REGISTERED NUMBER: 00197935 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
COSBY BRUSHES (CHRH) LTD |
REGISTERED NUMBER: 00197935 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
COSBY BRUSHES (CHRH) LTD |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Balance Sheet | 14 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 20 |
COSBY BRUSHES (CHRH) LTD |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
42 Lytton Road |
Barnet |
Hertfordshire |
EN5 5BY |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The year ending December 2023 presented a mix of challenges and strategic advancements for GB Kent and Sons Plc. While we faced a substantial reduction in turnover due to decreased sales from two major customers, strategic initiatives and a focus on resilience paved the way for recovery and growth in key areas. |
The company's directors believe that, with the continued development of products and new business contracts combined careful management of the company's resources, the company will return to trade profitability and meet its obligations as they fall due. |
The group's directors believe that, with the continued development of products and new business contracts combined careful management of the company's resources, the company will continue to trade profitability and meet its obligations as they fall due. |
The principal activity of the company in the year under review continued to be that of manufacture of brushes and combs for personal grooming. |
FINANCIAL REVIEW |
Turnover down by 39.2% |
There has been a substantial reduction in turnover during the year, due to loss in orders from a major customer. |
Gross Profit Margin |
Gross profit during the year as a percentage of sales was 38.8% (2022: 35.5%) |
Profit after taxation |
The (loss) / profit for the year after taxation was £(826,550) (2022: £941,765) |
Dividend |
Dividend paid during the year amounted to £277,417 (2022: £281,594) |
Cash at bank |
The balance in hand at 31 December 2023 £1,015,477 (2022 £2,285,620) |
Shareholders' Funds |
As at 31 December 2023 these stood at £5,642,760 (2022: £6,490,786) |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is exposed to a variety of risks. These could range from the wider effects of the general economy and external competition to those more specific to the group, such as its own financial strength and size. The Board regularly review these risks and their potential impact on the board. |
The Board monitors the group's performance carefully through the use of regular financial information and management reports. |
Key risks and the group's response to these risks are shown below. |
1- Financial Risk Management |
The group's financial instruments comprise of cash at bank, loan and overdraft facility at the group's disposal. The main purpose of these financial instruments is to raise adequate finance for the group's operations, together with management of working capital. |
The main risk arising from the group's financial instruments is liquidity risk. As can be seen from the cash flow notes in the annexed financial statements, the group currently does not suffer from a liquidity problem. It alleviates this risk by agreeing credit terms with its customers and suppliers. |
2- Foreign Currency Risk |
The group is exposed to foreign currency fluctuation as most of the group's purchases and sales are in foreign currencies |
The group minimises this risk by agreeing appropriate pricing. |
3- Customer concentration risk |
As with any business of its size, the group relies on a relatively small number of customers for a large percentage of its turnover. The loss of a key customer can have a detrimental impact on earnings. |
The group is focused on customer retention by supplying top rate products and service as well as obtaining new customers thus broadening the number of key customers. |
4- Competitive pressure risk |
The group operates in a highly competitive market environment and performance may suffer if there is a loss of competitiveness vis-a- vis its customers. |
The group reviews the competitiveness of its services with its clients and customers in the market. The group also has a very strong brand name built over more than 243 years. |
5-Credit risk |
Default by customers on receivables could negatively affect the earnings. |
Credit is assessed and monitored by the group and where risk is judged to be high, more stringent credit terms are implemented. |
6- Loss of supply of critical products. |
Loss of supply of critical products from key suppliers could affect the group's ability to provide the products to its customers. |
Where possible, the group attempts to dual source all key products from multiple suppliers. The group also endeavours to maintain supply contracts with all key suppliers. |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
SECTION 172(1) STATEMENT |
Directors statement of compliance with duty to promote the success of the Company |
Under Section 172(1) of the companies Act 2006, the Board has a duty to act in good faith and in a way that would be most likely to promote the success of the Company for the benefit of its shareholders with having regard to matters set in S172(1) (a-f) of the Act: |
