Company Registration No. 01348890 (England and Wales)
T. & J.T. BARTON (BOTTLERS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
T. & J.T. BARTON (BOTTLERS) LIMITED
COMPANY INFORMATION
Directors
Mr J T Barton
Mr C T Barton
(Appointed 16 June 2022)
Mr G J Barton
(Appointed 16 June 2022)
Mr A Cook
(Appointed 24 June 2022)
Mr A D Edwards
(Appointed 24 June 2022)
Mr M S Murphy
(Appointed 24 June 2022)
Mr G Nicolson
(Appointed 1 November 2023)
Secretary
Mr JT Barton
Company number
01348890
Registered office
Potters Farm
Bryn Road
Ashton-In-Makerfield
Wigan
England
WN4 8AH
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
T. & J.T. BARTON (BOTTLERS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
T. & J.T. BARTON (BOTTLERS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -
The directors present the strategic report for the year ended 31 May 2023.
Results, dividends and future developments
At the year end, shareholders' funds amounted to £5,928,951 (2022: £6,350,453). The directors believe the company's position to be financially robust particularly given that current assets exceed current liabilities to the extent of £4,689,662 (2022: £5,118,320).
Dividends of £1,291,750 have been paid during the period (2022: £2,272,977).
Financial risk management objectives and policies
The company makes little use of financial instruments other than an operational bank account and the use of finance leases; its exposure to price risk, credit risk and liquidity risk is not material for the assessment of the financial position and profit of the company. Performance in the sector is affected by general economic conditions and activity in the alcoholic drinks wholesale market. The board carries out regular reviews including assessments of competitor activity and behaviour.
Management's objectives are to:
- retain sufficient liquid funds to enable the company to meet its day to day obligations as they fall due whilst maximising returns on liquid funds.
Key performance indicators
The directors have chose to analyse the turnover, gross profit and EBITDA both expressed as a percentage of turnover for the understanding of the performance of the business.
Mr J T Barton
Director
21 February 2024
T. & J.T. BARTON (BOTTLERS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 May 2023.
Principal activities
The principal activity of the company continued to be that of the wholesale and retail of beer, wines and spirits.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £1,291,750. The directors 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:
Mr J T Barton
Mr C T Barton
(Appointed 16 June 2022)
Mr G J Barton
(Appointed 16 June 2022)
Mr A Cook
(Appointed 24 June 2022)
Mr A D Edwards
(Appointed 24 June 2022)
Mr M S Murphy
(Appointed 24 June 2022)
Mr G Nicolson
(Appointed 1 November 2023)
Auditor
The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
T. & J.T. BARTON (BOTTLERS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr J T Barton
Director
21 February 2024
T. & J.T. BARTON (BOTTLERS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF T. & J.T. BARTON (BOTTLERS) LIMITED
- 4 -
Opinion
We have audited the financial statements of T. & J.T. Barton (Bottlers) Limited (the 'company') for the year ended 31 May 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
T. & J.T. BARTON (BOTTLERS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF T. & J.T. BARTON (BOTTLERS) 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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, 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.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
T. & J.T. BARTON (BOTTLERS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF T. & J.T. BARTON (BOTTLERS) LIMITED
- 6 -
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;
results of our enquiries of management about their own identification and assessment of the risks of irregularities;
the matters discussed among the audit engagement team and relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
As a result of these 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: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Company's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.
Audit response to risks identified
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
in addressing the identified risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
T. & J.T. BARTON (BOTTLERS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF T. & J.T. BARTON (BOTTLERS) LIMITED
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Johnson FCA
Senior Statutory Auditor
For and on behalf of PM+M Solutions for Business LLP
21 February 2024
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
T. & J.T. BARTON (BOTTLERS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
41,535,977
36,991,797
Cost of sales
(37,824,070)
(32,647,244)
Gross profit
3,711,907
4,344,553
Administrative expenses
(2,744,680)
(1,841,467)
Other operating income
115,501
68,718
Operating profit
5
1,082,728
2,571,804
Interest receivable and similar income
19,767
31,991
Profit before taxation
1,102,495
2,603,795
Tax on profit
8
(222,107)
(478,014)
Profit for the financial year
880,388
2,125,781
The profit and loss account has been prepared on the basis that all operations are continuing operations.
