Company registration number 02268310 (England and Wales)
RALPH PETERS & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RALPH PETERS & SONS LIMITED
COMPANY INFORMATION
Directors
M J Peters
L R Peters
Secretary
S Treacher
Company number
02268310
Registered office
Coronation Road
Cressex Business Park
High Wycombe
Buckinghamshire
HP12 3TA
Auditor
Buckle Barton Limited
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
RALPH PETERS & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 33
RALPH PETERS & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

 

The business with costs pressures has maintained its sales. The focus of the company continued to deliver exceptional customer service,  increase revenue and  gross profit, whilst controlling and managing its overheads. The directors are also aware of potential future impacts from other factors outside of their control such as increasing inflation, rising cost of energy and cost of living, and will monitor the situation closely.

The Directors believe that the company and the group has performed well during this period.

Financial Key Performance Indicators

The management focus upon a range of key measures to monitor and manage the group.  The main financial metrics are:

 

 

 

 

 

 

Principal Risks and Uncertainties Business Risk

The Directors believe that the main business risks are identified below along with the mitigating actions which have been put in place:

 

 

 

 

 

RALPH PETERS & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

 

 

 

Liquidity Risk

Despite a broadening of the group’s product offering into new products and channels, the ice drinks market remains highly seasonal with a peak in sales over the summer months. To mitigate as far as possible the cash flow issue this period presents, strong cash management practices are used in the business. The group also has access to overdraft facilities to manage this particular period.

 

Interest Rate Risk

A significant proportion of the long-term debt in the business is provided by Directors who are also owners of the business. They have the ability to set the interest rates which are not directly impacted by market driven criteria.

 

Credit Risk

The group has a significant number of customers across several different geographies. Further, our largest customers are large corporations. With this level of diversity in the customer base, and scale of the largest customers, the credit risk is thought to be relatively low.

 

Future Developments

The Directors will continue to focus on the strategy outlined above. Specifically, they have identified the following key priorities for the next two to three years:

 

 

 

 

The Director’s will also consider appropriately targeted acquisitions which can be efficiently leveraged as part of the group's established portfolio and through the group's infrastructure and systems.

RALPH PETERS & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

M J Peters
Director
30 September 2024
RALPH PETERS & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of holding the shares of its subsidiaries.

 

The principal activity of the main subsidiary company, Frozen Brothers Limited, was the manufacturing,

processing, and distribution of ice crystal drinks, fruit juices, squashes, and associated technical services.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M J Peters
L R Peters
Auditor

In accordance with the company's articles, a resolution proposing that Buckle Barton Limited be reappointed as auditor of the group will be put at a General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
M J Peters
Director
30 September 2024
RALPH PETERS & SONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RALPH PETERS & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RALPH PETERS & SONS LIMITED
- 6 -
Opinion

We have audited the financial statements of Ralph Peters and Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

RALPH PETERS & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RALPH PETERS & SONS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

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 parent 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 parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a

direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and

regulations that we identified included the UK Companies Act, tax legislation and occupational health and

employment legislation.

 

- We enquired of the directors for evidence of non compliance with relevant laws and regulations. We also

reviewed controls the directors have in place to ensure compliance.

- We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We

enquired of the directors about any instances of fraud that had taken place during the accounting period.

- The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team

and tests were planned and performed to address these risks.

 

- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance

with relevant laws and regulations discussed above.

 

- We enquired of the directors about actual and potential litigation and claims.

 

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate

risks of material misstatement due to fraud.

 

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness

of journal entries and assessed whether the judgements made in making accounting estimates were indicative of

a potential bias.

RALPH PETERS & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RALPH PETERS & SONS LIMITED
- 8 -

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some

material misstatements in the financial statements, even though we have properly planned and performed our

audit in accordance with auditing standards. For example, 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. We are not responsible for preventing fraud or non compliance with laws and

regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.

