Company registration number 04113727 (England and Wales)
BURTONS OF MAIDSTONE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
BURTONS OF MAIDSTONE LIMITED
COMPANY INFORMATION
Directors
Mr D C Burton
Mrs E E Burton-Jones
Mr M T Burton
Company number
04113727
Registered office
Guardian Industrial Estate
Pattenden Lane
Marden
Kent
TN12 9QD
Auditor
Dendy Neville Limited
3-4 Bower Terrace
Tonbridge Road
Maidstone
Kent
ME16 8RY
Business address
Guardian Industrial Estate
Pattenden Lane
Marden
Kent
TN12 9QD
BURTONS OF MAIDSTONE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of income and retained earnings
8
Group and company balance sheets
9
Group statement of cash flows
10
Company statement of cash flows
11
Notes to the financial statements
12 - 27
BURTONS OF MAIDSTONE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
The directors present the strategic report for the year ended 31 October 2023.
Review of the business
During the year the group has performed well. The directors anticipate that the group will continue to maintain profit in the current year.
Gross profit continues to be the key performance indicator for the group. The gross profit in the year shows a decrease in margin to 33.7% from 34.1% in the prior year. The directors believe that the turnover is sustainable.
The group has continued with its research and development projects into new equipment to be manufactured and management remain confident that current customer needs will continue to be met by the group and any future developments will be commercially and financially viable.
The principal risks potentially affecting the group include the continued availability of bank finance and associated interest rates, market conditions generally, potential issues with the supply chain, greater competition and the formation of large customer groups within the customer base putting pressure on margins. The directors and management monitor these areas, with the group taking action to mitigate these risks which, in the current year, has included reducing dependence upon external overseas suppliers. The group has to hold high levels of stock to meet customers’ needs and this puts additional pressure on cashflow. Whilst we are noticing pressures on our supply chain we recognise the benefits of being a UK manufacturer and the further opportunities that this creates.
The directors maintain a watching brief on the suitability of the current premises in terms of security tenure and future expansion.
Mr D C Burton
Director
30 July 2024
BURTONS OF MAIDSTONE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 October 2023.
Principal activities
The principal activity of the company continued to be that of a holding company. The principal activity of the group continued to be that of the manufacture, sale and service of veterinary and medical equipment.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £645,044.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D C Burton
Mrs E E Burton-Jones
Mr M T Burton
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Information referred to in the Strategic Report
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report, information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report. It has done so in respect of principal risks and future developments.
BURTONS OF MAIDSTONE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
On behalf of the board
Mr D C Burton
Director
30 July 2024
BURTONS OF MAIDSTONE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BURTONS OF MAIDSTONE LIMITED
- 4 -
Opinion
We have audited the financial statements of Burtons of Maidstone Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group statement of income and retained earnings, the group and company balance sheets, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 the parent company's affairs as at 31 October 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BURTONS OF MAIDSTONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BURTONS OF MAIDSTONE LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for employee remuneration and bonuses;
• results of our enquiries of management about their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
BURTONS OF MAIDSTONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BURTONS OF MAIDSTONE LIMITED
- 6 -
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and pension legislation.
Audit response to risks identified
As a result of performing the above, we identified management override of controls as a key consideration related to the potential risk of fraud.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management regarding actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading any minutes of meetings of those charged with governance, and asking management whether there had been any correspondence with HMRC; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business reasons behind any significant transactions that are unusual or outside the normal course of the company’s business.
We also communicated potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations, even though we have properly planned and performed our audit in accordance with auditing standards. This risk increases the more that compliance with laws or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. In addition, as with any audit, the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
BURTONS OF MAIDSTONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BURTONS OF MAIDSTONE LIMITED
- 7 -
David Hill BA FCA (Senior Statutory Auditor)
For and on behalf of Dendy Neville Limited
30 July 2024
Chartered Accountants
Statutory Auditor
3-4 Bower Terrace
Tonbridge Road
Maidstone
Kent
ME16 8RY
BURTONS OF MAIDSTONE LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
20,508,714
20,362,754
Cost of sales
(13,597,890)
(13,409,087)
Gross profit
6,910,824
6,953,667
Administrative expenses
(5,447,091)
(5,084,904)
Other operating income
-
533
Operating profit
4
1,463,733
1,869,296
Interest receivable and similar income
8
7,839
10,563
Interest payable and similar expenses
9
(93,993)
(55,482)
Profit before taxation
1,377,579
1,824,377
Tax on profit
10
(380,555)
(264,327)
Profit for the financial year
997,024
1,560,050
Retained earnings brought forward
5,555,799
4,779,893
Dividends
(645,044)
(784,144)
Retained earnings carried forward
5,907,779
5,555,799
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.
