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REGISTERED NUMBER: 05167546 (England and Wales)






















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

NOEL BOOTH & SONS LIMITED

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


NOEL BOOTH & SONS LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTORS: D Booth
A Booth





SECRETARY: D Booth





REGISTERED OFFICE: Finch Mill Farm
Miles Lane
Appley Bridge
Wigan
Lancashire
WN6 9JA





REGISTERED NUMBER: 05167546 (England and Wales)





AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

STRATEGIC REPORT
for the Year Ended 31 August 2023

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

The principal activity of the company in the year under review was that of fuel and oil distributors.

REVIEW OF BUSINESS
The directors are happy to report another successful year. Turnover has decreased by 7.5% which is attributable to an increase in the market commodity price of fuel and oil together with a decrease in volume of 11%. The decrease in volume is primarily because of changes in legislation, effect from 1 April 2022, governing the permitted commercial use of red diesel. This has had a major impact on the company's sales mix. Before the changes in legislation red diesel sales accounted for approximately 50% of the company's sales. This has reduced to approximately 25% following the changes in legislation. This reduction has been somewhat offset by an increase in white diesel sales as this is the alternative fuel used where red diesel use is prohibited.

The gross profit percentage achieved has increased to 6.3% from 5.7%. This increase is as expected given that the company's sales pricing policy is cost plus pricing. Despite the changes in the market described above the company has seen an increase in net assets in excess of £200,000.

PRINCIPAL RISKS AND UNCERTAINTIES
The company continues to build a loyal customer base and has further increased its customer base to spread trade risk.

The company has suffered several bad debts during this financial year but no higher than expected considering the market we operate in. The directors feel that bad debts are inevitable given the number of customers supplied on credit. The company continues to monitor customer credit ratings and the directors are confident that every precaution is taken to minimise the risk of bad debts

HEALTH AND SAFETY
Health and safety continue to be a priority. The company continues to use Common Sense Solutions to provide general health and safety services. For the company's Dangerous Goods Safety Advisor requirements, the Federation of Petroleum Suppliers is used. These companies provide a comprehensive service both in their reviews and the reports produced with giving recommendations where improvements are required.

Last year a site safety consultant surveyed the company's premises and made key recommendations to improve the condition of tanks, electrical wiring and other equipment. The majority of works required to implement these improvements have been undertaken.

The company continues to invest as required in tanks and loading equipment thus maintaining a safe working environment. The company has a fully insulated workshop with the latest heat alarms and vehicle lifting equipment. This enables us to ensure our vehicles get regular checks as required by VOSA and are maintained to the highest standards.

Customers are encouraged to store fuel in tanks that are designed to comply with the latest environmental and health and safety standards.

Driver training is a legal requirement (ADR & CPC) with loading terminals requiring drivers to have a PDP to use their facilities. The company ensures all training is complete on time.


NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

STRATEGIC REPORT
for the Year Ended 31 August 2023

FUTURE DEVELOPMENTS
The future for the company remains challenging in terms of changes in market conditions. The strength of the company's cash reserves, and varied customer base will support the company through these challenging times.

The directors would like to thank everyone connected with the company for their commitment and energy in what has been an excellent and rewarding year.

ON BEHALF OF THE BOARD:





D Booth - Director


15 April 2024

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

REPORT OF THE DIRECTORS
for the Year Ended 31 August 2023

The directors present their report with the financial statements of the company for the year ended 31 August 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2023 was £80,000 (2022: £80,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report.

D Booth
A Booth

DISCLOSURE IN THE STRATEGIC REPORT
Details of the Directors' review of the business and details of future developments have been included in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D Booth - Director


15 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NOEL BOOTH & SONS LIMITED

Opinion
We have audited the financial statements of Noel Booth & Sons Limited (the 'company') for the year ended 31 August 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NOEL BOOTH & SONS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NOEL BOOTH & SONS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
- We identified the laws and regulations applicable to the company through discussions with directors and from our commercial knowledge and experience of the company's trading sector.
- We focused on specific laws and regulations which we considered may have a direct material effect of the financial statements or the operations of the company, including environmental and health and safety legislation, the Companies Act 2006 and taxation legislation.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and inspecting a due diligence survey report detailing the condition of the company's trading premises; and
- Identified laws and regulations were communicated within the engagement team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur, by;

- Making enquiries of management as to where they considered susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we;

- Tested journal entries to identify unusual transactions.
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

- Agreeing financial statement disclosures to underlying supporting documentation.
- Enquiring of management as to actual and potential litigation, claims and non compliance with laws and regulations; and
- Reviewing the correspondence with HMRC and any other relevant regulators and advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NOEL BOOTH & SONS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gary Edgerton FCA Cert PFS (Senior Statutory Auditor)
for and on behalf of Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

