Company registration number 04093925 (England and Wales)
BRYAN'S SALADS LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
BRYAN'S SALADS LTD.
COMPANY INFORMATION
Directors
Mr R J Bryan
Mrs R Bryan
Mr J W Bryan
Mr J D Bragg
Mr M R Bryan
Mr S T Bryan
Mr G C Bryan
Secretary
Mrs R Bryan
Company number
04093925
Registered office
Poplars
Gorse Lane
Tarleton
Preston
Lancashire
United Kingdom
PR4 6LJ
Auditor
Bishops Audit Limited
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
BRYAN'S SALADS LTD.
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Income statement
10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
BRYAN'S SALADS LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The directors present the strategic report for the year ended 30 November 2023.
Review of the business
The directors were pleased with the results for 2023.
The trading results are shown on page 9 and show a profit before tax of £68,882 (2022 - £817,081).
The gross profit margin has reduced by 1.71% to 4.37%.
Turnover has increased by 14.4% to £57,147,738 (2022 - £49,966,603).
The company continues to have a strong balance sheet with shareholders funds totaling £7,648,857 (2022 - £7,594,083).
Principal risks and uncertainties
The company has continued to be impacted during the year by a number of global actions which have been out of our control. The main one being the continuing war in the Ukraine, the major impact of this is still our electricity cost increases. The new price was., however, double the previous rate .
Fertiliser on our farm has also continued to be impacted with prices up to three times higher than in previous years.
We also use a large amount of agricultural diesel in our tractors on our farm and a usual base price per litre is what we would work on, the war in Ukraine had increased this again to almost double its base rate.
Our road diesel is priced at a base level for our hauliers, and we work on a percentage escalator above this rate at our worst rate we were paying a massive surcharge on our weekly invoices.
Whilst we do not use gas on site our suppliers of some of our products do and they had been impacted with rises in gas prices and also feed cost increases due to the war.
Each year we are also impacted by a minimum wage rise which has to be passed on to all staff not just those at the minimum wage level.
As an employer we have no control on any of the above increases which clearly can put a strain on our activities.
Development and performance
As stated above the directors have been satisfied with the development and performance of the company during the year. The increase in the level of turnover is noted and the directors hope to maintain growth in the coming year whilst recognising the continuing challenges referred to earlier.
Key performance indicators
The directors actively monitor sales and gross margins to assess the performance of the business. They also have concern for the cash available to the business to meet the demands of the business as they arise.
BRYAN'S SALADS LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Promoting the success of the company
Employee involvement
The directors recognise that the workforce is the most valuable asset of the business in order to achieve the growth desired and maintain the reputation of the business . They therefore consider that the health and safety of the workforce is a primary concern in the way that the business is managed and encourage safe working practices.
The company has a diverse and inclusive workforce and remains committed to offering opportunities to all staff. In particular, as part of the food manufacturing sector and with a high level of migrant workers the organisation recognises that it has a responsibility to take a robust approach to the possibility of acts of slavery and human trafficking both within the business itself and the supply chain.
With this in mind the company recruits workers directly and is committed to preventing modern slavery and human trafficking in its corporate activities and seeks to ensure that the supply chains are also free from modern slavery human trafficking.
Relationships with suppliers and customers
The directors recognise the importance of good and lasting relations with both customers and suppliers.
The company is keen to offer excellent customer service together with quality products to benefit all within the supply chain and the community in which the company operates.
The company is committed to trading ethically with its supply chain partners.
Community and the environment
The directors value the position that the company has in its local community and they seek to ensure that the company's activities do not adversely affect its neighbours. The company operates in a responsible fashion recognising the importance of maintaining good local relationships.
Mr R J Bryan
Director
15 August 2024
BRYAN'S SALADS LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activity of the company continued to be that of the packaging and marketing of salad produce.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R J Bryan
Mrs R Bryan
Mr J W Bryan
Mr J D Bragg
Mr M R Bryan
Mr S T Bryan
Mr G C Bryan
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees as appropriate any matters likely to affect employees' interests.
