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REGISTERED NUMBER: 00487461 (England and Wales)










ALFRED BROWN(WORSTED MILLS) LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023






ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16 to 24


ALFRED BROWN(WORSTED MILLS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTORS: A W Brown
M A Brown
I J Brown
A N Brown
J M Handley
B L Brown
N Brown


SECRETARIES: M A Brown
S A Dalton


REGISTERED OFFICE: Empire Mills
Bramley
Leeds
West Yorkshire
LS13 3HG


REGISTERED NUMBER: 00487461 (England and Wales)


AUDITORS: Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB


BANKERS: HSBC Bank Plc
33 Park Row
Leeds
West Yorkshire
LS1 1LD

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH NOVEMBER 2023


The directors present their strategic report of the company and the group for the year ended 30th November 2023.

REVIEW OF 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. The 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.

The group generated a pre-tax profit of £558,120.

The group has net assets of £6.56 million with no net borrowings or debt. Net cash funds at the year end remain very healthy at £1.76m

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks.

The key business risks and uncertainties affecting the group are considered to relate to competition from overseas producers and variable wool prices within an overall uncertain retail environment arising from economic and geo-political factors.

There is also a risk associated with foreign exchange due to volatility of foreign exchange rates which could have an impact on the group's reported results. This is due to the increasing level of overseas trading and is mitigated through the use of foreign currency bank accounts and where appropriate forward exchange contracts to limit the impacts of the foreign exchange movements.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, it is believed that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:





A N Brown - Director


22nd July 2024

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH NOVEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 30th November 2023.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary £1 shares £2 - 13th November 2023
'A' Ordinary £1 shares £2 - 13th November 2023


The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 30th November 2023 will be £ 146,864 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st December 2022 to the date of this report.

A W Brown
M A Brown
I J Brown
A N Brown
R D H McArdle - (resigned - 5th July 2024)
J M Handley
B L Brown
N A Brown

FINANCIAL INSTRUMENTS
The group's financial statements comprise of borrowings such as secured overdrafts, advance receipts in respect of the ordinary activities of the group, cash and liquid resources and various other items such as trade debtors and trade creditors that also arise directly from its operations.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH NOVEMBER 2023


AUDITORS
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A N Brown - Director


22nd July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALFRED BROWN(WORSTED MILLS) LIMITED


Opinion
We have audited the financial statements of Alfred Brown(Worsted Mills) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30th November 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 opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALFRED BROWN(WORSTED MILLS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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:
- 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 three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALFRED BROWN(WORSTED MILLS) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

Based on our understanding of the entity and industries in which it operates, we identified the principal risks of non-compliance with laws and regulations related to health and safety, employment legislation and data protection. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, tax legislation and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls, and ensuring these controls operated as intended. We determined the principal risks were related to posting journal entries to manipulate profits, and management bias in accounting estimates, especially deferred income.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships.
- Identified and tested journal entries and identified any significant transactions that were unusual or outside the normal course of business.
- Investigated the rationale behind significant or unusual transactions.
- Challenged assumptions and judgements made by management in determining significant accounting estimates, in particular in relation to deferred income.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed audit procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation.
- Discussions with management of known or suspected instances of non-compliance with laws and regulations.
- Reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance of laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement relating to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALFRED BROWN(WORSTED MILLS) LIMITED


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 a Report of the Auditors 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.




Thomas Bond ACA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited
Statutory Auditor
Chartered Accountants
3365 The Pentagon
Century Way
Thorpe Park
Leeds
West Yorkshire
LS15 8ZB

22nd July 2024

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH NOVEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 9,315,365 9,041,162

Cost of sales 6,725,731 5,930,076
GROSS PROFIT 2,589,634 3,111,086

Administrative expenses 2,082,880 1,859,202
506,754 1,251,884

Other operating income 23,284 62,023
OPERATING PROFIT 5 530,038 1,313,907

Interest receivable and similar income 6 28,082 402
PROFIT BEFORE TAXATION 558,120 1,314,309

Tax on profit 7 130,299 272,877
PROFIT FOR THE FINANCIAL YEAR 427,821 1,041,432

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 427,821 1,041,432

Profit attributable to:
Owners of the parent 427,821 1,041,432

Total comprehensive income attributable to:
Owners of the parent 427,821 1,041,432

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

CONSOLIDATED BALANCE SHEET
30TH NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 894,817 969,535
Investments 11 - -
894,817 969,535

CURRENT ASSETS
Stocks 12 3,232,981 3,562,898
Debtors 13 1,581,527 1,776,282
Cash at bank and in hand 1,759,187 1,714,959
6,573,695 7,054,139
CREDITORS
Amounts falling due within one year 14 803,956 1,649,131
NET CURRENT ASSETS 5,769,739 5,405,008
TOTAL ASSETS LESS CURRENT LIABILITIES 6,664,556 6,374,543

PROVISIONS FOR LIABILITIES 15 109,639 100,581
NET ASSETS 6,554,917 6,273,962

CAPITAL AND RESERVES
Called up share capital 16 73,432 73,432
Capital redemption reserve 17 126,568 126,568
Retained earnings 17 6,354,917 6,073,962
SHAREHOLDERS' FUNDS 6,554,917 6,273,962

The financial statements were approved by the Board of Directors and authorised for issue on 22nd July 2024 and were signed on its behalf by:




A N Brown - Director



I J Brown - Director


ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

COMPANY BALANCE SHEET
30TH NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 387,185 392,362
Investments 11 226,382 226,382
613,567 618,744

CURRENT ASSETS
Stocks 12 3,231,294 3,561,211
Debtors 13 1,565,054 1,731,470
Cash at bank and in hand 1,740,395 1,762,717
6,536,743 7,055,398
CREDITORS
Amounts falling due within one year 14 1,211,868 1,896,968
NET CURRENT ASSETS 5,324,875 5,158,430
TOTAL ASSETS LESS CURRENT LIABILITIES 5,938,442 5,777,174

CAPITAL AND RESERVES
Called up share capital 16 73,432 73,432
Capital redemption reserve 17 126,568 126,568
Retained earnings 17 5,738,442 5,577,174
SHAREHOLDERS' FUNDS 5,938,442 5,777,174

Company's profit for the financial year 308,132 931,804

The financial statements were approved by the Board of Directors and authorised for issue on 22nd July 2024 and were signed on its behalf by:




A N Brown - Director



I J Brown - Director


ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st December 2021 73,432 5,179,394 126,568 5,379,394

Changes in equity
Dividends - (146,864 ) - (146,864 )
Total comprehensive income - 1,041,432 - 1,041,432
Balance at 30th November 2022 73,432 6,073,962 126,568 6,273,962

Changes in equity
Dividends - (146,864 ) - (146,864 )
Total comprehensive income - 427,821 - 427,821
Balance at 30th November 2023 73,432 6,354,919 126,568 6,554,919

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st December 2021 73,432 4,792,234 126,568 4,992,234

Changes in equity
Dividends - (146,864 ) - (146,864 )
Total comprehensive income - 931,804 - 931,804
Balance at 30th November 2022 73,432 5,577,174 126,568 5,777,174

Changes in equity
Dividends - (146,864 ) - (146,864 )
Total comprehensive income - 308,132 - 308,132
Balance at 30th November 2023 73,432 5,738,442 126,568 5,938,442

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH NOVEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 424,164 (76,420 )
Government grants (4,840 ) 6,000
Tax paid (219,686 ) 18,920
Net cash from operating activities 199,638 (51,500 )

Cash flows from investing activities
Purchase of tangible fixed assets (107,569 ) (9,694 )
Sale of tangible fixed assets 50,941 900
Interest received 28,082 402
Net cash from investing activities (28,546 ) (8,392 )

Cash flows from financing activities
Amount introduced by directors 20,000 -
Amount withdrawn by directors - (20,000 )
Equity dividends paid (146,864 ) (146,864 )
Net cash from financing activities (126,864 ) (166,864 )

Increase/(decrease) in cash and cash equivalents 44,228 (226,756 )
Cash and cash equivalents at beginning of year 2 1,714,959 1,941,715

Cash and cash equivalents at end of year 2 1,759,187 1,714,959

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH NOVEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 558,120 1,314,309
Depreciation charges 162,202 155,233
Profit on disposal of fixed assets (30,857 ) (900 )
Government grants 4,840 (6,000 )
Finance income (28,082 ) (402 )
666,223 1,462,240
Decrease/(increase) in stocks 329,917 (1,383,248 )
Decrease/(increase) in trade and other debtors 174,755 (723,494 )
(Decrease)/increase in trade and other creditors (746,731 ) 568,082
Cash generated from operations 424,164 (76,420 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 1,759,187 1,714,959
Year ended 30th November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 1,714,959 1,941,715


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/22 Cash flow At 30/11/23
£    £    £   
Net cash
Cash at bank and in hand 1,714,959 44,228 1,759,187
1,714,959 44,228 1,759,187
Total 1,714,959 44,228 1,759,187

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023


1. STATUTORY INFORMATION

Alfred Brown(Worsted Mills) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated income statement, balance sheet and cash flow statement include the accounts of the company and its subsidiary undertakings, Brown and Sons (Bramley) Limited and Alfred Brown (Woodhead) Limited. All financial statements are made up to the 30th November 2023. A separate income statement dealing with the results of the company has not been presented, in accordance with the exemptions given in the Companies Act 2006.

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

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

Going concern basis of accounting
Based on all available information the directors are satisfied that the group and company has sufficient cash flows to continue to meet its liabilities as they fall due for at least one year from the date of approval of the financial statements, thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover and revenue recognition
Turnover represents amounts receivable for goods net of valued added tax and trade discounts.

Revenue is recognised at the point of delivery to the customer.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property2% on cost
Plant and machinery20% on cost and 10% on cost
Looms6.67% on cost
Fixtures and fittings33% on cost and 20% on cost

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. TURNOVER

A market analysis of turnover and profit before taxation has not been given, as in the opinion of the directors, it would be seriously prejudicial to the interests of the group.

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,149,566 1,910,686
Social security costs 208,748 194,818
Other pension costs 139,600 26,201
2,497,914 2,131,705

The average number of employees during the year was as follows:
2023 2022

Management and senior staff 16 17
Administration and warehouse 12 11
Manufacturing 48 44
76 72

2023 2022
£    £   
Directors' remuneration 599,926 414,100

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 164,760 115,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 162,202 155,232
Profit on disposal of fixed assets (30,857 ) (900 )
Auditors' remuneration 8,000 8,000
Auditors' remuneration -
subsidiary 3,500 3,500
Auditors' remuneration for non audit work 37,218 9,296
Foreign exchange differences (6,367 ) (11,146 )
Government grants - (6,000 )

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Interest receivable 28,082 402

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 121,241 227,943

Deferred tax 9,058 44,934
Tax on profit 130,299 272,877

UK corporation tax has been charged at 23.01 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 558,120 1,314,309
Profit multiplied by the standard rate of corporation tax in the UK of 23.011 %
(2022 - 19 %)

128,429

249,719

Effects of:
Expenses not deductible for tax purposes - 1,021

Prior year underprovision - 9,502
Depreciation of non qualifying assets 2,913 2,405
Effect of changes of tax rate 720 10,784
Super deduction claimed (875 ) (554 )
Marginal relief (888 ) -
Total tax charge 130,299 272,877

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 75,384 75,384
'A' Ordinary shares of £1 each
Interim 71,480 71,480
146,864 146,864

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1st December 2022 647,970 3,419,334 314,558 4,381,862
Additions - 56,249 51,320 107,569
Disposals - (112,316 ) (13,303 ) (125,619 )
At 30th November 2023 647,970 3,363,267 352,575 4,363,812
DEPRECIATION
At 1st December 2022 284,763 2,826,470 301,095 3,412,328
Charge for year 12,657 135,074 14,471 162,202
Eliminated on disposal - (105,164 ) (371 ) (105,535 )
At 30th November 2023 297,420 2,856,380 315,195 3,468,995
NET BOOK VALUE
At 30th November 2023 350,550 506,887 37,380 894,817
At 30th November 2022 363,207 592,864 13,463 969,534

Company
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1st December 2022 647,970 322,260 299,822 1,270,052
Additions - - 51,320 51,320
Disposals - (112,317 ) (13,303 ) (125,620 )
At 30th November 2023 647,970 209,943 337,839 1,195,752
DEPRECIATION
At 1st December 2022 284,764 304,222 288,704 877,690
Charge for year 12,657 9,900 13,855 36,412
Eliminated on disposal - (105,164 ) (371 ) (105,535 )
At 30th November 2023 297,421 208,958 302,188 808,567
NET BOOK VALUE
At 30th November 2023 350,549 985 35,651 387,185
At 30th November 2022 363,206 18,038 11,118 392,362

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st December 2022
and 30th November 2023 226,382
NET BOOK VALUE
At 30th November 2023 226,382
At 30th November 2022 226,382

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Brown & Sons (Bramley) Limited
Registered office: Empire Mills, Bramley, West Yorkshire, LS13 3HG
Nature of business: Commission Weavers
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 410,368 300,341
Profit for the year 110,027 109,627

Alfred Brown (Woodhead) Limited
Registered office: Empire Mills, Bramley, West Yorkshire, LS13 3HG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 422,823 422,823


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Raw materials 975,211 1,476,358 975,211 1,476,358
Work-in-progress 1,687 1,687 - -
Finished goods 2,256,083 2,084,853 2,256,083 2,084,853
3,232,981 3,562,898 3,231,294 3,561,211

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,463,512 1,522,126 1,463,508 1,521,819
Amounts owed by group undertakings - - - 26,663
Other debtors 525 10,628 525 10,358
Directors' loan accounts - 20,000 - 20,000
VAT 49,691 102,652 45,570 93,267
Deferred tax asset - - 453 11,856
Prepayments and accrued income 67,799 120,876 54,998 47,507
1,581,527 1,776,282 1,565,054 1,731,470

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 382,190 996,920 343,189 960,620
Amounts owed to group undertakings - - 573,212 422,823
Corporation Tax 121,241 219,686 85,116 219,686
Social security and other taxes 32,093 52,039 6,094 30,688
Other creditors 32,773 17,776 5,100 4,792
Accruals and deferred income 235,659 362,710 199,157 258,359
803,956 1,649,131 1,211,868 1,896,968

15. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 109,639 100,581

Group
Deferred
tax
£   
Balance at 1st December 2022 100,581
Movement in deferred taxation 9,058
Balance at 30th November 2023 109,639

Company
Deferred
tax
£   
Balance at 1st December 2022 (11,856 )
Provided during year 11,403
Balance at 30th November 2023 (453 )

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
37,692 Ordinary £1 37,692 37,692
35,740 'A' Ordinary £1 35,740 35,740
73,432 73,432

Ordinary and 'A' Ordinary shares are equivalent, except the holders of 'A' Ordinary shares have no rights to vote at any general meeting.

17. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st December 2022 6,073,960 126,568 6,200,528
Profit for the year 427,821 427,821
Dividends (146,864 ) (146,864 )
At 30th November 2023 6,354,917 126,568 6,481,485

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st December 2022 5,577,174 126,568 5,703,742
Profit for the year 308,132 308,132
Dividends (146,864 ) (146,864 )
At 30th November 2023 5,738,442 126,568 5,865,010


18. PENSION COMMITMENTS

The group operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £33,766 (2022 - £26,201).

19. OTHER FINANCIAL COMMITMENTS

The Company's overdraft facility has been secured by way of a right of set off with its subsidiary Brown & Sons (Bramley) Limited.

ALFRED BROWN(WORSTED MILLS) LIMITED (REGISTERED NUMBER: 00487461)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th November 2023 and 30th November 2022:

2023 2022
£    £   
A N Brown
Balance outstanding at start of year 20,000 -
Amounts advanced - 20,000
Amounts repaid (20,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 20,000

21. CONTROLLING PARTY

In the opinion of the directors the group is controlled by members of the Brown family. All the directors, except for Mr R D H McArdle, are members of the Brown family.