(a) the likely long-term consequences of decisions; |
(b) the interest of the Company's employees; |
(c) the need to foster the Company's business relationship with suppliers, customers and other stakeholders; |
(d) the impact of the Company's operations on the community and the environment; |
(e) the desirability of the Company maintaining a reputation for high standards of business and conduct; and |
(f) the need to act fairly as between the Company's owners. |
To discharge their S172(1) duties, the Board had regard to the factors set out above in making the principal decisions taken by the Company. |
General confirmation of Directors' duties |
When making decisions, each director ensures that he/she acts in the way he/she considers, in good faith, would most likely promote the Company's success for the benefit of its members as whole, and in doing so have regard (among other matters) to: |
S172(1) (A) "The likely consequences of any decision in the long-term" |
The Directors understand the evolving environment in which the business operates, including the challenges imposed by the Covid-19 pandemic in the short-term and the long-term. The Directors have taken several decisions which they believe best support the Company's ambitions to survive the pandemic and to grow in order to ensure the best outcome for all stakeholders. |
S172(1) (B) "The interest of the company's employees" |
The Directors recognise that the employees are fundamental and core to the business and the delivery of the strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, pay and benefits, to our health and safety in the workplace environment, which was ever more important during the challenge presented by the Covid19 pandemic. The Directors factor the implications of decisions on employees and the wider workforce, wherever relevant and feasible. |
S172(1) (C) "The need to foster the Company's business relationships stakeholders |
Fostering positive relationships with key stakeholders, such as customers and suppliers, is important to the success of the Company's business. With regards to suppliers, the company enjoys close relationship with its suppliers with range from large international manufacturers to local logistics and couriers. With regards to customers, the Company has a diverse range of customers across all sectors of the hair and beauty industry. |
S172(1) (D) "The impact of the Company's operations on the community and environment" |
The Board recognises that the environmental impact of the Company's operations is an ever more important consideration and as such they promote green behaviours including implementing policies to help reduce the Company's carbon footprint. The Company uses existing couriers and logistics companies to deliver their products to local customers instead of own delivery vehicles and believe that this helps reduce their carbon footprint. In addition, a green approach is adopted in the warehouses and office by promoting recycling and reducing the use of plastic. |
During the year, the company installed solar panels to generate electricity for their own consumption within their offices, factory and warehouse. Any surplus electricity is given back to the grid. |
The company believes this also adds to their positive presence in the local community as a responsible employer. |
S172(1) (E) "The desirability of the company maintaining a reputation for high standards of business conduct" |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
The Directors consider it crucial that the Company maintains a reputation for high standards of business conduct. The Board is responsible for setting, monitoring and upholding the culture, values, standards, ethics, brand and reputation of the Company. Management drives the embedding of the desired culture throughout the organisation and its values of quality, service, honesty, innovation, efficiency and relationships are driven throughout the heart of the business and in everything we do, reflected in our policies and practices and how we deal with others. These values and standards guide decision making and promote success, including the long-term consequences of those decisions. |
S172(1) (F) "The need to act fairly as between members of the company" |
After weighing up all relevant factors, the Directors consider which course of action best enables delivery of their strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, the Directors act fairly as between the Company's members but are not required to balance the Company's interest with those of other stakeholders, and this can sometimes mean that certain stakeholders interest may not be fully aligned. |
ON BEHALF OF THE BOARD: |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £ 277,416 . |
RESEARCH AND DEVELOPMENT |
The Company undertakes research and development on it's products and manufacturing tools and techniques to ensure that it is using the best appropriate materials to deliver high quality products. |
