IRIS Accounts Production v24.2.0.383 NI072354 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 a petrol station and supermarket. true false true true false false false true false Redeemable preference shares 1.00000 Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0723542023-03-31NI0723542024-03-31NI0723542023-04-012024-03-31NI0723542022-03-31NI0723542022-04-012023-03-31NI0723542023-03-31NI072354ns15:NorthernIreland2023-04-012024-03-31NI072354ns14:PoundSterling2023-04-012024-03-31NI072354ns10:Director12023-04-012024-03-31NI072354ns10:Director22023-04-012024-03-31NI072354ns10:CompanySecretary12023-04-012024-03-31NI072354ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31NI072354ns10:FRS1022023-04-012024-03-31NI072354ns10:Audited2023-04-012024-03-31NI072354ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-31NI072354ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-31NI072354ns10:FullAccounts2023-04-012024-03-31NI07235412023-04-012024-03-31NI072354ns10:PreferenceShareClass22023-04-012024-03-31NI072354ns10:OrdinaryShareClass12023-04-012024-03-31NI072354ns10:RegisteredOffice2023-04-012024-03-31NI072354ns5:CurrentFinancialInstruments2024-03-31NI072354ns5:CurrentFinancialInstruments2023-03-31NI072354ns5:Non-currentFinancialInstruments2024-03-31NI072354ns5:Non-currentFinancialInstruments2023-03-31NI072354ns5:ShareCapital2024-03-31NI072354ns5:ShareCapital2023-03-31NI072354ns5:RetainedEarningsAccumulatedLosses2024-03-31NI072354ns5:RetainedEarningsAccumulatedLosses2023-03-31NI072354ns5:ShareCapital2022-03-31NI072354ns5:RetainedEarningsAccumulatedLosses2022-03-31NI072354ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-31NI072354ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31NI07235412023-04-012024-03-31NI072354ns5:NetGoodwill2023-04-012024-03-31NI072354ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-31NI072354ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-31NI072354ns5:OwnedAssets2023-04-012024-03-31NI072354ns5:OwnedAssets2022-04-012023-03-31NI072354ns5:NetGoodwill2022-04-012023-03-31NI072354ns5:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-31NI072354ns10:OrdinaryShareClass12022-04-012023-03-31NI072354ns5:NetGoodwill2023-03-31NI072354ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-31NI072354ns5:NetGoodwill2024-03-31NI072354ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-31NI072354ns5:NetGoodwill2023-03-31NI072354ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-31NI072354ns5:LandBuildings2023-03-31NI072354ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-31NI072354ns5:PlantMachinery2023-03-31NI072354ns5:LandBuildings2023-04-012024-03-31NI072354ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-012024-03-31NI072354ns5:PlantMachinery2023-04-012024-03-31NI072354ns5:LandBuildings2024-03-31NI072354ns5:LongLeaseholdAssetsns5:LandBuildings2024-03-31NI072354ns5:PlantMachinery2024-03-31NI072354ns5:LandBuildings2023-03-31NI072354ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-31NI072354ns5:PlantMachinery2023-03-31NI072354ns5:FurnitureFittings2023-03-31NI072354ns5:MotorVehicles2023-03-31NI072354ns5:ComputerEquipment2023-03-31NI072354ns5:FurnitureFittings2023-04-012024-03-31NI072354ns5:MotorVehicles2023-04-012024-03-31NI072354ns5:ComputerEquipment2023-04-012024-03-31NI072354ns5:FurnitureFittings2024-03-31NI072354ns5:MotorVehicles2024-03-31NI072354ns5:ComputerEquipment2024-03-31NI072354ns5:FurnitureFittings2023-03-31NI072354ns5:MotorVehicles2023-03-31NI072354ns5:ComputerEquipment2023-03-31NI072354ns10:PreferenceShareClass22024-03-31NI072354ns5:DeferredTaxation2023-03-31NI072354ns5:DeferredTaxation2024-03-31NI072354ns10:OrdinaryShareClass12024-03-31NI072354ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: NI072354 (Northern Ireland)














Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2024

for

BROSS MORRISON'S LTD

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


BROSS MORRISON'S LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr Sean Morrison
Mrs Dympna Morrison





SECRETARY: Mrs Lana Morrison





REGISTERED OFFICE: 69/77 Belfast Road
Ballynahinch
Co. Down
BT24 8EB





REGISTERED NUMBER: NI072354 (Northern Ireland)





AUDITORS: M.B.Mc Grady & Co
Chartered Accountants
Statutory Auditors
Rathmore House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Strategic Report
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

The principal activity of the Company during the year was that of a petrol station and supermarket.

