REGISTERED NUMBER: 02559444 (England and Wales) |
Report of the Directors and |
Unaudited Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
for |
THE BIRD GROUP OF COMPANIES LIMITED |
REGISTERED NUMBER: 02559444 (England and Wales) |
Report of the Directors and |
Unaudited Consolidated Financial Statements |
for the Year Ended 31 October 2023 |
for |
THE BIRD GROUP OF COMPANIES LIMITED |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Contents of the Consolidated Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Accountants' Report | 3 |
Consolidated Income Statement | 4 |
Consolidated Other Comprehensive Income | 5 |
Consolidated Balance Sheet | 6 |
Company Balance Sheet | 8 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Notes to the Consolidated Financial Statements | 12 |
THE BIRD GROUP OF COMPANIES LIMITED |
Company Information |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Bath House |
6 - 8 Bath Street |
Bristol |
BS1 6HL |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Report of the Directors |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Company and the Group during the year was property development, rentals and disposals. The Group also manufactures and distributes horticultural and allied products. |
REVIEW OF BUSINESS |
There have not been any significant changes in the Group's principal activities in the year under review. The directors are not aware, at the date of this report, of any likely major changes in the Group's principal activities in the forthcoming financial year. |
The Group has continued to develop its property portfolio, both by securing planning permissions and by securing new lease arrangements with tenants. The Group is ready to achieve further gains in 2024, such that the gearing will be reduced. |
The Group's key performance measurements are rental income and property valuations. During the year the Group received rental income of £1,360,331 (2022: £1,232,989). The investment property portfolio was valued at 31 October 2023 at £16,864,117 (2022: £17,012,000). The directors have considered the value of the properties to be the value at the year end date which included considerations based on latest yields, occupancy rates and lease terms in place. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
The Bird Group of Companies Limited |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Bird Group of Companies Limited for the year ended 31 October 2023 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the directors of The Bird Group of Companies Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Bird Group of Companies Limited and state those matters that we have agreed to state to the directors of The Bird Group of Companies Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Bird Group of Companies Limited and its directors for our work or for this report. |
It is your duty to ensure that The Bird Group of Companies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Bird Group of Companies Limited. You consider that The Bird Group of Companies Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of The Bird Group of Companies Limited. For this reason, we do not express any opinion on the statutory financial statements. |
Haines Watts (Western) Limited |
Chartered Accountants |
Bath House |
6 - 8 Bath Street |
Bristol |
BS1 6HL |
31 July 2024 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Consolidated Income Statement |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 2,364,702 | 2,502,998 |
Cost of sales | (246,333 | ) | (211,961 | ) |
GROSS PROFIT | 2,118,369 | 2,291,037 |
Administrative expenses | (1,303,522 | ) | (2,212,304 | ) |
814,847 | 78,733 |
Other operating income | 85,406 | 69,657 |
OPERATING PROFIT | 900,253 | 148,390 |
Interest receivable and similar income | 2,746 | 391 |
902,999 | 148,781 |
Gain/loss on revaluation of investment property |
(48,950 |
) |
1,493,449 |
854,049 | 1,642,230 |
Interest payable and similar expenses | 5 | (695,011 | ) | (611,333 | ) |
PROFIT BEFORE TAXATION | 159,038 | 1,030,897 |
Tax on profit | 6 | - | (40,660 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 159,038 | 990,237 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Consolidated Other Comprehensive Income |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 159,038 | 990,237 |
OTHER COMPREHENSIVE INCOME |
Actuarial gain/(loss) relating to the | 118,000 | 1,773,000 |
pension scheme |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
118,000 |
1,773,000 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
277,038 |
2,763,237 |
Total comprehensive income attributable to: |
Owners of the parent | 277,038 | 2,763,237 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Consolidated Balance Sheet |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 17,705,530 | 17,818,510 |
Investments | 9 | - | - |
