Company registration number 01100550 (England and Wales)
ROBERT D. WEBSTER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2023
ROBERT D. WEBSTER LIMITED
COMPANY INFORMATION
Directors
Mr M R Cowell
Mrs J Thompson
Mr R R Webster
(Appointed 9 May 2024)
Mr JR Webster
(Appointed 1 August 2024)
Mrs E L Cowell
Mr T H Thompson
Secretary
Mrs E L Cowell
Company number
01100550
Registered office
Owstwick Grange
Owstwick
Roos
Hull
East Yorkshire
England
HU12 0LH
Auditor
Finnies Accountants Limited
4-6 Swaby's Yard
Walkergate
Beverley
East Yorkshire
United Kingdom
HU17 9BZ
ROBERT D. WEBSTER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
13
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
21
Statement of cash flows
14
Notes to the financial statements
15 - 31
ROBERT D. WEBSTER LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 27 JUNE 2023
- 1 -
The directors present the strategic report for the Period ended 27 June 2023.
Review of the Business
Robert D. Webster Limited is a long established agricultural machinery sales, parts, repair and service dealership operating over 3 sites in East Yorkshire. The company holds several franchises including: New Holland, Manitou and Polaris.
The company has had a difficult year albeit with strong turnover growth giving the circumstances of supply chain issues that the country and the rest of the world continued to face as a direct consequence of Covid-19. The previously reported extended delivery lead times have continued throughout the year; the directors and suppliers are confident these will reduce closer to normal during 2024.
The increase in interest rates has also had a negative impact on the business with increase costs on the borrowing. The company was also forced by the manufacturers to purchase stock which has had a direct consequence on borrowing and interest rates. The use of stocking plans to facilitate the additional stock has also had a further impact on cashflow with the payment of curtailments. The directors continue to reduce the stock levels and change the sales process maintaining lower stock levels and ordering from manufacturers once the customer has placed the order.
The company has also suffered with adverse an autumn and winter with significant rainfall and flooding to land which has had a direct impact on sales of farm machinery. The directors are confident that these sales will return albeit delayed.
The directors' are confident that the prospects for 2024 and 2025 are strong and some of the issues encountered will be removed which will improve both cashflow and profitability of the company.
Principal risks and uncertainties
The company annually carries out an exercise to identify and assess the impact of risks on their business and the exercise has recently been reviewed. The more significant risks and uncertainties are in line with the rest of the agricultural machinery market sector specifically retention of staff, customer retention, unit costs, margins, profitability and competition.
The directors have put in place measures to try and ensure staff retention as well as continued investment in IT introducing new modules to the platform to increase efficiencies.
Development and performance
The supply chain delays ( a direct result of Covid-19) have taken longer than expected to recover from. The directors had hoped that these would recover during 2023. However this has not been the case and some sales secured during 2022 will not be delivered until the next financial year. This is an industry problem and the suppliers are working to rectify the delays. Based on this the company has forecasted this to recovery in the next financial year.
Further challenges remain with political uncertainties in the world which are responsible for rising energy prices, inflation and potential recession. The directors believe the company is suitably prepared for this with the support of its bankers, other finance companies and the various franchisors.
The directors' are confident that the prospects for 2024 and 2025 are strong and some of the issues encountered will be removed which will improve both cashflow and profitability of the company.
ROBERT D. WEBSTER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 2 -
Key performance indicators
The board has assessed that the following Key Performance Indicators (KPI's) are the most effective measures of progress towards achieving further growth of turnover and profitability.
- Organic sales growth - year on year increase in sales revenue
- Gross return on sales - gross profit as a percentage of sales revenue
- Net return on sales - operating profit as a percentage of sales revenue
- Free cashflow - cash generated from operations less tax and interest paid
Performance against KPI's
27.06.2023 30.12. 2021
Organic sales growth 20.69% 20.64%
Gross return on sales 10.04% 10.29%
Net return on sales 1.41% 1.55%
Free cashflow £50,357 £228,438
Mr M R Cowell
Director
18 September 2024
ROBERT D. WEBSTER LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 27 JUNE 2023
- 3 -
The directors present their annual report and financial statements for the Period ended 27 June 2023.
Principal activities
The principal activity of the company continued to be that of agricultural engineering and the sale of farm machinery,
Results and dividends
The results for the Period are set out on page 13.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
Mr M R Cowell
Mrs J Thompson
Mr R R Webster
(Appointed 9 May 2024)
Mr JR Webster
(Appointed 1 August 2024)
Mrs E L Cowell
Mr T H Thompson
Mr S Berry
(Resigned 17 May 2022)
Mr J E Jackson
(Resigned 24 February 2023)
Financial instruments
The Company manages liquidity risk by maintaining sufficient cash to enable it to meet its operational requirements. Operating cash flows are actively managed with annual cash flow forecasts updated as required and subject to board review.
