DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023 |
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The directors present their group strategic report for the year ended 31 December 2023.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
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.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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.
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).
The directors who served during the period were:
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WILLIAM CROXSON & SON, LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
The auditors, CLA Evelyn Partners Limited, will 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED
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 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).
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.
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.
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WILLIAM CROXSON & SON, LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED (CONTINUED)
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.
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.
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.
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WILLIAM CROXSON & SON, LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED (CONTINUED)
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.
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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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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.
for and on behalf of
Statutory Auditors
Unit 1, Brockbourne House
77 Mount Ephraim
Kent
TN4 8BS
Date:
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
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BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is provided on the following basis:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
12.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
18.Deferred taxation (continued)
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.
Revaluation reserve
Profit and loss account
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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.
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