17,705,530 | 17,818,510 |
CURRENT ASSETS |
Stocks | 816,096 | 824,948 |
Debtors | 10 | 946,649 | 1,261,930 |
Cash at bank and in hand | 1,568,229 | 978,480 |
3,330,974 | 3,065,358 |
CREDITORS |
Amounts falling due within one year | 11 | (3,283,380 | ) | (3,976,087 | ) |
NET CURRENT ASSETS/(LIABILITIES) | 47,594 | (910,729 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
17,753,124 |
16,907,781 |
CREDITORS |
Amounts falling due after more than one year |
12 |
(7,906,260 |
) |
(7,139,368 |
) |
PENSION LIABILITY | 14 | (2,707,413 | ) | (2,906,000 | ) |
NET ASSETS | 7,139,451 | 6,862,413 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Consolidated Balance Sheet - continued |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 74,388 | 74,388 |
Share premium | 1,314,625 | 1,314,625 |
Revaluation reserve | 6,718,576 | 6,756,554 |
Capital redemption reserve | 30,980 | 30,980 |
Merger reserve | (29,220 | ) | (29,220 | ) |
Retained earnings | (969,898 | ) | (1,284,914 | ) |
SHAREHOLDERS' FUNDS | 7,139,451 | 6,862,413 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by: |
S A Baker - Director |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Company Balance Sheet |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PENSION LIABILITY | 14 | ( |
) | ( |
) |
NET ASSETS |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Company Balance Sheet - continued |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(189,998 |
) |
730,119 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Consolidated Statement of Changes in Equity |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 November 2021 | 74,388 | (2,600,447 | ) | 1,314,625 |
Changes in equity |
Profit for the year | - | 990,237 | - |
Other comprehensive income | - | 1,773,000 | - |
Total comprehensive income | - | 2,763,237 | - |
Transfer | - | (1,447,704 | ) | - |
Balance at 31 October 2022 | 74,388 | (1,284,914 | ) | 1,314,625 |
Changes in equity |
Profit for the year | - | 159,038 | - |
Other comprehensive income | - | 118,000 | - |
Total comprehensive income | - | 277,038 | - |
Transfer | - | 37,978 | - |
Balance at 31 October 2023 | 74,388 | (969,898 | ) | 1,314,625 |
Capital |
Revaluation | redemption | Merger | Total |
reserve | reserve | reserve | equity |
£ | £ | £ | £ |
Balance at 1 November 2021 | 5,308,850 | 30,980 | (29,220 | ) | 4,099,176 |
Changes in equity |
Profit for the year | - | - | - | 990,237 |
Other comprehensive income | - | - | - | 1,773,000 |
Total comprehensive income | - | - | - | 2,763,237 |
Transfer | 1,447,704 | - | - | - |
Balance at 31 October 2022 | 6,756,554 | 30,980 | (29,220 | ) | 6,862,413 |
Changes in equity |
Profit for the year | - | - | - | 159,038 |
Other comprehensive income | - | - | - | 118,000 |
Total comprehensive income | - | - | - | 277,038 |
Transfer | (37,978 | ) | - | - | - |
Balance at 31 October 2023 | 6,718,576 | 30,980 | (29,220 | ) | 7,139,451 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Company Statement of Changes in Equity |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 November 2021 | ( |
) |
Changes in equity |
Profit for the year | - | 730,119 | - |
Other comprehensive income | - | 1,773,000 | - |
Total comprehensive income | - | - |
Transfer | - | (1,028,895 | ) | - |
Balance at 31 October 2022 | ( |
) |
Changes in equity |
Deficit for the year | - | (189,998 | ) | - |
Other comprehensive income | - | 118,000 | - |
Total comprehensive income | - | ( |
) | - |
Transfer | - | 117,978 | - |
Balance at 31 October 2023 | ( |
) |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 November 2021 |
Changes in equity |
Profit for the year | - | - | 730,119 |
Other comprehensive income | 1,773,000 |
Total comprehensive income |
Transfer | 1,028,895 | - | - |
Balance at 31 October 2022 |
Changes in equity |
Deficit for the year | - | - | (189,998 | ) |
Other comprehensive income | 118,000 |
Total comprehensive income | ( |
) |
Transfer | (117,978 | ) | - | - |
Balance at 31 October 2023 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | COMPANY INFORMATION |
The Bird Group of Companies Limited is a |
The company's principal activities and nature of its operations is property development, rentals and disposals. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. |
Going concern |
In order to assess whether it is appropriate for the Group is to be reported as a going concern, the directors have applied judgement, having undertaken appropriate enquiries and having considered the business activities and the Group's principal risks and uncertainties. The Group has a diversified property portfolio which limits risk to any one business sector. In arriving at this judgement there are a number of assumptions and estimates that are applied by the Group. These include, but not limited to, depreciation on tangible assets and recoverable value of debtors and stock respectively. These estimates, assumptions and judgements are also evaluated on a continual basis. |
