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Company registration number: 11036457







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2022


BOOTH HOLDINGS LIMITED






































img6c91.png                        

 


BOOTH HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Director
S Booth 




Registered number
11036457



Registered office
Newhouse Farm
Church Lane

East Boldre

Brockenhurst

SO42 7WS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


BOOTH HOLDINGS LIMITED
 



CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Statement of Financial Position
10
Company Statement of Financial Position
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14 - 15
Consolidated Statement of Cash Flows
16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 36


 


BOOTH HOLDINGS LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022

Introduction
 
The director presents his strategic report of the Group for the period ended 31 December 2022.
The principal activity of the Group in the period under review was that of a specialist soft fruit grower. The Company's principal activity is that of a holding company for The New Forest Fruit Company Limited.

Business review
 
The Group performed well in 2022 increasing turnover to £21.3 million, giving a year-on-year increase of 8.8%. The increased turnover is part of the Group's long-term strategy to maximise output and profit from all production areas. Asparagus production continues to expand, with production increasing by 18% in 2022.
Operating profit fell to £1.7M in 2022 (£2.5M in 2021). Despite the increase in turnover it was impossible to absorb the 14% increase in labour rate. Margins and profits both decreased as a result of the labour cost increase. The impact of the unprecedented rate increase was partially offset by our continuing efforts to utilise resources as efficiently and effectively as possible.
The Directors of The New Forest Fruit Company remain positive and very confident in the business. They are acutely aware of the pressures of ever-increasing wage costs and increased efficiency and lean operation remain a top focus. Our long-term strategic plans, budgets and cash flows support this view.
The Group's net asset position has increased from £9.5M to £10.5M. The trading subsidiary's net asset position has also increased from £7.8M to £9.0M.

Principal risks and uncertainties
 
Weather
Being in the UK the farm will always be at some risk from our ever-changing, unpredictable weather systems. The storms encountered in the early part of 2022 caused some structural damage, thankfully covered by insurance and fortunately, early enough in the season that the Group did not suffer plant/fruit loss. 
Over the years, the Group has invested in strengthening polytunnels and has been successful in obtaining insurance. Whilst this cannot totally eliminate the risk a major storm presents; it does afford the Group some protection from the catastrophic effects of extreme weather systems.
Labour Costs
The biggest challenge of 2022 was the increase in labour rate. The minimum wage increased to £9.50 and the Home Office imposed a minimum of £10.10 for all SAWS (Seasonal Agricultural Workers), added to this was the additional 1.25% in employers NI. Efficiencies and productivity gains could not offset this huge increase.
Cost of labour is of critical importance to the business, being the largest single element of our cost base. The Group continues to strive to make labour savings by increasing efficiencies and reviewing tasks to ensure relevance, necessity, and ultimately a benefit to production. The Group constantly scrutinise activities & processes to find savings. The Group measures all tasks, monitor, and analyse data at the lowest level of detail.
Labour Supply
Supply of labour is always a concern for a business which is heavily labour intensive. The Seasonal Agricultural Workers Scheme (SAWS) has been effective in ensuring sufficient “top up” of our workers when required. The Group continue to invest in improving staff accommodation and social areas, making The New Forest Fruit Company an attractive place to work. 
 
Euro Exchange Rate
The GBP/EUR exchange rate is an uncertainty but there was a slight improvement in the average rate in 2022. The Group monitors the euro exchange rate daily and whenever possible will buy when sterling is strong against the euro to protect against any sudden adverse movement.

Page 1

 


BOOTH HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022

Financial and other key performance indicators
 
During 2022, the Group has continued its study into the utilisation of robots. The results are promising and improving constantly. Our aim is to have a team of robots able to complete a variety of tasks, thereby reducing our dependency on a labour force that is increasing in cost and decreasing in availability. 
One of the strengths of the business is the volume of analysis and data that is readily available. Over the years a variety of systems have been developed, providing up to the minute management information that is used to monitor performance against budget and previous years, and assist managers with decision making.
Harvest results are reported daily. KPI’s are issued to all management staff every week. The KPI monitors fruit picked/sold, alongside direct & indirect labour costs. As labour accounts for half of all costs, the Company focus strongly on this area of expenditure.
Directors review a 13 week cashflow forecast every week. The management accounts are reviewed monthly, alongside profit projections. Individual managers receive expenditure reports for their relevant areas, giving actual vs budget comparisons and a line-by-line breakdown of the current month. Each manager is expected to understand their budget and be accountable and able to explain any variances to the directors.


