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Registered number: 10738104









BRIAN EASEY HOLDINGS LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
BRIAN EASEY HOLDINGS LTD
 
 
COMPANY INFORMATION


Directors
Mr B Easey 
Mrs G Easey 




Registered number
10738104



Registered office
12/13 The Crescent
Wisbech

Cambridgeshire

PE13 1EH




Independent auditors
Whitings LLP
Chartered Accountants & Statutory Auditor

Fenland House

15B Hostmoor Avenue

March

Cambridgeshire

PE15 0AX




Accountants
Whitings LLP
12/13 The Crescent

Wisbech

Cambridgeshire

PE13 1EH





 
BRIAN EASEY HOLDINGS LTD
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10 - 11
Company balance sheet
12 - 13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 40


 
BRIAN EASEY HOLDINGS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
We aim to present a balanced review of the Group's performance and development during the year that is consistent with the size and nature of our business and that also covers the principal risks and uncertainties faced by the Group.

Business review
 
The group operates as a road haulage firm that includes significant movement of waste oil and associated  industrial services throughout East Anglia and beyond.
The Directors are pleased with the results achieved during the year, especially given the challenging trading environment which saw a key customer entering into administration, leading to a significant bad debt write off being recognised within these financial statements. In addition given the mild, wet conditions experienced in the UK and a move away from full time working from home practices there has been a retraction in the fuel levels sold through 645 Services Limited.
Despite this the results for the year remain positive and the Directors will continue to focus on the future strategy of the business, working with key trading partners to expand the groups customer base and geographical footprint in the forthcoming year.  

Principal risks and uncertainties
 
In the course of normal business, the directors continually assess the significant risks faced and take action to mitigate their potential impact.
The following risks, while not intended to be a comprehensive analysis, constitute (in the opinion of the directors) the principal risks and uncertainties currently facing the company.
Economic conditions - the company operates in an industry which can be susceptible to adverse economic conditions through decreased business activity. Although the directors acknowledge this risk, the core business of the company has fared well over recent years despite recent economic and political events. 
Competitive pressures - the company operates in a highly competitive industry and faces competition from a number of sources. This competition may lead to pricing pressure which could result in squeezed profit margins and loss of business. Although the directors acknowledge this risk and monitor industry prices, the company enjoys a significant level of demand which reduces pricing pressures to a certain extent.
Fuel costs - a significant cost to the company, fuel prices and supply levels can be significantly influenced by international, political and economic circumstances resulting in higher prices, increased volatility of prices, supply restrictions, shortages or interruptions which could adversely affect the company's operations.The Directors are aware of the current conflicts occuring across the globe and the impact these may have on the global supply chain and inflation going forwards, most notably in relation to fuel prices.
Regulation - the company operates in an industry which is subject to numerous laws and regulations covering a wide range of matters including health & safety, employment (including working time, wages and legislation covering mandatory breaks) and other operating issues, in particular the Goods Vehicles (Licensing of Operators) Act 1995. The directors have implemented operational policies and procedures to ensure compliance with existing laws and regulations, as well as implementing procedures to monitor changes.

Page 1

 
BRIAN EASEY HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Financial key performance indicators
 
The company uses a number of financial measures to monitor progress of development, performance or position of the business. These include, but are not limited to, turnover, gross profit, gross profit margin, net profit and cash at bank.
Turnover - £23,615,844 (
2023 - £24,811,711)
Gross profit - £3,852,796 (
2023 - £3,847,371)
Gross profit margin - 16.3% (
2023 - 15.5%)
Net profit - £1,105,750 (
2023 - £2,223,751)
Cash at bank - £3,873,371 (
2023 - £3,149,481)


This report was approved by the board on 30 October 2024 and signed on its behalf.



Mr B Easey
Director

Page 2

 
BRIAN EASEY HOLDINGS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The group operates as a road haulage firm that includes significant movement of waste oil and associated  industrial services.

Results and dividends

The profit for the year, after taxation, amounted to £1,105,750 (2023 - £2,223,751).

Equity dividends paid in the year amounted to £154,400 (2023 - £158,400).
Under acquisition accounting, consolidated financial statements show a full year of results for both the current and comparative periods excluding intercompany transactions.

Directors

The directors who served during the year were:

Mr B Easey 
Mrs G Easey 

Future developments

The Group continues to develop its operations to maintain its competitive position in the marketplace.

