Registered number: 06902326
H G BLAKE (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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H G BLAKE (HOLDINGS) LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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Anglia House, 6 Central Avenue
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1st Floor, Prospect House
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National Westminster Bank plc
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H G BLAKE (HOLDINGS) LIMITED
CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Consolidated Analysis of Net Debt
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Notes to the Financial Statements
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H G BLAKE (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2023
The directors present their strategic report for the year ended 31 July 2023.
Overview
H G Blake (Holdings) Limited operates in Norfolk and throughout the current year, continued its principal activities of arable farming and acting as the holding company of the H G Blake Group.
The directors present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.
The main trading subsidiary, H G Blake (Costessey) Limited, is a high-quality meat producer, operating a multi-species abattoir in East Anglia, supplying the very finest British beef, lamb and pork to retail butcher shops and meat wholesalers nationwide. The Group includes Roofe Catering Butchers Ltd, a supplier of quality locally sourced meat and poultry to the hospitality and catering industry in East Anglia.
The Group sources stock from local East Anglian farmers and works with them to develop and maintain the highest level of animal husbandry and animal welfare. The Group has a robust capital investment programme for modernising and improving the abattoir. The Group has on-site regulatory control from the Food Standard Agency (FSA) with a team of meat inspectors and veterinary officers. Their animal welfare officers, combined with the ongoing staff training programme and internal surveillance equipment ensures the welfare of livestock is paramount at all times.
H G Blake (Costessey) Limited holds a full FSA multi-species licence and is BRC (The British Retail Consortium) and RSPCA accredited. The company is also compliant with Red Tractor, British Quality Assured Pork and the Soil Association standards.
Market position
The main trading subsidiary supplies carcases and prime cuts to retail butchers, processors and meat wholesalers nationally. The Group also provides a slaughter service for both large and small livestock producers. As one of the few remaining multi-species abattoirs in the region the Group is well placed to locally source high quality livestock thereby actively supporting the East Anglian livestock producers and minimising journey time to slaughter.
Going Concern assessment
The Group is financed by the use of an invoice discounting facility in the main trading subsidiary, H G Blake (Costessey) Limited, provided by The Royal Bank of Scotland and by finance provided through loans from the directors. At 31 July 2023 loans from directors totalled £353,913. The directors have confirmed their commitment to maintain this level of support and following regular satisfactory routine reviews by the bank are confident that the invoice discounting facility remains secure and has ample headroom to meet the company's working capital requirement.
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H G BLAKE (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Going Concern assessment (continued)
Following the year end the directors are pleased to report a continued improvement in trading conditions which have resulted in further increased turnover.
Since the year end the directors are reassured that there has been an increase in trade through Roofe Catering Butchers Ltd. The directors are confident this will continue to increase over the coming months to return activity levels to pre COVID-19 levels in order that the subsidiary can start to make a return on the continued investment by H G Blake (Holdings) Limited. Furthermore the directors are actively exploring additional income streams to increase the profitability of Roofe Catering Butchers Ltd.
Objectives and strategy
The directors’ objectives are to maintain an ongoing modernisation programme taking advantage of technological developments to operate a state of the art abattoir with the highest level of animal welfare and the lowest level of throughput unit cost. The Group has been successfully implementing its business strategy expanding the volume of added value butchery turnover and reducing its higher volume lower margin slaughtering service income stream. To fund this programme the directors will continue to grow the business turnover and profitability, looking for new trading opportunities within the UK to supply high quality meat.
Principal risks and uncertainties
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The management of the business and the execution of the Group’s strategy are subject to the key risks and uncertainties which face the meat industry as a whole. These risks are often outside the control of the directors and include: rapid and significant changes in livestock purchase and deadstock selling prices, these may be the consequence of changes in international supply and demand for meat and the underlying cost of animal feed which is dependent on the quality and quantity of the worldwide annual harvest; scandal and consequently confidence in the meat industry; and disease and movement restrictions.
The directors have contingency plans in place to respond to such eventualities. Long standing trading arrangements with both customers and suppliers, together with the contract slaughter agreements, help mitigate the risks associated with livestock price and demand fluctuations. Changes in food regulations will be an unforeseen risk which, at times, requires the Group to change working practices or secure new equipment to maintain a functioning fully compliant plant.
The inflationary pressure affecting the UK, and global events increasing energy costs are additional risks confronting the company. The rising cost of living could change consumer spending patterns and the company will have increased costs of production and distribution. The directors have comprehensive management information available to them to monitor such changes and are confident that they will be able to react to maintain profitability.
