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REGISTERED NUMBER: 09999330 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

SMITH & BROCK LTD

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


SMITH & BROCK LTD

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTORS: Mr J F Fowler
Mr N Fowler



REGISTERED OFFICE: Unit 1 Deptford Trading Estate
Blackhorse Road
London
SE8 5HY



REGISTERED NUMBER: 09999330 (England and Wales)



AUDITORS: Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE



ACCOUNTANTS: Chartswood Limited
6b Parkway
Porters Wood
St Albans
Hertfordshire
AL3 6PA

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

STRATEGIC REPORT
for the Year Ended 31 October 2023

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

REVIEW OF BUSINESS
The directors view the key financial performance indicators as being turnover and operating profit. As shown in the company's profit and loss account, turnover has reached approximately £28m (2022: £23.7m) and an operating profit achieved of £1.6m (2022: £1.2m).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the group are broadly categorised as strategic, technology, operational,
people and legal and regulatory risks.

STRATEGIC RISK
The directors do occasionally look to diversify into related businesses, where appropriate, such as retail and restaurants. However, the main focus and resources continue to be directed towards developing and nurturing our wholesale supply business.

Our aim is simple - to have the best people supplying the best product with the best service at the right price to
customers who value those attributes in a supplier. We use weekly reports and KPIs to measure the performance of our business. We have weekly sales dashboards to measure sales against budget and monitor our margins. We use debtor days and cash banking targets to monitor our credit control. We use monthly management accounts to review, monitor and manage the performance of the overall business.

TECHNOLOGY AND OPERATIONAL RISK
We have invested heavily over the last two years in enhancing our IT infrastructure and we now operate comfortably from two sites which provides a degree of contingency for disaster planning. We have an annual review of our IT hardware to ensure that the kit is still fit for purpose. We have anti-virus software across all our various IT networks and ensure that our data and our customer's data is kept safe and secure.

Our fridges are monitored, and we can be notified by SMS if there are problems with our temperatures in the various
fridges.

We use a Health & Safety advisor to review our risk assessments for the operation, and in conjunction with HR and our management team to ensure that Smith & Brock Ltd remains a safe place to work and a reliable provider of services to our customers across the 52 weeks of the year. Our day shift transport manager is qualified to assess new drivers and ensures existing drivers have refresher training. Our transport management team carry out regular 'toolbox talks' to ensure that we are adhering to the required standards of operation for our vehicles.

PEOPLE RISK
Our people are the key to our ongoing success and growth. The Company continues to have a relatively low churn rate for our industry. We have signed up to the Living Wage Foundation and ensure via our staff orders scheme and discounted café food that our team is well looked after. Our vehicles are installed with cameras which provides safety not only for the public and our customers but also for our drivers.


SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

STRATEGIC REPORT
for the Year Ended 31 October 2023

LEGAL AND REGULATORY RISK
We use food safety and Health & Safety consultants to ensure that we adhere to the very highest of standards in our operation. We have achieved AA accreditation under BRC Food Certification and our preparatory facility operates to SALSA requirements. We understand that changes to laws and regulations could have a direct impact on the business and/or the services we provide.

Our transport compliance ensures that our drivers have valid licences and are fit to operate trucks.

ON BEHALF OF THE BOARD:




Mr N Fowler - Director


9 October 2024

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale of fruit and vegetables.

DIVIDENDS
An interim dividend of £4,505 per share was paid on 31 October 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2023 will be £ 450,500 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Mr J F Fowler
Mr N Fowler

POLITICAL DONATIONS AND EXPENDITURE
The company made charitable donations during the year amounting to £3,788 (2022 - £Nil). There were no political contributions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2023


AUDITORS
The auditors, Kings CAP Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr N Fowler - Director


9 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH & BROCK LTD

Opinion
We have audited the financial statements of Smith & Brock Ltd (the 'company') for the year ended 31 October 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH & BROCK LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH & BROCK LTD


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the retail sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, ISO Standards, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters which we are required to address
The prior period financial statements were audited by Chartswood Limited.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH & BROCK LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sara Brown (Senior Statutory Auditor)
for and on behalf of Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

15 October 2024

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

STATEMENT OF INCOME AND
RETAINED EARNINGS
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 28,156,237 23,868,171

Cost of sales 23,338,393 19,740,744
GROSS PROFIT 4,817,844 4,127,427

Administrative expenses 3,225,861 2,926,691
OPERATING PROFIT 4 1,591,983 1,200,736

Interest receivable and similar income - 1
1,591,983 1,200,737

Interest payable and similar expenses 5 328,344 182,340
PROFIT BEFORE TAXATION 1,263,639 1,018,397

Tax on profit 6 103,182 191,182
PROFIT FOR THE FINANCIAL YEAR 1,160,457 827,215

Retained earnings at beginning of year 821,773 494,558

Dividends 7 (450,500 ) (500,000 )

RETAINED EARNINGS AT END OF
YEAR

1,531,730

821,773

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 2,068,435 1,909,444
Investments 9 855 855
2,069,290 1,910,299

