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Registered number: 03932673









BOOKER & BEST LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
BOOKER & BEST LIMITED
 
 
COMPANY INFORMATION


Directors
N P Booker 
T Best 
T Booker 




Company secretary
N P Booker



Registered number
03932673



Registered office
Windmill House
Windmill Road

St. Leonards On Sea

East Sussex

TN38 9BY




Independent auditors
Accendo Consulting Ltd
Chartered Certified Accountants & Statutory Auditors

160 City Road

London

EC1V 2NX




Bankers
HSBC
4 Robertson Street

Hastings

East Sussex

TN34 1HW





 
BOOKER & BEST LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11
Company Balance Sheet
 
12 - 13
Consolidated Statement of Changes in Equity
 
14 - 15
Company Statement of Changes in Equity
 
16 - 17
Consolidated Statement of Cash Flows
 
18 - 19
Consolidated Analysis of Net Debt
 
20
Notes to the Financial Statements
 
21 - 44


 
BOOKER & BEST LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The company’s principal activity continued to be that of property maintenance services. 

Business review
 
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. 

Page 1

 
BOOKER & BEST LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
 
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,
Page 2

 
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.



N P Booker
Director

Date: 1 August 2024

Page 3

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Dividends

No dividends were paid in the year, the Group achieved a profit for the year of £545,070 (2024: Profit £424,846)

Directors

The directors who served during the year were:

N P Booker 
T Best 
T Booker 

Future developments

The Group has secured major contracts with housing associations ensuring that base turnover is in excess of £8 million for the next 5 years. 

Research and development activities

The Group has continued to devote significant resources to improving the company's website and other information technology.

Engagement with suppliers, customers and others

The company continues to prioritise its relationship with both customers and suppliers.

Page 4

 
BOOKER & BEST LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

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. 

Auditors

The auditorsAccendo Consulting Ltdwill 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.
 





N P Booker
Director

Date: 1 August 2024

Page 5

 
BOOKER & BEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOKER & BEST LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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.


Page 6

 
BOOKER & BEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOKER & BEST LIMITED (CONTINUED)


Other information


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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
BOOKER & BEST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOKER & BEST LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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;
 
Page 8

 
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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





R M Asif Rafique (Senior Statutory Auditor)
  
for and on behalf of
Accendo Consulting Ltd
 
Chartered Certified Accountants & Statutory Auditors
  

1 August 2024
Page 9

 
BOOKER & BEST LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
21,333,736
15,091,083

Cost of sales
  
(17,372,547)
(12,497,444)

Gross profit
  
3,961,189
2,593,639

Administrative expenses
  
(3,329,156)
(3,390,473)

Other operating income
 5 
96,100
1,592,415

Other operating charges
  
(115,235)
(306,046)

Operating profit
 6 
612,898
489,535

Interest receivable and similar income
 11 
9,005
3

Interest payable and similar expenses
 12 
(76,833)
(25,271)

Profit before tax
  
545,070
464,267

Tax on profit
 13 
-
(39,417)

Profit for the financial year
  
545,070
424,850

Other comprehensive income for the year
  

Total comprehensive income for the year
  
545,070
424,850

Profit for the year attributable to:
  

Owners of the parent company
  
(545,070)
(424,850)

  
(545,070)
(424,850)

Total comprehensive income attributable to:
  

The notes on pages 21 to 44 form part of these financial statements.

Page 10

 
BOOKER & BEST LIMITED
REGISTERED NUMBER: 03932673

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
284,089
274,914

Tangible assets
 15 
1,027,533
1,025,290

Investment property
 17 
250,000
250,000

  
1,561,622
1,550,204

Current assets
  

Stocks
  
1,575,110
2,078,879

Debtors: amounts falling due within one year
 19 
1,665,679
1,202,123

Cash at bank and in hand
 20 
845,041
15,473

  
4,085,830
3,296,475

Creditors: amounts falling due within one year
  
(5,691,393)
(5,415,245)

Net current liabilities
  
 
 
(1,605,563)
 
 
(2,118,770)

Total assets less current liabilities
  
(43,941)
(568,566)

Creditors: amounts falling due after more than one year
  
(22,746)
(43,191)

  

Net liabilities
  
(66,687)
(611,757)


Capital and reserves
  

Called up share capital 
 24 
60,000
60,000

Revaluation reserve
 25 
277,584
277,584

Profit and loss account
 25 
(404,271)
(949,341)

  
(66,687)
(611,757)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2024.




N P Booker
Director

The notes on pages 21 to 44 form part of these financial statements.