REVIEW OF BUSINESS
The retail sector continues to remain under significant pressure throughout the financial year.

Effects of COVID 19
Now over three years since the start of the COVID-19 pandemic, jurisdictions around the world have generally experienced an improved economic outlook during, as the number of COVID-19 cases have been declined significantly.

Many businesses globally have returned to business as usual, but the crisis has tested the commercial, operational, financial and organisational resilience of companies around the world highlighting the risks and resilience gaps for many organisations.

While the pandemic made forecourts more favourable for shoppers, now attention must turn to how they can retain the new convenience shoppers they have gained. Pricing will clearly be a factor here. At a time when disposable income is squeezed and with greater uncertainty about the future, shoppers are likely to become more value-orientated.

The company is focused on creating a safe contactless experience which ensures that it responds to changing customer demands, by evolving and providing a wider range of products and services being offered to the retailers it serves. Price checking and promotions will help promote positive price perception and will play an important part in driving shopper loyalty. The attractiveness and services provided at the company premises can help increase footfall.

Effects of Ukraine-Russia War
The Russia- Ukraine war, started by Russia in late February 2022 has caused economic sanctions, supply chain disruptions, inflation, and reduced growth for many countries and regions.

Within Northern Ireland it has resulted in food and fuels imports in tight supply, a spike in costs and a subsequent cost of living crisis.Fuel prices, whilst still volatile have settled from their highs in the summer of 2022, down by around 25% in Northern Ireland.

This is reflected in the results of the company which shows turnover slightly decreasing by 1.6% to £16,093,559, although this was impacted by a drop in the price of fuel which caused a 15% decrease in fuel turnover. The cost of sales decreased by 1.5% to £12,881,145. Overall the profit after tax for the financial year was £393,944.

With the above results the director's are of the opinion that the company continues to be well placed to manage its business successfully through these tough economic times.

The director's have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Accordingly,they adopt the going concern basis in preparing the Annual Report and Financial Statements.


BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Strategic Report
FOR THE YEAR ENDED 31 MARCH 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Although the Covid-19 situation has not had any measurable impact on our business operations at our financial year end a number of risks and uncertainties continue to exist. The health and welfare of our staff and customers remain paramount and as such certain social distancing and health and safety regulations have been implemented in all shops and continue to be reviewed daily.

The Northern Ireland Protocol continues to create uncertainty around our business, not least our ability to supply our customers. Any disruption or uncertainness could have an adverse effect on our business, financial results and operations. We continue to assess and monitor the potential risks and impacts while taking appropriate mitigation measures to address challenges including logistics and supply.

The principal risks arising from the retail business relate primarily to the effectiveness of the pricing policy and stock management of perishable goods.

The Company's operations also expose it to a variety of financial risks that include liquidity risk, credit risk, interest rate risk and foreign exchange risk. Although theses are not deemed to be significant the Company has risk management policies in place to manage the financial exposures.

Liquidity risk
The Company maintains adequate bank facilities to ensure sufficient short term finance for continuing operations.

Credit risk
The Company has implemented credit control policies that require appropriate checks on potential customers. Overall exposure to any customer is managed through credit limits.

Interest rate risk
The Company manages its exposure to interest rate risk by maintaining an appropriate balance of fixed and variable rate debt.

Foreign exchange risk
The company undertakes some transactions in foreign currencies, principally euros. The company does not enter into any formally designated hedging arrangements.

The process of risk identification and management is addressed by the Directors who are actively involved in the day to day management of the company.

DEVELOPMENT AND PERFORMANCE
The Directors' are committed to the development of Bross Morrison's Ltd and are actively seeking opportunities to increase the market share of the Company. Irrespective of income consumers have greater expectation of the goods and services they buy and are looking for quality, values and value from companies they can trust.

The company therefore aims to continue business growth through the development of existing customer relationships by increasing the product range, providing offers and discounts thus helping the household budget go further as well as investments in shop extensions and redevelopment.


BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Strategic Report
FOR THE YEAR ENDED 31 MARCH 2024

FINANCIAL KEY PERFORMANCE INDICATORS
Financial Key Performance Indicators (kph) are disclosed as follows:

Gross Margin 19.96% (2023 - 19.76% )
Net Profit Margin 3.37% (2023 - 4.84% )
Debtors Days 0.98 (2023 - 0.85 )
Trading Ratio 2.62% (2023 - 3.22% )
Gearing 15.46% (2023 - 0.00% )

ON BEHALF OF THE BOARD:





Mrs Lana Morrison - Secretary


30 August 2024

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Report of the Directors
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
The directors recommended a dividend of £24 per ordinary share.

The total distribution of dividends for the year ended 31 March 2024 will be £12,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr Sean Morrison
Mrs Dympna Morrison

POLITICAL DONATIONS AND EXPENDITURE
During the year the company did not make any political donations however the did make various donations totalling £9,133.84 to local charities..

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). 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 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 company's auditors are aware of that information.

AUDITORS
The auditors, M.B.Mc Grady & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mrs Lana Morrison - Secretary


30 August 2024

Report of the Independent Auditors to the Members of
Bross Morrison's Ltd


Opinion
We have audited the financial statements of Bross Morrison's Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 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.

Report of the Independent Auditors to the Members of
Bross Morrison's Ltd


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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.

Report of the Independent Auditors to the Members of
Bross Morrison's Ltd


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
" the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
" we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the sector;
" we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
" we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
" identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

" making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
" considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is in relation to stock valuations and cut off procedures. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Audit response to risks identified.

The current audit is conducted with professional skepticism using procedures that are in accordance with International Standards on Auditing.

In responding to the identified key audit matter above we obtained an understanding of the key controls relating to stock management and the review and approval of the inventory process including cut off, performed enquires of management and inspected relevant documents and calculations, attending the year end stocktake, completing a recalculation of a sample of stock and perform independent cut off tests, assessing the completeness and accuracy of disclosures within the financial statements and concurred the figure was materially accurate..

To address the risk of fraud through management bias and override of controls, we:

" performed analytical procedures to identify any unusual or unexpected relationships;
" tested journal entries to identify unusual transactions;
" assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes were indicative of potential bias; and
" investigated the rationale behind significant or unusual transactions.

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


Report of the Independent Auditors to the Members of
Bross Morrison's Ltd

" agreeing financial statement disclosures to underlying supporting documentation;
" reading the minutes of meetings of those charged with governance;
" enquiring of management as to actual and potential litigation and claims; and
" reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Malachy B McGrady (Senior Statutory Auditor)
for and on behalf of M.B.Mc Grady & Co
Chartered Accountants
Statutory Auditors
Rathmore House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS

30 August 2024

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Income Statement
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £    £   

TURNOVER 16,093,559 16,300,344

Cost of sales (12,881,145 ) (13,078,905 )
GROSS PROFIT 3,212,414 3,221,439

Administrative expenses (2,695,225 ) (2,569,806 )
517,189 651,633

Other operating income 2,897 135,000
OPERATING PROFIT 5 520,086 786,633

Interest receivable and similar income 22,734 1,769
PROFIT BEFORE TAXATION 542,820 788,402

Tax on profit 6 (148,876 ) (182,773 )
PROFIT FOR THE FINANCIAL YEAR 393,944 605,629

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Other Comprehensive Income
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £    £   

PROFIT FOR THE YEAR 393,944 605,629


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

393,944

605,629

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Balance Sheet
31 MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 118,759 148,552
Tangible assets 9 2,977,257 3,094,647
3,096,016 3,243,199

CURRENT ASSETS
Stocks 10 337,633 421,765
Debtors 11 43,177 38,144
Cash at bank and in hand 1,761,209 1,811,727
2,142,019 2,271,636
CREDITORS
Amounts falling due within one year 12 910,364 2,365,552
NET CURRENT ASSETS/(LIABILITIES) 1,231,655 (93,916 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,327,671

3,149,283

CREDITORS
Amounts falling due after more than one
year

13

(810,000

)

