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REGISTERED NUMBER: 10870737 (England and Wales)












SIMPSONS HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Income and Retained
Earnings

9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


SIMPSONS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A Simpson
A Simpson
C Simpson
G Simpson
H Simpson
J Simpson
J Simpson
K Simpson
K G Simpson
M Simpson





SECRETARY: J Simpson





REGISTERED OFFICE: Unit 1 Chiswick Grove
Blackpool
Lancashire
FY3 9EU





REGISTERED NUMBER: 10870737 (England and Wales)





AUDITORS: Rushtons
Chartered Accountants
Statutory Auditors
Avroe House
Avroe Crescent
Blackpool Business Park
Blackpool
Lancashire
FY4 2DP

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The company is that of a holding company, with one subsidiary, Simpsons Beverage Supply Company Limited. This report is written from the Group's perspective, although it is largely representative of the results of the subsidiary company. The subsidiary 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 the group, 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 group 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 group.

2023 2022 % Change
£    £   
Turnover 20,224 16,618 22%
Gross Profit 7,786 5,760 35%
Profit before tax 3,507 2,999 17%


SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

GROUP 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:





A Simpson - Director


13 August 2024

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
Dividends have been paid during the year amounting to £2,254,261 (2022: £1,125,159).

RESEARCH AND DEVELOPMENT
The group 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.

A Simpson
A Simpson
C Simpson
G Simpson
H Simpson
J Simpson
J Simpson
K Simpson
K G Simpson
M Simpson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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.

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

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:





A Simpson - Director


13 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIMPSONS HOLDINGS LIMITED

Opinion
We have audited the financial statements of Simpsons Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 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 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIMPSONS HOLDINGS 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 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.

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.

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

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
SIMPSONS HOLDINGS 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.




Adam Calvert ACA (Senior Statutory Auditor)
for and on behalf of Rushtons
Chartered Accountants
Statutory Auditors
Avroe House
Avroe Crescent
Blackpool Business Park
Blackpool
Lancashire
FY4 2DP

16 August 2024

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 20,224,085 16,618,432

Cost of sales 12,437,839 10,858,283
GROSS PROFIT 7,786,246 5,760,149

Administrative expenses 3,998,946 2,707,963
3,787,300 3,052,186

Other operating income 1,771 23,238
OPERATING PROFIT 5 3,789,071 3,075,424

Interest receivable and similar income 20,446 3,163
3,809,517 3,078,587

Interest payable and similar expenses 6 302,285 79,884
PROFIT BEFORE TAXATION 3,507,232 2,998,703

Tax on profit 7 791,233 640,160
PROFIT FOR THE FINANCIAL YEAR 2,715,999 2,358,543

Retained earnings at beginning of year 4,856,240 3,622,856

Dividends 9 (2,254,261 ) (1,125,159 )

RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

5,317,978

4,856,240

Profit attributable to:
Owners of the parent 2,715,999 2,358,543

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 5,273,388 2,213,869
Investments 11 - -
5,273,388 2,213,869

CURRENT ASSETS
Stocks 12 2,252,415 2,728,841
Debtors 13 2,712,802 2,269,555
Cash at bank and in hand 1,626,016 1,269,325
6,591,233 6,267,721
CREDITORS
Amounts falling due within one year 14 3,796,646 2,709,976
NET CURRENT ASSETS 2,794,587 3,557,745
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,067,975

5,771,614

CREDITORS
Amounts falling due after more than one
year

15

(2,200,821

)

(401,006

)

PROVISIONS FOR LIABILITIES 19 (546,166 ) (511,358 )
NET ASSETS 5,320,988 4,859,250

CAPITAL AND RESERVES
Called up share capital 20 2,510 2,510
Other reserves 21 500 500
Retained earnings 21 5,317,978 4,856,240
SHAREHOLDERS' FUNDS 5,320,988 4,859,250

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





A Simpson - Director


SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,554,998 161,126
Investments 11 2,500 2,500
2,557,498 163,626

CURRENT ASSETS
Debtors 13 1,267,815 1,829,856
Cash at bank 1,132,621 773,018
2,400,436 2,602,874
CREDITORS
Amounts falling due within one year 14 1,272,768 1,006,838
NET CURRENT ASSETS 1,127,668 1,596,036
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,685,166

