial statements are discussed below. |
Assessing indicators of impairment |
In assessing whether there have been any indicators of impaired assets the directors have considered both internal and external sources of information such as market conditions and experience of recoverability. |
Provisions against trade debtors |
At the reporting date the directors make judgments, based on prior experience, regarding the level of provision required to account for potentially uncollectable trade debtors. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods provided and is shown net of VAT. |
Turnover is recognised when the goods have been delivered to customers. This is the point when the risks and rewards of ownership have been transferred to the customer. |
Goodwill |
Intangible fixed assets in respect of goodwill represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of a business acquired in 2004. |
Goodwill is measured initially at cost. After initial recognition goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill is being amortised over a 20 year period being its estimated useful economic life. |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated cost less accumulated depreciation and accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Property improvements - 20% on reducing balance |
Plant and machinery - 15% on reducing balance |
Office equipment - 20% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer equipment - 33% on cost |
The carrying value of tangible fixed assets is reviewed annually to determine whether there is any indication of impairment. Any resultant impairment loss is recognised in profit or loss in the year in which it arises. |
Stocks |
Stocks are valued at the lower of cost and selling price, after making allowances for obsolete and slow moving items. |
Financial instruments |
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
The following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, Directors' loan accounts, trade creditors and accruals. |
Financial instruments that are payable or receivable within one year, typically bank accounts, trade debtors, Directors' loan accounts, trade creditors and accruals are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received. |
Financial instruments repayable in more than one year are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Operational and administrative |
The company paid contributions of £120,000 (2022: £160,000) into money purchase pension schemes on behalf of the directors. |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Goodwill amortisation |
Auditors' remuneration |
Auditors remuneration - accountancy and tax |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest payable |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Deferred tax movement | 15,700 | 3 |
Change in standard rate of corporation tax | (11,672 | ) | - |
Total tax charge | 87,758 | 94,788 |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
Amortisation for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
9. | TANGIBLE FIXED ASSETS |
Property | Plant and | Office |
improvements | machinery | equipment |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
Disposals |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Directors' loan accounts | 1,208,928 | 1,253,521 |
Accrued expenses |
13. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Provided during year |
Balance at 31 August 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Each ordinary share has equal rights in terms of voting, dividends and upon winding up of the company. |
NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 August 2023 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 August 2023 |
Retained earnings is a distributable reserve representing all current and prior period retained profits and losses. |
16. | PENSION COMMITMENTS |
During the year the company made pension contributions of £163,623 (2022: £198,621). There were no outstanding contributions at the reporting date. |
17. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
18. | RELATED PARTY DISCLOSURES |
Included in creditors is £1,208,928 (2022: £1,253,521) owing to the directors. This amount is unsecured, interest free and there are no fixed repayment terms. |
During the year the company paid a dividends totalling £80,000 (2022: £80,000) to directors. |
The company operates on a rent free basis from premises owned jointly by the company's directors. |
19. | CONTROL |
The company is controlled jointly by the directors. |