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COMPANY REGISTRATION NUMBER: 04031966
BDP Imports Limited
Financial Statements
30 November 2023
BDP Imports Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12
BDP Imports Limited
Strategic Report
Year ended 30 November 2023
Business Review BDP Imports is a supplier of outdoor furniture. During the previous financial year the company saw high demand driven by the Covid pandemic, however when normal demand levels returned customers finished the season with higher than normal stock levels. This led to lower orders for the financial year ending 30th November 2023. The shipping challenges eased for 2023 with prices coming back down to pre pandemic levels but we saw weakening of the pound against the dollar due to worldwide unrest. Turnover decreased to £26.6m returning a profit before tax of £6.4m. Overheads and costs were managed to ensure margins were not impacted through the drop in sales. In March 2023 BDP Imports became employee owned with the founders selling 80% of the company. This move demonstrates the company's commitment to put its people first and ensure the long term success of the company united by a shared vision. The Company's performance has benefitted from a reputation for quality service and innovation.. BDP Imports have continued to invest in the company's website which supports garden centre partners through product support and find a stockist navigation. Further efforts to support stockists was made through premium point of sale merchandising material. Key performance indicators The directors use the following key performance indicators in monitoring the business
2023 2022
£ £
Turnover 26,634 51,412
Net profit before tax & exceptionals 6,356 9,659
PRINCIPAL RISKS AND UNCERTANTIES The company purchases most of its products in foreign currency, this risk is managed by an ongoing strategy of purchasing foreign currency forward contracts. Variable shipping costs are an ongoing risk and are managed by the use of various forwarders with which we have strong and long-term relationships. Credit risk is managed through credit insurance of all major accounts. Whilst in a competitive industry our design, innovation, service and quality keep our trade relationships strong, reinforced by an ever-increasing demand for the Bramblecrest brand.
This report was approved by the board of directors on 20 August 2024 and signed on behalf of the board by:
Mr H C Douglas-Pennant
Director
BDP Imports Limited
Directors' Report
Year ended 30 November 2023
The directors present their report and the financial statements of the company for the year ended 30 November 2023 .
Directors
The directors who served the company during the year were as follows:
Mr M S Bell
Mr H C Douglas-Pennant
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Disclosure of information in the strategic report
The company has chosen in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 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 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 20 August 2024 and signed on behalf of the board by:
Mr H C Douglas-Pennant
Director
BDP Imports Limited
Independent Auditor's Report to the Members of BDP Imports Limited
Year ended 30 November 2023
Opinion
We have audited the financial statements of BDP Imports Limited (the 'company') for the year ended 30 November 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the 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; - 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 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.
Other information
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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the 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.
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 directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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. 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: Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the company and considered the most significant are the Companies Act 2006 and UK Financial reporting Standards. We obtained an understanding of how the company complies with these regulations by discussions with management. We assessed the risk of material misstatement of the financial statements, including the risk of material missstatement due to fraud and how it might occur, by holding discussions with management. We inquired of management as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and obtaining corroborative evidence as required. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.
James Harper
(Senior Statutory Auditor)
For and on behalf of
Harper Sheldon Limited
Chartered Accountants & statutory auditor
Midway House
Staverton Technology Park
Herrick Way, Staverton
Cheltenham, Glos.
GL51 6TQ
20 August 2024
BDP Imports Limited
Statement of Income and Retained Earnings
Year ended 30 November 2023
2023
2022
Note
£
£
Turnover
4
26,634,363
51,412,166
Cost of sales
16,140,677
36,780,381
-------------
-------------
Gross profit
10,493,686
14,631,785
Administrative expenses
4,255,449
4,985,124
-------------
-------------
Operating profit
5
6,238,237
9,646,661
Other interest receivable and similar income
8
119,804
14,540
Interest payable and similar expenses
9
1,467
2,194
-------------
-------------
Profit before taxation
6,356,574
9,659,007
Tax on profit
10
756,460
1,693,145
------------
------------
Profit for the financial year and total comprehensive income
5,600,114
7,965,862
------------
------------
Dividends paid and payable
11
( 8,531,100)
( 3,500,000)
Retained earnings at the start of the year
8,600,166
4,134,304
------------
------------
Retained earnings at the end of the year
5,669,180
8,600,166
------------
------------
All the activities of the company are from continuing operations.