1,759,662

CREDITORS
Amounts falling due after more than one
year

15

(1,986,835

)

(39,865

)

PROVISIONS FOR LIABILITIES 19 (5,508 ) (9,405 )
NET ASSETS 1,692,823 1,710,392

CAPITAL AND RESERVES
Called up share capital 20 2,510 2,510
Retained earnings 1,690,313 1,707,882
SHAREHOLDERS' FUNDS 1,692,823 1,710,392

Company's profit for the financial year 2,236,692 1,319,845

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





A Simpson - Director


SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,117,407 2,887,660
Interest paid (286,369 ) (73,211 )
Interest element of hire purchase payments
paid

(15,916

)

(6,673

)
Tax paid (591,108 ) (541,560 )
Net cash from operating activities 3,224,014 2,266,216

Cash flows from investing activities
Purchase of tangible fixed assets (3,728,590 ) (1,122,121 )
Sale of tangible fixed assets 84,498 1,905
Interest received 20,446 3,163
Net cash from investing activities (3,623,646 ) (1,117,053 )

Cash flows from financing activities
New loans in year 4,123,583 -
Loan repayments in year (1,232,917 ) (100,000 )
Capital repayments in year (48,978 ) 155,295
Amount introduced by directors 2,098,619 1,153,157
Amount withdrawn by directors (1,973,013 ) (702,752 )
Borrowings to associates 43,290 (134,299 )
Equity dividends paid (2,254,261 ) (1,125,159 )
Net cash from financing activities 756,323 (753,758 )

Increase in cash and cash equivalents 356,691 395,405
Cash and cash equivalents at beginning
of year

2

1,269,325

873,920

Cash and cash equivalents at end of year 2 1,626,016 1,269,325

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 3,507,232 2,998,703
Depreciation charges 572,898 301,906
Loss on disposal of fixed assets 11,674 12,391
Finance costs 302,285 79,884
Finance income (20,446 ) (3,163 )
4,373,643 3,389,721
Decrease/(increase) in stocks 476,426 (971,886 )
Increase in trade and other debtors (451,912 ) (551,208 )
(Decrease)/increase in trade and other creditors (280,750 ) 1,021,033
Cash generated from operations 4,117,407 2,887,660

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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,626,016 1,269,325
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,269,325 873,920


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,269,325 356,691 1,626,016
1,269,325 356,691 1,626,016
Debt
Finance leases (222,737 ) 48,978 (173,759 )
Debts falling due within 1 year (100,000 ) (1,033,354 ) (1,133,354 )
Debts falling due after 1 year (241,667 ) (1,544,979 ) (1,786,646 )
(564,404 ) (2,529,355 ) (3,093,759 )
Total 704,921 (2,172,664 ) (1,467,743 )

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Simpsons Holdings 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.

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 £.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost and Straight line over 8 years
Improvements to property - 20% on reducing balance
Long leasehold - 20% on reducing balance
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 19,288,885 15,646,175
Europe 902,726 940,023
Rest of the World 32,474 32,234
20,224,085 16,618,432

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,007,280 1,719,050
Social security costs 171,967 813
Other pension costs 406,794 (30,571 )
2,586,041 1,689,292

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

Directors 10 10
Production 49 46
Administration & marketing 10 9
69 65

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

2023 2022
£    £   
Directors' remuneration 130,364 111,269

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 143,383 166,970
Depreciation - owned assets 527,917 281,701
Depreciation - assets on hire purchase contracts 44,982 20,205
Loss on disposal of fixed assets 11,674 12,391
Auditors' remuneration 12,000 5,000
Auditors' remuneration for non audit work 33,648 23,048
Foreign exchange differences 884 4,038

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 26,431 20,997
Other interest 192,204 52,214
Loan interest 62,734 -
Hire purchase interest 20,916 6,673
302,285 79,884

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 717,266 368,498
Under/(over) provision in
prior year 39,159 (42,943 )
Total current tax 756,425 325,555

Deferred tax 34,808 314,605
Tax on profit 791,233 640,160

UK corporation tax has been charged at 25 % .

