Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
COMPANY INFORMATION
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BOOKER & BEST LIMITED
CONTENTS
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BOOKER & BEST LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The company’s principal activity continued to be that of property maintenance services.
The directors are pleased to announce a profit of £545,070 for the year ended 30 April 2024, which is a significant improvement on recent trading results. The company has increased turnover to £21,333,736 in the year to 30 April 2024 from £15,091,083 in the previous year. This level of turnover is expected to continue, being principally derived from long-term contracts with Local Authorities and the NHS. The increase in turnover has resulted from our success in delivering high quality services within our existing contracts and reinforced our strategic decision to concentrate on these areas. Turnover for May and June 2024 has already exceeded £3.6 million and the management accounts for May 2024 show a profit of £93,000.
During the year, the company obtained finance of over £2m via The Booker & Best Partnership (closely connected to the directors). This enabled the company to repay all outstanding liabilities to HMRC in January 2024 and eliminate any future cash-flow difficulties. As a result, it is anticipated that once these accounts are published, the company will return to a high credit rating.
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BOOKER & BEST LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The Group operates within a dynamic and competitive landscape and our activities are subject to a variety of risks and uncertainties that could influence our financial outcomes and strategic aims. Recognising and managing these risks is fundamental to our capapcity to sustain growth and profitability. Key risks and uncertainties confronting the Group include:
Economic and Market Risks The housing maintenance sector is susceptible to market fluctuations and government policy regarding housing and infrastructure. Economic downturns or budgetary constraints in local government expenditure could lead to a diminished demand for our services. Operational Risks Our operations are subject to risks associated with project management, including cost overruns, delays and quality issues. Ensuring the timely and on-budget completion of projects whilst maintaining high-quality standards is critical to our reputation and financial success. Supply chain and material cost fluctuations Rising material costs and supply chain disruptions pose significant risks, impacting our project margins and overall profitability. Effective supply chain management procurement are essential to mitigating these risks. Financial risks Our financial stability is subject to risks related to liquidity, credit and interest rates. The recent reliance on short-term finance has highlighted the importance of maintaining a robust financial strategy to ensure sufficent liquidity to meet our obligations and invest in growth opportunities. Bad debts and credit risks Exposure to bad debts remains a concern. Implementing stringent credit control measures and continuously assessing the creditworthiness of our clients is vital to minimising ths risk. Risk mitigation stategies To address thesr risks, the group has implemented a comprehensive risk management framework, which includes: a) Regular market and economic analysis to anticipate and adapt to changes that could affect our sector. b) Rigorous project management and quality control protocols to ensure continued operational excellence. c) Strategic partnerships with suppliers and diversification of our supply chain to manage material costs and availability. d) Ongoing compliance and regulatory training for our staff to ensure adherence to all relevant laws and regulations. e) A prudent financial strategy that emphasised sustainable growth, careful management of liabilities to maintain liquidity. f) Enhanced credit control processes and due diligence practices to reduce the likelihood of bad debts. The directors are committed to continuously monitor the risk landscape and adapting our strategies to safeguard the Group's interests.
Financial Key Performance Indicators
To effectively monitor our operational efficiency and financial health, the Group employs several Key Performance Indicators (KPIs). These metrics are instrumental in guiding our strategic decisions and assessing our progress owards achieving our business objectives. The main KPIs used in our business strategy are as follows: .a) Turnover growth is a primary indicator of our market position and our ability to expand our operations. This year, our turnover increased significantly to £21m from £15m which highlights the success of our business strategies. b) The Gross Profit margin is a critical measure of our cost efficiency and pricing strategy. For the current year,
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BOOKER & BEST LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
the gross profit margin stands at 18.5%, a slight increase from the previous year's 17.2%. The Group is always implementing measures to improve our cost management and efficiency to enhance our gross margin. c) Operating profit reflects our operational efficiency and our ability to control costs and maximise revenue from our core business activities. The Group achieved an operating profit of £612,898 for the year (2023: £489,531). d) Liquidity and Solvency. The current ratio stands at -0.73 compared to -0.62 in the previous year, however creditors include £1,874k owed to the B&B Partnership. The Group is committed to improving this ratio by optimising our working capital management and enhancing cash-flow generation from our operations. The Group remains dedicated to monitoring these KPIs closely, with a proactive approach to addressing areas that fall below our targets. By focusing on these critical Key Performance Indicators, we aim to ensure sustainable growth for the foreseeable future, together with, operational excellence and financial resilience.
This report was approved by the board and signed on its behalf.
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BOOKER & BEST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
No dividends were paid in the year, the Group achieved a profit for the year of £545,070 (2024: Profit £424,846)
The directors who served during the year were:
The Group has secured major contracts with housing associations ensuring that base turnover is in excess of £8 million for the next 5 years.
The Group has continued to devote significant resources to improving the company's website and other information technology.
The company continues to prioritise its relationship with both customers and suppliers.