The factory machines are constantly developed to ensure that they operate with the best tools and materials so that production efficiency is maintained to keep manufacturing costs low and material wastage is kept to a minimum. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
GOING CONCERN |
The trading subsidiary company has continued to trade profitably with adequate cashflow and working capital being received on a timely basis and creditor obligations met. |
The subsidiary has a healthy balance sheet with sufficient reserves, a good cash balance and has no need to seek additional financing. Given the overall strength of the business the Directors are confident that the subsidiary and holding Company are both a going concern. |
DISCLOSURE IN THE STRATEGIC REPORT |
The directors review of business, key performance indicators and assessment of risks are disclosed in the Group Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Report of the Directors |
for the Year Ended 31 December 2023 |
AUDITORS |
The auditors, JLA (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Cosby Brushes (CHRH) Ltd |
Opinion |
We have audited the financial statements of Cosby Brushes (CHRH) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's loss 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 group 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 group's and 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 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 Group 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 Group 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 Group 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 |
Cosby Brushes (CHRH) Ltd |
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 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 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 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 six, 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Cosby Brushes (CHRH) Ltd |
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. |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
The engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. |
The identified laws and regulations were communicated within the audit 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 how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of |
actual, suspected and alleged fraud; |
- And considering the measures 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 controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions |
- Assessed whether judgements and assumptions made in determining the accounting estimates that were |
indicative of potential bias. |
- Performed substantive testing on management expenses and 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 and claims |
- And reviewing available correspondence with HMRC and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from 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 inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet. |
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 |
Cosby Brushes (CHRH) Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
42 Lytton Road |
Barnet |
Hertfordshire |
EN5 5BY |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Consolidated Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 6,736,661 | 11,095,627 |
Cost of sales | 4,117,557 | 7,150,566 |
GROSS PROFIT | 2,619,104 | 3,945,061 |
Distribution costs | 635,662 | 694,796 |
Administrative expenses | 3,454,546 | 2,676,795 |
4,090,208 | 3,371,591 |
(1,471,104 | ) | 573,470 |
Other operating income | 544,691 | 460,119 |
OPERATING (LOSS)/PROFIT | 6 | (926,413 | ) | 1,033,589 |
Income from shares in group undertakings | 52 | 5 |
Interest receivable and similar income | 1,947 | 840 |
1,999 | 845 |
(924,414 | ) | 1,034,434 |
Interest payable and similar expenses | 8 | - | 1,180 |
(LOSS)/PROFIT BEFORE TAXATION | (924,414 | ) | 1,033,254 |
Tax on (loss)/profit | 9 | - | 95,532 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (570,610 | ) | 731,753 |
Non-controlling interests | (353,804 | ) | 205,969 |
(924,414 | ) | 937,722 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (924,414 | ) | 937,722 |
OTHER COMPREHENSIVE INCOME |
Minority interest revaluation reserve |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(924,414 |
) |
937,722 |
Total comprehensive income attributable to: |
Owners of the parent | (495,212 | ) | 956,734 |
Non-controlling interests | (429,202 | ) | (19,012 | ) |
(924,414 | ) | 937,722 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Consolidated Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 | 4,706,374 | 4,781,200 |
Investments | 13 | 4,266 | 3,704 |
4,710,640 | 4,784,904 |
CURRENT ASSETS |
Stocks | 14 | 2,002,939 | 2,170,656 |
Debtors | 15 | 1,953,570 | 1,638,350 |
Cash at bank and in hand | 1,015,477 | 2,285,620 |
4,971,986 | 6,094,626 |
CREDITORS |
Amounts falling due within one year | 16 | 781,031 | 771,730 |
NET CURRENT ASSETS | 4,190,955 | 5,322,896 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,901,595 |
10,107,800 |
PROVISIONS FOR LIABILITIES | 18 | 947,292 | 947,292 |
