Company registration number 07409425 (England and Wales)
CORINTHIAN BRANDS (CBL) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CORINTHIAN BRANDS (CBL) LIMITED
COMPANY INFORMATION
Directors
S Cottingham
P Burton
J Hibberd
S Hibberd
H Burton
I Kent
Secretary
S Cottingham
Company number
07409425
Registered office
Conyngham Hall
Bond End
Knaresborough
North Yorkshire
United Kingdom
HG5 9AY
Auditor
Azets Audit Services
Ship Canal House
98 King Street
Manchester
M2 4WU
Bankers
Santander UK plc
44 Merrion Street
Leeds
United Kingdom
LS2 8JQ
CORINTHIAN BRANDS (CBL) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 20
CORINTHIAN BRANDS (CBL) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

Corinthian Brands (CBL) Limited distributes alcoholic and non-alcoholic drinks to retailers and wholesalers in the UK. The results for the year build on profits in the previous years. Further expansion to the customer base and product lines in the year has resulted in an increase to turnover and profits from last year. This expansion is anticipated to continue in future years.

Principal risks and uncertainties

There are a number of risks which have been identified by the Company.

The Directors are of the opinion that a thorough risk management process is in place which involves the formal review of the risks identified.

Financial risk management

The Company’s operations expose it to a variety of financial business risks including foreign currency exchange rates, credit risk and liquidity risk.

Foreign currency risk

Although the Company only purchases products in Sterling, many materials are sourced from Europe. Prices are negotiated at the start of the year, but are still subject to any increase in duty rates.

Credit risk

The Company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by monitoring the aggregate amount and duration of exposure to any one customer depending upon their credit rating.

Liquidity risk

The Company’s policy is managed by financial management on its major contracts by negotiating favourable payable terms with respective customers and suppliers wherever possible. The Company’s objective is to ensure an overall neutral or positive cash flow.

Whilst general trading will always remain competitive the diversification of the group’s client base and sectors that it operates in helps manage any exposure to a downturn in any one area. Similarly, this diversification has widened the client base with no customer representing a high percentage of turnover. The Board of Directors continually reviews market conditions to assess both risks and opportunities that the company faces.

Key performance indicators

The Gross Profit Margin is consistent with 2022. Turnover is increased due to expansion in distribution and product lines.

 

 

On behalf of the board

S Cottingham
Director
16 April 2024
CORINTHIAN BRANDS (CBL) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company continued to be that of the sale of canned beverages.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £7,550,604 (2022: £3,700,296). The diorectors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Cottingham
P Burton
J Hibberd
S Hibberd
H Burton
I Kent
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

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:

 

 

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.

CORINTHIAN BRANDS (CBL) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
S Cottingham
Director
16 April 2024
CORINTHIAN BRANDS (CBL) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORINTHIAN BRANDS (CBL) LIMITED
- 4 -
Opinion

We have audited the financial statements of Corinthian Brands (CBL) Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the balance sheet, 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:

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 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 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:

CORINTHIAN BRANDS (CBL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORINTHIAN BRANDS (CBL) LIMITED
- 5 -
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:

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.

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.

CORINTHIAN BRANDS (CBL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORINTHIAN BRANDS (CBL) LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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.

Helen Davies
Senior Statutory Auditor
For and on behalf of Azets Audit Services
16 April 2024
2024-04-16
Chartered Accountants
Statutory Auditor
Ship Canal House
98 King Street
Manchester
M2 4WU
CORINTHIAN BRANDS (CBL) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
28,099,202
25,948,372
Cost of sales
(19,257,491)
(17,952,211)
Gross profit
8,841,711
7,996,161
Distribution costs
(854,058)
(974,538)
Administrative expenses
(1,351,642)
(1,505,856)
Operating profit
4
6,636,011
5,515,767
Interest receivable and similar income
44,589
591
Interest payable and similar expenses
7
(13,392)
(34,496)
Profit before taxation
6,667,208
5,481,862
Tax on profit
8
(1,279,828)
(939,410)
Profit for the financial year
5,387,380
4,542,452
Retained earnings brought forward
8,334,207
7,492,051
Dividends
9
(7,550,604)
(3,700,296)
Retained earnings carried forward
6,170,983
8,334,207