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BOOKER & BEST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The bridging loan taken out by The Booker & Best Partnership in January 2024 with Reward Finance Group Limited which provided finance of £2.1m to the Group has been renegotiated. The original bridging loan which was due to be repaid in January 2025, has now been extended over a period of 25 years, with Together Finance. As per agreement dated 27th June 2024, the company has entered into an agreement covering a period of 25 years. The company will make monthly payments of £19,462 for 60 months followed by £24,916.20 per month for the remainder of the loan period.
The auditors, Accendo Consulting Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BOOKER & BEST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOKER & BEST LIMITED
We have audited the financial statements of Booker & Best Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BOOKER & BEST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOKER & BEST LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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BOOKER & BEST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOKER & BEST LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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 directors’ remuneration, bonus levels and performance targets; results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the Company’s policies and procedures; 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. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. 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 and focused on 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 Companies Act 2006 and local tax legislation. Audit response to risks identified As a result of performing the above, we identified revenue recognition as key audit matter 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, concerning 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;
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BOOKER & BEST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOKER & BEST LIMITED (CONTINUED)
- obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax provisions; 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 rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants & Statutory Auditors
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BOOKER & BEST LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
REGISTERED NUMBER: 03932673
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2024.
The notes on pages 21 to 44 form part of these financial statements.
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BOOKER & BEST LIMITED
REGISTERED NUMBER: 03932673
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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BOOKER & BEST LIMITED
REGISTERED NUMBER: 03932673
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The notes on pages 21 to 44 form part of these financial statements.
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BOOKER & BEST LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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BOOKER & BEST LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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BOOKER & BEST LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Booker & Best Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.er user text here...
The directors are confident that the Group will continue as a going concern. In January 2024, the company successfully negotiated and secured £2.4m in bridging finance through a partnership owned by the company's directors. This finance was obtained by the partnership under terms that include an interest rate of £1.05% per month, with the full amount due for repayment within 12 months, by January 2025. The bridging finance is secured against properties owned by the partnership and one of the company's properties. The partnership has supplied this finance to the Group. The proceeds from the financing arrangement were utilised to settle the parent company's outstanding debt to HMRC in full. The partnership loan has no set date for repayment. The original bridging loan has been renegotiated over a 25 year period with Together Finance commencing in June 2024.
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as set out below:.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance Sheet when the Group 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
In the preparation of the financial statements the company’s application of accounting policies involved certain judgments and estimates, which are essential for presenting the statements in accordance with applicable accounting standards. The most significant of these relates to the determination of the useful economic lives of tangible and intangible fixed assets.
Useful economic lives of fixed assets: The estimation of the useful economic lives of tangible fixed assets is a critical judgment area. This estimation affects the calculation of depreciation and, consequently, the carrying amount of the assets. The determination of these useful lives is based on historical experience with similar assets, as well as expectations about future use and technological advancements that may influence their economic utility. The estimated useful life of each asset category is reviewed annually and adjusted if necessary, considering factors such as usage, maintenance practices, technological advancements, and changes in market conditions. Depreciation methods and residual values: The chosen methods of depreciation and the estimation of residual values at the end of the useful lives of assets are also significant judgments. These estimates are based on experience and knowledge of the assets, considering the nature of the operations and the practices in our industry. Impairment of assets: Judgements and estimates are also made in assessing whether there are any indications that an asset may be impaired. This involves considering changes in market conditions, technological advancements, or underperformance of the asset against expectations. Where indicators of impairment are identified, the recoverable amount of the asset is estimated, which requires significant judgement and estimation. It is important to note that while these judgments and estimates are based on management's best knowledge of current events and actions, actual results may differ from these estimates. Any changes in key assumptions about the economic lives of tangible fixed assets and their residual values could impact the depreciation charge and the carrying amount of the assets. The Directors regularly review and update these estimates and judgments based on the latest available information and historical experience.
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Analysis of turnover by country of destination:
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
14.Intangible assets (continued)
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
15.Tangible fixed assets (continued)
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
15.Tangible fixed assets (continued)
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
15.Tangible fixed assets (continued)
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
The company's investment property comprises 209 Harold Road, Hastings TN35 5NQ. A fixed and floating charge was been registered on the freehold property by Reward Finance Group Ltd on 9 January 2024.
The 2024 valuations were made by the directors, on an open market value for existing use basis.
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The HSBC loan is being repaid over 60 months at a monthly instalment of £887.37. The last instalment is due in May 2026. Interest is charged at 2.50% per annum.
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Revaluation reserve
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £75,820 (2023: £75,038). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date.
Total sales to directors in the year were £279,122 (2023 £6,345). Amounts owed to the directors by the company totalled £83,781 at 30.4.24 (2023: £257,099). The company is repaying N Booker £609.30 per month in respect of a finance agreement for a vehicle, taken out by Mr Booker personally. The agreement covers a period of 5 years.
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BOOKER & BEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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