BDP Imports Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
12
538,555
542,623
Current assets
Stocks
13
2,170,949
3,792,917
Debtors
14
1,722,490
2,655,868
Cash at bank and in hand
4,667,563
5,681,821
------------
-------------
8,561,002
12,130,606
Creditors: amounts falling due within one year
16
3,300,673
3,974,021
------------
-------------
Net current assets
5,260,329
8,156,585
------------
------------
Total assets less current liabilities
5,798,884
8,699,208
Provisions
18
127,704
97,042
------------
------------
Net assets
5,671,180
8,602,166
------------
------------
Capital and reserves
Called up share capital
21
2,000
2,000
Profit and loss account
5,669,180
8,600,166
------------
------------
Shareholders funds
5,671,180
8,602,166
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr M S Bell
Mr H C Douglas-Pennant
Director
Director
Company registration number: 04031966
BDP Imports Limited
Statement of Cash Flows
Year ended 30 November 2023
2023
2022
Note
£
£
Cash flows from operating activities
Profit for the financial year
5,600,114
7,965,862
Adjustments for:
Depreciation of tangible assets
208,141
204,320
Other interest receivable and similar income
( 119,804)
( 14,540)
Interest payable and similar expenses
1,467
2,584
Loss on disposal of tangible assets
4,891
Tax on profit
756,460
1,693,145
Accrued expenses
281,171
39,552
Changes in:
Stocks
1,621,968
4,155,041
Trade and other debtors
933,378
2,989,226
Trade and other creditors
( 352,662)
( 10,740,011)
------------
-------------
Cash generated from operations
8,935,124
6,295,179
Interest paid
( 1,467)
( 2,194)
Interest received
119,804
14,540
Tax paid
( 1,320,352)
( 1,640,785)
------------
------------
Net cash from operating activities
7,733,109
4,666,740
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 208,954)
( 270,213)
Proceeds from sale of tangible assets
3,600
------------
------------
Net cash used in investing activities
( 208,954)
( 266,613)
------------
------------
Cash flows from financing activities
Proceeds from loans from group undertakings
( 1,354,345)
Payments of finance lease liabilities
( 6,923)
( 14,973)
Dividends paid
( 8,531,100)
( 3,500,000)
------------
------------
Net cash used in financing activities
( 8,538,023)
( 4,869,318)
------------
------------
Net decrease in cash and cash equivalents
( 1,013,868)
( 469,191)
Cash and cash equivalents at beginning of year
5,681,431
6,151,012
------------
------------
Cash and cash equivalents at end of year
15
4,667,563
5,681,821
------------
------------
BDP Imports Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Staverton Technology Park , Herrick Way, Staverton, Cheltenham, Gloucestershire, GL51 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computers
-
25% straight line
Plant & machinery
-
25% straight line
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
26,634,363
51,412,166
-------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
208,141
204,320
Loss on disposal of tangible assets
4,891
Impairment of trade debtors
5,730
(3)
Foreign exchange differences
( 818,649)
241,579
---------
---------
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
51
53
Management staff
3
3
----
----
54
56
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
2,640,395
2,523,779
Social security costs
281,726
272,685
Other pension costs
133,764
134,739
------------
------------
3,055,885
2,931,203
------------
------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
52,615
29,384
Company contributions to defined contribution pension plans
93,333
98,667
---------
---------
145,948
128,051
---------
---------
8. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
119,804
14,540
---------
--------
9. Interest payable and similar expenses
2023
2022
£
£
Interest on obligations under finance leases and hire purchase contracts
137
495
Other interest payable and similar charges
1,330
1,699
-------
-------
1,467
2,194
-------
-------
10. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
744,026
1,728,779
Adjustments in respect of prior periods
( 18,228)
( 48,404)
---------
------------