Page 11

 
BOOKER & BEST LIMITED
REGISTERED NUMBER: 03932673

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
284,089
274,914

Tangible assets
 15 
1,026,541
1,024,015

Investments
 16 
52
52

Investment property
 17 
250,000
250,000

  
1,560,682
1,548,981

Current assets
  

Stocks
  
1,575,109
2,078,879

Debtors: amounts falling due within one year
 19 
1,881,741
1,368,112

Cash at bank and in hand
 20 
828,660
2,331

  
4,285,510
3,449,322

Creditors: amounts falling due within one year
  
(5,639,390)
(5,353,206)

Net current liabilities
  
 
 
(1,353,880)
 
 
(1,903,884)

Total assets less current liabilities
  
206,802
(354,903)

  

Creditors: amounts falling due after more than one year
  
(11,374)
(21,594)

  

Net assets excluding pension asset
  
195,428
(376,497)

Net assets/(liabilities)
  
195,428
(376,497)


Capital and reserves
  

Called up share capital 
 24 
60,000
60,000

Revaluation reserve
 25 
277,584
277,584

Profit and loss account brought forward
  
(714,081)
(1,261,363)

Profit for the year
  
571,925
547,282

Profit and loss account carried forward
  
(142,156)
(714,081)

  
195,428
(376,497)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2024.


N P Booker
Director
Page 12

 
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.

Page 13

 
BOOKER & BEST LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 May 2023
60,000
277,584
(949,341)
(611,757)
(611,757)


Comprehensive income for the year

Profit for the year

-
-
545,070
545,070
545,070


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
545,070
545,070
545,070


Total transactions with owners
-
-
-
-
-


At 30 April 2024
60,000
277,584
(404,271)
(66,687)
(66,687)


The notes on pages 21 to 44 form part of these financial statements.

Page 14

 
BOOKER & BEST LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 May 2022
60,000
277,584
(1,374,191)
(1,036,607)
(1,036,607)


Comprehensive income for the year

Profit for the year

-
-
424,850
424,850
424,850


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
424,850
424,850
424,850


Total transactions with owners
-
-
-
-
-


At 30 April 2023
60,000
277,584
(949,341)
(611,757)
(611,757)


The notes on pages 21 to 44 form part of these financial statements.

Page 15

 
BOOKER & BEST LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
60,000
277,584
(714,081)
(376,497)


Comprehensive income for the year

Profit for the year

-
-
571,925
571,925


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
571,925
571,925


Total transactions with owners
-
-
-
-


At 30 April 2024
60,000
277,584
(142,156)
195,428


The notes on pages 21 to 44 form part of these financial statements.

Page 16

 
BOOKER & BEST LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
60,000
277,584
(1,261,363)
(923,779)


Comprehensive income for the year

Profit for the year

-
-
547,282
547,282


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
547,282
547,282


Total transactions with owners
-
-
-
-


At 30 April 2023
60,000
277,584
(714,081)
(376,497)


The notes on pages 21 to 44 form part of these financial statements.

Page 17

 
BOOKER & BEST LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
545,070
424,850

Adjustments for:

Amortisation of intangible assets
71,983
85,728

Depreciation of tangible assets
45,168
24,523

Government grants
-
400

Interest paid
76,833
25,270

Interest received
(9,005)
(3)

Taxation charge
-
39,417

Decrease/(increase) in stocks
503,769
(1,310,048)

(Increase)/decrease in debtors
(411,240)
1,072,053

(Increase)/decrease in amounts owed by participating ints
(52,317)
13,497

(Decrease) in creditors
(1,090,032)
(320,347)

Increase/(decrease)) in amounts owed to groups
-
(60,773)

Increase/(decrease)) in amounts owed to participating ints
1,858,240
(561,791)

Corporation tax received/(paid)
-
(39,417)

Net cash generated from operating activities

1,538,469
(606,641)


Cash flows from investing activities

Purchase of intangible fixed assets
(64,158)
-

Purchase of tangible fixed assets
(64,412)
(67,600)

Government grants received
-
(400)

Interest received
9,005
3

Net cash from investing activities

(119,565)
(67,997)

Cash flows from financing activities

Repayment of loans
(72,307)
(28,678)

Repayment of other loans
-
(51,835)

Interest paid
(76,833)
(25,270)

Net cash used in financing activities
(149,140)
(105,783)

Net increase/(decrease) in cash and cash equivalents
1,269,764
(780,421)

Cash and cash equivalents at beginning of year
(424,723)
355,698

Cash and cash equivalents at the end of year
845,041
(424,723)


Cash and cash equivalents at the end of year comprise:
Page 18

 
BOOKER & BEST LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£


Cash at bank and in hand
845,041
15,473

Bank overdrafts
-
(440,196)

845,041
(424,723)


The notes on pages 21 to 44 form part of these financial statements.