CURRENT ASSETS
Stocks 10 260,533 293,038
Debtors 11 7,091,257 9,604,147
Cash at bank and in hand 85,770 134,766
7,437,560 10,031,951
CREDITORS
Amounts falling due within one year 12 3,567,539 7,510,405
NET CURRENT ASSETS 3,870,021 2,521,546
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,939,311

4,431,845

CREDITORS
Amounts falling due after more than one
year

13

(3,971,077

)

(3,276,690

)

PROVISIONS FOR LIABILITIES 17 (436,404 ) (333,282 )
NET ASSETS 1,531,830 821,873

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 1,531,730 821,773
SHAREHOLDERS' FUNDS 1,531,830 821,873

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





Mr N Fowler - Director


SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

CASH FLOW STATEMENT
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,735,092 1,329,229
Interest paid (263,495 ) (132,951 )
Interest element of hire purchase payments
paid

(64,849

)

(49,389

)
Tax paid (40,329 ) 1
Net cash from operating activities 1,366,419 1,146,890

Cash flows from investing activities
Purchase of tangible fixed assets (560,016 ) (1,463,703 )
Sale of tangible fixed assets 25,138 -
Interest received - 1
Net cash from investing activities (534,878 ) (1,463,702 )

Cash flows from financing activities
Capital repayments in year (74,856 ) 774,324
Amount withdrawn by directors (355,181 ) -
Equity dividends paid (450,500 ) (500,000 )
Net cash from financing activities (880,537 ) 274,324

Decrease in cash and cash equivalents (48,996 ) (42,488 )
Cash and cash equivalents at beginning of
year

2

134,766

177,254

Cash and cash equivalents at end of year 2 85,770 134,766

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.10.23 31.10.22
£    £   
Profit before taxation 1,263,639 1,018,397
Depreciation charges 383,523 319,318
Profit on disposal of fixed assets (7,634 ) -
Amounts owed by group undertakings 2,028,476 (2,046,788 )
Loan movement 75,418 (115,792 )
Finance costs 328,344 182,340
Finance income - (1 )
4,071,766 (642,526 )
Decrease/(increase) in stocks 32,505 (79,333 )
Decrease/(increase) in trade and other debtors 917,525 (1,703,380 )
(Decrease)/increase in trade and other creditors (3,286,704 ) 3,754,468
Cash generated from operations 1,735,092 1,329,229

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 85,770 134,766
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 134,766 177,254


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 134,766 (48,996 ) 85,770
134,766 (48,996 ) 85,770
Debt
Finance leases (1,022,746 ) 74,856 (947,890 )
Debts falling due within 1 year (71,824 ) - (71,824 )
Debts falling due after 1 year (186,967 ) 71,904 (115,063 )
(1,281,537 ) 146,760 (1,134,777 )
Total (1,146,771 ) 97,764 (1,049,007 )

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Smith & Brock Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company meets its day-to-day working capital requirements through its cash reserves and bank facilities. The Company has prepared forecasts up to October 2025 based upon what it considers to be prudent assumptions. After considering these forecasts, the directors consider that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of issue of these financial statements and believe it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added taxes. Turnover includes revenue earned from the sale of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 25% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group undertakings, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 4,402,250 3,784,083
Social security costs 454,378 421,284
Other pension costs 90,554 49,964
4,947,182 4,255,331

The average number of employees during the year was as follows:
31.10.23 31.10.22

Management 6 6
Administration 15 15
Sales 5 5
Transport drivers 30 30
Operations management 10 10
Operations picking 28 28
94 94

31.10.23 31.10.22
£    £   
Directors' remuneration 83,333 63,100

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.23 31.10.22
£    £   
Hire of plant and machinery 54,894 58,387
Other operating leases 327,622 421,863
Depreciation - owned assets 168,139 129,524
Depreciation - assets on hire purchase contracts 215,382 189,795
Profit on disposal of fixed assets (7,634 ) -
Auditors' remuneration 7,000 7,000
Foreign exchange differences (12,541 ) (60,877 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
£    £   
Other interest 35,627 7,879
Invoice financing interest 227,868 125,072
Hire purchase 64,849 49,389
328,344 182,340

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax - (33,696 )
Interest on taxation 60 1,759
Total current tax 60 (31,937 )

Deferred tax 103,122 223,119
Tax on profit 103,182 191,182

7. DIVIDENDS
31.10.23 31.10.22
£    £   
Ordinary shares of £1 each
Interim 450,500 500,000

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2022 170,807 1,278,735 186,682
Additions - 71,386 60,166
Disposals - - -
At 31 October 2023 170,807 1,350,121 246,848
DEPRECIATION
At 1 November 2022 94,142 206,396 52,708
Charge for year 15,333 111,776 35,715
Eliminated on disposal - - -
At 31 October 2023 109,475 318,172 88,423
NET BOOK VALUE
At 31 October 2023 61,332 1,031,949 158,425
At 31 October 2022 76,665 1,072,339 133,974