15 April 2024

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 August 2023

2023 2022
Notes £    £   

TURNOVER 22,762,810 24,600,508

Cost of sales 21,324,596 23,208,593
GROSS PROFIT 1,438,214 1,391,915

Administrative expenses 1,061,588 1,020,903
OPERATING PROFIT 4 376,626 371,012

Interest receivable and similar income 18,526 650
395,152 371,662

Interest payable and similar expenses 5 - 11
PROFIT BEFORE TAXATION 395,152 371,651

Tax on profit 6 87,758 94,788
PROFIT FOR THE FINANCIAL YEAR 307,394 276,863

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

307,394

276,863

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

STATEMENT OF FINANCIAL POSITION
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 25,000 50,000
Tangible assets 9 405,539 342,738
430,539 392,738

CURRENT ASSETS
Stocks 10 34,077 86,256
Debtors 11 2,981,467 3,889,048
Cash at bank and in hand 2,069,642 1,944,600
5,085,186 5,919,904
CREDITORS
Amounts falling due within one year 12 2,737,036 3,777,047
NET CURRENT ASSETS 2,348,150 2,142,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,778,689

2,535,595

PROVISIONS FOR LIABILITIES 13 101,385 85,685
NET ASSETS 2,677,304 2,449,910

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 2,677,204 2,449,810
SHAREHOLDERS' FUNDS 2,677,304 2,449,910

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:




D Booth - Director



A Booth - Director


NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 August 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2021 100 2,252,947 2,253,047

Changes in equity
Dividends - (80,000 ) (80,000 )
Total comprehensive income - 276,863 276,863
Balance at 31 August 2022 100 2,449,810 2,449,910

Changes in equity
Dividends - (80,000 ) (80,000 )
Total comprehensive income - 307,394 307,394
Balance at 31 August 2023 100 2,677,204 2,677,304

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

STATEMENT OF CASH FLOWS
for the Year Ended 31 August 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 488,339 61,279
Interest paid - (11 )
Tax paid (94,804 ) (36,627 )
Net cash from operating activities 393,535 24,641

Cash flows from investing activities
Purchase of tangible fixed assets (172,426 ) -
Sale of tangible fixed assets 10,000 6,000
Interest received 18,526 650
Net cash from investing activities (143,900 ) 6,650

Cash flows from financing activities
Amount introduced by directors 80,340 880,001
Amount withdrawn by directors (124,933 ) (75,657 )
Equity dividends paid (80,000 ) (80,000 )
Net cash from financing activities (124,593 ) 724,344

Increase in cash and cash equivalents 125,042 755,635
Cash and cash equivalents at beginning of
year

2

1,944,600

1,188,965

Cash and cash equivalents at end of year 2 2,069,642 1,944,600

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

NOTES TO THE STATEMENT OF CASH FLOWS
for the Year Ended 31 August 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 395,152 371,651
Depreciation charges 133,650 133,011
Profit on disposal of fixed assets (9,026 ) (5,793 )
Finance costs - 11
Finance income (18,526 ) (650 )
501,250 498,230
Decrease in stocks 52,179 4,294
Decrease/(increase) in trade and other debtors 907,581 (1,405,203 )
(Decrease)/increase in trade and other creditors (972,671 ) 963,958
Cash generated from operations 488,339 61,279

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 2,069,642 1,944,600
Year ended 31 August 2022
31/8/22 1/9/21
£    £   
Cash and cash equivalents 1,944,600 1,188,965


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/22 Cash flow At 31/8/23
£    £    £   
Net cash
Cash at bank and in hand 1,944,600 125,042 2,069,642
1,944,600 125,042 2,069,642
Total 1,944,600 125,042 2,069,642

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Noel Booth & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions actual results may differ.

These estimates and underlying assumptions will be reviewed on an ongoing basis. Revisions to accounting estimates will be recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements and estimates
The critical judgements and estimates that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the financial statements are discussed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impaired assets the directors have considered both internal and external sources of information such as market conditions and experience of recoverability.

Provisions against trade debtors
At the reporting date the directors make judgments, based on prior experience, regarding the level of provision required to account for potentially uncollectable trade debtors.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided and is shown net of VAT.

Turnover is recognised when the goods have been delivered to customers. This is the point when the risks and rewards of ownership have been transferred to the customer.

Goodwill
Intangible fixed assets in respect of goodwill represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of a business acquired in 2004.

Goodwill is measured initially at cost. After initial recognition goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill is being amortised over a 20 year period being its estimated useful economic life.