NET ASSETS | 7,954,303 | 9,160,508 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 31,901 | 31,901 |
Revaluation reserve | 20 | 2,299,891 | 2,520,449 |
Retained earnings | 20 | 3,161,435 | 3,938,438 |
SHAREHOLDERS' FUNDS | 5,493,227 | 6,490,788 |
NON-CONTROLLING INTERESTS | 21 | 2,461,076 | 2,669,720 |
TOTAL EQUITY | 7,954,303 | 9,160,508 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by: |
A H L Cosby - Director |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Company Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 230,914 | 285,937 |
The financial statements were approved by the Board of Directors and authorised for issue on |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Revaluati |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 January 2022 | 31,901 | 3,488,278 | 2,520,449 |
Changes in equity |
Dividends | - | (281,593 | ) | - |
Total comprehensive income | - | 731,753 | - |
Balance at 31 December 2022 | 31,901 | 3,938,438 | 2,520,449 |
Changes in equity |
Dividends | - | (277,416 | ) | - |
Total comprehensive income | - | (499,585 | ) | (220,558 | ) |
Balance at 31 December 2023 | 31,901 | 3,161,437 | 2,299,891 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 January 2022 | 6,040,628 | 2,688,732 | 8,729,360 |
Changes in equity |
Dividends | (281,593 | ) | - | (281,593 | ) |
Total comprehensive income | 731,753 | (19,012 | ) | 712,741 |
Balance at 31 December 2022 | 6,490,788 | 2,669,720 | 9,160,508 |
Changes in equity |
Dividends | (277,416 | ) | - | (277,416 | ) |
Total comprehensive income | (720,143 | ) | (429,202 | ) | (1,149,345 | ) |
Balance at 31 December 2023 | 5,493,229 | 2,240,518 | 7,733,747 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (629,715 | ) | 1,386,458 |
Interest element of hire purchase or finance lease rental payments paid |
- |
(1,180 |
) |
Tax paid | (222,837 | ) | (208,670 | ) |
Net cash from operating activities | (852,552 | ) | 1,176,608 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (136,523 | ) | (271,584 | ) |
Purchase of fixed asset investments | (562 | ) | - |
Interest received | 1,947 | 840 |
Dividends received | 52 | 5 |
Net cash from investing activities | (135,086 | ) | (270,739 | ) |
Cash flows from financing activities |
Capital repayments in year | - | (5,764 | ) |
Amount introduced by directors | 15,474 | 1,808 |
Amount withdrawn by directors | (7,549 | ) | (4,255 | ) |
Equity dividends paid | (286,057 | ) | (273,398 | ) |
Dividends paid to minority interests | (4,373 | ) | (4,373 | ) |
Net cash from financing activities | (282,505 | ) | (285,982 | ) |
(Decrease)/increase in cash and cash equivalents | (1,270,143 | ) | 619,887 |
Cash and cash equivalents at beginning of year |
2 |
2,285,620 |
1,665,733 |
Cash and cash equivalents at end of year | 2 | 1,015,477 | 2,285,620 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
(Loss)/profit before taxation | (924,414 | ) | 1,033,254 |
Depreciation charges | 211,348 | 213,191 |
Finance costs | - | 1,180 |
Finance income | (1,999 | ) | (845 | ) |
(715,065 | ) | 1,246,780 |
Decrease/(increase) in stocks | 167,717 | (476,344 | ) |
(Increase)/decrease in trade and other debtors | (315,495 | ) | 856,485 |
Increase/(decrease) in trade and other creditors | 233,128 | (240,463 | ) |
Cash generated from operations | (629,715 | ) | 1,386,458 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 1,015,477 | 2,285,620 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 2,285,620 | 1,665,733 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,285,620 | (1,270,143 | ) | 1,015,477 |
2,285,620 | (1,270,143 | ) | 1,015,477 |
Total | 2,285,620 | (1,270,143 | ) | 1,015,477 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Cosby Brushes (CHRH) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
No significant judgements have had to be made by management in preparing these financial statements. |
The directors have also made key assumptions in the determination of the fair value of a freehold property in respect of the state of the property market in the location where the property is situated and is respect of the range of reasonable fair value estimates of the asset. |
Turnover |
Turnover, stated net of value added tax, represents amounts invoiced to third parties. The group's turnover is derived from its principal activity carried out in worldwide territories. The directors do not consider any one part of the worldwide market to be significantly different from any other. |
Income is recognised as stock is delivered to or collected by customers. |
Tangible fixed assets |
Freehold property | - |
Plant & Equipment | - |
Motor vehicles | - |
Freehold Property |
Land and buildings include a freehold factory and office building. Land and buildings are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. |
Any revaluation increase in the carrying amount of Land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended. |
Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