The Group is reliant on the provision of continuing financial support from its lenders and shareholders. Bank covenants are monitored quarterly by the directors who are satisfied the Group is well within the covenants presently applicable. Regarding income streams, no rent deduction or tenants were lost during the year; as such the directors are confident that projected income levels will be maintained. Planned capital disposals are in progress and the Group is well positioned to deal with any delays should they arise. The directors acknowledge that the latest position can change on a day to day basis and the potential long term impact is difficult to assess. |
At the time of approving the financial statements, the directors have a reasonable expectation that the Group and the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes. |
Investment properties |
Investment properties are measured at fair value annually with any change recognised in the profit and loss account. |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost represents buildings development and related professional costs in the development of the buildings, raw materials and finished goods. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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. |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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 shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period on a straight line basis where this is not materially different to the sum of the digits basis. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Defined benefit plans |
The Group recognises a defined net benefit pension asset or liability in the balance sheet as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. |
Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur. |
Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss. |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Defined contribution plans |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
Provisions |
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). |
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Depreciation |
Depreciation is provided on all tangible fixed assets, other than land and buildings and investment properties, so as to write off the cost or valuation of an asset, less its residual values, over its expected useful life as follows: |
Plant and machinery - 10% to 33% straight line per annum |
Fixtures and fittings - 10% to 33% straight line per annum |
Motor vehicles - 10% to 33% straight line per annum |
Revaluation of properties |
Individual freehold properties, other than investment properties, are revalued to fair value every year with the surplus or deficit on book value being transferred to the revaluation reserve, except that a deficit which is in excess of any previously recognised surplus over depreciated cost relating to the same property, or the reversal of such a deficit, is charged (or credited) to the profit and loss account. On the disposal or recognition of a provision for impairment of a revalued fixed asset, any related balance remaining in the revaluation reserve is also transferred to the profit and loss account as a movement on reserves. |
Impairment of fixed assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below. |
Bank borrowings |
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the profit or loss account using the effect interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Horticultural sales | 945,503 | 1,227,884 |
Rental income | 1,360,331 | 1,232,989 |
Parking fee income | 58,868 | 42,125 |
2,364,702 | 2,502,998 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 838,095 | 857,592 |
Social security costs | 76,468 | 95,015 |
Other pension costs | 53,458 | 63,324 |
968,021 | 1,015,931 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 9 | 9 |
Administration | 14 | 10 |
Labour | 17 | 15 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 282,755 | 282,859 |
Directors' pension contributions to money purchase schemes | 6,050 | 3,025 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
Defined benefit schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 71,071 | 93,735 |
Pension contributions to money purchase schemes | - | 3,025 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest | 533,028 | 510,288 |
Interest payable | 26,169 | 16,251 |
Hire purchase | 3,814 | 794 |
Net charge on pension scheme | 132,000 | 84,000 |
695,011 | 611,333 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | - | 40,660 |
Tax on profit | - | 40,660 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Actuarial gain/(loss) relating to the | 118,000 | - | 118,000 |
pension scheme |