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 1,066,195 196,380 2,898,799
Additions 336,538 91,926 560,016
Disposals (60,931 ) - (60,931 )
At 31 October 2023 1,341,802 288,306 3,397,884
DEPRECIATION
At 1 November 2022 553,020 83,089 989,355
Charge for year 178,876 41,821 383,521
Eliminated on disposal (43,427 ) - (43,427 )
At 31 October 2023 688,469 124,910 1,329,449
NET BOOK VALUE
At 31 October 2023 653,333 163,396 2,068,435
At 31 October 2022 513,175 113,291 1,909,444

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2022 622,973 738,487 1,361,460
Additions - 336,538 336,538
Disposals - (34,131 ) (34,131 )
At 31 October 2023 622,973 1,040,894 1,663,867
DEPRECIATION
At 1 November 2022 58,208 294,086 352,294
Charge for year 56,476 158,906 215,382
Eliminated on disposal - (29,580 ) (29,580 )
At 31 October 2023 114,684 423,412 538,096
NET BOOK VALUE
At 31 October 2023 508,289 617,482 1,125,771
At 31 October 2022 564,765 444,401 1,009,166

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 November 2022
and 31 October 2023 855
NET BOOK VALUE
At 31 October 2023 855
At 31 October 2022 855

The company's investments at the Balance Sheet date in the share capital of companies include the following:

SAS Smith and Brock
Registered office: 18 rue Jean Mermoz 75008 Paris, France
Nature of business: Wholesale of fresh produce & animal products
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 112,736 46,135
Profit for the year 67,631 51,198

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

10. STOCKS
31.10.23 31.10.22
£    £   
Stocks 260,533 293,038

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 4,573,033 5,525,761
Amounts owed by related companies 1,761,030 3,711,576
Other debtors 144,091 141,936
Directors' current accounts 355,181 -
Value added tax 6,398 70,917
Prepayments 251,524 153,957
7,091,257 9,604,147

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other loans (see note 14) 71,824 71,824
Hire purchase contracts (see note 15) 367,540 342,172
Trade creditors 2,117,420 6,371,552
Amounts owed to related companies 225,254 -
Taxation - 40,269
Social security and other taxes 238,076 454,532
Other creditors 28,325 42,513
Accruals 519,100 187,543
3,567,539 7,510,405

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Other loans (see note 14) 115,063 186,967
Hire purchase contracts (see note 15) 580,350 680,574
Other creditors 3,275,664 2,409,149
3,971,077 3,276,690

14. LOANS

An analysis of the maturity of loans is given below:

31.10.23 31.10.22
£    £   
Amounts falling due within one year or on demand:
Other loans 71,824 71,824

Amounts falling due between two and five years:
Other loans - 2-5 years 115,063 186,967

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 367,540 342,172
Between one and five years 580,350 680,574
947,890 1,022,746

Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 359,160 360,705
Between one and five years 937,840 1,297,000
1,297,000 1,657,705

16. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Invoice financing 3,028,677 2,302,417

The loans are secured by way of a fixed and floating charge on the company's assets.

17. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax
Accelerated capital allowances 436,404 333,282

Deferred
tax
£   
Balance at 1 November 2022 333,282
Provided during year 103,122
Balance at 31 October 2023 436,404

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary £1 100 100

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

18. CALLED UP SHARE CAPITAL - continued

The ordinary shares carry equal voting rights, equal dividend rights and equal rights to a capital distribution, including upon winding up.

19. RESERVES
Retained
earnings
£   

At 1 November 2022 821,773
Profit for the year 1,160,457
Dividends (450,500 )
At 31 October 2023 1,531,730

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mr N Fowler and Mr J F Fowler
Balance outstanding at start of year - 361,716
Amounts advanced 355,181 -
Amounts repaid - (361,716 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 355,181 -

21. RELATED PARTY DISCLOSURES

Uncle Reg Ltd
31.10.23 31.10.22
£    £   
Sales 1,456,118 1,172,211
Purchases 2,794,437 2,238,295
Amount due from related party 225,722 -
Amount due to related party - 2,346,093

Knock Knock by Smith & Brock Ltd
31.10.23 31.10.22
£    £   
Sales - 14,837
Amount due from related party 1,312,075 322,722

SAS Smith and Brock
31.10.23 31.10.22
£    £   
Purchases 3,535,202 977,907
Amount due to related party 543,390 248,330

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

21. RELATED PARTY DISCLOSURES - continued

Sylva London Ltd
31.10.23 31.10.22
£    £   
Sales 24,394 -
Amount due from related party 154,476 -

Catch! By Smith & Brock Ltd
31.10.23 31.10.22
£    £   
Amount due from related party 250,536 -

22. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Bees & Honey Ltd, Bees & Honey Ltd registered office is Unit 1 Deptford
Trading Estate, Blackhorse Road, London, England, SE8 5HY.