BURTONS OF MAIDSTONE LIMITED
GROUP AND COMPANY BALANCE SHEETS
AS AT 31 OCTOBER 2023
2023-10-31
31 October 2023
- 9 -
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
155,164
232,747
Tangible assets
13
3,329,107
3,032,878
1,465,997
1,494,518
Investments
14
620
3,500
3,484,271
3,265,625
1,466,617
1,498,018
Current assets
Stocks
16
4,084,247
4,174,502
-
-
Debtors
17
2,622,203
3,200,490
1,069,677
1,466,947
Cash at bank and in hand
202,614
577,091
105,152
-
6,909,064
7,952,083
1,174,829
1,466,947
Creditors: amounts falling due within one year
18
(3,801,029)
(5,017,327)
(331,576)
(509,115)
Net current assets
3,108,035
2,934,756
843,253
957,832
Total assets less current liabilities
6,592,306
6,200,381
2,309,870
2,455,850
Creditors: amounts falling due after more than one year
19
(507,111)
(581,077)
(255,705)
(333,810)
Provisions for liabilities
22
(177,316)
(63,405)
(26,000)
(32,000)
Net assets
5,907,879
5,555,899
2,028,165
2,090,040
Capital and reserves
Called up share capital
24
100
100
100
100
Profit and loss reserves
5,907,779
5,555,799
2,028,065
2,089,940
Total equity
5,907,879
5,555,899
2,028,165
2,090,040
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £583,169 (2022 - £1,111,029 profit).
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
Mr D C Burton
Director
Company Registration No. 04113727
BURTONS OF MAIDSTONE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,028,516
1,660,081
Interest paid
(93,993)
(55,482)
Income taxes paid
(408,406)
(243,990)
Net cash inflow from operating activities
1,526,117
1,360,609
Investing activities
Purchase of tangible fixed assets
(681,666)
(382,321)
Proceeds from disposal of tangible fixed assets
102,627
119,424
Loans repaid / (made) to directors
272,822
(37,798)
Interest received
7,839
10,563
Net cash used in investing activities
(298,378)
(290,132)
Financing activities
Proceeds from borrowings
-
47,550
Repayment of borrowings
(30,000)
(120,000)
Repayment of bank loans
(49,433)
(52,737)
Payment of finance leases obligations
(442,325)
(463,687)
Dividends paid to equity shareholders
(645,044)
(784,144)
Net cash used in financing activities
(1,166,802)
(1,373,018)
Net increase/(decrease) in cash and cash equivalents
60,937
(302,541)
Cash and cash equivalents at beginning of year
(150,012)
152,529
Cash and cash equivalents at end of year
(89,075)
(150,012)
Relating to:
Cash at bank and in hand
202,614
577,091
Bank overdrafts included in creditors payable within one year
(291,689)
(727,103)
BURTONS OF MAIDSTONE LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
457,753
(946,869)
Interest paid
(48,339)
(23,658)
Income taxes paid
(71,450)
Net cash inflow/(outflow) from operating activities
337,964
(970,527)
Investing activities
Purchase of tangible fixed assets
(9,451)
(11,626)
Proceeds from disposal of tangible fixed assets
12,500
Loans made to group entities
(550,000)
Loans repaid / (made) to directors
272,822
(37,798)
Interest received
7,839
10,563
Dividends received
1,003,100
1,640,000
Net cash generated from investing activities
724,310
1,613,639
Financing activities
Proceeds from borrowings
47,550
Repayment of borrowings
(30,000)
(120,000)
Repayment of bank loans
(49,433)
(52,737)
Payment of finance leases obligations
(37,079)
(20,509)
Dividends paid to equity shareholders
(645,044)
(784,144)
Net cash used in financing activities
(761,556)
(929,840)
Net increase/(decrease) in cash and cash equivalents
300,718
(286,728)
Cash and cash equivalents at beginning of year
(195,566)
91,162
Cash and cash equivalents at end of year
105,152
(195,566)
Relating to:
Cash at bank and in hand
105,152
Bank overdrafts included in creditors payable within one year
-
(195,566)
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
1
Accounting policies
Company information
Burtons of Maidstone Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Guardian Industrial Estate, Pattenden Lane, Marden, Kent, TN12 9QD.