George Goodman FCA ACCA (Senior Statutory Auditor)
For and on behalf of Buckle Barton Limited
30 September 2024
Chartered Accountants
Statutory Auditor
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
RALPH PETERS & SONS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
45,367,250
45,309,737
Cost of sales
(24,010,326)
(23,251,203)
Gross profit
21,356,924
22,058,534
Administrative expenses
(20,271,003)
(20,606,876)
Other operating income
-
9,132
Operating profit
4
1,085,921
1,460,790
Interest receivable and similar income
7
107,947
47,649
Interest payable and similar expenses
8
(378,762)
(283,282)
Profit before taxation
815,106
1,225,157
Tax on profit
9
(292,229)
10,597
Profit for the financial year
522,877
1,235,754
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RALPH PETERS & SONS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
522,877
1,235,754
Other comprehensive income
Currency translation loss taken to retained earnings
(29,846)
(16,125)
Total comprehensive income for the year
493,031
1,219,629
Total comprehensive income for the year is all attributable to the owners of the parent company.
RALPH PETERS & SONS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
257,145
333,674
Tangible assets
11
11,512,966
10,506,021
Investments
12
58,450
58,450
11,828,561
10,898,145
Current assets
Stocks
14
6,238,826
8,152,380
Debtors
15
7,735,331
7,029,131
Cash at bank and in hand
2,796,332
2,808,842
16,770,489
17,990,353
Creditors: amounts falling due within one year
16
(18,946,887)
(19,044,665)
Net current liabilities
(2,176,398)
(1,054,312)
Total assets less current liabilities
9,652,163
9,843,833
Creditors: amounts falling due after more than one year
17
(1,850,475)
(2,626,200)
Provisions for liabilities
Provisions
20
454,940
363,916
Deferred tax liability
21
30,000
30,000
(484,940)
(393,916)
Net assets
7,316,748
6,823,717
Capital and reserves
Called up share capital
23
50,002
50,002
Profit and loss reserves
7,266,746
6,773,715
Total equity
7,316,748
6,823,717
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
M J Peters
Director
Company registration number 02268310 (England and Wales)
RALPH PETERS & SONS LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
703,106
703,106
Current assets
Debtors
15
7,884
7,884
Creditors: amounts falling due within one year
16
(651,484)
(651,484)
Net current liabilities
(643,600)
(643,600)
Net assets
59,506
59,506
Capital and reserves
Called up share capital
23
50,002
50,002
Profit and loss reserves
9,504
9,504
Total equity
59,506
59,506

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
M J Peters
Director
Company registration number 02268310 (England and Wales)
RALPH PETERS & SONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
50,002
5,554,086
5,604,088
Year ended 31 December 2022:
Profit for the year
-
1,235,754
1,235,754
Other comprehensive income:
Currency translation differences
-
(16,125)
(16,125)
Total comprehensive income
-
1,219,629
1,219,629
Balance at 31 December 2022
50,002
6,773,715
6,823,717
Year ended 31 December 2023:
Profit for the year
-
522,877
522,877
Other comprehensive income:
Currency translation differences
-
(29,846)
(29,846)
Total comprehensive income
-
493,031
493,031
Balance at 31 December 2023
50,002
7,266,746
7,316,748
RALPH PETERS & SONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
50,002
9,504
59,506
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 December 2022
50,002
9,504
59,506
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
0
Balance at 31 December 2023
50,002
9,504
59,506
RALPH PETERS & SONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
6,191,190
3,682,493
Interest paid
(378,762)
(283,282)
Income taxes paid
(366,207)
(28,900)
Net cash inflow from operating activities
5,446,221
3,370,311
Investing activities
Purchase of intangible assets
-
(231,337)
Purchase of tangible fixed assets
(5,286,183)
(7,117,248)
Proceeds from disposal of tangible fixed assets
363,636
430,051
Repayment of loans
(124,066)
(82,287)
Interest received
107,947
47,649
Net cash used in investing activities
(4,938,666)
(6,953,172)
Financing activities
Repayment of borrowings
45,490
283,845
Repayment of bank loans
(660,298)
(625,360)
Payment of finance leases obligations
105,816
211,129
Net cash used in financing activities
(508,992)
(130,386)
Net decrease in cash and cash equivalents
(1,437)
(3,713,247)
Cash and cash equivalents at beginning of year
2,808,842
6,575,778
Effect of foreign exchange rates
(11,073)
(53,689)
Cash and cash equivalents at end of year
2,796,332
2,808,842
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Ralph Peters and Sons Limited (“the company”) is a private limited company domiciled and incorporated in the United Kingdom and registered in England and Wales. The registered office is Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3TA.