These are valued on a first in first out basis at the lower of cost and net realisable value. In respect of work in progress and finished goods cost includes overheads, transportation and duty costs, where appropriate. Loose tools have been included in stock, where in the opinion of the Directors it is reasonable to do so. |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of transactions. Balances denominated in foreign currency are translated into sterling at the exchange rate prevailing at the Balance Sheet date. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Assets acquired under hire purchase contracts and finance leases are capitalised as fixed assets and depreciated in accordance with the above Accounting Policy. Full provision is made for the capital cost outstanding of each assets so acquired, the interest element being written off as incurred. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
The company operates a defined contribution pension scheme. The assets of the scheme are held those separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from bank and other third parties, loans to related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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 financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate. Which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to a significant risk to changes in value. |
3. | TURNOVER |
The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
31.12.23 | 31.12.22 |
£ | £ |
United Kingdom | 1,653,294 | 4,161,798 |
Europe | 456,372 | 495,424 |
United States of America | 435,776 | 606,376 |
Asia | 4,015,986 | 5,588,194 |
Rest of the world | 175,233 | 243,835 |
6,736,661 | 11,095,627 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries | 1,400,842 | 1,420,471 |
Social security costs | 151,191 | 147,621 |
Other pension costs | 99,790 | 89,758 |
1,651,823 | 1,657,850 |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Management | 6 | 4 |
Production | 25 | 34 |
Sales | 2 | 3 |
Administration | 6 | 9 |
The average number of employees by undertakings that were proportionately consolidated during the year was 39 (2022 - NIL ) . |
5. | DIRECTORS' EMOLUMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration | 18,200 | 17,862 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
6. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets | 167,647 | 166,266 |
Depreciation - assets on hire purchase contracts or finance leases | 43,701 | 46,925 |
Auditors' remuneration | 13,000 | 18,000 |
7. | EXCEPTIONAL ITEMS |
31.12.23 | 31.12.22 |
£ | £ |
Exceptional items | (978,039 | ) | - |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Hire purchase | - | 1,180 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | - | 75,193 |
Deferred tax | - | 20,339 |
Tax on (loss)/profit | - | 95,532 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
(Loss)/profit before tax | (924,414 | ) | 1,033,255 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
(231,104 |
) |
196,318 |
Effects of: |
Depreciation in excess of capital allowances | 11,895 | 2,092 |
Deferred tax | - | 20,339 |
Research & development | - | (123,500 | ) |
Additional tax charges | - | 283 |
balancing charges |
Tax losses carried forward | 219,209 | - |
Total tax charge | - | 95,532 |
** | PROFIT BEFORE TAX FOR LAST YEAR ON CLIENT SCREEN OF | 1,033,255 |
DOES NOT AGREE TO AMOUNT ON INCOME STATEMENT OF | 1,033,254 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2023. |
31.12.22 |
Gross | Tax | Net |
£ | £ | £ |
Minority interest revaluation reserve |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | DIVIDENDS |
31.12.23 | 31.12.22 |
£ | £ |
A Class Non Voting share of £1 |
Interim | 1,000 | 2,000 |
B Class Non Voting share of £1 |
Interim | 47,463 | 50,640 |
D Ordinary shares of £1 each |
Interim | 88,768 | 89,768 |
F Class Non Voting share of £1 |
Interim | 88,482 | 87,482 |
G Class Non Voting share of £1 |
Interim | 28,014 | 28,014 |
H Class Non Voting share of £1 |
Interim | 23,689 | 23,689 |
277,416 | 281,593 |
12. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant & | Motor |
property | Equipment | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 4,197,149 | 1,960,109 | 222,513 | 6,379,771 |
Additions | - | 136,523 | - | 136,523 |
At 31 December 2023 | 4,197,149 | 2,096,632 | 222,513 | 6,516,294 |
DEPRECIATION |
At 1 January 2023 | 439,290 | 960,319 | 198,963 | 1,598,572 |
Charge for year | 53,943 | 139,419 | 17,986 | 211,348 |
At 31 December 2023 | 493,233 | 1,099,738 | 216,949 | 1,809,920 |
NET BOOK VALUE |
At 31 December 2023 | 3,703,916 | 996,894 | 5,564 | 4,706,374 |
At 31 December 2022 | 3,757,859 | 999,790 | 23,550 | 4,781,199 |
Included in cost or valuation of land and buildings is freehold land of £1,500,000 (2022 - £1,500,000) which is not depreciated. |
Cost or valuation at 31 December 2023 is represented by: |
Freehold | Plant & | Motor |
property | Equipment | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 1984 | 498,798 | - | - | 498,798 |
Valuation in 2013 | 2,437,883 | - | - | 2,437,883 |
Cost | 1,260,468 | 2,096,632 | 222,513 | 3,579,613 |
4,197,149 | 2,096,632 | 222,513 | 6,516,294 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold property had not been revalued it would have been included at the following historical cost: |