Page 3

 
BRIAN EASEY HOLDINGS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditors

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

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

Auditors

The auditorsWhitings LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 October 2024 and signed on its behalf.
 





Mr B Easey
Director

Page 4

 
BRIAN EASEY HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIAN EASEY HOLDINGS LTD
 

Opinion


We have audited the financial statements of Brian Easey Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 January 2024 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the 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.


Page 5

 
BRIAN EASEY HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIAN EASEY HOLDINGS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 6

 
BRIAN EASEY HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIAN EASEY HOLDINGS LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management around the actual and potential litigation and claims;
• Reviewing financial statements disclosures and testing supporting documentation to assess compliance with applicable laws and regulations; and
• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias.
• 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 Group, including the Companies Act 2006, Goods Vehicles (licensing of Operators) Act 1995, taxation legislation, General Data Protection Regulation, Waste carriers license, employment, health and safety legislation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 7

 
BRIAN EASEY HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRIAN EASEY HOLDINGS LTD (CONTINUED)


Use of our report
 

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





Ben Beech ACA (Senior statutory auditor)
for and on behalf of
Whitings LLP
Chartered Accountants & Statutory Auditor
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 0AX

30 October 2024
Page 8

 
BRIAN EASEY HOLDINGS LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,615,844
24,811,711

Cost of sales
  
(19,763,048)
(20,964,340)

Gross profit
  
3,852,796
3,847,371

Administrative expenses
  
(2,308,995)
(895,058)

Other operating income
 5 
92
6,511

Operating profit
 6 
1,543,893
2,958,824

Interest receivable and similar income
 10 
9,894
463

Interest payable and similar expenses
 11 
(87,523)
(67,570)

Profit before taxation
  
1,466,264
2,891,717

Tax on profit
 12 
(360,514)
(667,966)

Profit for the financial year
  
1,105,750
2,223,751

  

Total comprehensive income for the year
  
1,105,750
2,223,751

Profit for the year attributable to:
  

Owners of the parent Company
  
1,105,750
2,223,751

  
1,105,750
2,223,751

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,105,750
2,223,751

  
1,105,750
2,223,751

The notes on pages 19 to 40 form part of these financial statements.

Page 9

 
BRIAN EASEY HOLDINGS LTD
REGISTERED NUMBER: 10738104

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
4,550,017
3,794,854

Investment property
 16 
395,000
395,000

  
4,945,017
4,189,854

Current assets
  

Stocks
 17 
217,363
220,300

Debtors
 18 
1,649,120
1,859,527

Cash at bank and in hand
 19 
3,873,371
3,149,481

  
5,739,854
5,229,308

Creditors: amounts falling due within one year
 20 
(2,787,008)
(2,551,116)

Net current assets
  
 
 
2,952,846
 
 
2,678,192

Total assets less current liabilities
  
7,897,863
6,868,046

Creditors: amounts falling due after more than one year
 21 
(920,326)
(1,029,771)

Provisions for liabilities
  

Deferred taxation
 25 
(821,059)
(633,147)

  
 
 
(821,059)
 
 
(633,147)

Net assets excluding pension asset
  
6,156,478
5,205,128

Net assets
  
6,156,478
5,205,128

Page 10

 
BRIAN EASEY HOLDINGS LTD
REGISTERED NUMBER: 10738104
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 26 
375
375

Profit and loss account
 27 
6,156,103
5,204,753

Equity attributable to owners of the parent Company
  
6,156,478
5,205,128

  
6,156,478
5,205,128


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.




Mr B Easey
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 11

 
BRIAN EASEY HOLDINGS LTD
REGISTERED NUMBER: 10738104

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,145,683
1,091,166

Investments
 15 
254
254

Investment Property
 16 
395,000
395,000

  
1,540,937
1,486,420

Current assets
  

Debtors
 18 
1,310,135
912,304

Cash at bank and in hand
 19 
83,725
107,735

  
1,393,860
1,020,039

Creditors: amounts falling due within one year
 20 
(362,115)
(414,809)

Net current assets
  
 
 
1,031,745
 
 
605,230

Total assets less current liabilities
  
2,572,682
2,091,650

  

Creditors: amounts falling due after more than one year
 21 
(637,146)
(655,653)

Provisions for liabilities
  

Deferred taxation
 25 
(16,334)
(14,770)

  
 
 
(16,334)
 
 
(14,770)

Net assets excluding pension asset
  
1,919,202
1,421,227

Net assets
  
1,919,202
1,421,227

Page 12

 
BRIAN EASEY HOLDINGS LTD
REGISTERED NUMBER: 10738104
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 26 
375
375

Profit and loss account brought forward
  
1,420,852
521,874

Profit for the year
  
652,375
1,057,378

Dividends paid

  

(154,400)
(158,400)

Profit and loss account carried forward
  
1,918,827
1,420,852

  
1,919,202
1,421,227


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.