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CORINTHIAN BRANDS (CBL) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
293,478
141,643
Current assets
Stocks
11
1,157,165
1,341,659
Debtors
12
4,949,727
4,391,318
Cash at bank and in hand
2,312,209
4,251,366
8,419,101
9,984,343
Creditors: amounts falling due within one year
13
(2,242,261)
(1,741,775)
Net current assets
6,176,840
8,242,568
Total assets less current liabilities
6,470,318
8,384,211
Creditors: amounts falling due after more than one year
14
(249,331)
-
0
Net assets
6,220,987
8,384,211
Capital and reserves
Called up share capital
17
50,004
50,004
Profit and loss reserves
6,170,983
8,334,207
Total equity
6,220,987
8,384,211
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
S Cottingham
Director
Company Registration No. 07409425
CORINTHIAN BRANDS (CBL) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
6,621,101
5,108,699
Interest paid
(13,392)
(34,496)
Income taxes paid
(968,039)
(1,012,849)
Net cash inflow from operating activities
5,639,670
4,061,354
Investing activities
Proceeds from disposal of tangible fixed assets
129,758
-
0
Interest received
44,589
591
Net cash generated from investing activities
174,347
591
Financing activities
Payment of finance leases obligations
(202,570)
(58,769)
Dividends paid
(7,550,604)
(3,700,296)
Net cash used in financing activities
(7,753,174)
(3,759,065)
Net (decrease)/increase in cash and cash equivalents
(1,939,157)
302,880
Cash and cash equivalents at beginning of year
4,251,366
3,948,486
Cash and cash equivalents at end of year
2,312,209
4,251,366
CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Corinthian Brands (CBL) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Conyngham Hall, Bond End, Knaresborough, North Yorkshire, United Kingdom, HG5 9AY.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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.

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.

Revenue 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
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:

Office equipment
straight line over 5 years
Motor vehicles
straight line over 4 years

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

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.

CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.6
Cash at bank and in hand

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

1.7
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.

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.

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.

CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

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.

CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

1.13

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.

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.

 

There are no judgements or key sources of estimation uncertainty.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of canned beverages
28,099,202
25,948,372
CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 14 -
2023
2022
£
£
Other revenue
Interest income
44,589
591
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
32,375
13,750
Depreciation of tangible fixed assets held under finance leases
72,717
84,498
Profit on disposal of tangible fixed assets
(31,693)
-
Operating lease charges
35,510
30,538
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administrative
10
10
Sales
2
2
Total
12
12

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
605,629
491,186
Social security costs
99,446
74,371
Pension costs
16,822
12,873
721,897
578,430
6
Directors' and Key Management Personnel remuneration
2023
2022
£
£
Remuneration for qualifying services
558,379
394,824
Company pension contributions to defined contribution schemes
11,119
6,321
569,498
401,145
CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' and Key Management Personnel remuneration
(Continued)
- 15 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
182,894
118,580
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
-
0
22,393
Other finance costs:
Interest on finance leases and hire purchase contracts
13,392
12,103
13,392
34,496
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,291,048
897,279
Adjustments in respect of prior periods
113
59,102
Total current tax
1,291,161
956,381
Deferred tax
Origination and reversal of timing differences
(11,333)
(16,971)
Total tax charge
1,279,828
939,410
CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 16 -