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 3,507,232 2,998,703
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

876,808

569,754

Effects of:
Expenses not deductible for tax purposes 1,256 656
Capital allowances in excess of depreciation (126,437 ) (201,608 )
Adjustments to tax charge in respect of previous periods 39,159 (43,247 )
Deferred tax movement 34,808 314,605
Losses carried forward 10,755 -
Marginal relief (45,116 ) -
Total tax charge 791,233 640,160

8. INDIVIDUAL INCOME STATEMENT

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.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 2,254,261 1,125,159

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Long
property property leasehold
£    £    £   
COST
At 1 January 2023 106,093 935,416 25,969
Additions 2,478,282 211,924 -
Disposals - - -
At 31 December 2023 2,584,375 1,147,340 25,969
DEPRECIATION
At 1 January 2023 51,773 406,787 2,273
Charge for year 43,675 116,939 4,328
Eliminated on disposal - - -
At 31 December 2023 95,448 523,726 6,601
NET BOOK VALUE
At 31 December 2023 2,488,927 623,614 19,368
At 31 December 2022 54,320 528,629 23,696

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 2,607,298 269,963 113,515 4,058,254
Additions 918,691 70,490 49,203 3,728,590
Disposals (82,229 ) (69,288 ) (21,984 ) (173,501 )
At 31 December 2023 3,443,760 271,165 140,734 7,613,343
DEPRECIATION
At 1 January 2023 1,201,705 122,071 59,776 1,844,385
Charge for year 345,218 40,609 22,130 572,899
Eliminated on disposal (30,301 ) (29,400 ) (17,628 ) (77,329 )
At 31 December 2023 1,516,622 133,280 64,278 2,339,955
NET BOOK VALUE
At 31 December 2023 1,927,138 137,885 76,456 5,273,388
At 31 December 2022 1,405,593 147,892 53,739 2,213,869

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 183,946 94,580 278,526
DEPRECIATION
At 1 January 2023 3,586 44,722 48,308
Charge for year 32,517 12,465 44,982
At 31 December 2023 36,103 57,187 93,290
NET BOOK VALUE
At 31 December 2023 147,843 37,393 185,236
At 31 December 2022 180,360 49,858 230,218

Company
Freehold Motor
property vehicles Totals
£    £    £   
COST
At 1 January 2023 106,093 179,806 285,899
Additions 2,478,282 - 2,478,282
Disposals - (25,488 ) (25,488 )
At 31 December 2023 2,584,375 154,318 2,738,693
DEPRECIATION
At 1 January 2023 51,772 73,001 124,773
Charge for year 43,675 25,139 68,814
Eliminated on disposal - (9,892 ) (9,892 )
At 31 December 2023 95,447 88,248 183,695
NET BOOK VALUE
At 31 December 2023 2,488,928 66,070 2,554,998
At 31 December 2022 54,321 106,805 161,126

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 94,580
DEPRECIATION
At 1 January 2023 44,722
Charge for year 12,465
At 31 December 2023 57,187
NET BOOK VALUE
At 31 December 2023 37,393
At 31 December 2022 49,858

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2,500
NET BOOK VALUE
At 31 December 2023 2,500
At 31 December 2022 2,500

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

Subsidiary

Simpsons Beverage Supply Company Limited
Registered office: As per company information page
Nature of business: Supplier of drinks
%
Class of shares: holding
Ordinary 100.00


12. STOCKS

Group
2023 2022
£    £   
Stocks 2,252,415 2,728,841

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,506,240 2,095,894 93 8,410
Amounts owed by group undertakings - - 1,218,220 1,798,380
Amounts owed by associates - 22,719 - 22,719
Other debtors 10,010 45,785 10 347
Directors' current accounts 49,492 - 49,492 -
Prepayments 147,060 105,157 - -
2,712,802 2,269,555 1,267,815 1,829,856

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 74,604 - 74,604 -
Other loans (see note 16) 1,058,750 100,000 - -
Hire purchase contracts (see note 17) 71,917 63,398 11,727 13,789
Trade creditors 785,617 723,812 74 -
Tax 162,250 11,801 12,368 11,801
Social security and other taxes 415,028 315,898 - -
Other creditors 150 150 150 150
VAT 8,512 - 8,512 -
Directors' current accounts 1,142,893 967,795 1,142,893 967,795
Accrued expenses 76,925 527,122 22,440 13,303
3,796,646 2,709,976 1,272,768 1,006,838