The key performance indicators for the trading subsidiary are as follows:

2022
2021
Variance
Turnover ('000s)

£21,314

£19,576

£1,738
 
Gross profit margin

34.7%

37.9%

-3.2%
 
EBITDA ('000s)

£2,814

£3,608

-794
 


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



................................................
S Booth
Director

Date: 30 November 2023

Page 2

 


BOOTH HOLDINGS LIMITED
 


 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022

The Director presents his report and the financial statements for the period ended 31 December 2022.

Director's responsibilities statement

The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The Director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £1,519,204 (2021 - £1,969,117).

The total distribution of dividends for the year ended 31 December 2022 was £668,131 (2021 - £64,200).

Director

The Director who served during the period was:

S Booth 

Engagement with employees

The commitment and enthusiasm of senior and middle management is excellent, as witnessed by longevity of service. We continue to expand and strengthen our management team and recruit from within, wherever possible.
 
Regarding our general staff relations, we take all our statutory responsibilities very seriously, and go well beyond the mandatory. We understand that employment is a competitive business and the better we treat our staff the greater the chance of maintaining the very high returnee rate currently enjoyed. We have two dedicated managers to oversee our on-site accommodation with responsibility for pastoral care as well as health & safety.
We have a well-defined, confidential complaints procedure, as well as a suggestions box. We operate a zero-tolerance policy for any form of discrimination.

Page 3

 


BOOTH HOLDINGS LIMITED
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022

Disabled employees

Applications for employment from disabled persons will always be fully considered, bearing in mind the aptitudes of the applicant concerned. It is the policy of the Group that disabled employees are eligible to participate in any career development opportunities, training and promotion that is available to our staff. Should an employee become disabled whilst in the Group’s employ, every effort will be made to ensure they may continue in their employment or be retrained for an alternative position.

Matters covered in the Group Strategic Report

The Group and Company have chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Strategic report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008.
This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The director is are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
•     so far as the director is aware, there is no relevant audit information of which the Company and Group's auditors are 
      unaware, and
•     the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and Group's auditors are aware of that information.

Post balance sheet events

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

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





................................................
S Booth
Director

Date: 30 November 2023

Page 4

 


BOOTH HOLDINGS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED

Opinion


We have audited the financial statements of Booth Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2022 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The Director is 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.


Page 5

 


BOOTH HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines 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 Director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


BOOTH HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED (CONTINUED)

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 an Auditors' 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items.
• We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of Board minutes.
• The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
• We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
o Understanding how those charged with governance considered and addressed the potential for override ofcontrols or other inappropriate influence over the financial reporting process;
o Challenging assumptions and judgments made by management in its significant accounting estimates; and
o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
• As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:o Posting of unusual journals and complex transactions;
o Misappropriation of funds through fraudulent supplier ledger and payroll activity; and 
o Manipulation of amounts subject to significant judgement or estimate.
 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 


BOOTH HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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.





James Hadfield FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

30 November 2023
Page 8

 


BOOTH HOLDINGS LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
21,313,659
19,576,397

Cost of sales
  
(13,917,105)
(12,151,222)

Gross profit
  
7,396,554
7,425,175

Administrative expenses
  
(6,162,235)
(5,117,131)

Other operating income
 5 
468,939
237,980

Operating profit
 6 
1,703,258
2,546,024

Interest receivable and similar income
 10 
-
2,339

Interest payable and similar expenses
 11 
(60,184)
(47,003)

Profit before taxation
  
1,643,074
2,501,360

Tax on profit
 12 
(123,870)
(532,243)

Profit for the financial period
  
1,519,204
1,969,117

  

Total comprehensive income for the period
  
1,519,204
1,969,117

Profit for the period attributable to:
  

Owners of the parent Company
  
1,519,204
1,969,117

  
1,519,204
1,969,117

The notes on pages 18 to 36 form part of these financial statements.