31.12.23 | 31.12.22 |
£ | £ |
Cost | 1,260,468 | 1,260,468 |
Aggregate depreciation | 439,290 | 439,290 |
Value of land in freehold land and buildings | 405,595 | 405,595 |
Freehold property was valued on an open market value basis on 20 June 2019 by Aitchison Rafferty Property Consultants . |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant & | Motor |
Equipment | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 | 385,728 | 111,425 | 497,153 |
DEPRECIATION |
At 1 January 2023 | 146,765 | 87,875 | 234,640 |
Charge for year | 25,715 | 17,986 | 43,701 |
At 31 December 2023 | 172,480 | 105,861 | 278,341 |
NET BOOK VALUE |
At 31 December 2023 | 213,248 | 5,564 | 218,812 |
At 31 December 2022 | 238,963 | 23,550 | 262,513 |
13. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 3,684 | 20 | 3,704 |
Additions | 562 | - | 562 |
At 31 December 2023 | 4,246 | 20 | 4,266 |
NET BOOK VALUE |
At 31 December 2023 | 4,246 | 20 | 4,266 |
At 31 December 2022 | 3,684 | 20 | 3,704 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 52,166 |
Additions | 563 |
At 31 December 2023 | 52,729 |
NET BOOK VALUE |
At 31 December 2023 | 52,729 |
At 31 December 2022 | 52,166 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
GB Kent & sons PLC |
Registered office: London road, Apsley, Hemel Hempstead, Hertfordshire, HP3 9SS |
Nature of business: Manufacture of personal grooming brushes |
% |
Class of shares: | holding |
Ordinary | 70.46 |
Preference | 65.07 |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves | 8,018,453 | 9,128,155 |
(Loss)/profit for the year | (826,550 | ) | 941,765 |
14. | STOCKS |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Stocks | 362,611 | 362,611 |
Raw materials | 785,166 | 929,924 |
Work-in-progress | 167,035 | 252,552 |
Finished goods | 688,127 | 625,569 |
2,002,939 | 2,170,656 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Trade debtors | 1,247,862 | 928,268 |
Other debtors | 261,730 | 325,605 |
Directors' current accounts | 51,754 | 52,028 | - | 236 |
Prepayments and accrued income | 392,224 | 332,449 |
1,953,570 | 1,638,350 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Trade creditors | 700,469 | 395,889 |
Amounts owed to group undertakings | - | - |
Tax | (222,837 | ) | - |
Social security and other taxes | 53,779 | 66,681 |
VAT | 36,464 | 837 | - | - |
Proposed dividends | 2,609 | 11,250 | - | - |
Other creditors | 34,436 | 29,836 |
Directors' current accounts | 25,557 | 17,906 | 26,460 | 17,866 |
Accruals and deferred income | 150,554 | 249,331 |
781,031 | 771,730 |
17. | SECURED DEBTS |
The bank hold a charge over the freehold land and buildings and a floating charge over the companies assets. |
18. | PROVISIONS FOR LIABILITIES |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 205,331 | 205,331 |
Deferred tax | 741,961 | 741,961 |
947,292 | 947,292 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 947,292 |
Movement in the year |
Balance at 31 December 2023 | 947,292 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
A Class Non Voting | £1 | 1 | 1 |
B Class Non Voting | £1 | 1 | 1 |
D Ordinary | £1 | 3,068 | 3,068 |
1 | F Class Non Voting | £1 | 1 | 1 |
1 | G Class Non Voting | £1 | 1 | 1 |
1 | H Class Non Voting | £1 | 1 | 1 |
3,073 | 3,073 |
Allotted and issued: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Preference shares of 62.5p | £1 | 25,760 | 25,760 |
E Ordinary shares | £1 | 3,068 | 3,068 |
28,828 | 28,828 |
20. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 3,938,436 | 2,520,449 | 6,458,885 |
Deficit for the year | (570,610 | ) | (570,610 | ) |
Dividends | (277,416 | ) | (277,416 | ) |
Minority interest share | 71,025 | (220,558 | ) | (149,533 | ) |
At 31 December 2023 | 3,161,435 | 2,299,891 | 5,461,326 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
COSBY BRUSHES (CHRH) LTD (REGISTERED NUMBER: 00197935) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
21. | NON-CONTROLLING INTERESTS |
During the year the Minority Interests share of G B Kent & Sons PLC decreased by £353,804 (2022: Increased £205,969) and they received dividends amounting to £4,373 (2022: £4,423). At the end of the year the equity interest amounted to £1,765,311 (2022: £2,022,229) and the non equity interest amounted to £695,765 (2022: £807,294). |
22. | CONTINGENT LIABILITIES |
The company has a Customs and Excise deferment guarantee of £10,000. |
The company received a claim from a former employee in regards to a historic health condition where a potential liability may arise on the company. The company is currently in the process of liaising with legal advisers and insurance providers. It is the opinion of the directors that any such liability will be mainly covered by their insurance providers |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the balance sheet date, the group was owed £51,754 (2022: £52,028) by the directors, interest is charged on the outstanding balance. Part of the loan was repaid within 9 months of the year end. |
At the balance sheet date, the group owed £25,557 (2022: £17,906) to the directors. |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is A H L Cosby. |