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets comprise cash balances, which earn interest at floating rates. Interest bearing liabilities comprise amounts due on bank borrowings which attract interest at agreed rates.
The Company's principal foreign currency exposures arise from the world market controlled in US Dollar including grain prices which affect the ability for farmers to purchase new equipment. The management continue to monitor the situation and are in discussion with their customers.
Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The company has implemented policies that require maintaining appropriate credit limits on all customers. The company's credit risk is primarily attributable to its trade receivables balance. The amounts presented in the statement of financial position are net of allowances for doubtful debts.
The Company does not have significant concentrations of credit risk. The deposits with banks are only held with reputable financial institutions. This credit worthiness is reviewed periodically in order to ensure active management of counter-party risk. If customers are independently rated, these ratings are used. If there is no independent rating, the board of directors assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. The utilisation of credit limits is regularly monitored.
No credit limits were exceeded during the reporting period, and management does not expect any losses from non-performance by these counterparties.
Auditor
In accordance with the company's articles, a resolution proposing that Finnies Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.
ROBERT D. WEBSTER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going Concern
As reported in the Strategic Report, the supply chain issue a direct consequence of Covid-19 continues to be a problem. Sales secured during 2022 and 2023 will continue to be delivered in the next financial year.
The directors have assessed the company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. This assessment has considered the company’s current financial position, cash flow forecasts, and potential risks affecting its operations.
Despite facing cashflow pressures the directors believe that the company can continue to operate for the foreseeable future due to management's plans to improve cashflow of the business.
Accordingly, the financial statements have been prepared on a going concern basis.
The directors' are confident that the prospects for 2024 and 2025 are strong and some of the issues encountered will be removed which will improve both cashflow and profitability of the company.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr M R Cowell
Mrs J Thompson
Director
Director
Mr R R Webster
Director
18 September 2024
ROBERT D. WEBSTER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 27 JUNE 2023
- 5 -
The directors are responsible for preparing the annual report 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.
ROBERT D. WEBSTER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROBERT D. WEBSTER LIMITED
- 6 -
Opinion
We have audited the financial statements of Robert D. Webster Limited (the 'company') for the Period ended 27 June 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 27 June 2023 and of its loss for the Period 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.
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 Auditor's 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.
Material uncertainty related to going concern.
We draw attention to Note 27 in the financial statements, which describes the factors that indicate material uncertainty regarding the Company’s ability to continue as a going concern. As discussed in that note, the Company has incurred losses, and its ability to continue as a going concern is dependent on the bank and finance houses continued support. Our opinion is not modified in respect of this matter.
Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
ROBERT D. WEBSTER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROBERT D. WEBSTER LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report 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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Financial Conduct Authority (FCA), pensions legislation, tax legislation, employment regulation, health and safety legislation and other legislation specific to the industry in which the company operates, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006.
ROBERT D. WEBSTER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROBERT D. WEBSTER LIMITED
- 8 -
Enquiry of management and those charged with government around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Discussions with management and those charged with governance including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Understanding and evaluation of the operating effectiveness of management’s entity level controls designed to prevent and detect irregularities.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Testing over period end adjustments; and
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to complex customer accruals.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
ROBERT D. WEBSTER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROBERT D. WEBSTER LIMITED
- 9 -
Nicholas Michael Auton
Senior Statutory Auditor
For and on behalf of Finnies Accountants Limited
Chartered Certified Accountants
Statutory Auditor
4-6 Swaby's Yard
Walkergate
Beverley
East Yorkshire
United Kingdom
HU17 9BZ
19 September 2024
ROBERT D. WEBSTER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 JUNE 2023
- 10 -
Period
Year
ended
ended