Information about matters of concern to employees is provided in ways considered appropriate to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Business relationships
The directors are conscious of the need to establish good working relationships with suppliers and customers alike in order to maintain the good standing of the business. The directors are mindful of the issues affecting the supply chain of which it is a part and endeavour to ensure that where possible all deadlines are met.
Auditor
In accordance with the company's articles, a resolution proposing that Bishops Audit Limited be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
As the company has consumed more than 40,000 kWh of energy in this reporting period, it does not qualify as a low energy user under these regulations and is therefore required to report on its emissions, energy consumption or energy efficiency activities.
Comparative figures are not available as the directors considered the disclosure of the detail of this information in the previous year was prejudicial to the interests of the company.
BRYAN'S SALADS LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
3,196,308
-
- Fuel consumed for transport
9,294
-
3,205,602
-
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
270.50
-
270.50
-
Scope 2 - indirect emissions
- Electricity purchased
1,322.35
-
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
1,592.85
-
Intensity ratio
Tonnes CO2e per full-time employee
4.55
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
The data quality and completeness is ensured by:
All electricity invoices have been entered into a fully managed energy database covering the reporting period, allowing data quality checks to be carried out for completeness and accuracy.
All transport information has also been entered into this energy database up to the reporting period end. No gas data is required as the company does not consume any gas.
All Scope 1 mobile combustion emissions have been recorded using quantity of fuel consumed by vehicles. This is high quality data for calculating the Scope 1 footprint.
Intensity measurement
Carbon intensity metrics have been calculated using the 2022-2023 reportable figures for tCO2e per full-time equivalent employee. Total emissions were then divided by this figure to determine the tCO2e metric.
Primary data for Scope 1 was provided as approximate Litres of fuel consumption for red diesel and white derv.
Primary data for Scope 2 emissions was provided by the company as kWh electricity consumption supported by invoices. Despite procuring a 100% renewable tariff, REGO certificates were not available. The disclosure is therefore made using only the Location-Based method.
There was no activity reportable for Scope 3 in the year.
BRYAN'S SALADS LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
Measures taken to improve energy efficiency
The company is always seeking ways to minimise energy consumption and the use of energy saving efficiencies was a consideration in the design of the new facilities on the company's main site.
In the 2022-2023 year the company has invested in battery-electric vehicles and replaced some existing lighting with low-energy LED lighting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr R J Bryan
Director
15 August 2024
BRYAN'S SALADS LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BRYAN'S SALADS LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRYAN'S SALADS LTD.
- 7 -
Opinion
We have audited the financial statements of Bryan's Salads Ltd. (the 'company') for the year ended 30 November 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BRYAN'S SALADS LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRYAN'S SALADS LTD. (CONTINUED)
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Companies Act 2006 and the UK tax legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements, revenue recognition, going concern and the impact of Covid-19 on the carrying value of the assets.
Our procedures to respond to risks identified included the following:
enquiry of management and those charged with governance around actual and potential litigation and claims.
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
performing analytical procedures to identify any unusual or unexplained relationships that may indicate risks of material misstatement due to fraud.
auditing the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
We also communicated relevant laws and regulations and potential fraud risks to all engagement team members including internal specialists and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.
BRYAN'S SALADS LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRYAN'S SALADS LTD. (CONTINUED)
- 9 -
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Evans BA FCA
Senior Statutory Auditor
For and on behalf of Bishops Audit Limited
16 August 2024
Chartered Accountants
Statutory Auditor
1 Croft Court
Plumpton Close
Whitehills Business Park
Blackpool
Lancashire
FY4 5PR
BRYAN'S SALADS LTD.
INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
57,147,738
49,966,603
Cost of sales
(54,652,002)
(46,929,084)
Gross profit
2,495,736
3,037,519
Administrative expenses
(2,461,503)
(2,331,824)
Other operating income
159,637
147,257
Operating profit
4
193,870
852,952
Interest receivable and similar income
7
13,243
1,327
Interest payable and similar expenses
8
(147,231)
(37,198)
Amounts written off investments
9
9,000
-
Profit before taxation
68,882
817,081
Tax on profit
10
(14,108)
(154,568)
Profit for the financial year
54,774
662,513
The income statement has been prepared on the basis that all operations are continuing operations.
BRYAN'S SALADS LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
2023
2022
£
£
Profit for the year
54,774
662,513
Other comprehensive income
-
-
Total comprehensive income for the year
54,774
662,513
BRYAN'S SALADS LTD.
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,639,946
4,867,723
Investment property
14
196,000
187,000
Investments
15
2,969
2,969
4,838,915
5,057,692
Current assets
Stocks
16
1,530,705
2,262,940
Debtors
17
8,201,884
7,939,263
Cash at bank and in hand
2,076,417
2,269,958
11,809,006
12,472,161
Creditors: amounts falling due within one year
18
(7,050,507)
(7,634,106)
Net current assets
4,758,499
4,838,055
Total assets less current liabilities
9,597,414
9,895,747
Creditors: amounts falling due after more than one year
19
(1,490,335)
(1,828,976)
Provisions for liabilities
Deferred tax liability
22
458,222
472,688
(458,222)
(472,688)
Net assets
7,648,857
7,594,083
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
25
7,647,857
7,593,083
Total equity
7,648,857
7,594,083
The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mr R J Bryan
Director
Company registration number 04093925 (England and Wales)
BRYAN'S SALADS LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
1,000
6,930,570
6,931,570
Year ended 30 November 2022:
Profit and total comprehensive income
-
662,513
662,513
Balance at 30 November 2022
1,000
7,593,083
7,594,083
Year ended 30 November 2023:
Profit and total comprehensive income
-
54,774
54,774
Balance at 30 November 2023
1,000
7,647,857
7,648,857
BRYAN'S SALADS LTD.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
734,546
(100,138)
Interest paid
(147,231)
(37,198)
Income taxes paid
(12,261)
Net cash inflow/(outflow) from operating activities
575,054
(137,336)
Investing activities
Purchase of tangible fixed assets
(371,422)
(447,032)
Proceeds from disposal of tangible fixed assets
7,750
65,000
Amounts loaned to directors/ repaid from directors
(41,850)
311,445
Interest received
13,243
1,327
Net cash used in investing activities
(392,279)
(69,260)
Financing activities
Repayment of bank loans
(311,674)
(151,837)
Repayment of derivatives
(23,298)
Payment of finance leases obligations
(64,642)
(60,154)
Net cash used in financing activities
(376,316)
(235,289)
Net decrease in cash and cash equivalents
(193,541)
(441,885)
Cash and cash equivalents at beginning of year
2,269,958
2,711,843
Cash and cash equivalents at end of year
2,076,417
2,269,958
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
1
Accounting policies
Company information
Bryan's Salads Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Poplars, Gorse Lane, Tarleton, Preston, Lancashire, United Kingdom, PR4 6LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% on cost
Leasehold property improvements
10% on cost
Glasshouses and access road
10% reducing balance
Plant and equipment
20% reducing balance
Fixtures and fittings
33% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Included in the cost of land and freehold property is freehold land of £295,290 (2022 - £295,290) which is not depreciated.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Other investments are initially recognised at cost and subsequently measured at fair value at the reporting end date. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Derivatives
The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.
Derivatives are recognised at fair value using a valuation technique with any gains or losses being reported in the income statement. Outstanding derivatives at the reporting date are included under the appropriate format heading depending on the nature of the derivative.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.19
The company has created a trust whose beneficiaries will include employees of the company and their dependants. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion. Where assets are held in the trust and these are considered by the company to be in respect of services already provided by the employees to the company, the company will account for these as assets of the company until the earlier of it no longer having de facto control of these assets and it not obtaining future economic benefits from these assets. The value transferred will be charges in the company's income statement for the year to which it relates.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
57,147,738
49,966,603
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other revenue
Interest income
13,243
1,327
Rent receivable
159,637
147,257
All turnover is generated from sale of goods in the United Kingdom.