Page 9

 


BOOTH HOLDINGS LIMITED
REGISTERED NUMBER:11036457



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,429,932
1,715,917

Tangible assets
 15 
6,151,210
4,769,513

  
7,581,142
6,485,430

Current assets
  

Stocks
 17 
1,028,092
787,955

Debtors: amounts falling due within one year
 18 
2,712,722
2,326,137

Cash at bank and in hand
 19 
3,753,034
3,737,129

  
7,493,848
6,851,221

Creditors: amounts falling due within one year
 20 
(2,018,035)
(1,934,281)

Net current assets
  
 
 
5,475,813
 
 
4,916,940

Total assets less current liabilities
  
13,056,955
11,402,370

Creditors: amounts falling due after more than one year
 21 
(1,876,451)
(1,216,809)

Provisions for liabilities
  

Deferred taxation
 25 
(831,957)
(708,087)

  
 
 
(831,957)
 
 
(708,087)

Net assets
  
10,348,547
9,477,474


Capital and reserves
  

Called up share capital 
 26 
34
34

Share premium account
 27 
3,299,966
3,299,966

Profit and loss account
 27 
7,028,547
6,177,474

Equity attributable to owners of the parent Company
  
10,328,547
9,477,474

Non-controlling interests
  
20,000
-

  
10,348,547
9,477,474


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



................................................
S Booth
Director

Date: 30 November 2023

The notes on pages 18 to 36 form part of these financial statements.

Page 10

 


BOOTH HOLDINGS LIMITED
REGISTERED NUMBER:11036457



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 16 
9,308,250
9,308,250

  
9,308,250
9,308,250

  

Total assets less current liabilities
  
 
9,308,250
 
9,308,250

  

  

Net assets
  
9,308,250
9,308,250


Capital and reserves
  

Called up share capital 
 26 
34
34

Share premium account
 27 
3,299,966
3,299,966

Profit and loss account
 27 
6,008,250
6,008,250

  
9,308,250
9,308,250


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





................................................
S Booth
Director

Date: 30 November 2023

The notes on pages 18 to 36 form part of these financial statements.

Page 11


 
BOOTH HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 January 2022
34
3,299,966
6,177,474
9,477,474
-
9,477,474



Comprehensive income for the period


Profit for the period
-
-
1,519,204
1,519,204
-
1,519,204


Other movement
-
-
-
-
20,000
20,000



Other comprehensive income for the period
-
-
-
-
20,000
20,000



Total comprehensive income for the period
-
-
1,519,204
1,519,204
20,000
1,539,204



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(668,131)
(668,131)
-
(668,131)



At 31 December 2022
34
3,299,966
7,028,547
10,328,547
20,000
10,348,547



Page 12

 


BOOTH HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 January 2021
34
3,299,966
4,272,557
7,572,557
7,572,557


Comprehensive income for the year

Profit for the year
-
-
1,969,117
1,969,117
1,969,117
Total comprehensive income for the year
-
-
1,969,117
1,969,117
1,969,117


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(64,200)
(64,200)
(64,200)


At 31 December 2021
34
3,299,966
6,177,474
9,477,474
9,477,474


Page 13

 


BOOTH HOLDINGS LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
34
3,299,966
6,008,250
9,308,250


Comprehensive income for the year

Profit for the period
-
-
668,131
668,131
Total comprehensive income for the period
-
-
668,131
668,131


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(668,131)
(668,131)


Total transactions with owners
-
-
(668,131)
(668,131)


At 31 December 2022
34
3,299,966
6,008,250
9,308,250


Page 14

 


BOOTH HOLDINGS LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2021
34
3,299,966
6,008,250
9,308,250


Comprehensive income for the year

Profit for the year
-
-
64,200
64,200
Total comprehensive income for the year
-
-
64,200
64,200


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(64,200)
(64,200)


Total transactions with owners
-
-
(64,200)
(64,200)


At 31 December 2021
34
3,299,966
6,008,250
9,308,250


Page 15

 


BOOTH HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2022
2021
£
£

Cash flows from operating activities

Profit for the financial period
1,519,204
1,969,117

Adjustments for:

Amortisation of intangible assets
285,986
285,987

Depreciation of tangible assets
863,341
775,850

Loss on disposal of tangible assets
(38,532)
(43,600)

Interest paid
60,184
47,003

Interest received
-
(2,339)

Taxation charge
123,870
532,243

(Increase)/decrease in stocks
(240,137)
24,483

(Increase) in debtors
(366,585)
(652,806)

Increase in creditors
77,798
470,743

Corporation tax (paid)/received
(234,970)
230,238

Net cash generated from operating activities

2,050,159
3,636,919


Cash flows from investing activities

Purchase of tangible fixed assets
(2,353,719)
(1,423,739)

Sale of tangible fixed assets
147,213
393,599

Interest received
-
2,339

HP interest paid
(27,944)
(21,620)

Net cash from investing activities

(2,234,450)
(1,049,421)

Cash flows from financing activities

Repayment of loans
(34,806)
(535,591)

Repayment of/new finance leases
935,373
65,906

Dividends paid
(668,131)
(64,200)

Interest paid
(32,240)
(25,383)

Net cash used in financing activities
200,196
(559,268)

Net increase in cash and cash equivalents
15,905
2,028,230

Cash and cash equivalents at beginning of period
3,737,129
1,708,899

Cash and cash equivalents at the end of period
3,753,034
3,737,129


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
3,753,034
3,737,129

3,753,034
3,737,129


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 


BOOTH HOLDINGS LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2022





At 1 January 2022
Cash flows
New finance leases
At 31 December 2022
£

£

£

£

Cash at bank and in hand

3,737,129

15,905

-

3,753,034

Debt due after 1 year

(828,224)

58,276

-

(769,948)

Debt due within 1 year

(204,103)

8,940

-

(195,163)

Hire purchase contracts

(635,169)

239,468

(1,174,841)

(1,570,542)


2,069,633
322,589
(1,174,841)
1,217,381

The notes on pages 18 to 36 form part of these financial statements.

Page 17

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Booth Holdings Limited is a private company limited by shares, registered in England and Wales. The address of its registered office, which is the same as the trading address, is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 17 October 2017.

 
2.3

Going concern

In common with many other entities, the Group has carefully considered the impact of the coronavirus pandemic & social distancing measures put in place during the year end, have had on its business. The director is confident that the measures taken mitigate the Group's operational and financial risk, and the Group has been able to continue trading successfully throughout. The director has prepared and reviewed budgets & forecasts for the 12 month period from the date that these financial statements are authorised for issue. He has concluded that the Group remains a going concern and there is no material uncertainty surrounding this. Accordingly, the accounts have been drawn up on a going concern basis.

Page 18

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
0% on land, 10 years, 15 years and 50 years straight line
Plant and machinery
-
20% on cost
Motor vehicles
-
20% on reducing balance
Fixtures and fittings
-
20% on reducing balance
Office equipment
-
20% on cost and 10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 21

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 22

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.20

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

 
2.21

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amounts reported.  These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fixed asset residual values:
The director has reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate.
Impairment of stocks:
The director has assessed stocks held at the reporting date for impairment and have concluded the basis of valuation is appropriate.


4.


Turnover

The whole of the turnover is attributable to the sale of produce. 

All turnover arose within the United Kingdom.

Page 23

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

5.


Other operating income

2022
2021
£
£

Other operating income
281,981
43,381

Net rents receivable
26,454
24,839

Sundry income
160,504
169,760

468,939
237,980



6.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Research & development charged as an expense
766,579
482,019

Exchange differences
(45,073)
(100,046)

Other operating lease rentals
157,289
131,057


7.


Auditors' remuneration

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


2022
2021
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
9,188
8,925

Page 24

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

8.


Employees

Staff costs, including Director's remuneration, were as follows:


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Wages and salaries
9,178,346
7,738,423
-
-

Social security costs
877,094
656,709
-
-

Cost of defined contribution scheme
197,717
190,532
-
-

10,253,157
8,585,664
-
-


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



Group
Group
Company
Company
        2022
        2021
        2022
        2021
            No.
            No.
            No.
            No.