Mr B Easey
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 13

 
BRIAN EASEY HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 February 2022
375
3,139,402
3,139,777
3,139,777


Comprehensive income for the year

Profit for the year
-
2,223,751
2,223,751
2,223,751


Contributions by and distributions to owners

Dividends: Equity capital
-
(158,400)
(158,400)
(158,400)



At 1 February 2023
375
5,204,753
5,205,128
5,205,128


Comprehensive income for the year

Profit for the year
-
1,105,750
1,105,750
1,105,750


Contributions by and distributions to owners

Dividends: Equity capital
-
(154,400)
(154,400)
(154,400)


At 31 January 2024
375
6,156,103
6,156,478
6,156,478


The notes on pages 19 to 40 form part of these financial statements.

Page 14

 
BRIAN EASEY HOLDINGS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2022
375
521,874
522,249


Comprehensive income for the year

Profit for the year
-
1,057,378
1,057,378


Contributions by and distributions to owners

Dividends: Equity capital
-
(158,400)
(158,400)



At 1 February 2023
375
1,420,852
1,421,227


Comprehensive income for the year

Profit for the year
-
652,375
652,375


Contributions by and distributions to owners

Dividends: Equity capital
-
(154,400)
(154,400)


At 31 January 2024
375
1,918,827
1,919,202


The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
BRIAN EASEY HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£



Cash flows from operating activities

Profit for the financial year
1,105,750
2,223,751

Adjustments for:

Depreciation of tangible assets
615,541
468,594

Loss on disposal of tangible assets
8,191
8,308

Interest paid
87,523
67,570

Interest received
(9,894)
(463)

Taxation charge
360,514
667,965

Decrease/(increase) in stocks
2,937
(133,160)

Decrease/(increase) in debtors
210,407
(90,793)

Increase in creditors
404,886
155,145

Corporation tax (paid)
(385,778)
(128,086)

Net cash generated from operating activities

2,400,077
3,238,831


Cash flows from investing activities

Purchase of tangible fixed assets
(1,419,894)
(938,373)

Sale of tangible fixed assets
41,000
22,438

Interest received
9,894
463

HP interest paid
(34,510)
(24,890)

Net cash from investing activities

(1,403,510)
(940,362)

Cash flows from financing activities

Repayment of loans
(39,040)
(35,690)

Repayment of/new finance leases
(26,224)
(287,273)

Dividends paid
(154,400)
(158,400)

Interest paid
(53,013)
(42,680)

Net cash used in financing activities
(272,677)
(524,043)
Page 16

 
BRIAN EASEY HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£



Net increase in cash and cash equivalents
723,890
1,774,426

Cash and cash equivalents at beginning of year
3,149,481
1,375,055

Cash and cash equivalents at the end of year
3,873,371
3,149,481


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,873,371
3,149,481

3,873,371
3,149,481


The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
BRIAN EASEY HOLDINGS LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024





At 1 February 2023
Cash flows
New finance leases
At 31 January 2024
£

£

£

£

Cash at bank and in hand

3,149,481

723,890

-

3,873,371

Debt due after 1 year

(680,653)

28,507

-

(652,146)

Debt due within 1 year

(440,145)

(69,317)

-

(509,462)

Finance leases

(625,332)

326,224

(300,000)

(599,108)


1,403,351
1,009,304
(300,000)
2,112,655

The notes on pages 19 to 40 form part of these financial statements.

Page 18

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Brian Easey Holdings Limited is a private company limited by shares incorporated in England and Wales.The registered office is 12/13 The Crescent, Wisbech, Cambridgeshire, PE13 1EH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

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

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

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 20

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

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

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

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

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


 
2.10

Tangible fixed assets

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

Page 21

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
Plant and machinery
-
20 - 25%
Motor vehicles
-
15 - 25%
Fixtures and fittings
-
15 - 33%

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

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

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

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

Page 22

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

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

 
2.17

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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, 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are
Page 23

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of
Page 24

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.20

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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. 
The fixed assets' residual values, useful lives and depreciation methods are estimated by management, drawing on their accumulated knowledge and experience of the business. These are reviewed regularly and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date. 
The valuation of investment property is estimated by management drawing on their knowledge of the property markets. This is reviewed regularly and adjusted as appropriate when there is an indication of a significant change in value since the last reporting date.