 

The group consists of Ralph Peters and Sons Limited and all of its subsidiaries.

1.1
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. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Ralph Peters and Sons Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

 

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.8
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.

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:

Leasehold land and buildings
Over the period of the lease
Plant and equipment
20% - 33.3% per annum on cost
Fixtures and fittings
25% per annum on reducing balance
Computers
25% per annum on reducing balance
Motor vehicles
25% per annum on reducing balance
Computer software
33.3% per annum on cost

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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.11
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.

 

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.

1.12
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.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

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 group 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 group 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.

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.16
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
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 if, and only if, there is 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.

1.17
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.18
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.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
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 leased asset are consumed.

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.21
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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
Turnover
2023
2022
£
£
Turnover analysed by geographical market
UK
28,140,905
26,720,652
Rest of the EU
16,980,695
18,383,007
Rest of the World
245,650
206,078
45,367,250
45,309,737
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
36,198
129,106
Research and development costs
50,678
69,891
Depreciation of owned tangible fixed assets
3,867,684
3,572,317
Loss on disposal of tangible fixed assets
27,400
120,579
Amortisation of intangible assets
78,274
50,610
Operating lease charges
129,600
99,120
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
5,150
Audit of the financial statements of the company's subsidiaries
52,264
70,746
58,264
75,896
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Auditor's remuneration
(Continued)
- 24 -
For other services
All other non-audit services
28,964
40,133
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
41
34
-
-
Selling and distribution
41
47
-
-
Production
11
10
-
-
Service technicians
90
101
-
-
Total
183
192
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
8,040,752
7,086,631
-
0
-
0
Social security costs
653,946
642,356
-
-
Pension costs
153,010
146,397
-
0
-
0
8,847,708
7,875,384
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
15,873
(3,119)
Other interest income
92,074
50,768
Total income
107,947
47,649
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,873
(3,119)
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
146,742
103,102
Other interest on financial liabilities
89,303
88,370
236,045
191,472
Other finance costs:
Interest on finance leases and hire purchase contracts
131,160
84,881
Other interest
11,557
6,929
Total finance costs
378,762
283,282
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
294,450
(23,349)
Adjustments in respect of prior periods
(2,221)
(17,248)
Total current tax
292,229
(40,597)
Deferred tax
Origination and reversal of timing differences
-
0
30,000
Total tax charge/(credit)
292,229
(10,597)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
815,106
1,225,157
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
203,777
232,780
Tax effect of expenses that are not deductible in determining taxable profit
9,542
2,612
Depreciation on assets not qualifying for tax allowances
2,480
3,636
Effect of overseas tax rates
-
0
(64,890)
Adjustments to tax charge in respect of previous periods
(555)
(17,268)
Other short term timing differences and tax roundings
76,985
(167,467)
Taxation charge/(credit)
292,229
(10,597)
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023
6,431,946
Exchange adjustments
4,944
At 31 December 2023
6,436,890
Amortisation and impairment
At 1 January 2023
6,098,272
Amortisation charged for the year
78,274
Exchange adjustments
3,199
At 31 December 2023
6,179,745
Carrying amount
At 31 December 2023
257,145
At 31 December 2022
333,674
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Computer software
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
797,398
26,112,881
674,968
7,735
453,970
110,000
28,156,952
Additions
11,647
5,089,791
93,310
1,569
89,866
-
0
5,286,183
Disposals
-
0
(1,382,027)
(11,752)
-
0
(109,695)
-
0
(1,503,474)
Exchange adjustments
-
0
3,583
(26)
(174)
(9,247)
-
0
(5,864)
At 31 December 2023
809,045
29,824,228
756,500
9,130
424,894
110,000
31,933,797
Depreciation and impairment
At 1 January 2023
268,578
16,580,644
506,600
6,635
276,252
12,222
17,650,931
Depreciation charged in the year
70,128
3,602,315
89,480
691
68,403
36,667
3,867,684
Eliminated in respect of disposals
-
0
(1,011,465)
(10,859)
-
0
(90,114)
-
0
(1,112,438)
Exchange adjustments
-
0
6,692
(1,475)
(149)
9,586
-
0
14,654
At 31 December 2023
338,706
19,178,186
583,746
7,177
264,127
48,889
20,420,831
Carrying amount
At 31 December 2023
470,339
10,646,042
172,754
1,953
160,767
61,111
11,512,966
At 31 December 2022
528,820
9,532,237
168,368
1,100
177,718
97,778
10,506,021
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
703,106
703,106
Unlisted investments
58,450
58,450
-
0
-
0
58,450
58,450
703,106
703,106
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
703,106
Carrying amount
At 31 December 2023
703,106
At 31 December 2022
703,106
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Frutina Limited
Coronation Road, Cressex Business Park, High
Wycombe, Buckinghamshire, HP12 3TA, UK
Ordinary shares
-
100.00
Quench Dispensers Limited
Coronation Road, Cressex Business Park, High
Wycombe, Buckinghamshire, HP12 3TA, UK
Ordinary shares
-
100.00
Quench Limited
Coronation Road, Cressex Business Park, High
Wycombe, Buckinghamshire, HP12 3TA, UK
Ordinary shares
-
100.00
SARL Frozen Brothers
3.-5 rue des Manufactures, Bât A5, 91220, Brétigny-sur-Orge, France
Ordinary shares
-
100.00
Frozen Brothers GmbH
Einhäge 4, 79618 Rheinfelden (Baden), Germany
Ordinary shares
-
100.00
Frozen Brothers UK Retail Two Limited
Coronation Road, Cressex Business Park, High
Wycombe, Buckinghamshire, HP12 3TA, UK
Ordinary shares
-
75.00
Frozen Brothers Limited
Coronation Road, Cressex Business Park, High  Wycombe, Buckinghamshire, HP12 3TA, UK
Ordinary shares
100.00
-
Frozen Brothers Switzerland AG
Kaegerstrasse 21,  4153 Reinach BL,  Switzerland
Ordinary shares
100.00
-
Frozen Brothers Benelux B.V.
Raambrug 20, 5531AG, Bladel, The Netherlands
Ordinary shares
100.00
-
FBSI Limited
77 Merrion Square, South Dublin, D02 DH22, Ireland
Ordinary shares
100.00
-
Frozen Brothers España SL
Carrer Baix Penedès 30, Polígono Moli d'en Serra, 43710, Santa Oliva, Tarragona, Spain
Ordinary shares
-
100.00
Frozen Brothers Manufacturing Ltd
Coronation Road, Cressex Business Park, High  Wycombe, Buckinghamshire, HP12 3TA, UK
Ordinary shares
100.00
-
Frozen Brothers AB
Kungsgatan 47A, 753 21 Uppsala, Sweden
Ordinary shares
100.00
-
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Subsidiaries
(Continued)
- 29 -