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
6,667,208
5,481,862
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,568,127
1,041,554
Tax effect of expenses that are not deductible in determining taxable profit
217
58,728
Adjustments in respect of prior years
112
59,102
Effect of change in corporation tax rate
(671)
(4,073)
Group relief
(287,957)
(215,852)
Capital items expensed
-
0
(49)
Taxation charge for the year
1,279,828
939,410
9
Dividends
2023
2022
£
£
Final paid
7,550,604
3,700,296
10
Tangible fixed assets
Office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
3,055
337,994
341,049
Additions
-
0
322,617
322,617
Disposals
-
0
(337,994)
(337,994)
At 31 December 2023
3,055
322,617
325,672
Depreciation and impairment
At 1 January 2023
3,055
196,351
199,406
Depreciation charged in the year
-
0
72,717
72,717
Eliminated in respect of disposals
-
0
(239,929)
(239,929)
At 31 December 2023
3,055
29,139
32,194
Carrying amount
At 31 December 2023
-
0
293,478
293,478
At 31 December 2022
-
0
141,643
141,643
CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Tangible fixed assets
(Continued)
- 17 -

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
£
£
Motor vehicles
293,477
141,641
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
1,157,165
1,341,659
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,836,945
4,294,018
Prepayments and accrued income
65,524
61,375
4,902,469
4,355,393
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 15)
47,258
35,925
Total debtors
4,949,727
4,391,318
13
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
39,291
168,575
Trade creditors
278,857
80,995
Corporation tax
613,448
290,326
Other taxation and social security
373,437
440,019
Accruals and deferred income
937,228
761,860
2,242,261
1,741,775

Hire purchase and finance lease liabilities are secured upon the assets to which they relate.

CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
14
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
249,331
-
0

Hire purchase and finance lease liabilities are secured upon the assets to which they relate.

15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
38,337
35,276
Short term timing differences
8,921
649
47,258
35,925
2023
Movements in the year:
£
Asset at 1 January 2023
(35,925)
Credit to profit or loss
(11,333)
Asset at 31 December 2023
(47,258)

The deferred tax asset set out above is expected to reverse within 3 years and relates to the utilisation of tax losses against future expected profits of the same period.

16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
16,822
12,873

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. The amount outstanding at the year end was £4,041 (2022: £2,597).

17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,004
50,004
50,004
50,004
CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Share capital
(Continued)
- 19 -

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

18
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
19,138
34,740
Between two and five years
9,773
28,159
28,911
62,899
19
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
189,903

As at the prior year-end date, a hire purchase agreement had been signed in relation to a motor vehicle, which was received and capitalised in the current year.

20
Related party transactions

The company is a wholly owned subsidiary of St Helier Company (SHBC) Jersey Limited ("SHBC"). During the year, SHBC charged the company £60,000 (2022: £60,000) in respect of rent of trade marks.

 

At the year end £565 (2022: £203) was owed to a director, included within trade creditors.

21
Ultimate controlling party

The immediate parent company is St Helier Beverage Company (SHBC) Jersey Limited, a company incorporated in Jersey.

 

St Helier Beverage Company (SHBC) Jersey Limited is owned by SHBC Holdings Limited, which is controlled by P Burton and J Hibberd.

22
Securities

A fixed and floating charge is held over all the property or undertaking of the company in relation to loans provided to the ultimate parent company SHBC Holdings Limited.

 

At the year end, the total indebtedness in group undertakings secured by the company is £7,423,614 (2022: £11,798,772) and will mature over a period of 4 years to July 2026.

CORINTHIAN BRANDS (CBL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
23
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
5,387,380
4,542,452
Adjustments for:
Taxation charged
1,279,828
939,410
Finance costs
13,392
34,496
Investment income
(44,589)
(591)
Gain on disposal of tangible fixed assets
(31,693)
-
Depreciation and impairment of tangible fixed assets
72,717
84,498
Movements in working capital:
Decrease in stocks
184,494
1,524,342
Increase in debtors
(547,076)
(480,782)
Increase/(decrease) in creditors
306,648
(1,535,126)
Cash generated from operations
6,621,101
5,108,699
24
Analysis of changes in net funds
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
4,251,366
(1,939,157)
-
2,312,209
Obligations under finance leases
(168,575)
202,570
(322,617)
(288,622)
4,082,791
(1,736,587)
(322,617)
2,023,587
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