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REGISTERED NUMBER: 00459409 (England and Wales)












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: G Simpson
J Simpson
C Simpson
J Simpson
A Simpson





SECRETARY: J Simpson





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





REGISTERED NUMBER: 00459409 (England and Wales)





AUDITORS: Rushtons
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:





A Simpson - Director


13 August 2024

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.

G Simpson
J Simpson
C Simpson
J Simpson
A Simpson

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:



A Simpson - Director


13 August 2024

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.




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

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 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 4,043,894 2,716,727
3,742,352 3,043,422

Other operating income 1,771 23,238
OPERATING PROFIT 6 3,744,123 3,066,660

Interest receivable and similar income 20,446 3,163
3,764,569 3,069,823

Interest payable and similar expenses 8 150,132 108,086
PROFIT BEFORE TAXATION 3,614,437 2,961,737

Tax on profit 9 795,130 633,037
PROFIT FOR THE FINANCIAL YEAR 2,819,307 2,328,700

Retained earnings at beginning of year 3,148,360 2,109,660

Dividends 10 (2,340,000 ) (1,290,000 )

RETAINED EARNINGS AT END OF YEAR 3,627,667 3,148,360

SIMPSON'S BEVERAGE SUPPLY COMPANY
LIMITED (REGISTERED NUMBER: 00459409)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 2,718,392 2,052,745

CURRENT ASSETS
Stocks 12 2,252,415 2,728,841
Debtors 13 2,663,301 2,246,489
Cash at bank and in hand 493,395 496,308
5,409,111 5,471,638
CREDITORS
Amounts falling due within one year 14 3,742,192 3,509,929
NET CURRENT ASSETS 1,666,919 1,961,709
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,385,311

4,014,454

CREDITORS
Amounts falling due after more than one
year

15

(213,986

)

(361,141

)

PROVISIONS FOR LIABILITIES 18 (540,658 ) (501,953 )
NET ASSETS 3,630,667 3,151,360

CAPITAL AND RESERVES
Called up share capital 19 2,500 2,500
Other reserves 20 500 500
Retained earnings 20 3,627,667 3,148,360
SHAREHOLDERS' FUNDS 3,630,667 3,151,360

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


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 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 £.

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
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.
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.


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 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

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,944,242 1,665,500
Social security costs 169,294 575
Other pension costs 406,794 (30,571 )
2,520,330 1,635,504

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
64 60

2023 2022
£    £   
Directors' remuneration 67,326 57,719

6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 295,909 220,970
Depreciation - owned assets 471,568 260,596
Depreciation - assets on hire purchase contracts 32,517 3,586
Loss on disposal of fixed assets 8,161 12,391
Foreign exchange differences 884 4,038

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 33,648 23,048

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 26,431 20,997
Loan 105,618 83,249
Hire purchase 18,083 3,840
150,132 108,086

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 717,266 357,001
Under/Over provision of tax 39,159 (42,943 )
Total current tax 756,425 314,058

Deferred tax 38,705 318,979
Tax on profit 795,130 633,037

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 3,614,437 2,961,737
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

903,609

562,730

Effects of:
Expenses not deductible for tax purposes 1,256 656
Capital allowances in excess of depreciation (142,483 ) (206,385 )
Adjustments to tax charge in respect of previous periods 39,159 (42,943 )
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 2,340,000 1,290,000

11. TANGIBLE FIXED ASSETS
Improvements
to Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 935,416 25,969 2,607,298
Additions 211,924 - 918,691
Disposals - - (82,229 )
At 31 December 2023 1,147,340 25,969 3,443,760
DEPRECIATION
At 1 January 2023 406,787 2,273 1,201,705
Charge for year 116,939 4,328 345,218
Eliminated on disposal - - (30,301 )
At 31 December 2023 523,726 6,601 1,516,622
NET BOOK VALUE
At 31 December 2023 623,614 19,368 1,927,138
At 31 December 2022 528,629 23,696 1,405,593

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 90,157 113,514 3,772,354
Additions 70,490 49,203 1,250,308
Disposals (43,800 ) (21,984 ) (148,013 )
At 31 December 2023 116,847 140,733 4,874,649
DEPRECIATION
At 1 January 2023 49,069 59,775 1,719,609
Charge for year 15,470 22,130 504,085
Eliminated on disposal (19,508 ) (17,628 ) (67,437 )
At 31 December 2023 45,031 64,277 2,156,257
NET BOOK VALUE
At 31 December 2023 71,816 76,456 2,718,392
At 31 December 2022 41,088 53,739 2,052,745

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 183,946
DEPRECIATION
At 1 January 2023 3,586
Charge for year 32,517
At 31 December 2023 36,103
NET BOOK VALUE
At 31 December 2023 147,843
At 31 December 2022 180,360

12. STOCKS
2023 2022
£    £   
Stocks 2,252,415 2,728,841

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,506,241 2,095,894
Other debtors 10,000 45,438
Prepayments 147,060 105,157
2,663,301 2,246,489

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) 1,058,750 100,000
Hire purchase contracts (see note 17) 60,190 49,608
Trade creditors 785,635 732,222
Amounts owed to group undertakings 1,218,220 1,798,380
Tax 149,882 -
Social security and other taxes 415,028 315,898
Accrued expenses 54,487 513,821
3,742,192 3,509,929

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans (see note 16) 141,667 241,667
Hire purchase contracts (see note 17) 72,319 119,474
213,986 361,141

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 1,058,750 100,000

Amounts falling due between one and two years:
Other loans - 1-2 years 100,000 100,000

Amounts falling due between two and five years:
Other loans - 2-5 years 41,667 141,667

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 60,190 49,608
Between one and five years 72,319 119,474
132,509 169,082

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

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 501,953
Movement 38,705
Balance at 31 December 2023 540,658

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,500 Ordinary £1 2,500 2,500

20. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2023 3,148,360 500 3,148,860
Profit for the year 2,819,307 2,819,307
Dividends (2,340,000 ) (2,340,000 )
At 31 December 2023 3,627,667 500 3,628,167

21. RELATED PARTY DISCLOSURES

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: £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.