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00071941







WILLIAM CROXSON & SON, LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023

































WILLIAM CROXSON & SON, LIMITED
 
COMPANY INFORMATION


Directors
J E Croxson 
T J Croxson 
A M Giles 
D B Giles 
P F McGrane 
G O'Brien 




Company secretary
C J Dalley



Registered number
00071941



Registered office
Unit 1, Brockbourne House
77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS




Independent auditors
CLA Evelyn Partners Limited

Unit 1, Brockbourne House

77 Mount Ephraim

Tunbridge Wells

Kent

TN4 8BS





WILLIAM CROXSON & SON, LIMITED

CONTENTS



Page
Strategic Report
 
 
1 - 3
Directors' Report
 
 
4 - 5
Independent Auditors' Report
 
 
6 - 9
Statement of Comprehensive Income
 
 
10
Balance Sheet
 
 
11
Statement of Changes in Equity
 
 
12
Notes to the Financial Statements
 
 
13 - 27


WILLIAM CROXSON & SON, LIMITED
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
 
The directors present their group strategic report for the year ended 31 December 2023.

Business review
 
The principal activity of the Company during the period was the design and supply of glass bottles and jars and associated products to food and drink manufacturers worldwide. 
The Company is the UK's largest independent glass packaging supplier to the food and beverage industries and has a significant level of exports to over fifty countries, spanning 6 continents.
The turnover of William Croxson & Son Limited for the year to 31 December 2023 was as follows:
Sales of glass containers: £39,004,133 (16-months to 31 December 2022 - £46,968,567) 
Sales of associated products: £2,628,805 (16-months to 31 December 2022 - £3,127,315) 
 
In a year still affected by fluctuating energy prices and a general economic slowdown in many of our principal markets, the business continues to show resilience across the majority of sectors. In a challenging period of global supply chain insecurity, assurance of supply throughout the period has assisted in sustaining and growing a strong client base. 
We have seen a weakening within the beer and spirit sector in the past 12 months, as a decline in demand for bottled beer and craft spirits has depressed overall demand. However, we believe that post-year end, we are seeing a correction in the market that compensates for the previous weaker-than-expected performance. Other sectors have seen a strong performance, beating expectations, despite an increase in competitive activity. 
The Company has put much focus on key operational relationships, delivering strategic value and excellence across our supply chain. Principal changes in our logistics relationships, coupled with the easing of global freight costs have helped margin performance. 
In-line with strategic plans, the Company has continued to invest in our most important asset, our team, growing both our business development and operational support team. This is already showing positive results in increased revenue and maintaining our excellent service levels.
The Board of Directors is pleased to report that turnover increased by 6% on a like-for-like basis. This uplift continues the multi-year growth plans for the Company.  
The positive sales and operating profits are further enhanced by an improvement in gross profit margin from 14.6% in the 2022 financial period to 17.5% for the 2023 financial year. This is particularly the result of a strengthened Sterling exchange rate to the US Dollar, coupled with an improvement in our logistics and shipping cost centres, and strong stock performance, resulting in lower-than-expected warehousing costs.

Page 1

WILLIAM CROXSON & SON, LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The glass packaging industry remains a competitive environment and the board ensures a focus on maintaining gross margin levels. Revenue is of course directly affected by consumer behaviour which impact directly on our customers' demand for our products and can be affected by unpredictable, external factors, including the weather. The global political scene has remained complicated and volatile as ever, with many of our principal markets seeing an economical slow down, if not recession, with the resulting drop in consumer spending. Despite these headwinds, as detailed above, the Company has continued to trade strongly throughout the past period. 
The Company trades with both suppliers and customers in the European Union and the Directors are pleased to note that despite the challenges that the world has seen, the Company has traded well through the different challenges, and continues to trade strongly internationally, having imported and exported for many decades.  
The strengthening of Sterling against the U.S. Dollar during the year reduced our purchasing costs from overseas supply partners. Coupled with a sizeable increase in our purchases in USD, this contributed to the overall improvement in gross margin for the year.
Conversely, Sterling weakened against the Euro on average in 2023 but our European purchasing cost increases were mitigated by our Euro forward-hedging program. In addition, the company both buys and sells in foreign currency which creates an element of protection through natural hedging.
With these risks and uncertainties in mind, the directors are more aware than ever that plans for the future development of the business are subject to unpredictable events outside of our control. Nevertheless, we remain confident that, with the support of our excellent and committed team of staff, current financial performance can be maintained. 