Page 25

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

Turnover includes £8,118,098 (2023 - £6,731,211) for haulage, £14,373,131 (2023 - £17,148,010) for fuel supplies, £1,088,297 (2023 - £929,530) for waste disposal and £36,318 (2023 - £2,960) for other services.


An analysis of turnover by class of business is as follows:


2024
2023
£
£

Turnover
23,615,844
24,811,711

23,615,844
24,811,711


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
23,615,844
24,811,711

23,615,844
24,811,711



5.


Other operating income

2024
2023
£
£

Sundry income
92
6,511

92
6,511



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
2,226
36,000

Page 26

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
51,500
45,000


8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,916,541
1,704,329
446
446

Social security costs
195,459
175,911
-
-

Cost of defined contribution scheme
86,382
74,199
-
-

2,198,382
1,954,439
446
446


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Operations
43
38
2
2


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
39,392
37,035

39,392
37,035


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

Page 27

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
9,894
463

9,894
463


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
53,013
42,680

Finance leases and hire purchase contracts
34,510
24,890

87,523
67,570


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
172,602
385,778


172,602
385,778


Total current tax
172,602
385,778

Deferred tax


Origination and reversal of timing differences
180,654
130,232

Changes to tax rates
7,258
151,956

Total deferred tax
187,912
282,188


Tax on profit
360,514
667,966
Page 28

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 24.03% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,466,263
2,891,717


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.03% (2023 - 19%)
352,343
549,426

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,788
1,891

130% Enhanced capital allowances
(2,716)
(33,212)

Asbestos disposal relief
-
(2,081)

Changes in tax rate leading to an increase (decrease) in the tax charge
7,258
151,956

Unrelieved tax losses carried forward
-
(14)

Other differences leading to an increase (decrease) in the tax charge
841
-

Total tax charge for the year
360,514
667,966


Factors that may affect future tax charges

Increases to the UK Corporation tax rates were substantively enacted to increase the main rate of corporation tax from 19% to a rate between 19% and 25% with effect from 1 April 2023. The deferred tax liabilities reflect these rates.


13.


Dividends

2024
2023
£
£


Dividends paid
154,400
158,400

154,400
158,400

Page 29

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
1,091,166
4,829,883
591,779
46,642
6,559,470


Additions
54,517
1,127,176
228,978
9,224
1,419,895


Disposals
-
(284,553)
-
-
(284,553)



At 31 January 2024

1,145,683
5,672,506
820,757
55,866
7,694,812



Depreciation


At 1 February 2023
-
2,587,098
144,321
33,196
2,764,615


Charge for the year
-
498,374
111,938
5,230
615,542


Disposals
-
(235,362)
-
-
(235,362)



At 31 January 2024

-
2,850,110
256,259
38,426
3,144,795



Net book value



At 31 January 2024
1,145,683
2,822,396
564,498
17,440
4,550,017



At 31 January 2023
1,091,166
2,242,785
447,458
13,445
3,794,854

Page 30

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
1,211,738
1,094,794

1,211,738
1,094,794

Depreciation charges on assets on finance or under HP was £197,385 (2023 - £147,130).


Company






Freehold property

£

Cost or valuation


At 1 February 2023
1,091,166


Additions
54,517



At 31 January 2024

1,145,683






At 31 January 2024

-



Net book value



At 31 January 2024
1,145,683



At 31 January 2023
1,091,166






Page 31

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
254



At 31 January 2024
254





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Brian Easey Transport Limited
12/13 The Crescent, Wisbech, Cambs, PE13 1EH
Ordinary
100%
645 Services Limited
12/13 The Crescent, Wisbech, Cambs, PE13 1EH
Ordinary
100%
Albany Total Waste Limited
12/13 The Crescent, Wisbech, Cambs, PE13 1EH
Ordinary
100%

Page 32

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Investment property

Group and Company


Freehold investment property

£



Valuation


At 1 February 2023
395,000



At 31 January 2024
395,000

All of the Group's investments are held in the Parent company

The 2024 valuations were made by the directors, on an open market value for existing use basis.