Page 19

 
BOOKER & BEST LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

15,473

829,568

845,041

Bank overdrafts

(440,196)

440,196

-

Debt due after 1 year

(43,191)

20,445

(22,746)

Debt due within 1 year

(329,413)

225,182

(104,231)


(797,327)
1,515,391
718,064

The notes on pages 21 to 44 form part of these financial statements.

Page 20

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

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:

  
2.2

Basis of Consolidation

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...

 
2.3

Going concern

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.

Page 21

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 22

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
2%
Straight line
Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
25%
Straight line

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.

Page 24

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.16

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 25

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.23

Financial instruments

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
Page 26

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.23
Financial instruments (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
Page 27

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.23
Financial instruments (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.


3.


Judgements in Applying accounting policies and key sources of estimation uncertainty

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. 

Page 28

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Property Maintenance
21,333,736
15,091,083

21,333,736
15,091,083


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
21,333,736
15,091,083

21,333,736
15,091,083



5.


Other operating income

2024
2023
£
£

Other operating income
80,000
80,000

Net rents receivable
9,927
9,694

Government grants receivable
-
(400)

Sundry income
6,173
1,503,121

96,100
1,592,415



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
131,971
158,901

Page 29

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,000
14,000


8.


Staff costs

Staff costs, including directors remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and Salaries
3,782,358
3,832,615
3,589,803
3,543,500

Social security costs
367,761
387,880
348,601
356,610

Cost of defined contribution scheme
80,741
82,179
76,569
75,038

4,230,860
4,302,674
4,014,973
3,975,148


9.


Employees

The average number of employees, including the directors, during the year was as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Directors
3
3
3
3

Administration
60
61
60
61

Other
73
76
67
70

136
140
130
134

Page 30

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
207,133
193,841

Group contributions to defined contribution pension schemes
4,264
3,962

211,397
197,803



11.


Interest receivable

2024
2023
£
£


Other interest receivable
9,005
3

9,005
3


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
677
13,139

Other loan interest payable
76,156
12,132

76,833
25,271

Page 31

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Research & Development Tax Credit Received
-
39,417


-
39,417


Total current tax
-
39,417

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
39,417

Factors affecting tax charge for the year

The tax assessed for the year is the same as the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
545,070
464,268


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
136,268
88,211

Effects of:


Utilisation of tax losses
(136,268)
(88,211)

Research & Development Credit
-
39,417

Total tax charge for the year
-
39,417

Page 32

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Intangible assets

Group





Development expenditure

£



Cost


At 1 May 2023
510,978


Additions
64,158



At 30 April 2024

575,136



Amortisation


At 1 May 2023
236,064


Charge for the year on owned assets
54,983



At 30 April 2024

291,047



Net book value



At 30 April 2024
284,089



At 30 April 2023
274,914



Page 33

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
           14.Intangible assets (continued)

Company




Development expenditure

£



Cost


At 1 May 2023
510,978


Additions
64,158



At 30 April 2024

575,136



Amortisation


At 1 May 2023
236,064


Charge for the year
54,983



At 30 April 2024

291,047



Net book value



At 30 April 2024
284,089



At 30 April 2023
274,914


15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 May 2023
938,815
238,770
533,318
75,079
235,750


Additions
-
-
54,000
-
10,412



At 30 April 2024

938,815
238,770
587,318
75,079
246,162



Depreciation


At 1 May 2023
59,342
206,762
442,936
70,632
216,770
Page 34

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           15.Tangible fixed assets (continued)



Charge for the year on owned assets
18,776
4,975
31,806
696
5,916



At 30 April 2024

78,118
211,737
474,742
71,328
222,686



Net book value



At 30 April 2024
860,697
27,033
112,576
3,751
23,476



At 30 April 2023
879,473
32,007
90,383
4,447
18,980

Total

£



Cost or valuation


At 1 May 2023
2,021,732


Additions
64,412



At 30 April 2024

2,086,144



Depreciation


At 1 May 2023
996,442


Charge for the year on owned assets
62,169



At 30 April 2024

1,058,611



Net book value



At 30 April 2024
1,027,533



At 30 April 2023
1,025,290




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
860,697
879,473

860,697
879,473


Page 35

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           15.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£

Cost or valuation


At 1 May 2023
938,815
142,436
484,148
75,079
233,887


Additions
-
-
54,000
-
10,412



At 30 April 2024

938,815
142,436
538,148
75,079
244,299



Depreciation


At 1 May 2023
59,342
111,137
394,316
70,632
214,923


Charge for the year on owned assets
18,776
4,833
31,668
696
5,913



At 30 April 2024

78,118
115,970
425,984
71,328
220,836



Net book value



At 30 April 2024
860,697
26,466
112,164
3,751
23,463



At 30 April 2023
879,473
31,298
89,833
4,447
18,964
Page 36

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           15.Tangible fixed assets (continued)