Financial key performance indicators
 
As a sales-driven organisation we consider that our primary key financial performance indicators are turnover and gross profit margin. These are discussed in the Business Review, above. We also closely monitor financial key performance indicators in respect of debtors and stock. We use a Days Sales Outstanding ratio to measure our credit control performance.
After a decline in this metric performance, the board has taken steps to address this, with the implementation of a more robust approach to credit control. We are pleased to have strong relationships with our customers, and we continue to work closely with them to carefully manage credit control while providing scope for our customers to grow with us. 
We also monitor stock levels using a stock turnover ratio. During the period, the business has seen an increase in absolute stock held, however we have also seen an improvement in how quickly this stock has been turned over. The directors are pleased to see that the combination of strategic sales, sound decision making and effective process, have resulted in an improvement in performance in stock turnover. This enables us to retain a position to effectively meet our customers’ increasing demand. 

Page 2

WILLIAM CROXSON & SON, LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Other key performance indicators
 
The Board is conscious that sound economic performance isn’t the sole way to measure a company’s success. The Board recognises that glass manufacturing is an energy intensive process, and that we can’t do everything when it comes to sustainability and environmental measures, but we must do something.
Throughout the period, Croxsons’ have continued our initiatives to reduce our carbon emissions, including offsetting the carbon footprint of all our team, through our continued sustainability partnerships. As a result of these partnerships, Croxsons are meeting the majority of the UN Sustainability Goals, such as the systemic challenges around poverty, economic growth and equality. 
The Company has also continued its charitable endeavours throughout the period, resourcing more charities to a greater extent than ever before.  
In April of 2023, the business moved into new premises, after a lengthy fit-out. The Old Post Office in Sutton is a pleasing home for our team and for welcoming clients and stakeholders.
Throughout the year, the business was recognised through various awards, including Best Business in Surrey,  Best Family Business in the South-East amongst others. Whilst the accolades are gratefully received, the recognition of the efforts of our strategy, and more importantly our culture and team, are the headlines for the Board.


This report was approved by the board and signed on its behalf.





C J Dalley
Secretary

Date: 27 June 2024

Page 3

WILLIAM CROXSON & SON, LIMITED
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the period ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the period, after taxation, amounted to £2,809,687 (2022 - £3,092,543).

The directors declared dividends in the year of £1,977,424 (2022 - £3,469,100).

Directors

The directors who served during the period were:

J E Croxson 
T J Croxson 
A M Giles 
D B Giles 
P F McGrane 
G O'Brien 
Page 4

WILLIAM CROXSON & SON, LIMITED
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsCLA Evelyn Partners Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





C J Dalley
Secretary

Date: 27 June 2024

Page 5

WILLIAM CROXSON & SON, LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED

Opinion


We have audited the financial statements of William Croxson & Son, Limited (the 'Company') for the period ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the 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.


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 United Kingdom, including the Financial Reporting Council'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.


Page 6

WILLIAM CROXSON & SON, LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' 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.


Opinion 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 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 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 Directors' Responsibilities Statement set out on page 4, 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.


Page 7

WILLIAM CROXSON & SON, LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED (CONTINUED)

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 an Auditors' 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:

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, compliance with FRS102 (UK GAAP), the Companies Act 2006 and relevant UK taxation laws.  We discussed amongst the audit engagement team the identified laws and regulations, and remained alert to any indications of non-compliance.
  
We understood how the Company is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of Board minutes and supporting papers. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included, but were not limited to:

identifying and reviewing the controls in place to prevent and detect fraud;

enquiries of management as to whether they have knowledge of any actual, suspected or alleged fraud;

discussion amongst the engagement team regarding the risk of fraud, such as opportunities and incentives for fraudulent manipulation of the financial statements;

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

challenging assumptions and judgements made by management in its significant accounting estimates and revenue recognition policy;

identifying and testing journal entries, with a focus on manual journals and journals which indicated large or unusual transactions (based on our understanding of the business); and

assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the financial statement item.

