A.E. Beckett & Sons Limited 00682856 false 2023-01-01 2023-12-31 2023-12-31 2023-12-31 The principal activity of the company is that of food retailing, the operation of a restaurant, general farming, letting of egg production facilities and the provision of ancillary services. Digita Accounts Production Advanced 6.30.9574.0 true true true false false true true 00682856 2023-01-01 2023-12-31 00682856 2023-12-31 00682856 bus:Director6 bus:Consolidated 2023-12-31 00682856 bus:OrdinaryShareClass1 bus:Consolidated 2023-12-31 00682856 bus:OrdinaryShareClass2 bus:Consolidated 2023-12-31 00682856 bus:OrdinaryShareClass3 bus:Consolidated 2023-12-31 00682856 bus:Consolidated 2023-12-31 00682856 bus:Consolidated 1 2023-12-31 00682856 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00682856 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-12-31 00682856 core:CapitalRedemptionReserve 2023-12-31 00682856 core:CapitalRedemptionReserve bus:Consolidated 2023-12-31 00682856 core:RetainedEarningsAccumulatedLosses 2023-12-31 00682856 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-12-31 00682856 core:ShareCapital 2023-12-31 00682856 core:ShareCapital bus:Consolidated 2023-12-31 00682856 core:SharePremium 2023-12-31 00682856 core:SharePremium bus:Consolidated 2023-12-31 00682856 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-12-31 00682856 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 00682856 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 00682856 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 00682856 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 00682856 core:CurrentFinancialInstruments 2023-12-31 00682856 core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 00682856 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00682856 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-12-31 00682856 core:Non-currentFinancialInstruments 2023-12-31 00682856 core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 00682856 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00682856 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-12-31 00682856 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2023-12-31 00682856 core:LandBuildings 2023-12-31 00682856 core:LandBuildings bus:Consolidated 2023-12-31 00682856 core:MotorVehicles 2023-12-31 00682856 core:MotorVehicles bus:Consolidated 2023-12-31 00682856 core:OtherPropertyPlantEquipment 2023-12-31 00682856 core:OtherPropertyPlantEquipment bus:Consolidated 2023-12-31 00682856 core:DeferredTaxation 2023-12-31 00682856 core:DeferredTaxation bus:Consolidated 2023-12-31 00682856 bus:FRS102 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:Audited bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:FullAccounts bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:RegisteredOffice bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 00682856 bus:CompanySecretaryDirector1 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:Director2 2023-01-01 2023-12-31 00682856 bus:Director2 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:Director3 2023-01-01 2023-12-31 00682856 bus:Director3 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:Director4 2023-01-01 2023-12-31 00682856 bus:Director4 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:Director5 2023-01-01 2023-12-31 00682856 bus:Director5 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:Director6 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:HighestPaidDirector bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:OrdinaryShareClass1 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:OrdinaryShareClass2 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:OrdinaryShareClass3 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:Consolidated 1 2023-01-01 2023-12-31 00682856 bus:Consolidated 3 2023-01-01 2023-12-31 00682856 bus:Consolidated 1 2023-01-01 2023-12-31 00682856 bus:Consolidated 1 2023-01-01 2023-12-31 00682856 bus:PrivateLimitedCompanyLtd bus:Consolidated 2023-01-01 2023-12-31 00682856 bus:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 00682856 1 2023-01-01 2023-12-31 00682856 3 2023-01-01 2023-12-31 00682856 core:CapitalRedemptionReserve 2023-01-01 2023-12-31 00682856 core:CapitalRedemptionReserve bus:Consolidated 2023-01-01 2023-12-31 00682856 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00682856 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-01-01 2023-12-31 00682856 core:ShareCapital 2023-01-01 2023-12-31 00682856 core:ShareCapital bus:Consolidated 2023-01-01 2023-12-31 00682856 core:SharePremium 2023-01-01 2023-12-31 00682856 core:SharePremium bus:Consolidated 2023-01-01 2023-12-31 00682856 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-01-01 2023-12-31 00682856 core:Buildings bus:Consolidated 2023-01-01 2023-12-31 00682856 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2023-01-01 2023-12-31 00682856 core:LandBuildings 2023-01-01 2023-12-31 00682856 core:LandBuildings bus:Consolidated 2023-01-01 2023-12-31 00682856 