Financial key performance indicators
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The directors consider that the key performance indicators are those that communicate the financial performance and strength of the Group as a whole as follows. Turnover for the year is £36,505,014 (2022: £30,714,785).
Gross profit has increased in comparison with the prior period, the year ended 31 July 2023 £5,245,427 (2022: £4,616,325) but there has been a decrease in gross profit percentage to 14.4% (2022: 15.03%). The directors report that the Group is therefore reporting a pre-tax profit of £1,022,555 (2022: £1,020,855).
At the balance sheet date the Group had net assets of £5,189,573 (2022: £4,439,066).
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H G BLAKE (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
This report was approved by the board and signed on its behalf.
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H G BLAKE (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023
The Directors present their report and the financial statements for the year ended 31 July 2023.
Directors' responsibilities statement
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The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The 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 the Group and to 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.
The profit for the year, after taxation, amounted to £800,507 (2022 - £935,449).
Dividends of £50,000 (2022: £50,000) were proposed and paid in the year by the directors.
Subsequent to the year-end dividends amounting to £50,000 have been declared and paid.
The Directors who served during the year were:
The Group is focused on looking at new equipment to assist or reduce labour cost, as the plant looks for more automated system solutions and technology to make swifter accounting and traceability of product. The Group always ensure they invest to be fully compliant with any changes in animal welfare requirements.
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H G BLAKE (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Disclosure of information to auditors
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
This report was approved by the board and signed on its behalf.
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H G BLAKE (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF H G BLAKE (HOLDINGS) LIMITED
We have audited the financial statements of H G Blake (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity. 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's affairs as at 31 July 2023 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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H G BLAKE (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF H G BLAKE (HOLDINGS) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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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 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 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.
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H G BLAKE (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF H G BLAKE (HOLDINGS) LIMITED (CONTINUED)
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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.
Auditors' responsibilities for the audit of the financial statements
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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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
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:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and industry in which it operates through our general commercial and sector experience and discussions with management. We determined the most significant laws and regulations which are directly relevant to specific assertions in the financial statements are those related to the reporting framework being FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006;
∙In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations relate to the Food Standards Agency and tax legislation or the operations of the Group including data protection, employment and health and safety legislation;
∙We obtained an understanding of the Group’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙Identified laws and regulations were communicated within the audit engagement team regularly and the team remained alert to instances of non-compliance throughout the audit.
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H G BLAKE (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF H G BLAKE (HOLDINGS) LIMITED (CONTINUED)
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur and the risk of management override of controls. Audit procedures performed by the engagement team included:
∙Making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual or suspected or alleged fraud;
∙Identifying and evaluating the design and implementation of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;
∙Challenging assumptions and judgements made by management in its significant accounting estimates;
∙Identifying and testing journal entries, with a focus on journals we identified as being of higher risk, such as certain journals that did not follow the expected posting pattern or entries made outside of the accounting system whilst evaluating the business rationale behind such adjustments.
∙The audit engagement team discussed the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management bias and override of controls we:
∙Tested the appropriateness of journal entries and other adjustments
∙Assessed whether the significant accounting estimates/judgements made in the financial statements were indicative of potential bias; and
∙Evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business
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 the financial statement disclosures to underlying supporting documentation;
∙Obtaining an understanding of the Group’s policies and procedures on compliance with laws and regulations;
∙Making enquiries of management (including those responsible for key regulations) for any and potential litigation and claims, and any known instances of non-compliance;
∙Reviewing minutes of meetings of those charged with governance and any correspondence with regulators (including inspection reports);
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing our work throughout the audit file for evidence of non-compliance.
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 auditor's report.
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H G BLAKE (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF H G BLAKE (HOLDINGS) LIMITED (CONTINUED)
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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Sean McCann FCA (Senior Statutory Auditor)
for and on behalf of
Price Bailey LLP
Chartered Accountants
Statutory Auditors
Anglia House, 6 Central Avenue
St Andrews Business Park
Thorpe St Andrew
Norwich
NR7 0HR
29 July 2024
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H G BLAKE (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2023
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Profit for the year attributable to:
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Owners of the parent Company
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The notes on pages 20 to 44 form part of these financial statements.
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H G BLAKE (HOLDINGS) LIMITED
REGISTERED NUMBER: 06902326
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 44 form part of these financial statements.
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H G BLAKE (HOLDINGS) LIMITED
REGISTERED NUMBER: 06902326
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Profit and loss account brought forward
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Profit and loss account carried forward
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H G BLAKE (HOLDINGS) LIMITED
REGISTERED NUMBER: 06902326
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 44 form part of these financial statements.