The primary responsibility for the prevention and detection of irregularities, including fraud, rests with both those charged with governance and management. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  There are inherent limitations in the audit procedures described above, and the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations.  We are not responsible for prevention of non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
 
Page 8

WILLIAM CROXSON & SON, LIMITED
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED (CONTINUED)



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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Jeff Fletcher BA (Hons) FCCA (Senior Statutory Auditor)
  
for and on behalf of
CLA Evelyn Partners Limited
 
Statutory Auditors
  
Unit 1, Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

Date: 1 July 2024
Page 9

WILLIAM CROXSON & SON, LIMITED
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

Year ended 31 December 2023
16-month period ended 31 December 2022
Note
£
£

  

Turnover
 4 
41,632,938
50,095,882

Cost of sales
  
(34,359,399)
(42,776,758)

Gross profit
  
7,273,539
7,319,124

Administrative expenses
  
(3,819,030)
(4,037,953)

Other operating income
 5 
-
80,000

Operating profit
 6 
3,454,509
3,361,171

Income from shares in group undertakings
  
-
360,800

Interest receivable and similar income
 10 
182,428
28,785

Interest payable and similar expenses
 11 
(12,357)
(16,005)

Profit before tax
  
3,624,580
3,734,751

Tax on profit
 12 
(814,893)
(642,208)

Profit for the financial period
  
2,809,687
3,092,543

Other comprehensive income for the period
  

  

Total comprehensive income for the period
  
2,809,687
3,092,543

The notes on pages 13 to 27 form part of these financial statements.

Page 10

WILLIAM CROXSON & SON, LIMITED
REGISTERED NUMBER:00071941

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,156,930
876,796

  
1,156,930
876,796

Current assets
  

Stocks
 15 
3,950,589
2,599,892

Debtors: amounts falling due after more than one year
 16 
306,152
319,000

Debtors: amounts falling due within one year
 16 
6,723,668
8,068,193

Cash at bank and in hand
  
3,294,988
3,464,756

  
14,275,397
14,451,841

Creditors: amounts falling due within one year
 17 
(7,224,968)
(7,998,119)

Net current assets
  
 
 
7,050,429
 
 
6,453,722

Total assets less current liabilities
  
8,207,359
7,330,518

Provisions for liabilities
  

Deferred tax
 18 
(70,978)
(26,400)

  
 
 
(70,978)
 
 
(26,400)

Net assets
  
8,136,381
7,304,118


Capital and reserves
  

Called up share capital 
 19 
100,000
100,000

Profit and loss account
 21 
8,036,381
7,204,118

  
8,136,381
7,304,118


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T J Croxson
Director

Date: 27 June 2024

The notes on pages 13 to 27 form part of these financial statements.

Page 11

WILLIAM CROXSON & SON, LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
100,000
7,580,675
7,680,675



Profit for the period
-
3,092,543
3,092,543
Total comprehensive income for the period
-
3,092,543
3,092,543

Dividends
-
(3,469,100)
(3,469,100)



At 1 January 2023
100,000
7,204,118
7,304,118



Profit for the period
-
2,809,687
2,809,687
Total comprehensive income for the period
-
2,809,687
2,809,687

Dividends
-
(1,977,424)
(1,977,424)


At 31 December 2023
100,000
8,036,381
8,136,381


The notes on pages 13 to 27 form part of these financial statements.

Page 12

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

William Croxson & Son Limited is a private company limited by shares and incorporated in the United Kingdom. The Company is domiciled in the United Kingdom and its principal place of business is The Old Post Office, 19 Grove Road, Sutton, Surrey SM1 1BB.
The Company's principal activities are that of the wholesale supply of glass bottles and jars and associated products to food and drink manufacturers worldwide.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of The Apphia Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 13

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue from the wholesale supply of glass bottles and jars and associated products is recognised to the extend that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Revenue is recognised on despatch of goods as this is when the risks and rewards of ownership are
considered to have transferred to the customer.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 14

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


Page 15

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
 Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Long-term leasehold property
-
Straight line over 20 and 50 years
Office equipment
-
25% reducing balance
Computer equipment
-
Straight line over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Provision is made for obsolete, slow moving or defective items where appropriate.

 
2.13

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.15

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
 

 
2.16

 Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference
Page 16

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
 Financial instruments (continued)

between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.17

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no estimates that are considered to be subject to significant estimation uncertainty.  