-

PROVISIONS FOR LIABILITIES 15 (104,478 ) (118,034 )
NET ASSETS 3,413,193 3,031,249

CAPITAL AND RESERVES
Called up share capital 16 500 500
Retained earnings 17 3,412,693 3,030,749
SHAREHOLDERS' FUNDS 3,413,193 3,031,249

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:




Mr Sean Morrison - Director



Mrs Dympna Morrison - Director


BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Statement of Changes in Equity
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 500 2,485,120 2,485,620

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 605,629 605,629
Balance at 31 March 2023 500 3,030,749 3,031,249

Changes in equity
Dividends - (12,000 ) (12,000 )
Total comprehensive income - 393,944 393,944
Balance at 31 March 2024 500 3,412,693 3,413,193

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2024

31/3/24 31/3/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 801,233 757,214
Tax paid (150,747 ) (108,119 )
Net cash from operating activities 650,486 649,095

Cash flows from investing activities
Purchase of tangible fixed assets (32,942 ) (110,557 )
Interest received 22,734 1,769
Net cash from investing activities (10,208 ) (108,788 )

Cash flows from financing activities
Amount introduced by directors - 72,652
Amount withdrawn by directors (488,796 ) (435,989 )
Share buyback (190,000 ) -
Equity dividends paid (12,000 ) (60,000 )
Net cash from financing activities (690,796 ) (423,337 )

(Decrease)/increase in cash and cash equivalents (50,518 ) 116,970
Cash and cash equivalents at beginning of
year

2

1,811,727

1,694,757

Cash and cash equivalents at end of year 2 1,761,209 1,811,727

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Cash Flow Statement
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/3/24 31/3/23
£    £   
Profit before taxation 542,820 788,402
Depreciation charges 177,895 204,081
Loss on disposal of fixed assets 2,230 -
Rounding - (1 )
Finance income (22,734 ) (1,769 )
700,211 990,713
Decrease/(increase) in stocks 84,132 (61,243 )
(Increase)/decrease in trade and other debtors (5,033 ) 9,886
Increase/(decrease) in trade and other creditors 21,923 (182,142 )
Cash generated from operations 801,233 757,214

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 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 1,761,209 1,811,727
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,811,727 1,694,757


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 1,811,727 (50,518 ) 1,761,209
1,811,727 (50,518 ) 1,761,209
Debt
Debts falling due after 1 year - 40,000 40,000
- 40,000 40,000
Total 1,811,727 (10,518 ) 1,801,209

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Bross Morrison's Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The nature of the company's operations and principal activities are that of a petrol station and supermarket.

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

The financial statements have been prepared on the going concern basis under the historical cost convention.

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

As set out in the strategic report, the company has continued to trade strongly through out the year and the directors believe that it is experiencing good levels of profitability. Therefore, the directors believe the company is well placed to manage business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

At the balance sheet date the company's current liabilities exceeded its current assets. The company has received assurance form the directors that they will continue to give financial support to the company for twelve months from the signing of these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of the assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Going Concern
The directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company’s ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.

Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered. The company only trades with a small number of fuel customers on credit terms.

Useful Lives of Tangible and Intangible Fixed Assets
Long-lived assets comprising primarily of property, plant and machinery and intangible assets represent a significant portion of total assets. The annual depreciation and amortisation charges depend primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions In
determining these useful lives, management consider technological change, patterns of consumption,physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation and amortisation charges for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £2,977,257 (2023: £3,094,647). The net book value of Intangible Assets at the financial year end date was £118,760 (2023: £148,552).

Impairment of Stocks
The company holds stocks amounting to 2024: £337,663 (2023: £421,765) at the financial year end date. The directors are of the view that an adequate allowance has been made to reflect the possibility of stocks being sold at less than cost, based on conditions existing at the balance sheet date. However, this estimate is subject to inherent uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Goodwill
Goodwill is recognised and measured as the excess of the cost of acquisition of businesses over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired businesses.

Within the financial statements the goodwill is the amount the company paid in connection with the acquisition of business in Ballynahinch in 2009 and Saintfield in 2012 and is being amortised through the profit and loss in equal instalments over its estimated useful life on a straight line basis. FRS 102 recommends that when no reliable estimate can be made of its useful life, the useful life shall not exceed ten years.