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Property improvements - 20% on reducing balance
Plant and machinery - 15% on reducing balance
Office equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

The carrying value of tangible fixed assets is reviewed annually to determine whether there is any indication of impairment. Any resultant impairment loss is recognised in profit or loss in the year in which it arises.

Stocks
Stocks are valued at the lower of cost and selling price, after making allowances for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments.

The following assets and liabilities are classified as financial instruments; bank accounts, trade debtors, Directors' loan accounts, trade creditors and accruals.

Financial instruments that are payable or receivable within one year, typically bank accounts, trade debtors, Directors' loan accounts, trade creditors and accruals are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received.

Financial instruments repayable in more than one year are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 565,775 574,925
Social security costs 36,077 35,921
Other pension costs 43,623 38,621
645,475 649,467

The average number of employees during the year was as follows:
2023 2022

Operational and administrative 16 15

The company paid contributions of £120,000 (2022: £160,000) into money purchase pension schemes on behalf of the directors.

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 108,651 108,010
Profit on disposal of fixed assets (9,026 ) (5,793 )
Goodwill amortisation 25,000 25,000
Auditors' remuneration 5,000 5,000
Auditors remuneration - accountancy and tax 3,250 3,250

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest payable - 11

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 72,058 94,785

Deferred tax 15,700 3
Tax on profit 87,758 94,788

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 395,152 371,651
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

98,788

70,614

Effects of:
Income not taxable for tax purposes (2,256 ) (1,101 )
Capital allowances in excess of depreciation (12,802 ) -
Depreciation in excess of capital allowances - 25,272
Deferred tax movement 15,700 3
Change in standard rate of corporation tax (11,672 ) -
Total tax charge 87,758 94,788

7. DIVIDENDS
2023 2022
£    £   
Interim 80,000 80,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 500,000
AMORTISATION
At 1 September 2022 450,000
Amortisation for year 25,000
At 31 August 2023 475,000
NET BOOK VALUE
At 31 August 2023 25,000
At 31 August 2022 50,000

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

9. TANGIBLE FIXED ASSETS
Property Plant and Office
improvements machinery equipment
£    £    £   
COST
At 1 September 2022 45,540 197,430 10,164
Additions - 160,426 -
Disposals - - -
At 31 August 2023 45,540 357,856 10,164
DEPRECIATION
At 1 September 2022 9,108 178,350 7,682
Charge for year 7,286 26,926 496
Eliminated on disposal - - -
At 31 August 2023 16,394 205,276 8,178
NET BOOK VALUE
At 31 August 2023 29,146 152,580 1,986
At 31 August 2022 36,432 19,080 2,482

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2022 994,225 4,901 1,252,260
Additions 12,000 - 172,426
Disposals (72,899 ) - (72,899 )
At 31 August 2023 933,326 4,901 1,351,787
DEPRECIATION
At 1 September 2022 709,481 4,901 909,522
Charge for year 73,943 - 108,651
Eliminated on disposal (71,925 ) - (71,925 )
At 31 August 2023 711,499 4,901 946,248
NET BOOK VALUE
At 31 August 2023 221,827 - 405,539
At 31 August 2022 284,744 - 342,738

10. STOCKS
2023 2022
£    £   
Stocks 34,077 86,256

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,895,428 3,770,581
Other debtors - 1,050
VAT 53,607 87,729
Prepayments 32,432 29,688
2,981,467 3,889,048

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,443,594 2,411,723
Tax 72,039 94,785
Social security and other taxes 4,141 8,572
Directors' loan accounts 1,208,928 1,253,521
Accrued expenses 8,334 8,446
2,737,036 3,777,047

13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 101,385 85,685

Deferred
tax
£   
Balance at 1 September 2022 85,685
Provided during year 15,700
Balance at 31 August 2023 101,385

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Each ordinary share has equal rights in terms of voting, dividends and upon winding up of the company.

NOEL BOOTH & SONS LIMITED (REGISTERED NUMBER: 05167546)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023

15. RESERVES
Retained
earnings
£   

At 1 September 2022 2,449,810
Profit for the year 307,394
Dividends (80,000 )
At 31 August 2023 2,677,204

Retained earnings is a distributable reserve representing all current and prior period retained profits and losses.

16. PENSION COMMITMENTS

During the year the company made pension contributions of £163,623 (2022: £198,621). There were no outstanding contributions at the reporting date.

17. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 124,250 124,250

18. RELATED PARTY DISCLOSURES

Included in creditors is £1,208,928 (2022: £1,253,521) owing to the directors. This amount is unsecured, interest free and there are no fixed repayment terms.

During the year the company paid a dividends totalling £80,000 (2022: £80,000) to directors.

The company operates on a rent free basis from premises owned jointly by the company's directors.

19. CONTROL

The company is controlled jointly by the directors.