The group consists of Burtons of Maidstone Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The consolidated financial statements incorporate those of Burtons of Maidstone Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 October 2023.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer and, in respect of services, is generally recognised at the point of carrying out the service.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 13 -
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of five years.
1.7
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line on buildings
Land and buildings Leasehold
20% straight line
Plant and machinery
15-33% reducing balance and 10-33% straight line
Fixtures, fittings & equipment
25% reducing balance and 33% straight line
Equipment
33% straight line
Motor vehicles
25% straight line
No depreciation is provided in respect of freehold land.
Freehold properties held by the parent company for use within the trade of subsidiary companies and not acquired for investment purposes are classified as tangible fixed assets and not investment properties.
1.8
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are measured at cost less any accumulated impairment losses.
1.9
Stocks
Stocks are stated at the lower of cost and net realisable value.
In circumstances where the group orders stock and the obligation to pay does not crystallise until the stock has been delivered, the liability and stock are only recognised at the point of delivery.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Financial instruments
The group 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.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances and amounts due from fellow group companies are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and amounts due to fellow group companies are recognised at transaction price.
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 14 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leasing and hire purchase commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the group, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges so as to achieve a constant rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The accounting policies set out the basis of estimates and judgements made during preparation of the financial statements. There are no material judgements which affect the financial statements.
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Key sources of estimation uncertainty
The key estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Stock provision
The stock provision made in the financial statements for slow moving and obsolete items, totalling £481,078 (2022 - £671,078), is estimated by reference to the aged stock reports and in addition where stocks are held by salesmen and engineers by reference to the stock adjustments made when stock counts are carried out.
3
Turnover
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Principally sale and service of veterinary and medical equipment
20,508,714
20,362,754
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
18,388,578
18,202,408
Rest of World
2,120,136
2,160,346
20,508,714
20,362,754
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(4,700)
201,043
Research and development costs
221,912
187,234
Depreciation of owned tangible fixed assets
496,272
394,572
Depreciation of tangible fixed assets held under finance leases
203,917
247,774
Profit on disposal of tangible fixed assets
(69,417)
(75,068)
Amortisation of intangible assets
77,583
77,583
Operating lease charges
302,532
323,461
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,500
4,500
Audit of the financial statements of the company's subsidiaries
43,000
35,100
49,500
39,600
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 16 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Production
125
115
-
-
Office management
52
53
3
3
Total
177
168
3
3
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,455,652
5,698,165
19,800
19,550
Social security costs
692,343
610,058
3,332
3,247
Pension costs
188,342
113,072
220
212
7,336,337
6,421,295
23,352
23,009
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
33,813
32,941
Company pension contributions to defined contribution schemes
220
212
34,033
33,153
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
7,839
10,563
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 17 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
42,903
21,779
Other finance costs:
Interest on finance leases and hire purchase contracts
42,128
33,321
Other interest
8,962
382
Total finance costs
93,993
55,482
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
251,500
329,500
Adjustments in respect of prior periods
12,603
(25,905)
Total current tax
264,103
303,595
Deferred tax
Origination and reversal of timing differences
116,452
(39,268)
Total tax charge
380,555
264,327
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,377,579
1,824,377
Expected tax charge based on the standard rate of corporation tax in the UK of 22.50% (2022: 19.00%)
309,955
346,632
Tax effect of expenses that are not deductible in determining taxable profit
1,038
1,004
Unutilised tax losses carried forward
10,536
(11,108)
Depreciation on assets not qualifying for tax allowances
3,068
Amortisation on assets not qualifying for tax allowances
21,078
14,741
Research and development tax credit
45,365
(45,365)
Under/(over) provided in prior years
1,123
(25,905)
Deferred tax adjustments in respect of prior years
(238)
8,324
Enhanced capital allowances
(15,229)
(26,531)
Other tax adjustments
6,927
(533)
Taxation charge
380,555
264,327
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 18 -
11
Dividends
2023
2022
£
£
Ordinary dividends paid
645,044
784,144
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
387,913
Amortisation and impairment
At 1 November 2022
155,166
Amortisation charged for the year
77,583
At 31 October 2023
232,749
Carrying amount
At 31 October 2023
155,164
At 31 October 2022
232,747
The company had no intangible fixed assets at 31 October 2023 or 31 October 2022.