27 June
30 December
2023
2021
£
£
(Loss)/profit for the Period
(14,684)
55,039
Other comprehensive income
-
-
Total comprehensive income for the Period
(14,684)
55,039
ROBERT D. WEBSTER LIMITED
BALANCE SHEET
- 11 -
27 June 2023
30 December 2021
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,503,740
1,562,480
Investments
11
10
10
1,503,750
1,562,490
Current assets
Stocks
14
3,530,070
2,665,220
Debtors
13
1,956,026
1,225,250
Investments
15
12,836
12,836
Cash at bank and in hand
80,390
251,463
5,579,322
4,154,769
Creditors: amounts falling due within one year
16
(5,818,066)
(4,329,238)
Net current liabilities
(238,744)
(174,469)
Total assets less current liabilities
1,265,006
1,388,021
Creditors: amounts falling due after more than one year
17
(256,889)
(385,064)
Provisions for liabilities
Deferred tax liability
20
102,279
82,435
(102,279)
(82,435)
Net assets
905,838
920,522
Capital and reserves
Called up share capital
21
1,000
1,000
Share premium account
40,189
40,189
Non-distributable profits reserve
22
436,032
436,032
Distributable profit and loss reserves
428,617
443,301
Total equity
905,838
920,522
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
ROBERT D. WEBSTER LIMITED
BALANCE SHEET (CONTINUED)
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr M R Cowell
Mrs J Thompson
Director
Director
Mr R R Webster
Director
Company registration number 01100550 (England and Wales)
ROBERT D. WEBSTER LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 27 JUNE 2023
- 13 -
Period
Year
ended
ended
27 June
30 December
2023
2021
Notes
£
£
Turnover
30,924,659
17,081,853
Cost of sales
(27,820,762)
(15,323,846)
Gross profit
3,103,897
1,758,007
Administrative expenses
(2,674,203)
(1,609,573)
Other operating income
4,349
119,037
Operating profit
3
434,043
267,471
Interest payable and similar expenses
7
(428,883)
(159,439)
Leasehold Improvements written off
8
-
(52,993)
Profit before taxation
5,160
55,039
Tax on profit
9
(19,844)
(Loss)/profit for the financial Period
(14,684)
55,039
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ROBERT D. WEBSTER LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 27 JUNE 2023
- 14 -
2023
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
494,519
385,169
Interest paid
(428,883)
(159,439)
Income taxes (paid)/refunded
(15,279)
2,708
Net cash inflow from operating activities
50,357
228,438
Investing activities
Purchase of tangible fixed assets
(220,604)
(237,097)
Proceeds from disposal of tangible fixed assets
80,155
37,882
Repayment of loans
35,501
(663)
Net cash used in investing activities
(104,948)
(199,878)
Financing activities
Repayment of bank loans
(90,000)
(40,000)
Payment of finance leases obligations
(29,087)
92,876
Net cash (used in)/generated from financing activities
(119,087)
52,876
Net (decrease)/increase in cash and cash equivalents
(173,678)
81,436
Cash and cash equivalents at beginning of Period
(379,417)
(460,853)
Cash and cash equivalents at end of Period
(553,095)
(379,417)
Relating to:
Cash at bank and in hand
80,390
251,463
Bank overdrafts included in creditors payable within one year
(633,485)
(630,880)
ROBERT D. WEBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 JUNE 2023
- 15 -
1
Accounting policies
Company information
Robert D. Webster Limited is a private company limited by shares incorporated in England and Wales. The registered office is Owstwick Grange, Owstwick, Roos, Hull, East Yorkshire, England, HU12 0LH.
1.1
Reporting period
The company presents its annual financial statements for the period 31 December 2021 to 27 June 2023.
The extension was chosen to allow for the delivery of orders that have been delayed due to the issues encountered in the supply chain following Covid-19.
The comparison year is for the period ended 1 January 2021 to 30 December 2021.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Going concern
The financial statements have been prepared on a going concern basis. Management has assessed the entity's ability to continue as a going concern for the next 12 months and has identified certain conditions that may cast significant doubt on the entity's ability to continue. However, management believes that the actions it plans to take will mitigate these conditions. Details of these plans and the associated uncertainties are disclosed in Note 27.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ROBERT D. WEBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation is charged
Leasehold land and buildings
2% on cost
Plant and equipment
15%/25% on written down value
Fixtures and fittings
15%/25% on written down value
Motor vehicles
25%/40% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
ROBERT D. WEBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
As a main dealer there is a customer expectation that parts are available for the whole good purchase lifetime. Due to potential technical obsolescence the company holds part stocks for the estimated useful life of the machinery sold and the servicing requirement of 10 years.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ROBERT D. WEBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
ROBERT D. WEBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ROBERT D. WEBSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 JUNE 2023
- 21 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2021
1,000
40,189
436,032
388,262
865,483
Year ended 30 December 2021:
Profit and total comprehensive income for the year
-
-
-
55,039
55,039
Balance at 30 December 2021
1,000
40,189
436,032
443,301
920,522
Period ended 27 June 2023:
Loss and total comprehensive income for the period
-
-
-
(14,684)
(14,684)
Balance at 27 June 2023