At 31 January 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
395,000
395,000

395,000
395,000


17.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
217,363
220,300

217,363
220,300


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 33

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£



Trade debtors
1,483,766
1,626,435
-
-

Amounts owed by group undertakings
-
-
1,248,426
879,522

Other debtors
88,638
197,913
61,709
32,782

Prepayments and accrued income
76,716
35,179
-
-

1,649,120
1,859,527
1,310,135
912,304



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,873,371
3,149,481
83,725
107,735

3,873,371
3,149,481
83,725
107,735


Page 34

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
40,124
50,657
30,124
40,657

Trade creditors
1,062,159
935,257
7,660
20,276

Amounts owed to group undertakings
-
-
22,300
72,300

Corporation tax
172,602
385,778
-
-

Other taxation and social security
54,497
324,224
-
-

Obligations under finance lease and hire purchase contracts
330,928
276,214
-
-

Other creditors
486,399
406,673
294,956
274,956

Accruals and deferred income
640,299
172,313
7,075
6,620

2,787,008
2,551,116
362,115
414,809



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
40,124
50,657
30,124
40,657

Obligations under finance lease and hire purchase contracts
330,928
276,214
-
-

371,052
326,871
30,124
40,657

Details of security provided:

The bank loan is secured by way of a fixed and floating charge against the assets of the group.
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

Page 35

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
652,146
680,653
637,146
655,653

Net obligations under finance leases and hire purchase contracts
268,180
349,118
-
-

920,326
1,029,771
637,146
655,653



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
652,146
680,653
637,146
655,653

Obligations under finance leases and hire purchase contracts
268,180
349,118
-
-

920,326
1,029,771
637,146
655,653

Details of security provided:

The bank loan is secured by way of a fixed and floating charge against the assets of the group.
Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

Amounts on the bank loan repayable more than five years after the balance sheet date has interest  charged on it at 8.15% and is repayable in installments.

Page 36

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
40,124
50,657
30,124
40,657


40,124
50,657
30,124
40,657

Amounts falling due 1-2 years

Bank loans
47,672
66,852
32,672
41,852


47,672
66,852
32,672
41,852

Amounts falling due 2-5 years

Bank loans
115,553
133,081
115,553
133,081


115,553
133,081
115,553
133,081

Amounts falling due after more than 5 years

Bank loans
488,920
480,720
488,920
480,720

488,920
480,720
488,920
480,720

692,269
731,310
667,269
696,310



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
330,928
276,214

Between 1-5 years
268,180
349,118

599,108
625,332

Page 37

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

24.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
3,873,371
3,149,481
83,725
107,735




Financial assets measured at fair value through profit or loss comprise cash held at bank and in hand.


25.


Deferred taxation


Group



2024


£






At beginning of year
633,147


Charged to profit or loss
187,912



At end of year
821,059

Company


2024


£






At beginning of year
14,770


Charged to profit or loss
1,564



At end of year
16,334

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
821,059
633,147
16,334
14,770

821,059
633,147
16,334
14,770

Page 38

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 300) Ordinary Shares shares of £1.00 each
300
300
75 (2023 - 75) Ordinary A Shares shares of £1.00 each
75
75

375

375

Full rights to receive notice of, attend and vote at general meetings. One share carries one vote, and full rights to dividends and capital distributions (including upon winding up).



27.


Reserves

Profit and loss account

The profit and loss account represents all profits generated by the group less distributions made from profits in the form of dividends paid.


28.


Capital commitments




At 31 January 2024 the Group and Company had capital commitments as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Contracted for but not provided in these financial statements
-
498,870
-
55,420

-
498,870
-
55,420


29.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £86,382 (2023 - £74,243). Contributions totalling £1,413 (2023 - £1,881) were payable to the fund at the balance sheet date and are included in creditors.

Page 39

 
BRIAN EASEY HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

30.


Commitments under operating leases

At 31 January 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
8,313
3,000

8,313
3,000

31.


Related party transactions

Where possible, the Company has taken advantage of the exmption conferred by section 33.1A of Financial Reporting Standard 102: Related Party Disclosures; from the requirement to disclose transactions with wholly-owned group companies.
During the year, the Directors received dividend of £154,400 combined (
2023: £158,400 combined).
At 31 January 2024, the Group owed the Directors £460,820 combined (
2023: £366,290 combined).


32.


Controlling party

The Group is controlled by Mr B Easey by way of his majority shareholding.

 
Page 40