A 75% subsidiary, Frozen Brothers UK Retail Two Ltd with registered office Floor 2, 10 Wellington Place, Leeds, LS1 4AP, has been excluded from consolidation on the basis that it is not material. This subsidiary was liquidated post year end.

14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
625,667
963,889
-
-
Finished goods and goods for resale
5,613,159
7,188,491
-
0
-
0
6,238,826
8,152,380
-
-
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,010,093
3,679,568
-
0
-
0
Corporation tax recoverable
166,683
59,318
-
0
-
0
Other debtors
3,171,458
3,045,084
7,884
7,884
Prepayments and accrued income
387,097
245,161
-
0
-
0
7,735,331
7,029,131
7,884
7,884
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
667,228
666,073
-
0
-
0
Obligations under finance leases
19
691,344
541,221
-
0
-
0
Other borrowings
18
451,952
336,497
-
0
-
0
Trade creditors
6,084,058
5,678,311
-
0
-
0
Amounts owed to group undertakings
(1,750)
-
0
555,484
555,484
Corporation tax payable
213,062
179,675
-
0
-
0
Other taxation and social security
387,339
348,158
-
-
Other creditors
6,627,273
7,949,736
-
0
-
0
Accruals and deferred income
3,826,381
3,344,994
96,000
96,000
18,946,887
19,044,665
651,484
651,484

Included within creditors at year end are secured bank loans of £2,240,000 (Amount due > 1 year = £640,000, amount due < 1 year = £1,600,000).