Total current tax
725,798
1,680,375
---------
------------
Deferred tax:
Origination and reversal of timing differences
30,662
12,770
---------
------------
Tax on profit
756,460
1,693,145
---------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
6,356,574
9,659,007
------------
------------
Profit on ordinary activities by rate of tax
1,462,012
1,835,211
Adjustment to tax charge in respect of prior periods
( 18,228)
( 48,404)
Effect of capital allowances and depreciation
1,522
( 36,375)
Research & Development
(72,454)
(70,057)
Deferred taxation
30,662
12,770
EMI scheme
(647,054)
------------
------------
Tax on profit
756,460
1,693,145
------------
------------
11. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Dividends on equity shares
8,531,100
3,500,000
------------
------------
12. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
638,175
272,551
195,946
113,455
1,220,127
Additions
82,181
37,632
27,215
61,926
208,954
Disposals
( 7,231)
( 7,231)
---------
---------
---------
---------
------------
At 30 November 2023
720,356
310,183
215,930
175,381
1,421,850
---------
---------
---------
---------
------------
Depreciation
At 1 December 2022
326,802
166,309
88,403
95,980
677,494
Charge for the year
119,960
49,096
18,307
20,778
208,141
Disposals
( 2,340)
( 2,340)
---------
---------
---------
---------
------------
At 30 November 2023
446,762
215,405
104,370
116,758
883,295
---------
---------
---------
---------
------------
Carrying amount
At 30 November 2023
273,594
94,778
111,560
58,623
538,555
---------
---------
---------
---------
------------
At 30 November 2022
311,373
106,242
107,543
17,475
542,633
---------
---------
---------
---------
------------
13. Stocks
2023
2022
£
£
Finished goods and goods for resale
2,170,949
3,792,917
------------
------------
14. Debtors
2023
2022
£
£
Trade debtors
645,701
1,452,281
Prepayments and accrued income
461,633
361,156
Other debtors
615,156
842,431
------------
------------
1,722,490
2,655,868
------------
------------
15. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2023
2022
£
£
Cash at bank and in hand
4,667,563
5,681,821
Bank overdrafts
( 390)
------------
------------
4,667,563
5,681,431
------------
------------
16. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
390
Trade creditors
885,631
976,521
Accruals and deferred income
458,738
177,567
Corporation tax
334,226
928,780
Social security and other taxes
52,096
64,623
Obligations under finance leases and hire purchase contracts
6,923
Other creditors
1,569,982
1,819,217
------------
------------
3,300,673
3,974,021
------------
------------
17. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
6,923
----
-------
18. Provisions
Deferred tax (note 19)
£
At 1 December 2022
97,042
Additions
30,662
---------
At 30 November 2023
127,704
---------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 18)
127,704
97,042
---------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
127,704
97,042
---------
--------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 40,431 (2022: £ 36,072 ).
21. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
998
998
998
998
Ordinary B shares of £ 1 each
998
998
998
998
Ordinary C shares of £ 1 each
2
2
2
2
Ordinary D shares of £ 1 each
2
2
2
2
-------
-------
-------
-------
2,000
2,000
2,000
2,000
-------
-------
-------
-------
22. Analysis of changes in net debt
At 1 Dec 2022
Cash flows
At 30 Nov 2023
£
£
£
Cash at bank and in hand
5,681,821
(1,014,258)
4,667,563
Bank overdrafts
(390)
390
Debt due within one year
(6,923)
6,923
------------
------------
------------
5,674,508
( 1,006,945)
4,667,563
------------
------------
------------
23. Related party transactions
The company was under the control of BDP Imports Holdings Limited, a company registered in England and Wales, by virtue of it holding 100% of the issued share capital. During the year BDP Imports Ltd paid dividends totalling £8,531,100 (2022: £3,500,000) to BDP Imports Holdings Limited. No further transactions with related parties were undertaken such as are required to be disclosed under FRS102.