118,000 | - | 118,000 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Actuarial gain/(loss) relating to the | 1,773,000 | - | 1,773,000 |
pension scheme |
1,773,000 | - | 1,773,000 |
7. | 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. |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Land and | Investment | Plant and |
buildings | property | machinery |
£ | £ | £ |
COST |
At 1 November 2022 | 757,178 | 17,012,000 | 216,433 |
Additions | - | - | - |
Disposals | - | (147,883 | ) | - |
At 31 October 2023 | 757,178 | 16,864,117 | 216,433 |
DEPRECIATION |
At 1 November 2022 | - | - | 197,886 |
Charge for year | - | - | 12,240 |
Eliminated on disposal | - | - | - |
At 31 October 2023 | - | - | 210,126 |
NET BOOK VALUE |
At 31 October 2023 | 757,178 | 16,864,117 | 6,307 |
At 31 October 2022 | 757,178 | 17,012,000 | 18,547 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 | 109,997 | 226,262 | 16,221 | 18,338,091 |
Additions | - | 73,000 | - | 73,000 |
Disposals | - | (46,500 | ) | - | (194,383 | ) |
At 31 October 2023 | 109,997 | 252,762 | 16,221 | 18,216,708 |
DEPRECIATION |
At 1 November 2022 | 109,997 | 195,477 | 16,221 | 519,581 |
Charge for year | - | 25,857 | - | 38,097 |
Eliminated on disposal | - | (46,500 | ) | - | (46,500 | ) |
At 31 October 2023 | 109,997 | 174,834 | 16,221 | 511,178 |
NET BOOK VALUE |
At 31 October 2023 | - | 77,928 | - | 17,705,530 |
At 31 October 2022 | - | 30,785 | - | 17,818,510 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Group |
Land and buildings includes land of £8,571 (2022: £8,571). |
The net book value of motor vehicles includes assets held under finance lease and hire purchase contracts amounting to £75,431 (2022: £26,125). The depreciation charge for the year on these assets was £23,694 (2022: £2,375). |
The investment properties were valued at their open market value for existing use by Knight Frank Chartered Surveyors in April 2022. The directors have considered this value to be the value at the year end date which included considerations based on latest yields, occupancy rates and lease terms in place. |
The land and buildings were valued at an open market value of £720,000 based on existing use in April 2022 by Knight Frank LLP, Chartered Surveyors. The directors consider the value shown as at 31 October 2023 to be in line with the current market value. |
Comparable amounts determined according to the historical cost convention: |
Investment properties |
Land & buildings |
Plant & machinery |
Fixtures & fittings |
Motor vehicles |
Computer equipment |
Total |
£ | £ | £ | £ | £ | £ | £ |
Cost | 12,172,124 | 646,664 | 216,433 | 109,997 | 252,762 | 16,221 | 13,414,201 |
Accumulated depreciation |
- |
(259,042 |
) |
(210,126 |
) |
(109,997 |
) |
(174,834 |
) |
(16,221 |
) |
(770,220 |
) |
At 31 October 2023 |
12,172,124 |
387,622 |
6,307 |
- |
77,928 |
- |
12,643,981 |
At 31 October 2022 |
12,282,029 |
387,622 |
18,547 |
- |
30,785 |
- |
12,718,983 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Investment | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The net book value of motor vehicles includes assets held under finance lease and hire purchase contracts amounting to £58,806 (2022: £NIL). The depreciation charge for the year on these was £14,194 (2022: £NIL). |
The investment properties were valued at their open market value for existing use by Knight Frank Chartered Surveyors in April 2022. The directors have considered this value to be the value at the year end date which included considerations based on latest yields, occupancy rates and lease terms in place. |
Comparable amounts determined according to the historical cost convention: |
Investment | Plant & | Fixtures & | Motor |
properties | machinery | Fittings | Vehicles | Total |
£ | £ | £ | £ | £ |
Cost | 9,807,397 | 37,374 | 62,680 | 205,951 | 10,113,402 |
Accumulated depreciation | - | (37,374 | ) | (62,680 | ) | (144,650 | ) | (244,704 | ) |
At 31 October 2023 | 9,807,397 | - | - | 61,301 | 9,868,698 |
At 31 October 2022 | 9,820,838 | 783 | - | 4,658 | 9,826,279 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2022 |
and 31 October 2023 |
PROVISIONS |
At 1 November 2022 |
and 31 October 2023 | 665,837 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: The Hunting Lodge, Billesley Road, Upper Billesley, Stratford-Upon-Avon, CV37 9RA |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: The Hunting Lodge, Billesley Road, Upper Billesley, Stratford-Upon-Avon, CV37 9RA |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
10. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 244,846 | 559,395 |
Amounts owed by group undertakings | - | - |
Other debtors | 8,000 | 7,124 |
Prepayments | 89,137 | 90,745 |
341,983 | 657,264 |
Amounts falling due after more than one | year: |
Trade debtors | 604,666 | 604,666 |
Aggregate amounts | 946,649 | 1,261,930 |