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(94,916)
(85,193)
Hedging instrument gains
(23,298)
Depreciation of owned tangible fixed assets
553,981
572,267
Depreciation of tangible fixed assets held under finance leases
42,245
39,107
Profit on disposal of tangible fixed assets
(4,777)
(41,047)
Operating lease charges
164,770
164,770
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,790
14,000
For other services
All other non-audit services
32,922
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administrative
6
6
Production
345
326
Total
351
332
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
6
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
9,789,696
8,755,659
Social security costs
897,174
847,796
Pension costs
138,364
141,416
10,825,234
9,744,871
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
13,243
1,327
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,243
1,327
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
145,644
35,611
Other finance costs:
Interest on finance leases and hire purchase contracts
1,587
1,587
147,231
37,198
9
Amounts written off investments
2023
2022
£
£
Changes in the fair value of investment properties
9,000
-
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
33,489
17,176
Adjustments in respect of prior periods
(4,915)
8,874
Total current tax
28,574
26,050
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Taxation
2023
2022
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(14,466)
128,518
Total tax charge
14,108
154,568
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
68,882
817,081
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
17,221
155,245
Tax effect of expenses that are not deductible in determining taxable profit
3,608
136
Tax effect of utilisation of tax losses not previously recognised
(96,801)
Effect of change in corporation tax rate
(1,738)
Depreciation on assets not qualifying for tax allowances
6,468
6,314
Under/(over) provided in prior years
(4,915)
8,874
Tax at marginal rate
(997)
Fixed asset differences
1,976
Effect of change in tax rate on deferred tax opening position
107,005
Superdeduction for capital allowances
(5,454)
(28,181)
Other differences
(85)
Taxation charge for the year
14,108
154,568
11
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
380,177
249,441
Company pension contributions to defined contribution schemes
51,081
47,278
431,258
296,719
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2022 - 6).
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
11
Directors' remuneration
(Continued)
- 24 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
117,019
114,462
Company pension contributions to defined contribution schemes
40,000
40,000
12
Intangible fixed assets
Software
£
Cost
At 1 December 2022 and 30 November 2023
14,085
Amortisation and impairment
At 1 December 2022 and 30 November 2023
14,085
Carrying amount
At 30 November 2023
At 30 November 2022
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
13
Tangible fixed assets
Freehold land and buildings
Leasehold property improvements
Glasshouses and access road
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 December 2022
2,507,109
121,900
48,775
7,770,833
274,271
255,307
10,978,195
Additions
369,372
2,050
371,422
Disposals
(51,616)
(51,616)
At 30 November 2023
2,507,109
121,900
48,775
8,088,589
276,321
255,307
11,298,001
Depreciation and impairment
At 1 December 2022
158,773
94,299
42,422
5,369,885
247,535
197,558
6,110,472
Depreciation charged in the year
22,116
11,826
637
533,218
13,992
14,437
596,226
Eliminated in respect of disposals
(48,643)
(48,643)
At 30 November 2023
180,889
106,125
43,059
5,854,460
261,527
211,995
6,658,055
Carrying amount
At 30 November 2023
2,326,220
15,775
5,716
2,234,129
14,794
43,312
4,639,946
At 30 November 2022
2,348,336
27,601
6,353
2,400,948
26,736
57,749
4,867,723
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
13
Tangible fixed assets
(Continued)
- 26 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
168,981
157,533
14
Investment property
2023
£
Fair value
At 1 December 2022
187,000
Net gains or losses through fair value adjustments
9,000
At 30 November 2023
196,000
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
143,686
143,686
Accumulated depreciation
-
-
Carrying amount
143,686
143,686
Investment property comprises £196,000. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 November 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The carrying value of land and buildings comprises:
2023
2022
£
£
Freehold
196,000