T. & J.T. BARTON (BOTTLERS) LIMITED
BALANCE SHEET
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
549,807
547,789
Investment property
11
785,371
785,371
Investments
12
7,960
7,960
1,343,138
1,341,120
Current assets
Stocks
13
2,542,756
1,981,819
Debtors
14
5,271,281
5,025,497
Cash at bank and in hand
1,728,519
1,273,120
9,542,556
8,280,436
Creditors: amounts falling due within one year
15
(4,852,754)
(3,162,116)
Net current assets
4,689,802
5,118,320
Total assets less current liabilities
6,032,940
6,459,440
Provisions for liabilities
Deferred tax liability
17
103,849
108,987
(103,849)
(108,987)
Net assets
5,929,091
6,350,453
Capital and reserves
Called up share capital
19
98
98
Share premium account
108,180
108,180
Profit and loss reserves
5,820,813
6,242,175
Total equity
5,929,091
6,350,453
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr J T Barton
Director
Company registration number 01348890 (England and Wales)
T. & J.T. BARTON (BOTTLERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2021
98
108,180
6,389,371
6,497,649
Year ended 31 May 2022:
Profit and total comprehensive income
-
-
2,125,781
2,125,781
Dividends
9
-
-
(2,272,977)
(2,272,977)
Balance at 31 May 2022
98
108,180
6,242,175
6,350,453
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
880,388
880,388
Dividends
9
-
-
(1,301,750)
(1,301,750)
Balance at 31 May 2023
98
108,180
5,820,813
5,929,091
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 11 -
1
Accounting policies
Company information
T. & J.T. Barton (Bottlers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Potters Farm, Bryn Road, Ashton-In-Makerfield, Wigan, England, WN4 8AH.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of JT Barton Group Limited. These consolidated financial statements are available from its registered office, Potters Farm Bryn Road, Ashton-In-Makerfield, Wigan, Greater Manchester, United Kingdom, WN4 8AH.
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 from the sale of beers, spirits, etc represents amounts receivable for goods and services net of VAT and trade discounts.
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.
Rental and other income is included in the period to which it relates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 12 -
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:
Freehold land and buildings
2% on cost
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance
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
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
1.9
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised in income when the proceeds are received or receivable.
1.13
The company receives rebates from its suppliers based upon volume-related sales. The rebates are recorded as to the accounting period when the original purchases occurred. These rebates are recorded against the cost of sales for which they arose.
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 14 -
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.
The main areas of judgement that have a risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are in relation to stock and debtor provisions and the valuation of investment property.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Wholesale of beers, wines, spirits and other beverages
41,535,977
36,991,797
2023
2022
£
£
Other revenue
Interest income
19,767
31,991
Grants received
18,111
All turnover arose within the United Kingdom.
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,200
25,000
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(18,111)
Depreciation of owned tangible fixed assets
123,902
110,308
Profit on disposal of tangible fixed assets
(7,919)
(169,220)
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 15 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
6
2
Staff
47
46
Total
53
48
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,738,980
1,242,212
Social security costs
176,353
111,686
Pension costs
25,714
19,366
1,941,047
1,373,264
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
520,936
28,050
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
133,700
6,600
Company pension contributions to defined contribution schemes
524
-
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
227,245
435,986
Deferred tax
Origination and reversal of timing differences
(5,138)
42,028
Total tax charge
222,107
478,014
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
8
Taxation
(Continued)
- 16 -
From the 1 April 2023 the effective tax rate is 25%. During the period the effective tax rate has changed to 20%.
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
1,102,495
2,603,795
Expected tax charge based on the standard rate of corporation tax in the UK of 20.00% (2022: 19.00%)
220,499
494,721
Tax effect of expenses that are not deductible in determining taxable profit
4,532
8,116
Tax effect of income not taxable in determining taxable profit
(555)
Depreciation on assets not qualifying for tax allowances
(1,342)
(50,980)
Remeasurement of deferred tax for changes in tax rates
(1,027)
26,157
Taxation charge for the year
222,107
478,014
9
Dividends
2023
2022
£
£
Final paid
1,301,750
2,272,977
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 17 -
10
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
152,473
357,571
926,151
1,436,195
Additions
4,906
130,845
135,751
Disposals
(56,326)
(56,326)
At 31 May 2023
152,473
362,477
1,000,670
1,515,620
Depreciation and impairment
At 1 June 2022
52,684
251,345
584,377
888,406
Depreciation charged in the year
3,049
10,940
109,913
123,902
Eliminated in respect of disposals
(46,495)
(46,495)
At 31 May 2023
55,733
262,285
647,795
965,813
Carrying amount
At 31 May 2023
96,740
100,192
352,875
549,807
At 31 May 2022
99,789
106,226
341,774
547,789
11
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
785,371
Investment property comprises properties held by the company for rental income purposes. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors on 31 May 2023. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
12
Fixed asset investments
2023
2022
£
£
Unlisted investments
7,960
7,960
13
Stocks
2023
2022
£
£
Finished goods and goods for resale
2,542,756
1,981,819
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 18 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,554,958
2,760,990
Corporation tax recoverable
13,735
44,299
Amounts owed by group undertakings
560,003
517,547
Other debtors
1,135,011
1,690,452
Prepayments and accrued income
7,574
12,209
5,271,281
5,025,497
Amounts owed by group companies are interest free and repayable on demand.