Page 17

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Turnover

The whole of the turnover is attributable to that of the wholesale supply of glass bottles and jars and associated products to food and drink manufacturers worldwide.

Analysis of turnover by country of destination:

Year ended 31 December 2023
16-month period ended 31 December 2022
£
£

United Kingdom
34,675,166
40,748,093

Rest of Europe
5,333,313
6,959,189

Rest of the world
1,624,459
2,388,600

41,632,938
50,095,882



5.


Other operating income

Year ended 31 December 2023
16-month period ended 31 December 2022
£
£

Other operating income
-
80,000



6.


Operating profit

The operating profit is stated after charging:

Year ended 31 December 2023
16-month period ended 31 December 2022
£
£

Depreciation of tangible fixed assets
53,064
16,112

Exchange differences
21,075
(115,872)

(Profit)/loss on disposal of fixed assets
-
(51,556)

Page 18

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


Year ended 31 December 2023
16-month period ended 31 December 2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
29,000
26,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Year ended 31 December 2023
16-month period ended 31 December 2022
£
£

Wages and salaries
2,000,713
2,338,144

Social security costs
294,651
209,148

Cost of defined contribution scheme
156,784
105,481

2,452,148
2,652,773


The average monthly number of employees, including the directors, during the period was as follows:


Year ended 31 December 2023
16-month period ended 31 December 2022
            No.
            No.







Sales staff
20
15



Administrative
7
10

27
25

Page 19

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Directors' remuneration

Year ended 31 December 2023
16-month period ended 31 December 2022
£
£

Directors' emoluments
853,405
847,318

Company contributions to defined contribution pension schemes
58,657
82,588

912,062
929,906


During the period retirement benefits were accruing to 5 directors (2022 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £309,832 (2022 - £261,563).

During the period the value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,229 (2022 - £1,313).

There are no key management personnel other than the directors.


10.


Interest receivable

Year ended 31 December 2023
16-month period ended 31 December 2022
£
£


Other interest receivable
182,428
28,785


11.


Interest payable and similar expenses

Year ended 31 December 2023
16-month period ended 31 December 2022
£
£


Bank interest payable
24
5

Other loan interest payable
12,333
16,000

12,357
16,005

Page 20

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Taxation


Year ended 31 December 2023
16-month period ended 31 December 2022
£
£

Corporation tax


Current tax on profits for the year
770,315
620,745

Adjustments in respect of previous periods
-
(480)


770,315
620,265


Total current tax
770,315
620,265

Deferred tax


Origination and reversal of timing differences
44,578
21,943


Taxation on profit on ordinary activities
814,893
642,208
Page 21

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is lower than (2022 -lower than) the standard rate of corporation tax in the UK of 23.52% (2022 -19%). The differences are explained below:

Year ended 31 December 2023
16-month period ended 31 December 2022
£
£


Profit on ordinary activities before tax
3,624,580
3,734,751


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 -19%)
852,501
709,603

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,721
3,303

Exempt dividends received
-
(68,552)

Super deduction on fixed assets and other fixed asset timing differences
3,212
-

Capital gains
-
13,656

Deferred tax not recognised
-
(20,589)

Effect of change in deferred tax rate
2,638
5,267

Group relief
(51,179)
-

Adjustments to prior year
-
(480)

Total tax charge for the period
814,893
642,208


13.


Dividends

Year ended 31 December 2023
16-month period ended 31 December 2022
£
£


Equity dividends paid on ordinary shares
1,977,424
3,469,100

Page 22

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
771,198
103,741
49,568
924,507


Additions
312,755
8,862
11,581
333,198


Disposals
-
-
(8,643)
(8,643)



At 31 December 2023

1,083,953
112,603
52,506
1,249,062



Depreciation


At 1 January 2023
-
8,076
39,635
47,711


Charge for the period on owned assets
18,524
25,601
8,939
53,064


Disposals
-
-
(8,643)
(8,643)



At 31 December 2023

18,524
33,677
39,931
92,132



Net book value



At 31 December 2023
1,065,429
78,926
12,575
1,156,930



At 31 December 2022
771,198
95,665
9,933
876,796




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
1,065,429
771,198



15.