187,000
15
Fixed asset investments
2023
2022
£
£
Other investments
2,969
2,969
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
16
Stocks
2023
2022
£
£
Raw materials and consumables
1,530,705
2,262,940
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,710,801
6,364,596
Corporation tax recoverable
340,950
340,950
Other debtors
584,820
518,788
Prepayments and accrued income
565,313
714,929
8,201,884
7,939,263
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
20
291,446
319,857
Obligations under finance leases
21
38,628
47,892
Trade creditors
5,852,144
6,257,005
Corporation tax
41,037
24,724
Other taxation and social security
237,197
193,672
Other creditors
138,565
345,601
Accruals and deferred income
451,490
445,355
7,050,507
7,634,106
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
1,456,835
1,740,098
Obligations under finance leases
21
33,500
88,878
1,490,335
1,828,976
Amounts included above which fall due after five years are as follows:
Payable by instalments
631,053
626,583
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
20
Loans and overdrafts
2023
2022
£
£
Bank loans
1,748,281
2,059,955
Payable within one year
291,446
319,857
Payable after one year
1,456,835
1,740,098
The long-term loans are secured by fixed charges over the property and assets of the company.
The bank loans are repayable monthly by instalments. At the balance sheet date there were 3 bank loans with different repayment dates and interest rates as follows:
£105,388 - repayment date March 2031 (interest rate base plus 1.95%)
£791,872 - repayment date March 2041 (interest rate base plus 1.95%)
£1,275,000 - repayment date July 2027 (interest rate 3.62%)
21
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
40,617
47,892
In two to five years
31,511
88,878
72,128
136,770
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
450,652
467,368
Investment property
7,570
5,320
458,222
472,688
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
22
Deferred taxation
(Continued)
- 29 -
2023
Movements in the year:
£
Liability at 1 December 2022
472,688
Credit to profit or loss
(14,466)
Liability at 30 November 2023
458,222
The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period.
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
138,364
141,416
The company operates defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds.
24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
The company has one class of ordinary shares which carry no right to fixed income.
25
Profit and loss reserves
Included within profit and loss reserves is an amount of £44,744 (2022 - £37,994) which is a non-distributable fair value reserve.
26
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
164,770
164,770
Between two and five years
164,770
164,770
329,540
BRYAN'S SALADS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 30 -
27
Directors' transactions
Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.
During the year advances of £82,039 were made to the directors of the company. Director's overdrawn loan accounts are repayable on demand and are interest free. The balance outstanding at the year end was £41,851 (2022: £Nil).
28
Related party transactions
Transactions with related parties
During the year rent of £164,770 (2022 - £164,770) was paid to Bryan's Salads Ltd (2001) Pension Fund. Mr and Mrs Bryan, directors of the company, are trustees of the Pension Fund. There was an amount owing to the Pension Fund at the year end of £90,022 (2022: £90,022).
At the year end, loans of £244,494 (2022: £212,091) were due to the company from shareholders.
29
Cash generated from/(absorbed by) operations
2023
2022
£
£
Profit for the year after tax
54,774
662,513
Adjustments for:
Taxation charged
14,108
154,568
Finance costs
147,231
37,198
Investment income
(13,243)
(1,327)
Gain on disposal of tangible fixed assets
(4,777)
(41,047)
Fair value gain on investment properties
(9,000)
Depreciation and impairment of tangible fixed assets
596,226
611,374
Movements in working capital:
Decrease/(increase) in stocks
732,235
(841,428)
Increase in debtors
(220,771)
(1,869,472)
(Decrease)/increase in creditors
(562,237)
1,187,483
Cash generated from/(absorbed by) operations
734,546
(100,138)
30
Analysis of changes in net funds
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
2,269,958
(193,541)
2,076,417
Borrowings excluding overdrafts
(2,059,955)
311,674
(1,748,281)
Obligations under finance leases
(136,770)
64,642
(72,128)
73,233
182,775
256,008
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