core:MotorVehicles 2023-01-01 2023-12-31 00682856 core:MotorVehicles bus:Consolidated 2023-01-01 2023-12-31 00682856 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 00682856 core:OtherPropertyPlantEquipment bus:Consolidated 2023-01-01 2023-12-31 00682856 core:PlantMachinery bus:Consolidated 2023-01-01 2023-12-31 00682856 core:Vehicles bus:Consolidated 2023-01-01 2023-12-31 00682856 core:DeferredTaxation 2023-01-01 2023-12-31 00682856 core:DeferredTaxation bus:Consolidated 2023-01-01 2023-12-31 00682856 core:UKTax bus:Consolidated 2023-01-01 2023-12-31 00682856 countries:AllCountries bus:Consolidated 2023-01-01 2023-12-31 00682856 2022-12-31 00682856 bus:Consolidated 2022-12-31 00682856 core:CapitalRedemptionReserve 2022-12-31 00682856 core:CapitalRedemptionReserve bus:Consolidated 2022-12-31 00682856 core:RetainedEarningsAccumulatedLosses 2022-12-31 00682856 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-12-31 00682856 core:ShareCapital 2022-12-31 00682856 core:ShareCapital bus:Consolidated 2022-12-31 00682856 core:SharePremium 2022-12-31 00682856 core:SharePremium bus:Consolidated 2022-12-31 00682856 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-12-31 00682856 core:CostValuation 2022-12-31 00682856 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2022-12-31 00682856 core:LandBuildings 2022-12-31 00682856 core:LandBuildings bus:Consolidated 2022-12-31 00682856 core:MotorVehicles 2022-12-31 00682856 core:MotorVehicles bus:Consolidated 2022-12-31 00682856 core:OtherPropertyPlantEquipment 2022-12-31 00682856 core:OtherPropertyPlantEquipment bus:Consolidated 2022-12-31 00682856 core:DeferredTaxation 2022-12-31 00682856 core:DeferredTaxation bus:Consolidated 2022-12-31 00682856 2022-01-01 2022-12-31 00682856 2022-12-31 00682856 bus:OrdinaryShareClass1 bus:Consolidated 2022-12-31 00682856 bus:OrdinaryShareClass2 bus:Consolidated 2022-12-31 00682856 bus:OrdinaryShareClass3 bus:Consolidated 2022-12-31 00682856 bus:Consolidated 2022-12-31 00682856 bus:Consolidated 1 2022-12-31 00682856 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 00682856 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-12-31 00682856 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 00682856 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2022-12-31 00682856 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 00682856 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2022-12-31 00682856 core:CurrentFinancialInstruments 2022-12-31 00682856 core:CurrentFinancialInstruments bus:Consolidated 2022-12-31 00682856 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00682856 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-12-31 00682856 core:Non-currentFinancialInstruments 2022-12-31 00682856 core:Non-currentFinancialInstruments bus:Consolidated 2022-12-31 00682856 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 00682856 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2022-12-31 00682856 core:ConstructionInProgressAssetsUnderConstruction bus:Consolidated 2022-12-31 00682856 core:LandBuildings 2022-12-31 00682856 core:LandBuildings bus:Consolidated 2022-12-31 00682856 core:MotorVehicles 2022-12-31 00682856 core:MotorVehicles bus:Consolidated 2022-12-31 00682856 core:OtherPropertyPlantEquipment 2022-12-31 00682856 core:OtherPropertyPlantEquipment bus:Consolidated 2022-12-31 00682856 bus:HighestPaidDirector bus:Consolidated 2022-01-01 2022-12-31 00682856 bus:Consolidated 2022-01-01 2022-12-31 00682856 bus:Consolidated 1 2022-01-01 2022-12-31 00682856 bus:Consolidated 3 2022-01-01 2022-12-31 00682856 1 2022-01-01 2022-12-31 00682856 3 2022-01-01 2022-12-31 00682856 core:CapitalRedemptionReserve 2022-01-01 2022-12-31 00682856 core:CapitalRedemptionReserve bus:Consolidated 2022-01-01 2022-12-31 00682856 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00682856 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-01-01 2022-12-31 00682856 core:ShareCapital 2022-01-01 2022-12-31 00682856 core:ShareCapital bus:Consolidated 2022-01-01 2022-12-31 00682856 core:SharePremium 2022-01-01 2022-12-31 00682856 core:SharePremium bus:Consolidated 2022-01-01 2022-12-31 00682856 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-01-01 2022-12-31 00682856 core:UKTax bus:Consolidated 2022-01-01 2022-12-31 00682856 2021-12-31 00682856 bus:Consolidated 2021-12-31 00682856 core:CapitalRedemptionReserve 2021-12-31 00682856 core:CapitalRedemptionReserve bus:Consolidated core:PreviouslyStatedAmount 2021-12-31 00682856 core:RetainedEarningsAccumulatedLosses 2021-12-31 00682856 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PreviouslyStatedAmount 2021-12-31 00682856 core:ShareCapital 2021-12-31 00682856 core:ShareCapital bus:Consolidated core:PreviouslyStatedAmount 2021-12-31 00682856 core:SharePremium 2021-12-31 00682856 core:SharePremium bus:Consolidated core:PreviouslyStatedAmount 2021-12-31 00682856 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PreviouslyStatedAmount 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00682856

A.E. Beckett & Sons Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

A.E. Beckett & Sons Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Statement of Cash Flows

16

Notes to the Financial Statements

17 to 32

 

A.E. Beckett & Sons Limited

Company Information

Directors

S Beckett

GS Smith

AJ Beckett

EV Kyte

IT Comer

Company secretary

S Beckett

Registered office

Heath Farm
Alcester Road
Wythall
Birmingham
B47 6AJ

Auditors

Bissell & Brown Midlands Ltd
Statutory Auditor
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

A.E. Beckett & Sons Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group is that of food retailing, the operation of a restaurant, general farming, letting of egg production facilities and the provision of ancillary services.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As for many businesses of our size, the business environment in which we operate continues to be challenging. The retail market in the UK is highly competitive and margins continue to be challenged. We are of course subject to consumer spending patterns and consumers' overall level of disposable income within our economy.

Development and performance

The group's turnover increased 19% from £7.4m in 2022 to £8.8m in 2023. Direct costs increase remained consistent with sales, meaning the group's gross profit margin decreased to 52.0% ((2022 : 53.0%).

Administrative expenditure has increased to £3,201,115 (2022 : £3,030,098). The operating profit for the year increased by 44.3% to £1,434,691 (2022 : £994,359).

Debt servicing costs increased substantially on the previous year at £244,437 (2022 : £24,679) due to loans being settled during the year, bringing forward part of the interest charge. Profit before tax increased to £1,195,254 (2022 : £969,680), whilst profit after tax increased to £863,289 (2022 : £604,503).

After payment of dividends totalling £116,853, £863,289 was added to reserves leaving shareholders funds at £9,835,034 (2022 : £9,088,598).

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross margin. The net contribution before allocation of central shared overheads of each activity is monitored on a regular basis.

Principal risks and uncertainties

The risks facing the company are assessed on an ongoing basis. The directors evaluate the likelihood and potential impact of each risk and ensure appropriate action is taken to mitigate it.

A number of key risks, such as credit management, liquidity, health and safety regulatory compliance come under the direct control of the directors.

With the principal risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
S Beckett
Company secretary and director

 

A.E. Beckett & Sons Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

S Beckett - Company secretary and director

GS Smith

AJ Beckett

EV Kyte

IT Comer

AM Beckett (Deceased 18 February 2024)

It is with great sadness that we announce the passing of our company Chairman, Alan M. Beckett (MBE, NSch) on 18th February 2024 following a short illness, aged 93.

Alan took over the Beckett family business from his father in 1963, moving the farm away from dairy and very successfully into poultry farming. It was Alan who created both the limited company and established the very first Farm Shop here at Becketts Farm. Alan led the company as Managing Director until 1995, upon which he became company Chairman and has remained a cornerstone in the business and our community until his very last days.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Bissell & Brown Midlands Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
S Beckett
Company secretary and director

 

A.E. Beckett & Sons Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

A.E. Beckett & Sons Limited

Independent Auditor's Report to the Members of A.E. Beckett & Sons Limited

Qualified opinion

We have audited the financial statements of A.E. Beckett & Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion on financial statements

The group and company do not classify any of its freehold property as investment property. It continues to treat all property as “Property, Plant and Equipment” and to recognise in the Balance Sheet at depreciated historical cost. This policy is not in accordance with Financial Reporting Standard 102 (FRS102) which defines Investment Property as property (land and building, or part of a building, or both) held by the owner, or by the trustee under a finance lease, to earn rentals or for capital appreciation or both. FRS102 requires that investment property is carried at its fair value (being the properties’ market value) at each Balance Sheet date, with any gains or losses being recognised in the profit and loss accounts for the year.

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 qualified opinion.

Key audit matters

Except for the matter described in the Basis for qualified opinion section, we have determined there are no other key audit matters to be communicated in our report.

 

A.E. Beckett & Sons Limited

Independent Auditor's Report to the Members of A.E. Beckett & Sons Limited (continued)

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK and European regulatory principles, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company.

We considered the laws and regulations that have a direct impact on the financial statements of the Company, such as the Companies Act 2006 and UK tax legislation and equivalent local laws and regulations applicable to in-scope components.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our 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 and the Directors' Report.

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

 

A.E. Beckett & Sons Limited

Independent Auditor's Report to the Members of A.E. Beckett & Sons Limited (continued)

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the 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 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.

Capability of the audit in detecting irregularities, including fraud

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

 

Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK and European regulatory principles, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company.

 

We also considered those laws and regulations that have a direct impact on the financial statements of the Company, such as the Companies Act 2006 and UK tax legislation and equivalent local laws and regulations applicable to in-scope components.

 

We have also 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 are related to management bias in accounting estimates and judgemental areas of the financial statements.

 

Audit procedures performed by the engagement team included:

discussions with the Board of Directors and management, regarding consideration of known or suspected instances of non-compliance with laws and regulation and fraud

evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;

reviewing relevant meeting minutes including those of the Board of Directors;

identifying and testing journal entries based on risk criteria;

 

A.E. Beckett & Sons Limited

Independent Auditor's Report to the Members of A.E. Beckett & Sons Limited (continued)

 

We designed our audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; and testing transactions entered into outside of the normal course of the Company's business specifically in respect of acquisitions and disposals.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement 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 Company’s internal control;

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

......................................
Paul Matthews (Senior Statutory Auditor)
For and on behalf of Bissell & Brown Midlands Ltd, Statutory Auditor

Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

10 April 2024

 

A.E. Beckett & Sons Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

8,773,092

7,461,595

Cost of sales

 

(4,186,705)

(3,533,443)

Gross profit

 

4,586,387

3,928,152

Administrative expenses

 

3,201,115

3,030,098

Other operating income

4

(49,419)

(96,305)

Operating profit

5

1,434,691

994,359

Other interest receivable and similar income

6

(5,000)

-

Interest payable and similar expenses

7

244,437

24,679

   

(239,437)

(24,679)

Profit before tax

 

1,195,254

969,680

Tax on profit

11

(331,965)

(365,177)

Profit for the financial year

 

863,289

604,503

Profit/(loss) attributable to:

 

Owners of the company

 

863,289

604,503

The group has no recognised gains or losses for the year other than the results above.

 

A.E. Beckett & Sons Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

863,289

604,503

Total comprehensive income for the year

863,289

604,503

Total comprehensive income attributable to:

Owners of the company

863,289

604,503

 

A.E. Beckett & Sons Limited

(Registration number: 00682856)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

16,025,322

13,467,927

Other financial assets

1,279

1,279

 

16,026,601

13,469,206

Current assets

 

Stocks

14

167,954

322,215

Debtors

15

202,667

198,516

Cash at bank and in hand

 

5,283

5,332

 

375,904

526,063

Creditors: Amounts falling due within one year

17

(1,032,702)

(3,579,950)

Net current liabilities

 

(656,798)

(3,053,887)

Total assets less current liabilities

 

15,369,803

10,415,319

Creditors: Amounts falling due after more than one year

17

(4,999,220)

(816,049)

Provisions for liabilities

19

(535,549)

(510,672)

Net assets

 

9,835,034

9,088,598

Capital and reserves

 

Called up share capital

23

15,407

15,407

Share premium reserve

21

626,884

626,884

Capital redemption reserve

21

23,599

23,599

Retained earnings

21

9,169,144

8,422,708

Equity attributable to owners of the company

 

9,835,034

9,088,598

Shareholders' funds

 

9,835,034

9,088,598

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
S Beckett
Company secretary and director

.........................................
EV Kyte
Director

.........................................
GS Smith
Director

.........................................
IT Comer
Director

.........................................
AJ Beckett
Director

     
 

A.E. Beckett & Sons Limited

(Registration number: 00682856)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

15,747,808

13,136,199

Investments

13

50,199

50,199

Other financial assets

1,279

1,279

 

15,799,286

13,187,677

Current assets

 

Stocks

14

167,954

322,215

Debtors

15

203,858

199,707

Cash at bank and in hand

 

5,283

5,332

 

377,095

527,254

Creditors: Amounts falling due within one year

17

(1,658,622)

(4,043,724)

Net current liabilities

 

(1,281,527)

(3,516,470)

Total assets less current liabilities

 

14,517,759

9,671,207

Creditors: Amounts falling due after more than one year

17

(5,564,731)

(1,381,560)

Provisions for liabilities

19

(496,576)

(469,523)

Net assets

 

8,456,452

7,820,124

Capital and reserves

 

Called up share capital

23

15,407

15,407

Share premium reserve

626,884

626,884

Capital redemption reserve

18,724

18,724

Retained earnings

7,795,437

7,159,109

Shareholders' funds

 

8,456,452

7,820,124

The company made a profit after tax for the financial year of £753,181 (2022 - profit of £519,316).

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
S Beckett
Company secretary and director

.........................................
EV Kyte
Director

.........................................
GS Smith
Director

.........................................
IT Comer
Director

.........................................
AJ Beckett
Director

     
 

A.E. Beckett & Sons Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

15,407

626,884

23,599

7,908,969

8,574,859

Profit for the year

-

-

-

604,503

604,503

Dividends

-

-

-

(90,764)

(90,764)

At 31 December 2022

15,407

626,884

23,599

8,422,708

9,088,598


 

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

15,407

626,884

23,599

8,422,708

9,088,598

Profit for the year

-

-

-

863,289

863,289

Dividends

-

-

-

(116,853)

(116,853)

At 31 December 2023

15,407

626,884

23,599

9,169,144

9,835,034

 

A.E. Beckett & Sons Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

15,407

626,884

18,724

6,730,557

7,391,572

Profit for the year

-

-

-

519,316

519,316

Dividends

-

-

-

(90,764)

(90,764)

At 31 December 2022

15,407

626,884

18,724

7,159,109

7,820,124


 

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

15,407

626,884

18,724

7,159,109

7,820,124

Profit for the year

-

-

-

753,181

753,181

Dividends

-

-

-

(116,853)

(116,853)

At 31 December 2023

15,407

626,884

18,724

7,795,437

8,456,452

 

A.E. Beckett & Sons Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

863,289

604,503

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

477,769

541,769

Profit on disposal of tangible assets

(117,795)

(13,985)

Finance income

6

(5,000)

-

Finance costs

7

244,437

24,679

Income tax expense

11

331,965

365,177

 

1,794,665

1,522,143

Working capital adjustments

 

Decrease/(increase) in stocks

14

154,261

(89,950)

(Increase)/decrease in trade debtors

15

(4,151)

364,993

Increase/(decrease) in trade creditors

17

64,498

(376,985)

Cash generated from operations

 

2,009,273

1,420,201

Income taxes paid

11

(300,675)

(206,454)

Net cash flow from operating activities

 

1,708,598

1,213,747

Cash flows from investing activities

 

Interest received

5,000

-

Acquisitions of tangible assets

(3,103,369)

(5,531,034)

Proceeds from sale of tangible assets

 

186,000

24,250

Net cash flows from investing activities

 

(2,912,369)

(5,506,784)

Cash flows from financing activities

 

Interest paid

7

(244,437)

(24,679)

Proceeds from bank borrowing draw downs

 

4,100,094

(140,841)

Repayment of other borrowing

 

-

(35,000)

Payments to finance lease creditors

 

140,318

(64,874)

Dividends paid

(116,853)

(90,764)

Net cash flows from financing activities

 

3,879,122

(356,158)

Net increase/(decrease) in cash and cash equivalents

 

2,675,351

(4,649,195)

Cash and cash equivalents at 1 January

 

(2,718,009)

1,931,186

Cash and cash equivalents at 31 December

 

(42,658)

(2,718,009)

 

A.E. Beckett & Sons Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

753,181

519,316

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

448,149

512,149

Profit on disposal of tangible assets

(117,795)

(13,985)

Finance income

(5,000)

-

Finance costs

244,437

24,679

Income tax expense

11

284,192

320,309

 

1,607,164

1,362,468

Working capital adjustments

 

Decrease/(increase) in stocks

14

154,261

(89,950)

(Increase)/decrease in trade debtors

15

(4,151)

527,154

Increase/(decrease) in trade creditors

17

239,885

(376,985)

Cash generated from operations

 

1,997,159

1,422,687

Income taxes paid

11

(263,967)

(175,579)

Net cash flow from operating activities

 

1,733,192

1,247,108

Cash flows from investing activities

 

Interest received

5,000

-

Acquisitions of tangible assets

(3,127,963)

(5,564,395)

Proceeds from sale of tangible assets

 

186,000

24,250

Net cash flows from investing activities

 

(2,936,963)

(5,540,145)

Cash flows from financing activities

 

Interest paid

(244,437)

(24,679)

Proceeds from bank borrowing draw downs

 

4,100,094

(140,841)

Repayment of other borrowing

 

-

(35,000)

Payments to finance lease creditors

 

140,318

(64,874)

Dividends paid

(116,853)

(90,764)

Net cash flows from financing activities

 

3,879,122

(356,158)

Net increase/(decrease) in cash and cash equivalents

 

2,675,351

(4,649,195)

Cash and cash equivalents at 1 January

 

(2,718,009)

1,931,186

Cash and cash equivalents at 31 December

 

(42,658)

(2,718,009)

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Heath Farm
Alcester Road
Wythall
Birmingham
B47 6AJ
United Kingdom

These financial statements were authorised for issue by the Board on 10 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Summary of disclosure exemptions

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive income of the parent company is not presented as part of these financial statements.

The parent company's profit for the financial year was £753,181 (2022 - £519,316)..

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

At 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.

Judgements

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.

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Stock Valuation
Inventories are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic and inventory loss trends.

Depreciation
The depreciation of tangible fixed assets is calculated based on estimates of the useful lives of each category of asset. The directors review the period and method of depreciation when events and circumstances indicate that the useful economic life may have changed since the last reporting date..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Other income, comprising rents received and sundry receipts are measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. They are credited to the profit and loss account in the period for which the good or service was provided.

Government grants which are revenue nature are credited to the profit and loss account in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Improvements to property

2% on cost

Plant & equipment

15% on reducing balance

Motor vehicles

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

6,913,377

5,702,417

Rental income from investment property

1,859,715

1,759,178

8,773,092

7,461,595

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

49,419

96,305

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

477,769

541,769

Profit on disposal of property, plant and equipment

(117,795)

(13,985)

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Other interest receivable and similar income

2023
£

2022
£

Other finance income

5,000

-

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

241,550

24,679

Interest on obligations under finance leases and hire purchase contracts

2,887

-

244,437

24,679

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,311,553

2,148,140

Social security costs

192,378

180,229

Pension costs, defined contribution scheme

85,163

78,347

2,589,094

2,406,716

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

114

81

Administration and support

6

6

Directors

6

5

126

92

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

257,222

237,838

Contributions paid to money purchase schemes

44,421

43,575

301,643

281,413

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

4

3

In respect of the highest paid director:

2023
£

2022
£

Remuneration

66,287

61,271

Company contributions to money purchase pension schemes

15,000

15,000

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

17,200

19,000


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

307,025

259,424

UK corporation tax adjustment to prior periods

63

-

307,088

259,424

Deferred taxation

Arising from origination and reversal of timing differences

24,877

97,531

Arising from changes in tax rates and laws

-

8,222

Total deferred taxation

24,877

105,753

Tax expense in the income statement

331,965

365,177

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,195,254

969,680

Corporation tax at standard rate

298,814

184,239

Effect of expense not deductible in determining taxable profit (tax loss)

9,228

7,104

Tax increase from effect of capital allowances and depreciation

12,147

155,547

Tax increase from changes in tax provisions due to legislation

-

11,948

Other tax effects for reconciliation between accounting profit and tax expense (income)

11,776

6,339

Total tax charge

331,965

365,177

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

11

Taxation (continued)

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

535,549

-

535,549

2022

Asset
£

Liability
£

Accelerated tax depreciation

-

510,672

-

510,672

Company

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

496,576

-

496,576

2022

Asset
£

Liability
£

Accelerated tax depreciation

-

469,523

-

469,523

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

12

Tangible assets

Group

Land and buildings
£

Motor vehicles
 £

Property improvements
 £

Plant & equipment
£

Total
£

Cost or valuation

At 1 January 2023

15,093,611

1,551,288

1,227,296

3,064,338

20,936,533

Additions

2,686,030

409,389

-

7,950

3,103,369

Disposals

-

(320,240)

-

-

(320,240)

At 31 December 2023

17,779,641

1,640,437

1,227,296

3,072,288

23,719,662

Depreciation

At 1 January 2023

2,875,671

1,106,889

1,036,705

2,449,341

7,468,606

Charge for the year

177,054

194,169

13,081

93,465

477,769

Eliminated on disposal

-

(252,035)

-

-

(252,035)

At 31 December 2023

3,052,725

1,049,023

1,049,786

2,542,806

7,694,340

Carrying amount

At 31 December 2023

14,726,916

591,414

177,510

529,482

16,025,322

At 31 December 2022

12,217,940

444,399

190,591

614,997

13,467,927

Included within the net book value of 16,025,322 is £265,720 (2022 - £13,467,927 is £281,394) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £88,575 (2022 - £93,802).

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

12

Tangible assets (continued)

Company

Land and buildings
£

Motor vehicles
 £

Plant & equipment
£

Total
£

Cost or valuation

At 1 January 2023

14,644,569

1,551,288

3,064,338

19,260,195

Additions

2,710,624

409,389

7,950

3,127,963

Disposals

-

(320,240)

-

(320,240)

At 31 December 2023

17,355,193

1,640,437

3,072,288

22,067,918

Depreciation

At 1 January 2023

2,567,766

1,106,889

2,449,341

6,123,996

Charge for the year

160,515

194,169

93,465

448,149

Eliminated on disposal

-

(252,035)

-

(252,035)

At 31 December 2023

2,728,281

1,049,023

2,542,806

6,320,110

Carrying amount

At 31 December 2023

14,626,912

591,414

529,482

15,747,808

At 31 December 2022

12,076,803

444,399

614,997

13,136,199

Included within the net book value of land and buildings above is £3,161,788 (2022 - £967,288) in respect of freehold land and buildings.
 

Included within the net book value of £15,747,808 is £265,720 (2022 - £13,136,199 is £281,394) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £88,575 (2022 - £93,802).

13

Investments

Company

2023
£

2022
£

Investments in subsidiaries

50,199

50,199

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

13

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 January 2023

50,199

Provision

Carrying amount

At 31 December 2023

50,199

At 31 December 2022

50,199

14

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Shop and restaurant stock

146,354

124,135

146,354

124,135

Arable farm stock

21,600

198,080

21,600

198,080

167,954

322,215

167,954

322,215

15

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

126,004

136,052

126,004

136,052

Amounts owed by related parties

-

-

1,191

1,191

Other debtors

 

73,335

59,136

73,335

59,136

Called up share capital not paid

 

15

15

15

15

Prepayments

 

3,313

3,313

3,313

3,313

   

202,667

198,516

203,858

199,707

16

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

5,283

5,332

5,283

5,332

Bank overdrafts

(47,941)

(2,723,341)

(47,941)

(2,723,341)

Cash and cash equivalents in statement of cash flows

(42,658)

(2,718,009)

(42,658)

(2,718,009)

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

17

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

18

249,701

2,867,860

249,701

2,867,860

Trade creditors

 

343,142

335,787

343,142

335,787

Amounts due to related parties

-

-

675,806

500,419

Social security and other taxes

 

171,563

157,592

171,563

157,592

Other payables

 

31,689

31,689

31,689

31,689

Accruals

 

69,582

26,410

69,582

26,410

Corporation tax liability

11

167,025

160,612

117,139

123,967

 

1,032,702

3,579,950

1,658,622

4,043,724

Due after one year

 

Loans and borrowings

18

4,999,220

816,049

4,999,220

816,049

Other non-current financial liabilities

 

-

-

565,511

565,511

 

4,999,220

816,049

5,564,731

1,381,560

18

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

147,684

144,519

147,684

144,519

Bank overdrafts

47,941

2,723,341

47,941

2,723,341

Hire purchase contracts

54,076

-

54,076

-

249,701

2,867,860

249,701

2,867,860

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,912,978

816,049

4,912,978

816,049

Hire purchase contracts

86,242

-

86,242

-

4,999,220

816,049

4,999,220

816,049

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

18

Loans and borrowings (continued)

Group

Bank borrowings

Bank overdraft is denominated in £ with a nominal interest rate of 7%, and the final instalment is due on 6 November 2024. The carrying amount at year end is £5,108,603 (2022 - £3,683,909).

The bank loan is secured by a legal charge over the freehold property and assets of the group and is supported by a cross guarantee between group companies.

Liabilities under hire purchase agreements are secured on the individual assets concerned.

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2023

510,672

510,672

Additional provisions

24,877

24,877

At 31 December 2023

535,549

535,549

Company

Deferred tax
£

Total
£

At 1 January 2023

469,523

469,523

Additional provisions

27,053

27,053

At 31 December 2023

496,576

496,576

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £85,163 (2022 - £78,347).

21

Reserves

Group

Share premium account

The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

 

A.E. Beckett & Sons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

21

Reserves (continued)

The capital redemption reserve is a non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares out of distributable profits.

Profit and loss accounts

Profit and loss account includes all current and prior period retained profits and losses, less distributions to owners

22

Commitments

Group

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2022 - £102,000).

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £10,000 (2022 - £13,950).

Company

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2022 - £102,000).

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £10,000 (2022 - £13,950).

23

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

15,081

15,081

15,081

15,081

A Ordinary of £0.25 each

60

15

60

15

D Ordinary of £1 each

311

311

311

311

 

15,452

15,407

15,452

15,407

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Holders of the ordinary share capital have a right to vote and receive dividends.

24

Parent and ultimate parent undertaking

The ultimate controlling party is S Beckett.