Stocks

2023
2022
£
£

Finished goods and goods for resale
3,950,589
2,599,892


Page 23

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
306,152
319,000


2023
2022
£
£

Due within one year

Trade debtors
5,464,347
6,609,045

Amounts owed by group undertakings
422,218
801,043

Amounts owed by connected companies
-
81,691

Other debtors
711,962
429,704

Prepayments and accrued income
125,141
146,710

6,723,668
8,068,193



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,519,235
6,298,366

Amounts owed to group undertakings
230,915
-

Amounts owed to connected companies
72,432
-

Corporation tax
360,309
185,506

Other taxation and social security
409,308
81,656

Other creditors
1,379,996
1,299,482

Accruals and deferred income
252,773
133,109

7,224,968
7,998,119



18.


Deferred taxation




2023


£






At beginning of year
(26,400)


Charged to profit or loss
(44,578)



At end of year
(70,978)

Page 24

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
 
18.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(70,978)
(26,400)


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 -100,000) Ordinary shares of £1.00 each
100,000
100,000



20.


Financial instruments

The Company enters into foreign currency contracts to mitigate the exchange risk for certain foreign currency liabilities. At 31 December 2023 the outstanding contracts mature within 1 year on average (2022: 1 year) of the period-end. At the Balance Sheet date, the Company was committed to buying €1,100,000 for £977,461 (2022: €1,440,000 for £1,268,071).
The forward currency contracts are measured at fair value using quoted forward exchange rates.


21.


Reserves

Revaluation reserve

This account records revaluations of freehold property less provision for deferred taxation.

Profit and loss account

This account records retained earnings and losses.


22.


Contingent liabilities

HSBC Bank Plc holds a guarantee for £48,070 (2022: £48,070) on the Company's account in favour of HMRC, lost bills of lading indemnity and Basturk Cam San. VE TIC A.S.
There is a fixed and floating charge over contract monies in respect of an invoice financing facility with HSBC Bank Plc.

Page 25

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

23.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
230,078


24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
52,143
43,596

Later than 1 year and not later than 5 years
82,200
46,297

134,343
89,893


25.


Transactions with directors

Included within other debtors due within one year is a loan of £346,693 (2022: £Nil) to D Giles. Interest is charged at 4%. During the year ended 31 December 2023, interest totalled £9,902 (2022: £Nil).
Included within other debtors due within one year is a loan of £2,486 (2022: £37,715) to P McGrane. Interest is charged at 2% above the Bank of England base rate. During the year ended 31 December 2023, interest totalled £1,411 (2022: £175).

Director 1
Director 2
£
£
Balance brought forward

-

37,175

Amounts advanced

353,544

-

Amounts repaid

(16,753)

(36,100)

Interest charged


9,902

1,411

Balance carried forward at 31 December 2023

346,693

2,486


Page 26

WILLIAM CROXSON & SON, LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

26.


Related party transactions

The company has taken advantage of Section 33 of FRS 102 and has not disclosed transactions with wholly owned group companies.
Included within other creditors, amounts falling due within one year, is a loan of £300,438 (2022: £250,154) owed to The Milk and Honey Trust of which J Croxson, T Croxson, A Giles and D Giles are trustees. Interest is being charged at 4.85% per annum (2022: 2.5% per annum). The loan is repayable on demand. Donations of £370,000 (2022: £353,000) were made to this Trust in the period.
Included within other debtors is £24,251 (2022: £24,251) owed from entities under control of the directors or their close family members. During the period, there were sales of £Nil (2022: £168,967) to these entities and management charges of £82,715 (2022: £Nil) from these entities.
During the year, there were purchases of £67,284 (2022: £44,739) from an entity under control of a close family members of a director. 
During the year, close family members of directors received remuneration of £162,000 (2022: £107,614).


27.


Controlling party

The ultimate parent company is The Apphia Group Limited, a private limited company incorporated in the United Kingdom. The registered office is Unit 1, Brockbourne House, Mount Ephraim, Tunbridge Wells, England, TN4 8BS.
The results of the Company are included in the consolidated financial statements of The Apphia Group Limited which are available at Companies House, Crown Way, Cardiff, CF14 3UZ. The Apphia Group is the smallest and largest group for which the Company is included in the consolidated financial statements.
The ultimate controlling party is T J Croxson.  

 
Page 27