Amounts owed by group companies is unsecured, interest free and has no fixed repayment date. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | 19,071 | 708,493 |
Hire purchase contracts | 24,196 | 7,046 |
Trade creditors | 50,496 | 105,913 |
Tax | - | 40,660 |
Social security and other taxes | 31,311 | 13,108 |
VAT | 181,065 | 28,274 | 137,889 | 53,311 |
Other creditors | 2,293,985 | 2,419,224 |
Accruals and deferred income | 683,256 | 653,369 |
3,283,380 | 3,976,087 |
Bank loans and overdrafts from the Group's bankers are secured by various fixed and floating charges on the Group's assets and by various guarantee, cross-guarantees and debentures given by group undertakings. |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans - 1-2 years | 19,071 | 19,071 |
Bank loans - 2-5 years | 7,853,189 | 7,105,378 |
Hire purchase contracts | 34,000 | 14,919 |
7,906,260 | 7,139,368 |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 7,891,331 | 7,832,942 |
14. | EMPLOYEE BENEFIT OBLIGATIONS |
Defined contribution plans |
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £53,458 (2022: £63,324). |
Defined benefit plans |
The scheme is a defined benefit type scheme. The most recent actuarial valuation of the benefit scheme was 1 November 2022. |
The Group has paid £17,716 per month to the Plan for the period 1 November 2022 to 31 October 2023 in order to recover the deficit disclosed at the last actuarial valuation, with a further 10% per annum increase effective 1 November 2023. These contributions will act to reduce the disclosed FRS 102 deficit each year. |
The scheme ceased future service accrual with effect from 1 November 2010 so no further regular employer or member contributions are payable. |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
14. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Current service cost | - | - |
Net charge on pension scheme | 132,000 | 84,000 |
Past service cost | - | - |
132,000 | 84,000 |
Actual return on plan assets | (95,000 | ) | (809,000 | ) |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening defined benefit obligation | 6,507,000 | 9,356,000 |
Interest cost | 298,000 | 165,000 |
Benefits paid | (344,000 | ) | (351,000 | ) |
Remeasurements: |
Actuarial (gains)/losses from changes in demographic assumptions |
7,000 |
- |
Actuarial (gains)/losses from changes in financial assumptions |
(596,000 |
) |
(2,816,000 |
) |
Oblig other remeasurement | 210,000 | 153,000 |
6,082,000 | 6,507,000 |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening fair value of scheme assets | 3,601,000 | 4,568,000 |
Contributions by employer | 212,587 | 193,000 |
Expected return | 166,000 | 81,000 |
Actuarial gains/(losses) | (261,000 | ) | (890,000 | ) |
Benefits paid | (344,000 | ) | (351,000 | ) |
3,374,587 | 3,601,000 |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
14. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Actuarial (gains)/losses from changes in demographic assumptions |
(7,000 |
) |
- |
Actuarial (gains)/losses from changes in financial assumptions |
596,000 |
2,816,000 |
Oblig other remeasurement | (210,000 | ) | (153,000 | ) |
Actuarial gains/(losses) | (261,000 | ) | (890,000 | ) |
118,000 | 1,773,000 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
Cash | 1.20% | 3.00% |
Diversified growth funds | 89.40% | 83.40% |
Liability driven investments | 9.40% | 13.60% |
100.00% | 100.00% |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2023 | 2022 |
Discount rate | 5.60% | 4.70% |
RPI price inflation | 3.40% | 3.30% |
CPI price inflation | 2.70% | 2.50% |
Rate of increase in pensions in payment | 3.30% | 3.20% |
Current pensioners at 65 - male | 21.90% | 21.80% |
Current pensioners at 65 - female | 24.20% | 24.10% |
Future pensioners at 65 - male | 22.80% | 22.90% |
Future pensioners at 65 - female | 25.40% | 25.20% |
15. | RELATED PARTY TRANSACTIONS |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
THE BIRD GROUP OF COMPANIES LIMITED (REGISTERED NUMBER: 02559444) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
15. | RELATED PARTY TRANSACTIONS - continued |
At the year end, the Group owed £398,269 (2022: £402,069) to Bird Investments, a partnership between B F Bird and A P M Bird, in loans advanced to the Group. Both B F Bird and A P M Bird are directors of the Company. |
Included within creditors is a loan of £1,895,716 (2022: £2,003,520) due to P E Beach, a related party and S A Baker, A R C Palmer and A P M Bird, directors of the Company respectively. This loan is unsecured, not subject to an interest charge and has no fixed repayment date. |
16. | ULTIMATE CONTROLLING PARTY |
The Company is jointly owned by B F Bird and A P M Bird, who are considered to be the joint ultimate controlling parties. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2023 | 2022 |
£ | £ |
74,388 | Ordinary | £1 | 74,388 | 74,388 |