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H G BLAKE (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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Equity attributable to owners of parent Company
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Transfer to profit and loss account
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Transfer from revaluation reserve
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Dividends: Equity capital
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Transfer to profit and loss account
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Transfer from revaluation reserve
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Dividends: Equity capital
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The notes on pages 20 to 44 form part of these financial statements.
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H G BLAKE (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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Dividends: Equity capital
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Dividends: Equity capital
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The notes on pages 20 to 44 form part of these financial statements.
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H G BLAKE (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2023
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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(Profit)/Loss on disposal of tangible assets
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Decrease/(increase) in stocks
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Increase/(decrease) in creditors
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Corporation tax (paid)/received
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash from investing activities
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Cash flows from financing activities
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Repayment of/new finance leases
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Movements on invoice discounting
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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H G BLAKE (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
Cash and cash equivalents at the end of year comprise:
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The notes on pages 20 to 44 form part of these financial statements.
|
|
H G BLAKE (HOLDINGS) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2023
The notes on pages 20 to 44 form part of these financial statements.
|
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
H G Blake (Holdings) Limited is a private company limited by shares, incorporated in England & Wales, registration number 06902326. The registered office is Bull Farm Abattoir, Reepham Road, Felthorpe, Norwich, Norfolk, NR10 4DU.
2.Accounting policies
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|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The financial statements are presented in Sterling (£) and are rounded to the nearest £1.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The Group is financed by the use of an invoice discounting facility in the main trading subsidiary, H G Blake (Costessey) Limited, provided by The Royal Bank of Scotland and by finance provided through loans from the directors. At 31 July 2023 loans from directors totalled £353,913 (2022: £502,842). The directors have confirmed their commitment to maintain this level of support and following regular satisfactory routine reviews by the bank are confident that the invoice discounting facility remains secure and has ample headroom to meet the company's working capital requirement.
With regards to Roofe Catering Butchers Ltd, the Company is financed by fellow group companies, including intercompany balances and a loan from the parent company, H G Blake (Holdings) Limited, repayable over 10 years. The total balance owed to group companies as at 31 July 2023 was £1,845,178 (2022: £1,393,929). The directors of the parent and fellow subsidiary company have confirmed their commitment to maintain the support for the foreseeable future. Since the year end the directors are reassured that there has been an increase in trade through Roofe Catering Butchers Ltd. The directors are confident this will continue to increase over the coming months to return activity levels to pre COVID-19 levels in order that the subsidiary can start to make a return on the continued investment by H G Blake (Holdings) Limited. Furthermore the directors are actively exploring additional income streams to increase the profitability of Roofe Catering Butchers Ltd.
On this basis, the directors have a reasonable expectation that the Company can obtain adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months from the signing of the financial statements. Therefore the directors continue to prepare the financial statements on a going concern basis.
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
This is considered to be the point that the goods are received by the customer.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
This is considered to be on a straight line basis over the period to which the service relates.
|
|
Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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|
Leased assets: the Group as lessee
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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Corporation and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Goodwill is considered to have an estimated useful economic life of ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, per the analysis below.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
|
Revaluation of tangible fixed assets
|
The Group applied the transitional rules under Section 35 of FRS 102 in the year ended 31 August 2016 which enabled it to obtain a valuation of the freehold property at that date and treat that as deemed cost going forwards.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Where debts are assigned to a factor who has full recourse to the Group for its losses, the gross amount of the relevant debts are shown in debtors and the proceeds received from the factor are included within liabilities.
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets 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 the Consolidated Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
|
The Directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and judgments are continually evaluated and are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
There are no judgments, estimates and assumptions that give significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year.
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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An analysis of turnover by class of business is as follows:
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Sale of goods and services
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All turnover arose within the United Kingdom.
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The operating profit is stated after charging:
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Other operating lease rentals
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(Profit)/loss on disposal of fixed assets
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During the year, the Group obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company’s auditor and its associates for other services: Audit of the financial statements of subsidiaries
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 Director (2022 - 1) in respect of defined contribution pension schemes.
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Interest payable and similar expenses
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Other loan interest payable
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Finance leases and hire purchase contracts
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|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Current tax on profits for the year
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
|
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The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 21.01% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.01% (2022 - 19%)
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Other timing differences leading to an increase (decrease) in taxation
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Remeasurement of deferred tax for changes in tax rates
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Deferred tax not recognised
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Total tax charge for the year
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Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Dividends paid on equity capital
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Charge for the year on owned assets
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Charge for the year on owned assets
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Included in freehold property is land at a cost of £2,068,657 (2022: £2,100,000) which is not depreciated.