Employees
314
306
1
1


9.


Director's remuneration

2022
2021
£
£

Director's emoluments
100,000
99,245

Group contributions to defined contribution pension schemes
27,522
26,642

127,522
125,887


During the period retirement benefits were accruing to 1 Director (2021 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2022
2021
£
£


Other interest receivable
-
2,339

-
2,339

Page 25

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

11.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
32,240
25,383

Finance leases and hire purchase contracts
27,944
21,620

60,184
47,003


12.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
-
234,970

Adjustments in respect of previous periods
-
(42,364)


-
192,606


Total current tax
-
192,606

Deferred tax


Origination and reversal of timing differences
123,870
339,637

Total deferred tax
123,870
339,637


Taxation on profit on ordinary activities
123,870
532,243
Page 26

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
 
12.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
1,643,074
2,501,360


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
312,184
475,258

Effects of:


Non-tax deductible amortisation of goodwill and impairment
54,338
54,338

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,109
669

Other permanent differences
(88,145)
(6,540)

Adjustments to tax charge in respect of prior periods
-
(42,364)

Impact of change in tax rates
29,729
169,941

Adjustment in research and development tax credit leading to a decrease in the tax charge
(189,345)
(119,059)

Total tax charge for the period/year
123,870
532,243


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2022
2021
£
£


Dividends paid on Ordinary shares of £1 each
668,131
64,200

668,131
64,200

Page 27

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

14.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2022
2,859,864



At 31 December 2022

2,859,864



Amortisation


At 1 January 2022
1,143,947


Charge for the period on owned assets
285,986



At 31 December 2022

1,429,933



Net book value



At 31 December 2022
1,429,931



At 31 December 2021
1,715,917



All of the Group's intangible fixed assets are held in the Parent Company.

Page 28


BOOTH HOLDINGS LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022



15.


Tangible fixed assets


Group







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2022
2,870,489
3,333,938
531,187
848,588
1,711,978
9,296,180


Additions
-
1,020,803
177,589
162,739
992,588
2,353,719


Disposals
-
(11,350)
(49,109)
(86,750)
-
(147,209)



At 31 December 2022

2,870,489
4,343,391
659,667
924,577
2,704,566
11,502,690



Depreciation


At 1 January 2022
751,634
2,383,858
224,447
296,440
870,288
4,526,667


Charge for the period on owned assets
145,625
318,582
77,075
123,282
198,777
863,341


Disposals
-
2,812
(19,381)
(21,959)
-
(38,528)



At 31 December 2022

897,259
2,705,252
282,141
397,763
1,069,065
5,351,480



Net book value



At 31 December 2022
1,973,230
1,638,139
377,526
526,814
1,635,501
6,151,210



At 31 December 2021
2,118,855
950,080
306,740
552,148
841,690
4,769,513

Page 29

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

           15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Plant and machinery
959,398
365,596

Motor vehicles
339,102
242,210

Furniture, fittings and equipment
629,352
-

Tractors
481,778
514,848

2,409,630
1,122,654

The depreciation charge in respect of assets held under finance leases or hire purchase contracts amounted to £303,992 (2021 - £244,392).


16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
9,308,250



At 31 December 2022
9,308,250





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

The New Forest Fruit Company Limited
New House Farm, 
Church Lane, 
East Boldre, 
Brockenhurst  SO42 7WS
Ordinary 'A and B' Shares
90%

Page 30

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

17.


Stocks

Group
Group
2022
2021
£
£

Raw materials and consumables
1,028,092
787,955

1,028,092
787,955



18.


Debtors

Group
Group
2022
2021
£
£


Trade debtors
6,671
73,265

Other debtors
378,119
69,750

Called up share capital not paid
20,000
-

Prepayments and accrued income
2,307,932
2,183,122

2,712,722
2,326,137



19.


Cash and cash equivalents

Group
Group
2022
2021
£
£

Cash at bank and in hand
3,753,034
3,737,129

3,753,034
3,737,129



20.