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
4,291
Trade creditors
4,533,300
2,466,509
Corporation tax
77,245
460,836
Other taxation and social security
184,789
191,243
Other creditors
6,329
1,370
Accruals and deferred income
46,800
42,158
4,852,754
3,162,116
16
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
4,291
Payable within one year
4,291
The borrowings are secured by floating charges over all the property or undertaking of the company.
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 19 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Fixed asset timing differences
120,431
119,773
Short term timing differences
(16,582)
(10,786)
103,849
108,987
2023
Movements in the year:
£
Liability at 1 June 2022
108,987
Credit to profit or loss
(5,138)
Liability at 31 May 2023
103,849
The deferred tax liability set out above is expected to reverse over several years and relates largely to accelerated capital allowances that are expected to mature within the same period, together with a revaluation surplus, offset by a small amount of short term timing differences.
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,714
19,366
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.
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
98
98
98
98
Ordinary shares rank equally for voting purposes and in receiving any dividend declared. Each share ranks equally for any distribution made on winding up of the company.
T. & J.T. BARTON (BOTTLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 20 -
20
Related party transactions
The company has taken advantage of the exemption as provided by section 33.1A of FRS 102 not to disclose transactions and balances between fellow group companies, on the grounds that it is a wholly owned subsidiary of a group.
21
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors Loan Account
2.50
1,055,000
989,559
9,685
(1,586,500)
467,744
1,055,000
989,559
9,685
(1,586,500)
467,744
22
Ultimate controlling party
The company is controlled by its parent company JT Barton Group Limited. The financial statements of JT Barton Group Limited can be obtained from Companies House.
JT Barton Group Limited controls 100% of the company's issued share capital and is the direct parent company.
The ultimate controlling parties of the company are Mr J Barton, Mr C Barton and Mr G Barton.
2023-05-312022-06-01falseCCH SoftwareCCH Accounts Production 2023.300Mr C T BartonMr G J BartonMr A CookMr A D EdwardsMr M S MurphyMr G NicolsonMr G NicolsonMr JT Bartonfalse013488902022-06-012023-05-31013488902023-05-3101348890bus:CompanySecretaryDirector12022-06-012023-05-3101348890bus:Director12022-06-012023-05-3101348890bus:Director22022-06-012023-05-3101348890bus:Director32022-06-012023-05-3101348890bus:Director42022-06-012023-05-3101348890bus:Director52022-06-012023-05-3101348890bus:Director62022-06-012023-05-3101348890bus:CompanySecretary12022-06-012023-05-3101348890bus:Director72022-06-012023-05-3101348890bus:RegisteredOffice2022-06-012023-05-31013488902021-06-012022-05-3101348890core:RetainedEarningsAccumulatedLosses2021-06-012022-05-3101348890core:RetainedEarningsAccumulatedLosses2022-06-012023-05-31013488902022-05-3101348890core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-3101348890core:FurnitureFittings2023-05-3101348890core:MotorVehicles2023-05-3101348890core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-3101348890core:FurnitureFittings2022-05-3101348890core:MotorVehicles2022-05-3101348890core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3101348890core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3101348890core:CurrentFinancialInstruments2023-05-3101348890core:CurrentFinancialInstruments2022-05-3101348890core:ShareCapital2023-05-3101348890core:ShareCapital2022-05-3101348890core:SharePremium2023-05-3101348890core:SharePremium2022-05-3101348890core:RetainedEarningsAccumulatedLosses2023-05-3101348890core:RetainedEarningsAccumulatedLosses2022-05-3101348890core:ShareCapital2021-05-3101348890core:SharePremium2021-05-3101348890core:RetainedEarningsAccumulatedLosses2021-05-3101348890core:LandBuildingscore:OwnedOrFreeholdAssets2022-06-012023-05-3101348890core:FurnitureFittings2022-06-012023-05-3101348890core:MotorVehicles2022-06-012023-05-3101348890core:UKTax2022-06-012023-05-3101348890core:UKTax2021-06-012022-05-310134889012022-06-012023-05-310134889012021-06-012022-05-310134889022022-06-012023-05-310134889022021-06-012022-05-3101348890core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-3101348890core:FurnitureFittings2022-05-3101348890core:MotorVehicles2022-05-31013488902022-05-3101348890core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-05-3101348890core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-05-3101348890bus:PrivateLimitedCompanyLtd2022-06-012023-05-3101348890bus:FRS1022022-06-012023-05-3101348890bus:Audited2022-06-012023-05-3101348890bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP