REGISTERED NUMBER: |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Notes to the Financial Statements | 11 |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Avroe House |
Avroe Crescent |
Blackpool Business Park |
Blackpool |
Lancashire |
FY4 2DP |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company provides services to the drinks industry, which include the innovation, manufacture and supply of a wide variety of flavours of drinks. We are based in the North West of England and our services are available nationwide and overseas. |
The past year has been transformative for our company, marked by significant achievements and strategic developments that have strengthened our operational capabilities and market position. Our commitment to quality, innovation, and sustainability continues to drive our success and future growth. |
Accreditations |
We have retained our BRCGS Global Food Safety Standard certification over both sites, demonstrating our ongoing commitment to high standards in food safety and operational criteria. |
Achieving ISO 9001 certification reflects our dedication to quality management principles, ensuring we consistently meet customer and regulatory requirements. |
We are proud to announce that we have been awarded the Investors in People Platinum accreditation. This prestigious recognition reflects our commitment to leading, supporting, and managing people well for sustainable results. It underscores our dedication to continuous improvement and excellence in people management. |
Expansion and Increased Production Capacity |
The opening of a second production facility, located three miles from our head office, has been a milestone achievement. This new facility has tripled our production capacity and introduced 1 litre bottle filling capability. The addition of this factory not only enhances our production capabilities but also provides a significant contingency asset, ensuring operational continuity in case of any disruptions at either site. |
Charitable Activities and Community Engagement |
We remain committed to our charitable activities, encouraging staff participation in fundraising and community service initiatives. This not only enhances our corporate social responsibility profile but also fosters a positive and engaged workforce. |
Key Performance Indicators: |
The company measures its performance by monitoring performance against an annual and monthly budget. Monthly management accounts are produced, comparing actual performance to both budget and last years results. The below constitutes the key performance indicators used within the business. |
2023 | 2022 | % Change |
£ | £ |
Turnover | 20,224 | 16,618 | 22% |
Gross Profit | 7,786 | 5,760 | 35% |
Profit before tax | 3,614 | 2,962 | 22% |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have considered the principal risks and uncertainties which face the business and are satisfied they have systems in place to address these risks. These matters are reviewed at regular board meetings. |
Supply Chain Stability |
We are open to potential supply disruptions caused by geopolitical events such as the Ukraine war, Panama Canal issues, Israel/Palestine conflict, and disruptions in the Red Sea. Despite these global supply chain challenges, we have maintained stability in our supply lines by increasing our holding of critical ingredients in stock. This strategic stockpiling safeguards our customers from the effects of this supply chain disruption. |
Health and Safety |
The company operates under stringent food safety regulations, as such the risk is always posed of a breach of these regulations. The directors review the regulations monthly, and ensure that for each a safeguard has been implemented. This provides assurance that the company is compliant with all regulatory requirements. |
Credit Risks |
Credit checks are performed where possible on all customers to mitigate the credit risks that arise on credit extensions to customers. The directors have no concern in this capacity. |
ON BEHALF OF THE BOARD: |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
The directors have declared dividends totalling £2,340,000 (2022: £1,290,000) during the year. |
RESEARCH AND DEVELOPMENT |
The company continues to develop new flavours and types of beverages in their laboratory. Over the past two years, we have heavily invested in our New Product Development (NPD) team, doubling its capacity. This investment underscores our commitment to innovation and our focus on bringing new, high-quality products to the market. |
FUTURE DEVELOPMENTS |
The strategic developments and achievements of the past year position us strongly for future growth. Our expanded production capacity, robust supply chain, investment in innovation, and commitment to quality and sustainability will continue to drive our success. We remain focused on leveraging these strengths to meet the evolving needs of our customers and stakeholders. By focusing on these areas, we aim to sustain our growth trajectory and reinforce our market leadership. The strategic report highlights our dedication to quality, innovation, and sustainability, setting a solid foundation for continued success in the coming years. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, Rushtons, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED |
Opinion |
We have audited the financial statements of Simpson's Beverage Supply Company Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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. |
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. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- The nature of the industry and sector, control environment and business performance. |
- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: |
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
- Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud, and; |
- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the company, including the General Data Protection requirements, Anti-bribery and corruption policies and Environmental laws and regulations pertaining to this industry. |
In addition to the above, our procedures to respond to risks identified included the following: |
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- Enquiring of management concerning actual and potential litigation and claims; |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- Reading available minutes of meetings of those charged with governance; and |
- Testing journal entries to identify unusual transactions. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
Avroe House |
Avroe Crescent |
Blackpool Business Park |
Blackpool |
Lancashire |
FY4 2DP |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
3,742,352 | 3,043,422 |
Other operating income |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
3,764,569 | 3,069,823 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 10 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Other reserves | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Simpson's Beverage Supply Company Limited is a |
2. | STATEMENT OF COMPLIANCE |
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. |
Simpsons Beverage Supply Company Ltd meets the definition of a qualifying entity under FRS102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. Simpsons Beverage Supply Company Ltd is consolidated in the financial statements of its parent, Simpsons Holdings Limited, which may be obtained from Companies House. Exemptions have been taken in these separate company financial statements in relation to the remuneration of key management personnel, financial instruments and presentation of a cash flow statement. |
As such, these financial statements show information about Simpsons Beverage Supply Company Limited as a single entity. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary values in these financial statements are rounded to the nearest £. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Related party exemption |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stock is valued on a first in, first out (FIFO) basis. |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Europe |
Rest of the World | 32,474 | 32,234 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs | ( |
) |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 5 | 5 |
Production | 49 | 46 |
Administration & Marketing | 10 | 9 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Foreign exchange differences |
7. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
12,000 |
5,000 |
Auditors' remuneration for non audit work |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
Loan |
Hire purchase |
9. | 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 |
Under/Over provision of tax | 39,159 | (42,943 | ) |
Total current tax |
Deferred tax |
Tax on profit |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Origination and reversal of tax differences | 38,705 | 318,979 |
Marginal relief | (45,116 | ) | - |
Total tax charge | 795,130 | 633,037 |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
11. | TANGIBLE FIXED ASSETS |
Improvements |
to | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 16) |
Hire purchase contracts (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 100,000 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 540,658 | 501,953 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Movement | 38,705 |
Balance at 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2,500 | 2,500 |
20. | RESERVES |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | 3,148,860 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 3,628,167 |
21. | RELATED PARTY DISCLOSURES |
During the year, payments of rent and pension contributions were paid to the Simpson Family Pension Scheme amounting to £453,242 (2022: £49,800). |
At year end, a balance was due to the company from the Simpson Family Settlement 2013 Trust amounting to £nil (2022: £53,190). |
During the year, sponsorship amounts were paid to The Wenning Company Limited amounting to £90,937. Adrian Simpson and James Simpson, shareholders and directors, became directors of the The Wenning Company Limited in 2023. |
During the year, purchases amounts were paid to The Wenning Company Limited amounting to £4,372. Adrian Simpson and James Simpson, shareholders and directors, became directors of the The Wenning Company Limited in 2023. |
At year end, a balance was due to the Wenning company Limited amounting to £246. |
SIMPSON'S BEVERAGE SUPPLY COMPANY |
LIMITED (REGISTERED NUMBER: 00459409) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
22. | CONTROLLING PARTY |
The company is a wholly owned subsidiary of Simpsons Holdings Limited whose registered office and principle place of business is: |
Unit 1 Chiswick Grove |
Blackpool |
Lancashire |
England |
FY3 9EU |
The group accounts for Simpsons Holdings Limited are publicly available from Companies House. |