Creditors: Amounts falling due within one year

Group
Group
2022
2021
£
£

Bank loans
182,167
158,697

Trade creditors
1,068,860
962,786

Corporation tax
-
234,970

Other taxation and social security
107,854
133,825

Obligations under finance lease and hire purchase contracts
464,039
246,584

Other creditors
64,156
70,002

Accruals and deferred income
130,959
127,417

2,018,035
1,934,281


Page 31

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

21.


Creditors: Amounts falling due after more than one year

Group
Group
2022
2021
£
£

Bank loans
769,948
828,224

Net obligations under finance leases and hire purchase contracts
1,106,503
388,585

1,876,451
1,216,809



The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
Group
Group
2022
2021
£
£


Repayable by instalments
-
160,667

-
160,667

The interest rate aplied to the first bank loan is the base rate plus 1.9%, the new loan taken out within the year has an interest rate applied of the base rate plus 2%.

Page 32

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2022
2021
£
£

Amounts falling due within one year

Bank loans
182,167
158,697


182,167
158,697

Amounts falling due 1-2 years

Bank loans
393,233
161,906


393,233
161,906

Amounts falling due 2-5 years

Bank loans
376,715
505,651


376,715
505,651

Amounts falling due after more than 5 years

Bank loans
-
160,667

-
160,667

952,115
986,921


The above bank loan facitlity is secured by way of a debenture creating a fixed and floating charge over the assets of the Group. The fixed charge is secured against Kings Lane Nursery.
The Company has also entered into an unlimited cross guarantee given to its subsidiary, The New Forest Fruit Company Limited.


23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2022
2021
£
£

Within one year
464,039
243,023

Between 1-5 years
1,106,503
388,562

1,570,542
631,585

Obligations under finance leases and hire purchase contracts are secured against the asset in which they relate.

Page 33

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

24.


Financial instruments

Group
Group
2022
2021
£
£

Financial assets

Financial assets measured at fair value through profit or loss
3,753,034
3,737,129


Financial liabilities

Financial liabilities measured at amortised cost
-
-


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand. 


25.


Deferred taxation


Group



2022
2021


£

£






At beginning of year
708,087
368,450


Charged to profit or loss
123,870
339,637



At end of year
831,957
708,087

Group
Group
2022
2021
£
£

Accelerated capital allowances
1,061,644
710,514

Tax losses carried forward
(229,687)
-

Short term
-
(2,427)

831,957
708,087


26.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



34 (2021 - 34) Ordinary shares of £1.00 each
34
34

Each ordinary share has equal voting and dividend rights.


Page 34

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

27.


Reserves

Share premium account

This is the amount paid per share, over and above its individual nominal value.

Profit and loss account

This reserve records retained earnings.


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held seperately from thise of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £197,717 (2021 - £190,532). Contributions totalling £12,996 (2021 - £45,406) were payable to the fund at the reporting date are included in creditors.


29.


Commitments under operating leases

At 31 December 2022 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2022
2021
£
£

Not later than 1 year
120,535
140,451

Later than 1 year and not later than 5 years
298,132
125,703

Later than 5 years
910,000
-

1,328,667
266,154
Operating leases expensed during the year amounted to £158,893 (2021 - £132,221).

Page 35

 


BOOTH HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

30.


Related party transactions

At the period end, there are balances owing from/(to) related parties for the Group as follows:


2022
2021
£
£

Asplins P.O. Ltd
(113,903)
(80,461)
(113,903)
(80,461)

During the period, the Group made sales of £19,521,544 (2021 - £17,971,044) to The Asplins P.O. Ltd, a not for profit organisation which has a common director. Commissions of £3,769 (2021 - £2,990) and levies of £1,366,217 (2021 - £1,265,994) were paid to The Asplins P.O. Ltd during the year.
The Group continues to occupy areas of land that the director, Sandy Booth has an interest in, without a benefit of a formal lease. Sandy Booth has agreed to allow the group to use this land for the foreseeable furture.
Dividends of £668,131 (2021 - £64,200) were paid to the director during the year.
The Group have taken advantage under FRS102 not to disclose any transactions between the group companies on the ground that it is a wholly owned group.


31.


Controlling party

The Company's controlling party is S Booth, who is the Company's director, by virtue of his shareholding.

 
Page 36