1,000
40,189
436,032
428,617
905,838
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 22 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating profit
2023
2021
Operating profit for the period is stated after charging/(crediting):
£
£
Government grants
-
(119,019)
Fees payable to the company's auditor for the audit of the company's financial statements
15,202
10,000
Depreciation of owned tangible fixed assets
139,881
38,012
Depreciation of tangible fixed assets held under finance leases
99,464
90,586
Profit on disposal of tangible fixed assets
(40,156)
(10,921)
Operating lease charges
123,763
74,372
4
Auditor's remuneration
2023
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,202
10,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2021
Number
Number
Adminsitration and management
21
20
Agricultural engineers and stores
23
23
Total
44
43
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
5
Employees
(Continued)
- 23 -
2023
2021
£
£
Wages and salaries
2,203,558
1,463,049
Social security costs
206,766
122,794
Pension costs
45,914
45,080
2,456,238
1,630,923
6
Directors' remuneration
2023
2021
£
£
Remuneration for qualifying services
290,746
252,618
Company pension contributions to defined contribution schemes
4,234
11,485
294,980
264,103
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2021
£
£
Remuneration for qualifying services
74,352
68,190
7
Interest payable and similar expenses
2023
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
95,656
52,106
Other interest on financial liabilities
313,217
95,548
408,873
147,654
Other finance costs:
Interest on finance leases and hire purchase contracts
20,010
11,785
428,883
159,439
8
Amounts written off investments
2023
2021
£
£
Other gains and losses
-
(52,993)
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 24 -
9
Taxation
2023
2021
£
£
Deferred tax
Origination and reversal of timing differences
19,844
The actual charge for the Period can be reconciled to the expected charge for the Period based on the profit or loss and the standard rate of tax as follows:
2023
2021
£
£
Profit before taxation
5,160
55,039
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
980
10,457
Tax effect of expenses that are not deductible in determining taxable profit
2,364
20,427
Tax effect of utilisation of tax losses not previously recognised
4,443
Effect of revaluations of investments
19,844
Tax losses brought forwards utilised in the current year
(7,787)
(30,884)
Taxation charge for the period
19,844
-
10
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 31 December 2021
850,000
338,251
400,341
193,487
580,506
2,362,585
Additions
245
799
219,560
220,604
Disposals
(6,241)
(133,908)
(140,149)
At 27 June 2023
850,000
338,251
394,345
194,286
666,158
2,443,040
Depreciation and impairment
At 31 December 2021
46,809
298,198
156,396
298,702
800,105
Depreciation charged in the Period
4,554
30,225
15,593
188,973
239,345
Eliminated in respect of disposals
(6,024)
(94,126)
(100,150)
At 27 June 2023
51,363
322,399
171,989
393,549
939,300
Carrying amount
At 27 June 2023
850,000
286,888
71,946
22,297
272,609
1,503,740
At 30 December 2021
850,000
291,442
102,143
37,091
281,804
1,562,480
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
10
Tangible fixed assets
(Continued)
- 25 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2021
£
£
Plant and equipment
21,606
26,181
Fixtures and fittings
13,368
20,991
Motor vehicles
221,722
279,343
256,696
326,515
The properties were revalued in 2016 by Stephensons Estate Agents, a qualified professional valuer in accordance with RICS Valuation Professional services, published by The Royal Instauration of Chartered Surveyors. The fair value of land and buildings was determined using the market comparable method. This means that that valuations performed by the valuer are based on active market prices, significantly adjusted for differences in the nature, location or condition of the specific property.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold property
2023
2021
£
£
Cost
418,764
418,764
11
Fixed asset investments
2023
2021
Notes
£
£
Investments in subsidiaries
12
10
10
12
Subsidiaries
Details of the company's subsidiaries at 27 June 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Robert D Webster Hire Limited
England
Ordinary
83.33
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 26 -
13
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
1,287,196
915,882
Corporation tax recoverable
11,541
33,010
Other debtors
496,955
167,615
Prepayments and accrued income
160,334
108,743
1,956,026
1,225,250
14
Stocks
2023
2021
£
£
Finished goods and goods for resale
3,530,070
2,665,220
15
Current asset investments
2023
2021
Notes
£
£
Loans to subsidiaries
12
12,836
12,836
16
Creditors: amounts falling due within one year
2023
2021
Notes
£
£
Bank loans and overdrafts
18
663,485
670,880
Obligations under finance leases
19
92,690
73,602
Trade creditors
3,615,198
2,762,201
Corporation tax
36,748
Other taxation and social security
563,064
453,726
Other creditors
242,584
105,066
Accruals and deferred income
641,045
227,015
5,818,066
4,329,238
17
Creditors: amounts falling due after more than one year
2023
2021
Notes
£
£
Bank loans and overdrafts
18
100,000
180,000
Obligations under finance leases
19
156,889
205,064
256,889
385,064
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 27 -
18
Loans and overdrafts
2023
2021
£
£
Bank loans
130,000
220,000
Bank overdrafts
633,485
630,880
763,485
850,880
Payable within one year
663,485
670,880
Payable after one year
100,000
180,000
The long-term loans are secured by fixed charges over the companies assets as detailed below.