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 1,644,979 - 1,644,979 -
Other loans (see note 16) 141,667 241,667 - -
Hire purchase contracts (see note 17) 101,842 159,339 29,523 39,865
Other creditors 312,333 - 312,333 -
2,200,821 401,006 1,986,835 39,865

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 74,604 - 74,604 -
Other loans 1,058,750 100,000 - -
1,133,354 100,000 74,604 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 79,106 - 79,106 -
Other loans - 1-2 years 100,000 100,000 - -
179,106 100,000 79,106 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 267,930 - 267,930 -
Other loans - 2-5 years 41,667 141,667 - -
309,597 141,667 267,930 -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,297,943 - 1,297,943 -

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 71,917 63,398
Between one and five years 101,842 159,339
173,759 222,737

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 11,727 13,789
Between one and five years 29,523 39,865
41,250 53,654

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 259,584 254,755
Between one and five years 766,173 860,343
In more than five years 441,375 561,750
1,467,132 1,676,848

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 1,719,583 - 1,719,583 -
Hire purchase contracts 173,759 222,737 41,250 53,654
1,893,342 222,737 1,760,833 53,654

Loans are secured on the assets to which they relate.

There is a First Legal Charge dated 6 March 2023 over the freehold property known as Unit 4a Squires Gate Industrial Estate, Squires Gate Lane, Blackpool, FY4 3RN.

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 546,166 511,358 5,508 9,405

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 511,358
Movement 34,808
Balance at 31 December 2023 546,166

Company
Deferred
tax
£   
Balance at 1 January 2023 9,405
Movement (3,897 )
Balance at 31 December 2023 5,508

20. CALLED UP SHARE CAPITAL

Allotted, issued and
fully paid:

Number Class Nominal value 2023 2022
£    £   
263 A Ordinary 1 263 263
263 B Ordinary 1 263 263
263 C Ordinary 1 263 263
120 D Ordinary 1 120 120
263 E Ordinary 1 263 263
263 F Ordinary 1 263 263
265 G Ordinary 1 265 265
265 H Ordinary 1 265 265
119 I Ordinary 1 119 119
263 J Ordinary 1 263 263
153 K Ordinary 1 153 153
10 L Ordinary 1 10 10

Except as otherwise stated below, all shares shall rank pari passu in all respects but shall constitute separate classes of shares.

Shares with classes A Ordinary to K Ordinary are entitled to one vote per corresponding share.

L Ordinary shares are entitled to no votes per share and no notification of any general meetings.

All share classes are entitled to receive dividends.

21. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2023 4,856,240 500 4,856,740
Profit for the year 2,715,999 - 2,715,999
Dividends (2,254,261 ) - (2,254,261 )
At 31 December 2023 5,317,978 500 5,318,478


SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

22. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 2,360,000

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J Simpson and Mrs H Simpson
Balance outstanding at start of year (108,399 ) (27,613 )
Amounts advanced 652,106 187,744
Amounts repaid (494,215 ) (268,530 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 49,492 (108,399 )

C Simpson and K Simpson
Balance outstanding at start of year (383,020 ) (199,005 )
Amounts advanced 460,880 98,134
Amounts repaid (508,711 ) (282,149 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (430,851 ) (383,020 )

G Simpson and Mrs K G Simpson
Balance outstanding at start of year (16,185 ) (20,481 )
Amounts advanced 45,021 35,830
Amounts repaid (28,870 ) (31,534 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (34 ) (16,185 )

J Simpson and Mrs A Simpson
Balance outstanding at start of year (380,539 ) (192,423 )
Amounts advanced 369,991 102,219
Amounts repaid (527,468 ) (290,335 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (538,016 ) (380,539 )

A Simpson and Mrs M Simpson
Balance outstanding at start of year (79,653 ) (77,869 )
Amounts advanced 445,015 278,823
Amounts repaid (539,354 ) (280,607 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (173,992 ) (79,653 )

24. RELATED PARTY DISCLOSURES

SIMPSONS HOLDINGS LIMITED (REGISTERED NUMBER: 10870737)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

Other related parties

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: £22,719).

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.

During the year, loans were made to the company by the children/grandchildren of the directors. The loans accrued interest at 8%. The total of the loans amounted to £300,00, interest paid (gross) totalled £15,415. The amount outstanding at 31 December 2023 was £312,331

25. ULTIMATE CONTROLLING PARTY

The group is controlled by the directors.