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 19 -
13
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 November 2022
1,651,993
19,141
2,874,493
1,440
880,793
1,297,909
6,725,769
Additions
3,760
584,725
540
97,385
343,218
1,029,628
Disposals
(25,019)
(23,879)
(165,446)
(214,344)
At 31 October 2023
1,651,993
22,901
3,434,199
1,980
954,299
1,475,681
7,541,053
Depreciation and impairment
At 1 November 2022
235,307
19,141
2,209,137
821
529,982
698,503
3,692,891
Depreciation charged in the year
17,041
345
254,890
13
123,653
304,247
700,189
Eliminated in respect of disposals
(23,554)
(17,705)
(139,875)
(181,134)
At 31 October 2023
252,348
19,486
2,440,473
834
635,930
862,875
4,211,946
Carrying amount
At 31 October 2023
1,399,645
3,415
993,726
1,146
318,369
612,806
3,329,107
At 31 October 2022
1,416,686
665,356
619
350,811
599,406
3,032,878
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 20 -
Company
Land and buildings Freehold
Plant and machinery
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
1,651,993
23,534
7,775
165,276
1,848,578
Additions
9,451
9,451
At 31 October 2023
1,651,993
32,985
7,775
165,276
1,858,029
Depreciation and impairment
At 1 November 2022
235,307
3,911
5,560
109,282
354,060
Depreciation charged in the year
17,041
3,272
1,048
16,611
37,972
At 31 October 2023
252,348
7,183
6,608
125,893
392,032
Carrying amount
At 31 October 2023
1,399,645
25,802
1,167
39,383
1,465,997
At 31 October 2022
1,416,686
19,623
2,215
55,994
1,494,518
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
362,137
289,979
Motor vehicles
336,672
468,815
27,292
55,994
Equipment
15,788
698,809
774,582
27,292
55,994
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
620
3,500
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
14
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022
3,500
Valuation changes
(2,880)
At 31 October 2023
620
Carrying amount
At 31 October 2023
620
At 31 October 2022
3,500
15
Subsidiaries
Details of the company's subsidiaries at 31 October 2023 are as follows:
Name of undertaking
Class of
% Held
shares held
Direct
Burtons Direct Limited
Ordinary
100.00
Burtons Grooming Direct Limited
Ordinary
100.00
Burtons Manufacturing Company Limited
Ordinary
100.00
Burtons Medical Equipment Limited
Ordinary
100.00
Burtons Vehicle Systems Limited
Ordinary
100.00
Vetronic Services Limited
Ordinary
100.00
The registered office of the subsidiaries is Guardian Industrial Estate, Pattenden Lane, Marden, Kent, TN12 9QD. The principal place of business is the same as the registered office with the exception of Burtons Vehicle Systems Limited which has a principal place of business of Atlantic House, Pattenden Lane, Marden, Kent, TN12 9QS.
Under section 479A of the Companies Act 2006, the Group is claiming exemption from audit of Vetronic Services Limited. The parent undertaking, Burtons of Maidstone Limited (registered number 04113727), guarantees all outstanding liabilities to which the subsidiary company is subject at the end of the financial year (being the year ended 31 October 2023). The guarantee is enforceable against the parent undertaking by any person to whom the subsidiary company is liable in respect of those liabilities.
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,171,799
1,073,281
-
-
Work in progress
8,199
5,344
-
-
Finished goods and goods for resale
2,904,249
3,095,877
4,084,247
4,174,502
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,965,397
2,393,913
Amounts owed by group undertakings
-
-
657,808
826,599
Other debtors
424,134
669,540
362,270
630,908
Prepayments and accrued income
232,389
134,213
49,599
9,440
2,621,920
3,197,666
1,069,677
1,466,947
Deferred tax asset (note 22)
283
2,824
2,622,203
3,200,490
1,069,677
1,466,947
Other debtors includes an amount of £284,526 (2022 - £557,348) due to the parent company by certain directors.
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
348,093
781,463
56,404
249,926
Obligations under finance leases
21
253,664
374,668
26,627
37,078
Other borrowings
20
30,000
30,000
Trade creditors
939,514
1,163,845
123,982
13,330
Amounts owed to group undertakings
220
19,047
Corporation tax payable
151,500
295,803
48,000
71,200
Other taxation and social security
671,957
698,803
34,497
6,072
Other creditors
54,759
54,759
Accruals and deferred income
1,436,301
1,617,986
41,846
27,703
3,801,029
5,017,327
331,576
509,115
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 23 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
235,422
286,899
235,422
286,899
Obligations under finance leases
21
271,689
294,178
20,283
46,911
507,111
581,077
255,705
333,810
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
86,610
-
86,610
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
291,826
341,259
291,826
341,259
Bank overdrafts
291,689
727,103
195,566
Other loans
30,000
30,000
583,515
1,098,362
291,826
566,825
Payable within one year
348,093
811,463
56,404
279,926
Payable after one year
235,422
286,899
235,422
286,899
The bank loans and overdrafts are secured by a charge over all assets of the group.