The company's bankers hold the following securities against the bank overdraft:- 1) Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 18 May 2018.. 2) First legal charge dated 18 May 2018 over Freehold Property known as land on the North West Side of Boothferry Road, Howden. 3) First legal charge dated 18 May 2018 over Freehold Property known as land on the east side of Owstwick Grange, Owstwick, Hull HU12 0LH.
The Small Firms Loan Scheme Guarantee dated 24 June 2020 was given by Business Innovations and Skills.
19
Finance lease obligations
2023
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
93,489
73,602
In two to five years
156,090
68,350
In over five years
136,714
249,579
278,666
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 28 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2021
Balances:
£
£
Revaluations
102,279
82,435
2023
Movements in the Period:
£
Liability at 31 December 2021
82,435
Charge to profit or loss
19,844
Liability at 27 June 2023
102,279
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
Deferred tax is not recognised in respect of tax losses of £2,224,879 as it is not probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits.
21
Share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
22
Non-distributable profits reserve
2023
2021
£
£
At the beginning and end of the Period
436,032
436,032
23
Financial commitments, guarantees and contingent liabilities
There is a guarantee in favour of CNH Industrial Financial for £200,000 dated 21 March 2019.
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 29 -
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2021
£
£
Within one year
3,615
5,013
Between two and five years
4,947
10,267
In over five years
1,242
2,072
9,804
17,352
25
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mrs J Thompson -
-
36,964
(36,964)
-
36,964
(36,964)
-
26
Ultimate controlling party
Due to the allocation of the shareholdings there is no ultimate controlling party.
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 30 -
27
Going Concern
The financial statements have been prepared on a going concern basis. The company has posted a pre-tax profit of £5,160 during the 18 months ended 27 June 2023.
As reported in the Strategic Report, the supply chain issue a direct consequence of Covid-19 continues to be a problem. Sales secured during 2022 and 2023 will continue to be delivered in 2023 and 2024.
The increase in interest rates has also had a negative impact on the business with increase costs on the borrowing. The company was also forced by the manufacturers to purchase stock which has had a direct consequence on borrowing and interest rates. The use of stocking plans to facilitate the additional stock has also had a further impact on cashflow with the payment of curtailments. The directors continue to reduce the stock levels and change the sales process maintaining lower stock levels and ordering from manufacturers once the customer has placed the order.
The company has also suffered with adverse autumn and winter with significant rainfall and flooding to land which has had a direct impact on sales of farm machinery and equipment. The directors are confident that these sales will return albeit delayed.
These conditions indicate the existence of material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern. Management has assessed the company’s ability to continue as a going concern for at least the next 12 months from the date of these financial statements.
To address these uncertainties, management is actively pursuing and implementing plans to improve cashflow. This includes:
Selling stock that was presented to them by their manufacturers and adapting a new policy of ordering new farm machinery and equipment stock to order.
Improving the debt collection process and allocating the necessary resources. The company does not have a bad debt problem; however the number of debtors days can be improved.
Continued support from HMRC and negotiating a time to pay arrangement.
These financial statements do not include any adjustments that may result from the outcome of this uncertainty.
28
Cash generated from operations
2023
2021
£
£
(Loss)/profit for the Period after tax
(14,684)
55,039
Adjustments for:
Taxation charged
19,844
Finance costs
428,883
159,439
Gain on disposal of tangible fixed assets
(40,156)
(10,921)
Depreciation and impairment of tangible fixed assets
239,345
128,598
Other gains and losses
-
52,993
Movements in working capital:
Increase in stocks
(864,850)
(1,123,420)
(Increase)/decrease in debtors
(787,746)
979,695
Increase in creditors
1,513,883
143,746
Cash generated from operations
494,519
385,169
ROBERT D. WEBSTER LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE PERIOD ENDED 27 JUNE 2023
- 31 -
29
Analysis of changes in net debt
2023
£
Opening net debt
Cash at bank and in hand
(379,417)
Borrowings excluding overdrafts
(220,000)
Obligations under finance leases
(278,666)
(878,083)
Changes in net debt arising from:
Cash flows of the entity
(54,591)
Closing net debt as analysed below
(932,674)
Closing net debt
Cash at bank and in hand
(553,095)
Borrowings excluding overdrafts
(130,000)
Obligations under finance leases
(249,579)
(932,674)
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