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
13.Tangible fixed assets (continued)
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Charge for the year on owned assets
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Included in freehold property is land at a cost of £2,068,657 (2022: £2,100,000) which is not depreciated.
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
|
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Investments in subsidiary companies
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The investment in subsidiary companies relates to the investment by H G Blake (Costessey) Limited in Church Farm (Felthorpe) Limited. This entity is not included in the consolidated accounts on the basis of materiality.
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Investments in subsidiary companies
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Direct subsidiary undertakings
|
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The following were direct subsidiary undertakings of the Company:
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H G Blake (Costessey) Limited
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Roofe Catering Butchers Limited
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The registered office of the subsidiary undertakings is Bull Farm Abattoir, Reepham Road, Norwich, Norfolk, NR10 4DU.
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|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Direct subsidiary undertakings (continued)
|
The aggregate of the share capital and reserves as at 31 July 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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H G Blake (Costessey) Limited
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Roofe Catering Butchers Limited
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Indirect subsidiary undertaking
|
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The following was an indirect subsidiary undertaking of the Company:
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Church Farm (Felthorpe) Limited
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The aggregate of the share capital and reserves as at 31 July 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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Church Farm (Felthorpe) Limited
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Roofe Catering Butchers Limited has not been audited as an individual entity as H G Blake (Holdings) Limited has guaranteed its liabilities in accordance with Section 479A of the Companies Act 2006.
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|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
|
Raw materials and consumables
|
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Finished goods and goods for resale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
|
|
There is no significant difference between the replacement cost of the stock and its carrying amount.
Stock recognised in cost of sales during the year as an expense was £29,281,139 (2022: £24,646,154).
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|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
|
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Included within trade debtors are amounts totalling £3,985,738 (2022: £2,954,346) that are subject to an invoice discounting agreement. These assets have not been derecognised from the balance sheet because the Company remains ultimately responsible for any unpaid balance, so the directors consider significant risks to have been retained.
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Cash and cash equivalents
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|
H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
|
Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Proceeds of factored debts
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Accruals and deferred income
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Amounts due under the invoice discounting arrangement of £1,947,300 (2022: £1,878,684) are secured by a charge over the debt book.
The bank loan totalling £154,167 (2022: £204,167), which accrues interest at 4.71% above the Bank of England base rate and overdrafts totalling £Nil (2022: £24,042), are secured by a charge over the freehold property.
Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Accruals and deferred income
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The bank loan totalling £154,167 (2022: £204,167), which accrues interest at 4.71% above the Bank of England base rate and overdrafts totalling £Nil (2022: £24,042), are secured by a charge over the freehold property.
Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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The loans are in respect of fixed assets held by the Company and are secured on those assets.
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Charged to profit or loss
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Charged to profit or loss
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Accelerated capital allowances
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Allotted, called up and fully paid
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25,250 (2022 - 25,250) Ordinary shares of £1 each
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Revaluation reserve
Revaluation gains and losses, along with associated deferred tax movements, are recognised in the revaluation reserve unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefit, in which case the excess losses are recognised in the profit and loss account.
Profit and loss account
The profit & loss account includes all current and prior period retained profits and losses.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £3,290 (2022: £1,800).
In addition the Group contributes to employees' personal pension plans. These payments are at the discretion of the Group and amounted to £66,918 (2022: £65,228).
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Commitments under operating leases
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At 31 July 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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The Company had no commitments under non-cancellable operating leases at the reporting date.
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H G BLAKE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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Related party transactions
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Purchases from related party suppliers
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Sales to related party customers
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Balances owed to related party suppliers
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Balances owed from related party customers
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Amounts owed to directors - C J Blake
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Amounts owed to directors - J R Blake
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During the year, there were sales and purchases, as detailed above, with companies to which the directors have significant influence.
The Group has taken advantage of the exemption to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
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The Company was under the control of Mrs C J Blake, the company chairman, by virtue of 90.4% holding of the ordinary shares of the Company.
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Entities for which H G Blake (Holdings) Limited assumes full liability
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The Company's UK subsidiary, Roofe Catering Butchers LTD (company number 11335744) is exempt from the requirement to under under section 479A of the Companies Act 2006. Under section 479C of the Companies Act 2006 related to the subsdiary company, H G Blake (Holdings) limited has given statutory gurantee of all outstanding liabilities to which the company is subject at 31 July 2023. This guarantee has been filed at Companies House.
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