The bank loans are repayable in monthly instalments of £4,700. The interest on these loans is calculated at rates between 1.75% and 3.09% above base rate.
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
253,664
374,668
26,627
37,078
In two to five years
271,689
294,178
20,283
46,911
525,353
668,846
46,910
83,989
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
21
Finance lease obligations
(Continued)
- 24 -
Finance lease payments represent amounts payable by the company or group for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 to 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Obligations under finance leases are secured on the assets to which they relate.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
275,566
174,155
283
(2,412)
Tax losses
-
(44,000)
-
5,236
Other timing differences
(98,250)
(66,750)
-
-
177,316
63,405
283
2,824
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
26,000
32,000
-
-
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
60,581
32,000
Charge/(credit) to profit or loss
116,452
(6,000)
Liability at 31 October 2023
177,033
26,000
The amount of the deferred tax liability set out above which is expected to reverse within 12 months of the balance sheet date is £36,000 (2022 - £34,000) and relates to accelerated capital allowances that are expected to reverse within the same period.
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
188,342
113,072
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
23
Retirement benefit schemes
(Continued)
- 25 -
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of £1 each
76
76
76
76
Ordinary "B" shares of £1 each
12
12
12
12
Ordinary "C" shares of £1 each
12
12
12
12
100
100
100
100
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
77,663
181,943
-
111,553
Between two and five years
109,500
137,500
-
-
187,163
319,443
-
111,553
26
Related party transactions
A director has given a personal guarantee in favour of National Westminster Bank plc amounting to £110,000.
27
Controlling party
The ultimate controlling party is Mr D C Burton, a director of the company.
28
Directors' transactions
During the year the company made advances totalling £303,462 (2022 - £710,568) to certain directors of the company. Interest has been charged at HMRC approved rates and the amounts are repayable on demand. Repayments totalling £576,284 (2022 - £673,385) were made in respect of these advances and brought forward balances.
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 26 -
29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
997,024
1,560,050
Adjustments for:
Taxation charged
380,555
264,327
Finance costs
93,993
55,482
Investment income
(7,839)
(10,563)
Gain on disposal of tangible fixed assets
(69,417)
(75,068)
Amortisation and impairment of intangible assets
77,583
77,583
Depreciation and impairment of tangible fixed assets
700,189
642,346
Movements in working capital:
Decrease/(increase) in stocks
90,255
(921,901)
Decrease/(increase) in debtors
302,924
(585,050)
(Decrease)/increase in creditors
(536,751)
652,875
Cash generated from operations
2,028,516
1,660,081
30
Cash generated from/(absorbed by) operations - company
2023
2022
£
£
Profit for the year after tax
583,169
1,111,029
Adjustments for:
Taxation charged
42,250
35,500
Finance costs
48,339
23,658
Investment income
(1,010,939)
(1,650,563)
Gain on disposal of tangible fixed assets
-
(4,651)
Depreciation and impairment of tangible fixed assets
37,972
32,148
Other gains and losses
552,880
655,332
Movements in working capital:
Decrease/(increase) in debtors
124,448
(353,516)
Increase/(decrease) in creditors
79,634
(795,806)
Cash generated from/(absorbed by) operations
457,753
(946,869)
BURTONS OF MAIDSTONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
31
Analysis of changes in net debt - group
1 November 2022
Cash flows
New finance leases
31 October 2023
£
£
£
£
Cash at bank and in hand
577,091
(374,477)
-
202,614
Bank overdrafts
(727,103)
435,414
-
(291,689)
(150,012)
60,937
-
(89,075)
Borrowings excluding overdrafts
(371,259)
79,433
-
(291,826)
Obligations under finance leases
(668,846)
442,325
(298,832)
(525,353)
(1,190,117)
582,695
(298,832)
(906,254)
32
Analysis of changes in net debt - company
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
-
105,152
105,152
Bank overdrafts
(195,566)
195,566
(195,566)
300,718
105,152
Borrowings excluding overdrafts
(371,259)
79,433
(291,826)
Obligations under finance leases
(83,989)
37,079
(46,910)
(650,814)
417,230
(233,584)
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.100Mr D C BurtonMr M T BurtonMr M T BurtonMrs E E 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