Goodwill is tested for impairment a least annually. Any impairment loss is recognised immediately in the profit and loss.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Other intangible assets
The identifiable net assets acquired as a result of a business combination may include intangible assets other than goodwill. Any such intangible assets are amortised straight line over their expected future lives.

The company purchased liquor licences during the year ended 31 March 2015 and 31 March 2020. Although the estimated useful life of patents, licences and trademarks are up to 10 years, due to the current market for a liquor licence the assets' useful life is likely to be higher, however the liquor license is being written off over a ten year period as per FRS 102 recommendations.

Tangible fixed assets
All tangible fixed assets are initially recorded at historic cost. This includes legal fees, stamp duty and other non-refundable purchase taxes, and also any costs directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, which can include the cost of site preparation, initial delivery and handling, installation and assembly, and testing of functionality.

Depreciation
Depreciation is provided on all tangible assets at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property- 2% on cost
Long leasehold- 10% on cost
Plant and machinery- 15% on reducing balance
Fixtures and fittings- 15% on reducing balance
Motor vehicles- 20% on reducing balance
Computer equipment- 15% on reducing balance

The residual value and useful lives of tangible assets are considered annually for indicators that these may have changed. When such indicators are present, a review is carried out of the residual value, depreciation methods and useful lives, and these will be amended if necessary. Changes in deprecation rates arising from this review are accounted for prospectively over the remaining useful lives of the assets.

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value using the first in first out method. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.

At the end of each reporting period, stocks are assessed for impairment. If an item of stock (or group of items) is impaired, that item is measured at its selling price less costs to complete and sell, and an impairment loss is recognised.

Impairments of assets, other than financial instruments, stocks and work in progress

At the end of each reporting period, the company assesses whether there is any indication that the recoverable amount of an asset is less than its carrying amount. If any such indication exists, the carrying
amount of the asset is reduced to its recoverable amount, resulting in an impairment loss. Impairment losses are recognised immediately in the profit and loss account, with the exception of losses on previously revalued tangible fixed assets, which are recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset.

Where the circumstances causing an impairment of an asset no longer apply, then the impairment is reversed through the profit and loss account, except for impairments on previously revalued tangible assets, which are treated as revaluation increases to the extent that the revaluation was recognised in equity.

The recoverable amount of tangible fixed assets, goodwill and other intangible fixed assets is the higher of the fair value less cost to sell of the asset and its value in use. The value in use of these assets is the
present value of the cash flows expected to be derived from those assets. This is determined by reference to the present value of the future cash flows of the cash generating unit to which the assets belong.

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.

Foreign currencies
The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred.

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

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

Dividends
Dividend distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends are declared and paid.

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Ordinary Share Capital
The ordinary share capital of the company is presented as equity.

Cash and cash equivalents
Cash consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value.

Other financial assets
Other financial assets including trade debtors arising from goods sold to customers on short-term credit, are initially measured at the undiscounted amount of cash receivable from that debtor, which is normally the invoice price. If payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate, this constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, other financial assets are measured at amortised cost less impairment, where there is objective evidence of impairment.

Loans and borrowings
All borrowings by the company are initially recorded at the amount of cash received less separately incurred transaction costs, unless the arrangement constitutes, in effect, a financing transaction, in which case it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, borrowings are stated at amortised cost using the effective interest rate method.

The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not
amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year
end date.

Other financial liabilities
Other financial liabilities, including trade creditors arising from goods purchased from suppliers on short term credit, are initially measured at the undiscounted amount owed to the creditor, which is normally the invoice price. Liabilities that are settled within one year are not discounted. If payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate, this constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, other financial liabilities are measured at amortized cost.

Impairment of financial assets
At the end of each reporting period, the company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost, including unlisted
investments, loans, trade debtors and cash. If there is objective evidence of impairment, impairment losses are recognised in the Profit and Loss account in that financial year.