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
1,068,906
1,730,359
-
0
-
0
Obligations under finance leases
19
705,121
749,428
-
0
-
0
Other borrowings
18
76,448
146,413
-
0
-
0
1,850,475
2,626,200
-
-

Included within creditors at year end are secured bank loans of £2,240,000 (Amount due > 1 year = £640,000, amount due < 1 year = £1,600,000).

18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,736,134
2,396,432
-
0
-
0
Loans from related parties
152,898
219,619
-
0
-
0
Other loans
375,502
263,291
-
0
-
0
2,264,534
2,879,342
-
-
Payable within one year
1,119,180
1,002,570
-
0
-
0
Payable after one year
1,145,354
1,876,772
-
0
-
0

The interest rate attached to the bank loan within a subsidiary is 2.24% over Base Rate. In respect of the first 12 months, the annual interest rate applicable during that period is effectively nil%. The substance of the transaction is that the Government have funded this interest-free period and this grant receivable has been disclosed separately within other operating income. The term of the loan is 72 months. The loan is secured via a debenture dated 6 April 2011 in favour of National Westminster Bank Plc and an unlimited guarantee from company Ralph Peters Limited & Sons.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
691,344
541,221
-
0
-
0
In two to five years
705,121
749,428
-
0
-
0
1,396,465
1,290,649
-
-
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Finance lease obligations
(Continued)
- 31 -

Finance lease payments represent rentals payable by the company or group 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.

20
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
454,940
363,916
-
-
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
30,000
30,000
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.

The deferred tax liability set out above is not expected to reverse within 24 months and relates to accelerated capital allowances.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
153,010
146,397

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,002
50,002
50,002
50,002
RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
280,447
466,988
-
-
Between two and five years
1,370,856
1,651,303
-
-
1,651,303
2,118,291
-
-
25
Related party transactions

During the year, the group incurred consultancy costs of £1,007,000 (2022: £1,107,000) for services provided by a company controlled by one of the directors.

 

At 31 December 2023, there was an amount due to one of the directors of £70,712 (2022: £71,333). The maximum amount outstanding during the year was £70,712 (2022: £70,712). This loan was interest-free with no fixed terms for repayment.

 

At 31 December 2023 there was an amount due to the group from a relative of one of the directors of £548,011 (2022: £499,278). The maximum amount outstanding during the year was £548,011 (2022: £499,278). This loan was interest-free with no fixed terms for repayment.

 

At 31 December 2023, there was an amount due to the group from a relative of one of the directors of £484,197 (2022: £409,484). The maximum amount outstanding during the year was £484,197 (2022: £412,904). This loan was interest-free with no fixed terms for repayment.

 

Included in other creditors at 31 December 2023 was an amount of £915,185 (2022: £915,185) due from the group to a company controlled by one of the directors. The loan carries interest at 9% and has no fixed term for repayment.

 

Included in other debtors at 31 December 2023 was an amount of £318,435 (2022: £397,921) due from a company controlled by one of the directors. This loan was interest-free with no fixed terms for repayment.

 

Included in other debtors at 31 December 2023 was an amount of £1,471,695 (2022: £1,459,980) due to a company controlled by two of the directors. The loan was interest-free with no fixed terms for repayment.

 

The company and group has taken advantage of the exemption under paragraph 33.1A of FRS 102 Related Party Disclosures not to disclose details of any transactions or balances between the group that have been eliminated on consolidation.

RALPH PETERS & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
522,877
1,235,754
Adjustments for:
Taxation charged/(credited)
292,229
(10,597)
Finance costs
378,762
283,282
Investment income
(107,947)
(47,649)
Loss on disposal of tangible fixed assets
27,400
120,579
Amortisation and impairment of intangible assets
78,274
50,610
Depreciation and impairment of tangible fixed assets
3,867,684
3,572,317
Increase/(decrease) in provisions
91,024
(202,947)
Movements in working capital:
Decrease/(increase) in stocks
1,913,554
(2,252,557)
(Increase)/decrease in debtors
(474,769)
1,961,458
Decrease in creditors
(397,898)
(1,027,757)
Cash generated from operations
6,191,190
3,682,493
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