Total

£

Cost or valuation


At 1 May 2023
1,874,365


Additions
64,412



At 30 April 2024

1,938,777



Depreciation


At 1 May 2023
850,350


Charge for the year on owned assets
61,886



At 30 April 2024

912,236



Net book value



At 30 April 2024
1,026,541



At 30 April 2023
1,024,015





The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
860,697
879,473

860,697
879,473


A fixed and floating charge was registered on 12 January 2024 by The Reward Finance Group Ltd on the property at 209 Harold Road, Hastings, TN35 5NQ. An agreement has been signed with Together Finance which will replace the above fixed and floating charge at 209 Harold Road and apply from February 2025.

Page 37

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
52



At 30 April 2024
52




Page 38

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Access Scaffolding (Hastings) Ltd
Windmill Road, St Leonards on Sea, East Sussex, TN38 9BY
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Access Scaffolding (Hastings) Ltd
(206,492)
(26,775)

Page 39

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 May 2023
250,000



At 30 April 2024
250,000

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. 



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
125,000
125,000

Accumulated depreciation and impairments
(40,000)
(37,500)

85,000
87,500

Company





Freehold investment property

£



Valuation


At 1 May 2023
250,000



At 30 April 2024
250,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Page 40

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
127,422
170,000
127,422
170,000

Work in progress (goods to be sold)
1,447,688
1,908,879
1,447,687
1,908,879

1,575,110
2,078,879
1,575,109
2,078,879


The difference between purchase price or production cost of stocks and their replacement cost is not material.


19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,048,358
625,311
1,039,247
606,536

Amounts owed by joint ventures and associated undertakings
423,570
371,253
659,987
577,202

Other debtors
15,623
32,007
14,485
22,335

Prepayments and accrued income
178,128
173,552
168,022
162,039

1,665,679
1,202,123
1,881,741
1,368,112



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
845,041
15,473
828,660
2,331

Less: bank overdrafts
-
(440,196)
-
(440,196)

845,041
(424,723)
828,660
(437,865)


Page 41

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
440,196
-
440,196

Bank loans
20,450
72,313
10,225
62,342

Trade creditors
2,576,991
1,984,497
2,555,290
1,961,986

Amounts owed to other participating interests
1,874,449
16,209
1,874,449
16,209

Other taxation and social security
923,665
2,541,041
916,139
2,522,309

Other creditors
88,337
265,382
87,380
259,579

Accruals and deferred income
207,501
95,607
195,907
90,585

5,691,393
5,415,245
5,639,390
5,353,206


Details of security provided: Debenture in favour of HSBC Bank Plc for securing all monies due from the Group to HSBC Bank PLC on any account whatsoever and was registered pursuant to Chapter 1 part XII of the Companies Act 1985 on 4th February 2011. There are directors' guarantees covering the loan totalling £52,366 at the year end.


22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
22,746
43,191
11,374
21,594

22,746
43,191
11,374
21,594


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.  


23.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
845,041
15,473



Page 42

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



60,000 (2023 - 60,000) Ordinary shares of £1.00 each
60,000
60,000



25.


Reserves

Revaluation reserve

The revaluation reserve of £277,584 represents the revaluation of Windmill House, Windmill Road at £850,000, a valuation made in June 2019 by Crickway, Chartered Surveyors. 


26.


Pension commitments

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.


27.


Commitments under operating leases

At 30 April 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
Group
£
£


Not later than 1 year
14,397
9,340

Later than 1 year and not later than 5 years
11,197
8,906

25,594
18,246


28.


Transactions with directors

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. 

Page 43

 
BOOKER & BEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

29.


Related party transactions

Transactions with Access Scaffolding (Hastings) Ltd, a subsidiary of Booker & Best Limited were as follows: Sales £44,131 (2023 £22,933), Purchases £43,005 (2023 £144,101). The sales ledger balance owed by Access Scaffolding (Hastings) Ltd at 30.4.24 was £11,889 and had a loan outstanding to Booker & Best Ltd of £178,791 (2023: £139,298). The balance owed to the company by Robinson & Baker (Heating) Ltd as at 30.4.24 was £237,657 (2023 £227,037). Transactions with Booker & Best Partnership were as follows: Sales £150,699 (2023 £28,063), Purchases £30,000 (2023: £30,000). A management charge of £80,000 (2023: £80,000) was charged to the partnership in the year. The balance owed to the partnership at 30.4.24 was £2,140,910 (2023: £16,209). 


Page 44