4. EMPLOYEES AND DIRECTORS
31/3/24 31/3/23
£    £   
Wages and salaries 1,707,333 1,582,460
Social security costs 96,314 84,647
Other pension costs 24,597 21,231
1,828,244 1,688,338

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31/3/24 31/3/23

Number of staff 118 106

31/3/24 31/3/23
£    £   
Directors' remuneration 16,789 16,789

5. OPERATING PROFIT

The operating profit is stated after charging:

31/3/24 31/3/23
£    £   
Other operating leases 70,000 70,000
Depreciation - owned assets 148,102 162,537
Loss on disposal of fixed assets 2,230 -
Goodwill amortisation - 11,750
Patents and licences amortisation 29,793 29,793
Auditors' remuneration 6,850 6,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/3/24 31/3/23
£    £   
Current tax:
UK corporation tax 162,432 150,967

Deferred tax (13,556 ) 31,806
Tax on profit 148,876 182,773

7. DIVIDENDS
31/3/24 31/3/23
£    £   
Ordinary shares of £1 each
Final 12,000 60,000

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 885,000 297,932 1,182,932
AMORTISATION
At 1 April 2023 885,000 149,380 1,034,380
Amortisation for year - 29,793 29,793
At 31 March 2024 885,000 179,173 1,064,173
NET BOOK VALUE
At 31 March 2024 - 118,759 118,759
At 31 March 2023 - 148,552 148,552

9. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 April 2023 2,634,120 86,694 1,123,912
Additions - - 23,185
Disposals - - (12,400 )
At 31 March 2024 2,634,120 86,694 1,134,697
DEPRECIATION
At 1 April 2023 79,217 86,694 673,533
Charge for year 52,682 - 76,605
Eliminated on disposal - - (10,170 )
At 31 March 2024 131,899 86,694 739,968
NET BOOK VALUE
At 31 March 2024 2,502,221 - 394,729
At 31 March 2023 2,554,903 - 450,379

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 248,330 72,634 39,951 4,205,641
Additions 7,200 - 2,557 32,942
Disposals - - - (12,400 )
At 31 March 2024 255,530 72,634 42,508 4,226,183
DEPRECIATION
At 1 April 2023 185,698 51,167 34,685 1,110,994
Charge for year 11,322 6,077 1,416 148,102
Eliminated on disposal - - - (10,170 )
At 31 March 2024 197,020 57,244 36,101 1,248,926
NET BOOK VALUE
At 31 March 2024 58,510 15,390 6,407 2,977,257
At 31 March 2023 62,632 21,467 5,266 3,094,647

10. STOCKS
31/3/24 31/3/23
£    £   
Stocks 337,633 421,765

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade debtors 43,177 38,144

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Trade creditors 565,617 595,785
Tax 162,652 150,967
Social security and other taxes 23,846 16,301
VAT 65,109 43,741
Directors' loan accounts 13,287 1,502,083
Accruals and deferred income 79,853 56,675
910,364 2,365,552

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Preference shares (see note 14) 810,000 -

14. LOANS

An analysis of the maturity of loans is given below:

31/3/24 31/3/23
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 810,000 -

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
810,000 Redeemable preference shares 1 810,000 -

The 1,000,000 preference shares were issued in the year to capitalise an outstanding Directors' loan. 190,000 were redeemed in the year.

The preference shares carry no rights to receive notice of, attend or vote at general meetings. The redeemable preference shares carry a preferential right to dividends.

15. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£    £   
Deferred tax 104,478 118,034

Deferred
tax
£   
Balance at 1 April 2023 118,034
Tax rate timing difference (13,556 )
Balance at 31 March 2024 104,478

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
500 Ordinary £1 500 500

BROSS MORRISON'S LTD (REGISTERED NUMBER: NI072354)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


17. RESERVES
Retained
earnings
£   

At 1 April 2023 3,030,749
Profit for the year 393,944
Dividends (12,000 )
At 31 March 2024 3,412,693

18. CONTINGENT LIABILITIES

A grant was received in 2022 towards the refurbishment of the company premises. It was recorded as income and the subsequent expenses in repairs in the Income statement. The grant was dependent on the company satisfying certain criteria for the next five years or the grant could be reclaimed. This is considered to be highly improbable and no provision has been provided for any liability within the financial statements.

19. RELATED PARTY DISCLOSURES

During the year the company paid dividends to Sean and Dympna Morrison directors of the company.

Amounts owed to directors are disclosed in note 13.

No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standards.

20. ULTIMATE CONTROLLING PARTY

The controlling party is Mr Sean Morrison.